Foreign Ministry Spokesperson’s Remarks on the Nationalisation of British Steel

Question: Reports say the UK government announced on the 16th that it has nationalised British Steel under the Steel Industry (Nationalisation) Act, taking over the firm previously controlled by China’s Jingye Group. It will set up a compensation mechanism through secondary legislation and conduct independent valuation of compensation. UK Prime Minister Keir Starmer stated that this decision secures the future of Britain’s steel industry and protects skilled jobs. What is China’s comment?

Answer: The Ministry of Commerce of China has issued a response, which you may refer to. I would like to stress that this incident has attracted great attention from the Chinese public. The way the UK side handles this matter will directly shape Chinese investors’ perceptions of the UK investment environment and the Chinese public’s view of the credibility of the UK government. China and the UK have signed an investment protection agreement, under which investors’ legitimate and lawful rights and interests must be fully protected in accordance with the law. China urges the UK side to earnestly respect market principles and the spirit of contracts, and reach a mutually acceptable solution covering compensation and other relevant issues. China supports enterprises in safeguarding their rights through legal channels. We are closely following developments of the incident and will take rights protection measures when necessary.