Australia's Treasurer Wayne Swan said in a speech in Beijing that
foreign investment, including the ones from China, will be "tested to
ensure the correct market forces were maintained", Australian media
reports. At the same time, the two countries said China will invest
close to USD30 bn in Australia this year.
In a speech to the China-Australia Chamber of Commerce in Beijing, Treasurer Wayne Swan said that the level of investment from Chinese companies had increased almost ten times in two years to USD30 bn. This includes the 9 per cent stake of Chinalco in Rio Tinto and Sinosteel's 40 per cent investment in Midwest, a major iron ore and steel group.
The Treasurer also said that foreign investment must be consistent with the country's national interest. At the same time, Australia will become an approved destination for investment under the QDII (Qualified Domestic Institutional Investors) programme, allowing investments by companies regulated by the China Banking Regulatory Commission, Forbes reports.
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