Beijing warns Panama: You will pay a high price for submission to the US

China's Hong Kong and Macau Affairs Office said on Tuesday that the court's ruling in Panama, which canceled the contracts of the Hong Kong company CK Hutchinson, was “shameful and pathetic.” In a statement, the office assessed that this decision constitutes an act of submission to “hegemony” and violates the rights of Chinese companies.

“This ruling ignores the facts breaches trust and seriously harms the legitimate rights and interests of Hong Kong businesses” it said in a statement posted on Chinese social media.

The office added that the verdict is “ridiculous” and the attitude of the Panamanian authorities “shameful and regrettable”. In a harsh tone, Panama was accused of “slapping itself” by destroying its own investment credibility by succumbing to US pressure.

Beijing warns of 'high price'

According to Beijing, the cancellation of contracts is proof of this Panama “fell on its knees” before a foreign power, becoming complicit in actions against China.

If Panama persists in its mistakes, it will pay a high political and economic price, Chinese authorities have warned. A spokesman for the Ministry of Foreign Affairs assured that China “will not sit idly by” and will take all necessary legal measures.

Game for the Panama Canal and $23 billion

The dispute concerns the ruling of the Panamanian Supreme Court, which last week found the contracts of CK Hutchinson's subsidiary unconstitutional. This company has operated container terminals at both entrances to the Panama Canal since the 1990s. The court's decision may complicate negotiations regarding the sale of dozens of ports around the world by the Hong Kong concern to a consortium involving the American company BlackRock and the international Mediterranean Shipping Company (MSC). According to the media, the proposed transaction is worth $23 billion. Washington pressed for the transaction, striving to displace Chinese capital from this strategic route, through which approximately 5 percent of China flows. world transport.

From Beijing Krzysztof Pawliszak (PAP)

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