China disapproves of British Steel nationalisation decision by UK

China has voiced strong opposition to Britain's decision to nationalize British Steel, asserting that the move "forcibly" seized the company from its Chinese owner, Jingye Group. Beijing argues that the nationalization disregarded Jingye's contributions to the British economy and society, causing significant damage to the legitimate rights and interests of the Chinese firm.

The Chinese Ministry of Commerce issued a statement on July 17, declaring its firm opposition and strong disapproval of the UK's action. The ministry contended that Britain's decision "severely undermined" Chinese companies' confidence in investing in the UK. China has pledged to monitor the situation closely and support Chinese firms in safeguarding their rights.

Britain fully took over the loss-making British Steel on July 16, aiming to secure the future of steel production in the country. The company was previously owned by the Chinese steelmaker Jingye, which had acquired it in 2020. The British government's move aims to protect jobs and national interests in the strategically important steel sector.

China urged Britain to fulfill its obligations under the China-UK Investment Protection Agreement. The statement did not specify the exact measures China might take to protect its companies' interests, but the strong rhetoric signals potential diplomatic or economic repercussions.