China objects to Britain's decision to nationalize a company owned by a Chinese group

Beijing, July 17 (KUNA) -- China expressed its deep displeasure and firm opposition on Friday to a bill passed by Britain regarding the nationalization of a British company owned by a Chinese firm, citing “national security.” The Chinese Ministry of Commerce said in a statement carried by the Xinhua News Agency that the British government’s decision to nationalize British Steel, owned by China’s Jingye Group, inflicted serious harm on the legitimate rights and interests of the Chinese owner and undermined the confidence of Chinese investors. The ministry noted that “London took over the management of British Steel and then arbitrarily nationalized it under the guise of national security, ignoring the significant contributions made by Jingye Group to the local economy, as it injected substantial investments that enabled the British company to continue its operations and preserve jobs there after suffering losses for years.” The statement urged the British side to abide by relevant international rules, fulfill its obligations under the investment protection agreement signed between China and Britain, and afford fair treatment to Chinese companies. The ministry pledged to closely follow developments in this case and to take resolute measures to defend the rights and interests of Chinese companies. (End) S L Q / R J