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Australia's proposed law to strengthen the audit of foreign investment, Australian Prime Minister: Unswervingly Value Australia

[Current News]     14 Jun 2020
China's investment in Australia plunged 62 per cent in 2019 and shifted to "Belt and Road" developing countries, according to comprehensive Australian media. At the same time, the "Belt and Road" agreement between Virginia and China was criticized by Prime Minister Morrison as inconsistent with national foreign policy and contrary to national interests ,s value remains unchanged.

China`s investment in Australia plunged 62 per cent in 2019 and shifted to "Belt and Road" developing countries, according to comprehensive Australian media. At the same time, the "Belt and Road" agreement between Virginia and China was criticized by Prime Minister Morrison as inconsistent with national foreign policy and contrary to national interests ,s value remains unchanged.

Australia's proposed law to strengthen the audit of foreign investment, Australian Prime Minister: Unswervingly Value Australia

The "Belt and Road" agreement between Virginia and China was denounced by Prime Minister Morrison as inconsistent with national foreign policy and contrary to national interests. (Source: Don Arnold/Getty Images)


China`s investment in Australia plunged 62%

According to the australian people`s daily, kpmg (KPMG) accounting firm and the university of sydney released a new report showing that although two-way trade between australia and china increased by more than 21% last year and set a record $235 billion, new investment plunged 62% to $2.3 billion; transactions fell from 74 in 2018 to 42 in 2019. This is the lowest level since the peak of the 2010 boom.

China`s largest investment in Australia last year came from the acquisition of Bellamy Australian company by Mengniu Dairy Co., which accounted for 44% of the total investment, the report said.

Two other major investments came from the real estate industry, where China Merchants Fund bought a majority stake in New State Propertylink Australian Logistics Trust 11 for $280 million, and Olympic Park International, a Hong Kong-listed company, bought Sydney real estate developer Capital Bluestone.第四大交易则是中国教育集团以1.28 100 million for education providers

A partner in asia and international markets at kpmg Doug Ferguson says there are many reasons why chinese investment is falling. These include China`s tightening of OFDI regulations, as well as the shift of Chinese state-owned enterprises to invest in "Belt and Road" projects and Latin America.


Australian Amendment to Foreign Investment Act

Australia`s increasingly stringent foreign investment rules are also a factor in China`s decline, Ferguson said. Australia has reportedly recently announced changes to its foreign investment laws, increased national security scrutiny, stricter requirements for all foreign investment plans and private companies, and FIRB approval.

China`s authorities is concerned about changes to Australia`s foreign investment law, the Sydney Morning Front newspaper reported. The ministry of commerce said on speaker 11th that the country will assess the impact of the law and hopes australia government uphold an open and pragmatic investment policy and strengthen communication with foreign investors.


Virginia is urged to cancel its "Belt and Road" agreement with China

At a time when australia`s new government law stepped up its scrutiny of foreign investment, the "one belt and one road" agreement between virginia government and china, seen by prime minister morrison as inconsistent with national foreign policy and contrary to national interests, was controversial.

Virginia`s agreement with China allows China to invest in the state, and the company can also participate in projects government China overseas. Morrison said that government must deal with many national security issues and internal confidential information every day, and that no state or administrative region should sign an agreement that contradicts Australia`s foreign policy. He urged the governor of Virginia Daniel Andrews cancel the deal as soon as possible.

Australia`s top government are also concerned about the "Belt and Road" agreement between Virginia and China. "Belt and Road" is funded by the Xi Jinping initiative for global infrastructure. The deal, however, has been denounced by many as "debt diplomacy ", leaving developing countries with a huge debt. that they simply can not pay off

Australia and China are reported to be in an unprecedented downturn in relationship. The australian government angered china by lobbying COVID-19virus trace back to its roots and imposed tariffs on a $1 billion worth of beef and barley in april. China also accused Australia of racial discrimination against Chinese students.

Morrison is right in this regard, accusing it of "nonsense (rubbish)". He said Australia is steadfast in its value ," whether in telecommunications networks, foreign interference, defence of human rights, or our position of openness and freedom. "

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