The national security risk may be clear, given widespread evidence of Beijing’s formidable and growing cyberwarfare capabilities. China General Nuclear Power, the company investing in the Hinkley Point power station, is already mired in an industrial espionage scandal in the U.S.. But one reflects a legitimate desire for a reliable yield in a world of low returns, and the other an important (if arguably misguided) learning experience in the country’s search for a long-term low-carbon energy future.

But, either way, how credible is the threat of China abusing the leverage it gets through such investments? It is a country that guarantees its internal stability by exporting to the rest of the world. Breaching the trust of its trading partners would quickly prove counterproductive. The example of Vladimir Putin and his use of the gas weapon in Europe makes this only too clear.

Even where there is no national security interest and no direct line back to politicians back in Beijing, as in the acquisition of German robot maker Kuka AG (KUKAY) by China’s Midea Group, western politicians continue to resist Chinese investment much more stiffly than that of other countries. Security concerns matter, obviously. But when domestic business isn’t investing despite five years of pleading from governments and central banks, you’re allowed to wonder whether it makes sense to be so sniffy about foreigners who are.