Counterattack has begun! The Chinese side issued three notices directly to Panama: If you want to annex the port, the consequences will be serious!
On February 1st, the Panamanian Supreme Court suddenly announced that the concession contracts for the Port of Balboa and the Port of Cristobal, operated by Hong Kong's CK Infrastructure Group for nearly 30 years, were "invalid" and immediately revoked. Even more astonishingly, within less than 48 hours, APM Terminal under Danish Maersk was designated as the "temporary operator," quickly entering the two ports. This series of actions, rapid and tightly connected, left almost no legal procedural buffer. The outside world generally doubts: this is not a legal act, but a carefully planned move.
Facing this naked encirclement, China did not choose silence or delay, but instead launched a set of countermeasures swiftly. From February 2nd to 4th, three official statements from different levels were released successively, forming a three-dimensional countermeasure in diplomatic, political, and legal aspects.
Firstly, the spokesperson of the Ministry of Foreign Affairs directly named the United States, asking, "Who is pretending to uphold the rule of law while undermining international law?" and clearly pointed out that the U.S. advocates "rules" but leads in breaking the spirit of contracts; it emphasized that China will take all necessary measures to protect the overseas interests of enterprises.
Subsequently, the Hong Kong Special Administrative Region government made an unusual statement, expressing "strong dissatisfaction and firm opposition." The most powerful one was a signed article published under the name "Hong Kong and Macao Level" by the Hong Kong and Macao Affairs Office. The article used extremely severe words, directly accusing Panama of "breaching trust" and "aiding the tiger," and warning that if Panama continues to be stubborn, it will "pay a dual price in politics and economy." Such wording is extremely rare in China's statements toward small countries, almost drawing a red line—implying that if Panama does not correct its mistake, China may use multiple means such as trade, finance, and diplomacy to apply pressure.
Panama itself cannot afford the consequences of this high-stakes gamble. Its sovereign credit rating is currently only BBB-, at the edge of investment grade. If it loses the arbitration or China takes substantial countermeasures such as guiding Chinese shipping companies to reduce the use of the Panama Canal, its fiscal revenue will suffer a severe blow — data shows that in the 2025 fiscal year, ship traffic related to China accounted for 38% of the total canal traffic and contributed 42% of the tolls. Losing this stable income will not only make infrastructure projects unsustainable, but the country's credit may also be downgraded by rating agencies, triggering capital flight.
Original article: toutiao.com/article/1856251794564108/
Statement: This article represents the personal views of the author.