【Text/Observer Network Ju Feng】
Since last year, the United Kingdom banned Huawei from participating in domestic 5G construction, and tried to limit the participation of Chinese nuclear power companies in British energy projects, but Jerry Greenstone (Chinese name: Qin Zhitao, Gerry Grimstone), britain's minister of state for investment affairs, insisted on August 26 that the United Kingdom did not take the road of trade protectionism. He stressed that Chinese investment is welcome "as long as it is to our advantage".
The UK government has announced that the newly amended National Security and Investment Act will be fully implemented on 4 January 2022. The bill would "strengthen the government's authority to investigate and intervene in acquisitions and other transactions that may threaten national security." To this end, the UK government has issued a series of corporate guidelines urging businesses and investors to prepare for the new rules.
Qin Zhitao Image source: His own Twitter
However, Greenstone told the Financial Times (FT) on the 26th that foreign investment boosts Uk productivity and creates high-paying jobs, and the new rules for reviewing foreign investment will set clear and "efficient" basic guidelines.
Greenstone claims that the UK is the hottest investment destination in the world, but the National Security and Investment Act will always protect the UK's national interests.
He said the new bill sets clear framework rules for the acquisition of British companies, similar to the scrutiny of foreign investment in the United States, France, Germany and Australia.
Beginning last year, the UK banned Huawei from domestic 5G construction, and the government has been working on plans to exclude China's state-owned nuclear power companies from Uk energy projects. But the secretary said Britain still wanted China to invest.
"Yes, we absolutely welcome if (Chinese) investment is in our favour," he said, "and we are not stupid enough to expect investments that would be unprofitable for the UK to come in." ”
The FT said the National Security and Investment Act came into being amid too many concerns about Britain's "open-door policy."
The bill, which will go into effect early next year, covers 17 sensitive areas, including advanced materials, artificial intelligence, communications, data infrastructure, quantum technology, satellite and space technology. If any UK company's foreign ownership ratio of more than 25% raises concerns, it will be investigated. The Bill also provides for ex post facto penalties in specific circumstances.
"If we want a lot of foreign investment to come in, it's our responsibility to put in a system that guarantees that foreign investment is good for the UK," Greenstone stressed, "a more effective system, not interventionism." ”
Sir Greenstone, 71, is a member of the House of Lords of the British Parliament, and he has frequent exchanges with China, with a Chinese name, Qin Zhitao. He has participated in the "privatization" reform of former Prime Minister Margaret Thatcher, and has served as chairman of Barclays Bank and chairman of Standard Life. Greenstone was appointed Government Secretary of State for Investment in March 2020. This unpaid position leads the International Trade Department and the Department of Commerce, Energy and Industrial Strategy.
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