Beijing, July 17: A spokesperson from China’s Ministry of Commerce has expressed strong opposition to the British government’s decision to nationalize British Steel. This statement came in response to a journalist’s inquiry regarding the announcement made on July 16, where the British government revealed that it had passed the necessary laws for the nationalization of British Steel, a subsidiary of China’s Jingye Group.
The spokesperson highlighted that British Steel had been operating at a loss for several years before Jingye’s acquisition. After the takeover, Jingye invested significantly in the company, ensuring its operational continuity and preserving jobs. The spokesperson criticized the UK for disregarding Jingye’s substantial contributions to the British economy and society, stating that the nationalization was a forced action under the guise of national security. This move has severely harmed Jingye’s legitimate rights and interests, and it has shattered the trust of Chinese companies in investing in the UK.
Furthermore, the spokesperson urged the British government to adhere to relevant international regulations and fulfill its obligations under the China-UK Investment Protection Agreement. They called for fair and just treatment of Chinese companies operating in the UK and emphasized the need to fully protect their legitimate rights and interests. China will closely monitor the developments in this matter and assist Chinese companies in taking legal measures to safeguard their rights, while also taking strict actions to protect their interests.
(Source: China Media Group, Beijing)
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