Chinese investment in Australia plummets amid tensions
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Tuesday
June 28, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
TUESDAY, JUNE 28, 2022
Chinese investment in Australia plummets amid tensions

Global Economy

Reuters
28 February, 2021, 04:15 pm
Last modified: 28 February, 2021, 04:16 pm

Related News

  • US aims to raise $200 bln as part of G7 rival to China's Belt and Road
  • Boris Johnson wants G7 to balance values with doing business with China
  • China to provide $7.5 million in humanitarian aid to Afghanistan, foreign ministry says
  • Chinese military says US plane in Taiwan Strait endangered peace
  • US, Japan, Australia, New Zealand and United Kingdom form Pacific group

Chinese investment in Australia plummets amid tensions

The fall was larger than the 42% decrease in foreign direct investment globally measured by the United Nations amid the Covid-19 pandemic, said Shiro Armstrong, the bureau director

Reuters
28 February, 2021, 04:15 pm
Last modified: 28 February, 2021, 04:16 pm
Flag of China. Picture: Collected
Flag of China. Picture: Collected

Chinese investment in Australia fell by 61% in 2020 to the lowest level recorded by the Australian National University in six years, coinciding with a worsening diplomatic dispute.

The annual tracking study from the university's East Asian Bureau of Economic Research recorded A$1 billion ($783 million) of Chinese investment in 2020, consisting of real estate (45%), mining (40%) and manufacturing (15%) deals.

The fall was larger than the 42% decrease in foreign direct investment globally measured by the United Nations amid the Covid-19 pandemic, said Shiro Armstrong, the bureau director.

"It reflects the effects of Covid but also more scrutiny of foreign investment by the Australian government, particularly that from China," he said.

Australia announced a shakeup of its foreign investment laws in 2020 to give the government the power to veto, or force the sale of a business if it creates a national security risk.

Treasurer Josh Frydenburg said in June the national security test would be applied to telecommunications, energy and utilities firms, and businesses that collect data.

Chinese company Mengniu abandoned a deal to buy the Australia dairy firm Lion Dairy and Drinks from Japanese company Kirin in August, after the Australian government indicated it would block the sale.

The Chinese embassy said in November that 10 Chinese investments had been blocked in Australia on national security grounds, among a list of 14 grievances Beijing had about Australian government policy.

China has since imposed dumping tariffs on Australian wine and barley, and restricted the unloading of Australian coal at Chinese ports.

Chinese investment in Australia peaked at A$16.5 billion in 2016, spanning agriculture, transport, energy utilities, healthcare, mining and property, the ANU study showed.

By 2020, 86% of Chinese investment in Australia came from the Australian subsidiaries of Chinese companies.

($1 = 1.28 Australian dollars)

World+Biz

australia / china

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • World Bank to give Bangladesh $18b IDA loans in next five years
    World Bank to give Bangladesh $18b IDA loans in next five years
  • Govt’s bank borrowing jumps in June
    Govt’s bank borrowing jumps in June
  • Energy Division meets stakeholders as govt mulls increasing fuel oil price yet again
    Energy Division meets stakeholders as govt mulls increasing fuel oil price yet again

MOST VIEWED

  • Photo: Reuters
    US manufacturing shows resilience despite rising interest rates
  • FILE PHOTO: Workers connect hoses between a pipeline and water tanks at a Hess fracking site near Williston, North Dakota November 12, 2014. Picture taken November 12, 2014. REUTERS/Andrew Cullen/File Photo
    A shale booster shot: 'Re-fracs' rise as cheap way to lift US oil output
  • An employee handles Indonesian 50,000 rupiah banknotes at a currency exchange in Jakarta.Photographer: Dimas Ardian/Bloomberg
    Goldman warns of Asia currencies coming under further pressure
  • FILE PHOTO: General view of the Total oil refinery at La Mede near Marseille, southern France, July 2, 2015. REUTERS/Philippe Laurenson/File Photo
    EU countries to discuss options to jointly curb gas demand
  • A worker sits on a truck being loaded with coal at a railway coal yard on the outskirts of the western Indian city of Ahmedabad, Nov 25, 2013. REUTERS/Amit Dave
    Asia's coal prices hit new highs amid global race for fuel
  • Russian Rouble banknote is placed on U.S. Dollar banknotes in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    The Bolsheviks to Putin: A history of Russian defaults

Related News

  • US aims to raise $200 bln as part of G7 rival to China's Belt and Road
  • Boris Johnson wants G7 to balance values with doing business with China
  • China to provide $7.5 million in humanitarian aid to Afghanistan, foreign ministry says
  • Chinese military says US plane in Taiwan Strait endangered peace
  • US, Japan, Australia, New Zealand and United Kingdom form Pacific group

Features

Redmi 10C- Best Budget smartphone with one (big) compromise

Redmi 10C- Best Budget smartphone with one (big) compromise

14h | Brands
Photo caption: Bondstein Technologies founders Mir Shahrukh Islam (left) and Zafir Shafiee Chowdhury. Photo: Noor-A-Alam

Bondstein Technologies: From Dhaka College science club to Forbes 30 under 30 list

13h | Panorama
Photo: Collected

Samsung Dryer: Taking clean clothes to a new level

16h | Brands
Transparent sticky notes. Photo: Collected

A new layer to annotations with transparent sticky notes

15h | Brands

More Videos from TBS

The dormant south is ablaze with new possibilities

The dormant south is ablaze with new possibilities

6h | Videos
Russian missiles strike Kyiv

Russian missiles strike Kyiv

7h | Videos
Savings, excess liquidity in banks declining, loan demands increasing

Savings, excess liquidity in banks declining, loan demands increasing

9h | Videos
Photo: TBS

The snakes of Chattogram University

11h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Desco wanted to make a bold statement with their new head office building, a physical entity that would be a corporate icon. Photo: Courtesy
Habitat

Desco head office: When commitment to community and environment inspires architecture

3
Japan cancels financing Matarbari coal project phase 2
Bangladesh

Japan cancels financing Matarbari coal project phase 2

4
Photo: Courtesy
Corporates

Gree AC being used in all parts of Padma Bridge project

5
Photo: TBS
Infrastructure

Gains from Padma Bridge to cross $10b, hope experts

6
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Vehicles ply the Padma Bridge on Sunday marking the beginning of a new era for the country’s southern region. The bridge was inaugurated on 25 June amid much fanfare. PHOTO: MUMIT M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net