UK will set 'high trust bar' for future Chinese investment after British Steel rescue, minister says

APNews - 13/04
Chinese companies will have to clear a “high trust bar” when investing in key sectors in the U.K., the country’s business secretary said after he took effective control of Britain’s last remaining factory that makes steel from scratch from its Chinese owners.

LONDON (AP) — Chinese companies will have to clear a “high trust bar” when investing in key sectors in the U.K., the country’s business secretary said Sunday, a day after he took effective control of Britain’s last remaining factory that makes steel from scratch from its Chinese owners.

Jonathan Reynolds said Jingye Group, which has owned British Steel since 2020, had not been negotiating “in good faith” with the government in recent months over the future of the heavily loss-making steel works in Scunthorpe in the north of England.

Reynolds said it had become clear on Thursday that Jingye would not accept any financial offer from the government and that it was the company’s intention to close the b...
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