SOURCE / ECONOMY
Australia needs to reflect on flight of Chinese investment: FM spokesperson
Published: Mar 01, 2021 05:26 PM
Chinese Foreign Ministry spokesperson Wang Wenbin. Photo: VCG

Chinese Foreign Ministry spokesperson Wang Wenbin. Photo: VCG

Chinese foreign ministry spokesperson urged the Australian government to seriously reflect on itself against the backdrop of a plunge of Chinese investment in Australia last year when China's outward foreign direct investment grew by 3.3 percent.

This came as Chinese direct investment in Australia fell 61 percent to $783 million in 2020, the lowest level in six years, according to a study by an institute of the Australian National University which was released on Sunday.

Against the backdrop of China's outward direct investment growing by 3.3 percent last year, investment in Australia has fallen off a cliff and the Australian side should seriously reflect on itself over the reason, Chinese foreign ministry spokesperson Wang Wenbin said at the regular press conference on Monday, in responding to the questions over the study by the Australian university. 

The figures reflect practical problems within China-Australia relations, said Wang.

Wang noted that Australia has repeatedly used the excuse of "national security" to block Chinese investments and arbitrarily imposed restrictions on normal bilateral exchanges, which has seriously affected the confidence of Chinese companies in investing in Australia.

China-Australia economic, trade and investment cooperation is mutually beneficial and win-win in nature, and Chinese enterprises' investment in Australia has made great contribution to local economic development and people's livelihood over the years.

The Australian government's politicizing of economic and trade issues runs counter to Australia's consistent commitment to market rules and the principle of free competition. It also harms Australia's own interests and reputation, said the spokesperson.

Wang urged the Australian government to take measures to provide a fair, open and non-discriminatory investment environment for foreign investors, including Chinese companies, and create favorable conditions for bilateral practical cooperation in various fields.


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