China firmly opposes UK nationalization of Jingye-owned British Steel

On July 16, the UK government announced that it had passed legislation to nationalize British Steel, a subsidiary of China's Jingye Group. In response, the spokesperson for China's Ministry of Commerce made the following remarks during a press briefing.

China firmly opposes and expresses strong dissatisfaction with the UK government's decision.

British Steel had been operating at a loss for years prior to Jingye's acquisition. Following the acquisition, Jingye Group injected substantial capital into the company, helping to sustain its operations and preserve jobs. However, the UK side, disregarding Jingye's significant contributions to the British economy and society, has forcibly taken over and nationalized British Steel under the pretext of national security. This move has severely undermined Jingye's legitimate rights and interests, and has dealt a heavy blow to the confidence of Chinese enterprises in investing in the UK.

China urges the UK government to abide by relevant international rules, faithfully fulfill its obligations under the China-UK Investment Protection Agreement, treat Chinese-invested enterprises in the UK in a fair and equitable manner, and fully safeguard their legitimate rights and interests. China will closely monitor developments, support Chinese companies in pursuing legal remedies to protect their rights, and take strong measures to firmly uphold the interests of Chinese enterprises.