China should not be described as a ‘foe’ – but is a ‘challenge’, says Kemi Badenoch
China should not be described as a “foe” or a “threat” but it should be regarded as a “challenge”, a cabinet minister has said – following allegations a Chinese spy infiltrated parliament.
Business Secretary Kemi Badenoch said the claims were an “extremely serious concern” but we “shouldn’t be using language that makes people scared”.
It comes after two men were arrested under the Official Secrets Act amid reports a parliamentary researcher spied for China.
The researcher, who is in his 20s, is understood to have had links to security minister Tom Tugendhat, foreign affairs committee chairwoman Alicia Kearns and other senior Tory MPs.
The incident has thrown a spotlight on the government’s stance towards China.
Prime Minister Rishi Sunak has sought to adopt a more diplomatic stance towards the country than some of the more hawkish members of his cabinet and party, who want China to be officially classified as a threat.
Suella Braverman seeks ban of ‘dangerous’ dogs – politics latest
Asked whether China should be described as a threat, Ms Badenoch told Sky News: “I would define it as a challenge.
“I define China as a challenge because certainly from my job as business secretary working on international trade in particular, we see at international level just how significant China is, impacting the economies of countries all around the world.
“I was at the G20 two weeks ago – there were significant difficulties between China and Japan. There were difficult conversations between China and India. So I think across the world, China is becoming a very, very significant challenge.”
Pressed on whether China should be described as a “friend or a foe”, she replied: “We certainly should not be describing China as a foe – but we can describe it as a challenge.
“I don’t think we should be careless in terms of how we speak about other countries when these sorts of things happen.”
Please use Chrome browser for a more accessible video player
PM confronts China’s premier
The business secretary rejected suggestions the government was “putting our safety behind the possibility of trade deals”, saying: “Well first of all, we are certainly not doing any trade deals with China.”
She said the UK’s approach is “the same as our allies in the US, Canada, Australia” and the UK is “not doing anything that’s out of the ordinary”.
“Obviously, Chinese people are different from the Chinese government and it is important to be diplomatic,” she said.
“We shouldn’t be using language that makes people scared. We need to be giving them confidence, and I’m very confident in our security services and in the work that the government is doing on economic security and investment screening.”
Mr Sunak met Chinese premier Li Qiang, who is attending the G20 summit in India in place of President Xi Jinping, on the fringes of the gathering’s final session on Sunday morning, where he said he raised his “very strong concern” about interference with parliamentary democracy which was “obviously unacceptable”.
It was the “right approach” to talk face-to -face with China’s premier, he said.
“Where there are areas of disagreement… I’d rather be in the room directly expressing my concerns, and that’s what I did today.”
The arrests were made in March and first revealed by The Sunday Times. Officers from the Metropolitan Police’s Counter Terrorism Command, which oversees espionage-related offences, are investigating.
Ms Badenoch said it was “significant” the prime minister raised the issue with the Chinese premier this weekend.
“He spoke about his very serious concerns and that’s why it’s important to be able to have the engagement so that you can speak face-to-face and say exactly what it is that we think, in a way that will have an impact,” she added.
The Chinese embassy in London issued a statement yesterday in which it described this incident as “completely fabricated” and “nothing but a malicious slander”. It urged Britain’s lawmakers to “stop anti-China political manipulation”.
Read more:
How worried should we be about Chinese ‘spying’ in parliament?
James Cleverly defends first China trip by foreign secretary in five years as MPs call for openness on policy
Labour’s shadow home secretary, Yvette Cooper, claimed security services warned about the dangers of spying “some time ago”.
She pointed to the “damning” report from the security and intelligence committee in July which said the government had “no strategy” to deal with China.
“We think there has to be a comprehensive strategy towards the risks, the challenges, and the threats from other states to our national security,” she said.
Asked if she believed China was a friend or foe, she said: “Well, the relationship is clearly complex.
“There are serious issues around the human rights abuses in China. There are serious issues around their approach and their role across the world. And we also have this trading relationship, as we’ve seen the rise of China. We have to deal with that. But in particular, we have to make sure we protect our own national security. That has to come first.”
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency.
The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies.
While Nakamoto’s identity remains anonymous, the Bitcoin (BTC) creator is believed to have turned 50 on April 5 based on details shared in the past.
According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975.
Source: Web.archive.org
Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership.
The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January.
Satoshi Nakamoto statue in Lugano, Switzerland. Source: Cointelegraph
Nakamoto’s 50th birthday comes nearly a month after US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.
Related: Bitcoin at 16: From experiment to trillion-dollar asset
Nakamoto’s legacy: a “cornerstone of economic sovereignty”
“At 50, Nakamoto’s legacy is no longer just code; it’s a cornerstone of economic sovereignty,” according to Anndy Lian, author and intergovernmental blockchain expert.
“Bitcoin’s reserve status signals trust in its scarcity and resilience,” Lian told Cointelegraph, adding:
“What’s fascinating is the timing. Fifty feels symbolic — half a century of life, mirrored by Bitcoin’s journey from a white paper to a trillion-dollar asset. Nakamoto’s vision of trustless, peer-to-peer money has outgrown its cypherpunk roots, entering the halls of power.”
However, lingering questions about Nakamoto remain unanswered, including whether they still hold the keys to their wallet, which is “a fortune now tied to US policy,” Lian said.
Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspension
Is Satoshi Nakamoto wealthier than Bill Gates?
In February, Arkham Intelligence published findings that attribute 1.096 million BTC — then valued at more than $108 billion — to Nakamoto. That would place him above Microsoft co-founder Bill Gates on the global wealth rankings, according to data shared by Coinbase director Conor Grogan.
Satoshi’s new addresses. Source: Conor Grogan
If accurate, this would make Nakamoto the world’s 16th richest person.
Despite the growing interest in Nakamoto’s identity and holdings, his early decision to remain anonymous and inactive has helped preserve Bitcoin’s decentralized ethos — a principle that continues to define the cryptocurrency to this day.
Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’
The United States stock market lost more in value over the April 4 trading day than the entire cryptocurrency market is worth, as fears over US President Donald Trump’s tariffs continue to ramp up.
On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.
Nasdaq 100 is now “in a bear market”
Among the Magnificent-7 stocks, Tesla (TSLA) led the losses on the day with a 10.42% drop, followed by Nvidia (NVDA) down 7.36% and Apple (AAPL) falling 7.29%, according to TradingView data.
The significant decline across the board signals that the Nasdaq 100 is now “in a bear market” after falling 6% across the trading day, trading resource account The Kobeissi Letter said in an April 4 X post. This is the largest daily decline since March 16, 2020.
“US stocks have now erased a massive -$11 TRILLION since February 19 with recession odds ABOVE 60%,” it added. The Kobessi Letter said Trump’s April 2 tariff announcement was “historic” and if the tariffs continue, a recession will be “impossible to avoid.”
Source: Anthony Scaramucci
On April 2, Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.
Trump said the reciprocal tariffs will be roughly half the rate US trading partners impose on American goods.
Related: Bitcoin bulls defend $80K support as ‘World War 3 of trade wars’ crushes US stocks
Meanwhile, the crypto industry has pointed out that while the stock market continues to decline, Bitcoin (BTC) remains stronger than most expected.
Crypto trader Plan Markus pointed out in an April 4 X post that while the entire stock market “is tanking,” Bitcoin is holding.
Source: Jeff Dorman
Even some crypto skeptics have pointed out the contrast between Bitcoin’s performance and the US stock market during the recent period of macro uncertainty.
Stock market commentator Dividend Hero told his 203,200 X followers that he has “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”
Meanwhile, technical trader Urkel said Bitcoin “doesn’t appear to care one bit about tariff wars and markets tanking.” Bitcoin is trading at $83,749 at the time of publication, down 0.16% over the past seven days, according to CoinMarketCap data.
Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports12 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway