Chinese investment in Australia plummets amid tensions
03 Mars, 2021, 20:46 | Auteur: Adelaide Bullion
Chinese investment in Australia plunged nearly two-thirds a year ago to less than $1 billion as the impact of coronavirus was compounded by increasingly fraught relations between the two countries.
"The Australian government should take measures to provide a fair, open and non-discriminatory investment environment for foreign investors, including Chinese companies, and create convenient conditions for practical cooperation between China and Australia in various fields", Wang said.
Chinese money in Australia reached a peak of $16.5 billion in 2016.
"Unfamiliar direct speculation fell all around the world by 42% as per the United Nations (UN)", Dr Armstrong said in a media discharge.
Unlike official data, the ANU figures include investment from Chinese subsidiaries already operating in Australia, and track investments rather than announcements of investments to come. "UN data is measured differently, but the fall in Chinese investment to Australia was much larger".
After investing across all sectors of Australia's economy in recent years, Chinese firms only bought into real estate with $357 million, mining with $321 million, and manufacturing with $119 million.
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"It reflects the effects of COVID but also more scrutiny of foreign investment by the Australian government, particularly that from China". Trade ties between Australia and China were strained since the former called for a rigorous investigation into the origins of the Covid-19 pandemic in April.
Accordingly, China has forced duties on Australian products like grain, wine, hamburger and lobster.
In 2020 Australian journalists were also evacuated out of China and accusations of "spying" were levelled against Australia, with the situation worsening further in July when Australia rejected China's claim to "historic rights" to parts of the South China Sea.
The findings from Australian think tank the Lowy Institute suggested 37 percent of Chinese-Australians felt they had been treated differently or less favourably due to their heritage.
It's a serious blow for Australia's global education sector, which brought $37.5 billion to the Australian economy between 2019 and 2020, with a staggering $10.5 billion of that figure from China alone.
Colluding with other members of the Five Eyes alliance, Australia has shown hostile policies toward China regarding Hong Kong and Xinjiang regions.
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