China warns Panama as Hong Kong firm contests ruling on canal ports

AI Summary
China has condemned Panama's Supreme Court ruling annulling Hong Kong firm CK Hutchison's contract to operate two ports on the Panama Canal. The Hong Kong and Macau Affairs Office (HKMAO) called the ruling "absurd" and warned Panama would pay a heavy price politically and economically. CK Hutchison has initiated international arbitration proceedings in response. The ruling follows pressure from the United States, with claims that Chinese control of the canal poses a security threat. China accused an unnamed country of using bullying tactics and Panama of succumbing to hegemonic power. The HKMAO asserted China's ability to defend a fair international trade order.
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