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.

Friday after China’s top office on Hong Kong affairs reposted a sharp attack on the conglomerate’s decision to appease President Donald Trump by selling its stake in Panama ports. The commentary that the Hong Kong and Macau Affairs Office posted on its website originally appeared in the Ta Kung Pao newspaper and warned companies to be very careful about which “side they should stand on.