Chinese authorities increased pressure on CK Hutchison Holdings Ltd. over its plan to sell its Panama ports stake by sharing a second newspaper commentary attacking the deal.

BlackRock’s move reflects the view that America’s best chance to counter China will hinge on private investment.

China called the new plan for American investment firm Blackrock to buy two ports in the Panama Canal from a Hong Kong-based company "spineless groveling" and "a betrayal." The nearly $23 billion deal was considered a way to assuage concerns from president trump that China is quote "running" the canal.

Beijing has signaled its displeasure over CK Hutchison Holdings’ agreement to sell its majority controlling stake in Panama ports to a BlackRock-led consortium, sending shares in the Hong Kong-based company sharply lower.