Chinese investors in the UK face “high trust”, minister agrees

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Business Secretary Jonathan Reynolds suggested that in the coming years, after he adopted the Emergency Law legislation, there would be a high bar for Chinese investments in Britain.

Recognizing the sensitivity of the steel industry towards strategic national interests, Reynolds said on Sunday: “I would not personally bring the Chinese company to our steel sector.”

Asked if there is a “high trust” for Chinese companies that control business in the UK, he replied, “Yes, we must admit it.”

Prime Minister Sir Keir Starmer has taken an extraordinary step, recalling Parliament on Saturday during a high break to adopt extraordinary legislation that allowed the UK to knock control over British steel from his Chinese Jingye Group.

Reynolds told Sky News that the government could trust Chinese companies after turning from British steel Jingye will depend on what sectors they operated.

He said, “I think we must be clear about what the sector is, where, in fact, we can promote and cooperate, and frankly where we can’t. I would not personally bring the Chinese company to our steel sector.”

He added that he did not accuse the Chinese state of “directly” the latest decisions made by Jingye.

The government intervened to preserve the primary steel product in the UK and protect 3500 jobs. While Jingye is still the main shareholder, the legislation is a key step towards nationalization of British steel.

Ministers said they should act to provide the raw materials needed to provide two company explosive stoves on their site at Scunthorpe.

Officials on Sunday cooperated closely with the local British Steel management to provide new Cox and Iron Ore goods to continue production, confirmed by people close to the company.

The local leadership of Steelmaker also considered the opportunity to cooperate with other industry participants to provide raw materials. According to people, more than a dozen enterprises have offered support for the company’s raw materials.

The company, according to one of the people, also reassessed whether it is possible to cancel the decision made by the Jingye executives to idle one of the ovens on a temporary basis.

“There are no options now, and the only focus is to keep the operations with the tatter,” they said.

Reynolds said on Sunday that while its preferred option would be a private sector partner to help finance the future transformation of British steel, a more likely option was a complete nationalization.

The intervention led to fresh control of the former conservative government to sell the last strategic steel group of the Chinese company in 2020.

UK reform leader Nigel Parazh said Jingye was clearly “bad actor” and criticized the BBC on Sunday: “They effectively gave the strategic industry to a foreign rival.”

The reform is regarded as the main competitor of Labor in the local elections on May 1, and the pharynge sought to position its party as a principle of political supporter of key industrial sectors across Britain.

Reynolds said British Steel has recorded £ 233, but the cost of the steel would completely exceed £ 1 billion.

Chingford and Woodford Green Conservatives, Sir Ian Duncan Smith said on Saturday that the previous conservative government “never had to reward (Jingye).”

“I warned them about it,” he said to the deputies. “It’s time to make us make sure we are dealing with China with a denomination and do not pretend that this company is private or in any case breaking away from its government. This is a critical moment.”