Nexperia’s 2021 takeover of Newport Wafer Fab, now known as Nexperia Newport Limited, was announced earlier this year after legislation came into force in January that allows the government to control and potentially block acquisitions and investments in sensitive sectors . It can be applied retroactively to deals completed since November 2020. Nexperia is based in the Netherlands, but is a subsidiary of China’s partially state-backed Wingtech. The initial sale of the company was heavily scrutinized, with former business secretary Kwasi Kwarteng delaying its approval in July this year. “That’s what I said in the summer. That’s why it’s important that we get the powers we need to defend ourselves against it.” Mr Sunak said the National Security and Investment Act is a key part of the UK which has the necessary powers to take action against China as a security risk. But he warned that world leaders cannot ignore China as a vital player. He said: “I also believe that China is an undeniable fact of the world economy and we will not be able to solve common global challenges like climate change or public health, or indeed deal with Russia and Ukraine, without having a dialogue with them.” . The prime minister continued: “I think that view, by the way, is very much aligned with our allies. “Well, if you look at the US national security strategy that was released just a few weeks ago, and if you look at how they describe their view of China and how to deal with it, I think you’ll find that it’s very similar. about how I just described it to you. “The Canadians, the Australians, their versions of this strategy are all saying similar things. So what I’m telling you, I think, is the common view among our closest allies.” During the summer leadership campaign, where Mr Sunak lost to Liz Truss, the current prime minister promised to close the 30 Chinese-funded Confucius Institutes in the UK, amid concerns that they have sometimes been used as fronts for ruling Communist Party of the country. . At the time, Mr Sunak told the Telegraph that China was the UK’s “biggest long-term threat”. He added: “For too long, politicians in Britain and across the West have rolled out the red carpet and turned a blind eye to China’s nefarious activity and ambitions.”
