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Interview: Australia welcomes Chinese investment: Finance Minister

Xinhua, March 28, 2015 Adjust font size:

"Foreign investment has been and always will be central to Australia's economic success. We welcome and are very keen to attract increased investment from Chinese and other international investors," Australian Finance Minister Mathias Cormann said in a recently interview with Xinhua.

"Foreign investment drives economic growth, job creation and is so important in helping us increase our productive capacity," Cormann said in an email sent to Xinhua on Wednesday ahead of his trip to China which brings him to Boao Forum for Asia held in Hainan province.

In addition, Cormann said, international investors recognize Australia as an attractive and low-risk investment destination.

He listed five priority sectors in Australia which the government would promote, including tourism infrastructure, major infrastructure, food and agribusiness, advanced manufacturing, services and technology and resources and energy.

Australia and China have a strong and growing investment relationship. Chinese investment in Australia has increased significantly in recent years. Total Chinese investment in Australia is more than 14 times the level it was in 2005, reaching almost 32 billion AU dollars (25.2 billion U.S. dollars).

According to Cormann, Australia has approved around 136 billion AU dollars (107 billion U.S. dollars) of potential Chinese investment since July 2005, with around 700 business proposals approved during this period.

During Chinese President Xi Jinping's visit to Australia in November last year, the two countries announced to have substantively concluded the Free Trade Agreement (FTA) negotiations, an act being hailed as a boost to bilateral trade and investment.

Cormann said the FTA will support continued growth and diversification of bilateral investment flows.

"It will facilitate increased Chinese investment in Australia, including by increasing the Foreign Investment Review Board screening threshold for private investments from China to over 1 billion AU dollar (78.7 million U.S. dollar). Improved market access will support further diversification of Chinese investment in Australia, including into agribusiness, advanced manufacturing and services sectors."

The government has also expected that the FTA opens the door for increased investment into China from Australian companies, particularly services suppliers such as banks, insurers, securities companies, professional services providers, health and aged care providers, construction and telecommunications service companies.

"Going forward, we expect China's ChAFTA commitments will see a greater number and variety of Australian investors contributing directly to China's growth and development and to the strengthening of our bilateral economic ties," he said.

Cormann denied talks that the newly introduced measures to monitor foreign investment in property market are targeting Chinese buyers.

"The potential residential real estate reforms will apply to all foreign investors, regardless of their nationality. A person from the United Kingdom who wants to buy a house in Australia has the same obligations as a person from China," he said. Endi