China has sharply criticized a proposal to sell ports in the Panama Canal to American asset management giant BlackRock, attacking the deal as “spineless groveling” and a “betrayal” of the Chinese people.

The Hong Kong conglomerate CK Hutchison’s planned sale of ports in Panama to a group led by BlackRock, the American finance giant, is under fire from Beijing.

Chinese authorities increased pressure on CK Hutchison Holdings Ltd. over its plan to sell its Panama ports stake by sharing a second newspaper commentary attacking the deal.

A Communist Party website republished an article attacking Washington for using 'despicable means' to reach a deal over the the ports.

Beijing has signaled its displeasure over CK Hutchison Holdings’ agreement to sell its majority controlling stake in Panama ports to a BlackRock-led consortium, sending shares in the Hong Kong-based company sharply lower.

BEIJING: Chinese authorities have increased pressure on CK Hutchison Holdings Ltd over its plan to sell its Panama ports stake by sharing a second newspaper commentary attacking the deal.

China called the new plan for American investment firm Blackrock to buy two ports in the Panama Canal from a Hong Kong-based company "spineless groveling" and "a betrayal." The nearly $23 billion deal was considered a way to assuage concerns from president trump that China is quote "running" the canal.