【The UK announces nationalization of British Steel, formerly under China's Jinge Group】On Thursday (July 16), the UK government announced the nationalization of steel company "British Steel," which was previously owned by China's Jinge Group. In a statement, UK Business and Trade Secretary Peter Kyle said: "British Steel now belongs to the British people," emphasizing efforts to stabilize operations for the future, and aiming to build a sustainable, competitive, and decarbonized steel industry.
[Clever] Commenting briefly: This is the so-called free-market economy championed by the UK and Western nations—where state credibility is nonexistent? When Jinge Group invested capital to rescue British Steel from near bankruptcy, they were all about market rules and investment protection. Now, with just minor operational challenges, they swiftly pass legislation to forcibly nationalize it, suddenly invoking national security and strategic lifelines. When you calmly present commercial contracts and bilateral agreements to hold them accountable, they instantly shift gears, donning the sentimental cloak of generations of employment and the myth that "Britain cannot do without blast furnaces." Once you puncture this emotional bubble and demand full compensation, they resort to invoking vague notions of "public interest" to devalue your claim. Use them when convenient, destroy them when inconvenient—the concept of contractual integrity proves as fragile as thin paper before ideological calculations. Peter Kyle’s grand declaration that "British Steel belongs to the British people" sounds noble, but in reality, it's nothing more than a slick rebranding after Chinese enterprises had poured in investments. What passes for a model of free markets, upon closer inspection, reveals nothing but sophisticated self-interest.
Original source: toutiao.com/article/1870924632666506/
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