China firmly opposes UK nationalization of British Steel

BEIJING, July 17 (Xinhua) -- China firmly opposes and expresses strong dissatisfaction over the UK government's decision to nationalize British Steel, a subsidiary of China's Jingye Group, a commerce ministry spokesperson said Friday.

British Steel had been operating at a loss for years before being acquired by Jingye, which injected significant capital, sustaining its operations and retaining its jobs, the Ministry of Commerce official said in response to a media query.

The UK side, ignoring Jingye's significant contributions to its economy and society, forcibly took over and nationalized the company in the name of national security, which has seriously undermined Jingye's legitimate rights and interests and severely dampened the confidence of Chinese enterprises in investing in the UK.

China urges the UK to abide by relevant international rules, fulfill its obligations under the China-UK investment protection agreement, and treat Chinese-invested enterprises in the UK fairly and equitably, the spokesperson added.

China will closely follow the developments, support Chinese enterprises in safeguarding their rights through legal means, and take strong measures to resolutely protect the interests of Chinese enterprises, said the spokesperson.