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.

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.

Through the Chinese government's Belt and Road Initiative, Chinese companies acquired or built major port facilities in 129 strategic locations, including the Panama Canal. While Beijing claims neutrality,