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China Demands Review of Panama Canal Ports Sale Deal
China voiced concern over the sale of Balboa and Cristobal ports to a US consortium, demanding a review amid fears of restricted trade through the Panama Canal.
China has expressed concern over the sale of two major ports on the Panama Canal. The ports in question, Balboa and Cristobal, were previously operated by Hong Kong’s Hutchison Holdings. Earlier in March, Hutchison Holdings decided to sell 90 percent of the port operator’s shares to a US consortium led by investment firm BlackRock. The deal is valued between $19 billion and $23 billion.
According to AFP, Hutchison’s port management agreement was automatically extended for another 25 years in 2021. However, after pressure from the administration of then-US President Donald Trump, the group decided to sell its assets. The deal involves transferring control of ports located at both ends of the Panama Canal, thereby increasing US strategic influence in the region.
Beijing has taken a critical stance on the deal, pointing to potential restrictions on free trade through the canal. Chinese representatives stressed the need for a thorough review of the sale’s terms and adherence to free trade principles. China is concerned about increased US control over critical international shipping routes.
The Panama Canal is one of the world's most important trade arteries, connecting the Atlantic and Pacific Oceans. Control over the ports at either end holds strategic significance for global supply chains. The strengthening of US influence in the area is perceived by China as a potential threat to its economic interests.
The sale of the ports and its potential impact on global trade has attracted the attention of international experts. It is expected that the final terms of the deal will be carefully reviewed by Panamanian authorities and international bodies. Chinese officials continue to call for an independent review and the guarantee of equal access for all participants in international trade.
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