UK to gain control of Chinese investment in nuclear projects, claims Financial Times

London/Beijing: – The British government has launched a move to seize China’s stake in the Sizewell C nuclear plant in the east of the country. A proposal is being prepared for this, which includes the provisions to sell the stake to other investors or to list it on the stock market. Preparations are underway to block Chinese investment in the nuclear plant planned to be built in Bradwell, followed by Sizewell C. The Financial Times has published a report in this regard. Against this background, the Chinese ambassador to the United Kingdom warned that the world’s major powers should not take a stand against China.

The United Kingdom and China have signed agreements regarding nuclear projects over the past decade. According to these agreements, China will invest heavily in nuclear plants in Somerset, Suffolk and Essex, in the United Kingdom. The investment is said to be in the billions of dollars. All three projects are being set up with the help of French energy company EDF. China General Nuclear Power Group, a Chinese state-owned company, is participating in these projects. Work is underway on the Sizewell C project in Hinkley, Suffolk in Somerset, and Bradwell has not yet received the permits.

The United States has blacklisted China General Nuclear, the company investing in the United Kingdom. Given this issue and the cooperation between the United States and the United Kingdom on the Chinese question, the United Kingdom has started preparations to reject Chinese investment in at least two nuclear projects. A proposal is now being prepared at the government level, and it is said that the British government will temporarily take over China’s share in the Sizewell C nuclear project. The United Kingdom has taken aggressive steps against China on the issues of Huawei, Coronavirus pandemic, Hong Kong, South China Sea and Uyghurs. There are indications that investments in nuclear energy will be the next step.

The opposition Labour Party in the United Kingdom has also slammed the government over Chinese investment. Lisa Nandy, a senior Labour leader, said the government should keep its eyes open to the dangers while approving Chinese investment in sensitive areas, such as nuclear energy. Not all Chinese investment in the UK economy can be rejected, but sensitive areas need to be taken seriously, taking the issue of national security into account, Nandy said.

Meanwhile, there has been a backlash from China as the United Kingdom seeks to deny Chinese investment. ‘Efforts to blockade or encircle China have not been successful even in the past. In the future, too, such movements prove to be daydreams. No one can stop China from making progress. The United States and its allies are planning to curb growing Chinese might and influence. But these countries should put aside the role of colonial mentality and conflict,’ said Zheng Zeguang, Chinese ambassador to the United Kingdom.