Hong Kong protested Panama's seizure of two ports on the canal as the dispute between the U.S. and Canada over the key waterway continues.
Hong Kong's Commerce and Economic Development Bureau said it had filed "stern protests" at the Panamanian consulate, and warned that it would "staunchly support the legitimate rights and interests of Hong Kong corporations overseas."
The development follows a Supreme Court ruling that annulled Hong Kong-based CK Hutchinson's contract to operate the ports in question.
Axios noted earlier this month that the lawsuit was introduced by the Panamanian government at the urging of the Trump administration and stemmed from an audit claiming that CK Hutchinson's management "shortchanged Panama by $1.3 billion."
China's Ministry of Foreign Affairs also reacted to the seizure, with spokesperson Mao Ning saying Beiijng will "firmly safeguard the company's legitimate and lawful rights and interests."
The director of ports for Panama's Maritime Authority, in turn, said the agency "took possession of its ports and will guarantee continuity of operations."
Panamanian President Jose Raul Mulino added that the operation was not an expropriation and the government will control the ports ""until their real value is determined for corresponding actions." "Everything done was not against anyone, but in compliance with the law," he added.
Earlier this month the country told state companies to stop new projects in Panama in retaliation. People familiar with China's ensuing decision told Bloomberg that the move could have an impact worth billions of dollars. Beijing has also asked shipping companies to consider rerouting cargo through other ports if it doesn't mean much higher costs.
Other consequences involve stricter supervision of Panamanian imports to the country, including bananas and coffee. Elsewhere, the Hong Kong and Macau Affairs Office said in a social media publication that "China has sufficient means and tools, and sufficient strength and ability to defend a fair and just international economic and trade order."
If Panamanian authorities "insist on having their own way ... heavy prices both politically and economically will surely be paid!" the organization added. China also appeared to make a reference to the U.S., saying "some country has ... used bullying tactics to force other countries to obey their will."
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