BEIJING, July 17 (Xinhua) -- A spokesperson for China's Ministry of Commerce stated that they are resolutely opposed to the British government's decision to nationalize British Steel, a subsidiary of the Chinese Jingye Group, expressing extreme dissatisfaction with the decision.
The spokesperson recalled at a Friday press conference that British Steel had been operating at a loss before its acquisition by Jingye, and that Jingye had allocated a significant amount of capital to ensure the company's continued operations and protect employment.
The spokesperson emphasized that the British side forcibly seized and nationalized the company on national security grounds, disregarding Jingye's significant contributions to the country's economy and society. This move, the spokesperson stated, seriously damaged Jingye's legitimate rights and interests and deeply undermined the confidence of Chinese companies in investing in the UK.
The spokesperson said they have urged the UK to abide by relevant international rules, fulfill its obligations under the China-UK investment protection agreement, and treat Chinese-funded enterprises in the UK equally and fairly.
The spokesperson stated that they will closely monitor the situation, support Chinese companies in defending their rights through legal channels, and take strong measures to resolutely protect the interests of Chinese enterprises.