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Chinese Premier Li Qiang has redoubled his demands for Australia to loosen its rules on foreign investment, warning Prime Minister Anthony Albanese at a formal meeting in Beijing that companies from the superpower expect fair treatment.
Chinese direct investment in Australia has slowed in recent years amid national security concerns about overseas influence in critical industries such as infrastructure and resources.
Chinese Premier Li Qiang and Prime Minister Anthony Albanese inspect troops before their formal meeting on Tuesday night.Credit: Dominic Lorrimer
China has been pushing to lower the barriers to entry mandated by Australians Foreign Investment Review Board, which can block attempts at investment or reverse them, such as an order last year to push China-linked investors out of a critical minerals company in WA.
After the pair inspected Chinese troops in immaculate dress uniforms, Li told a business roundtable attended by Albanese last night that China was seeking fairness.
“I trust that Australia will also treat Chinese enterprises fairly and also properly resolve the issues [of] market access and review,” he said.
According to figures from consultancy KPMG and the University of Sydney, Chinese investment in Australia increased from $US613 million in 2023 to $US862 million in 2024.
But that is still sharply down on the highs of 2008, when it hit $US16.2 billion or even as recently as 2017, when it was $10 billion.
Against a backdrop of US President Donald Trump’s mercurial tariff policies, Li positioned China as a force or stability in an unstable world.
“We hope that you will embrace openness and cooperation, no matter how the world changes,” Li said. “You should be promoters of economic and trade cooperation, so that our two countries will better draw each other’s strengths and growth together. I hope the businesses will make good use of the free trade agreement between all two countries.
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“The development of all countries is faced with new challenges. Given such circumstances, China and Australia as important trade partners, should strengthen dialogue and cooperation,” he said.
“The significance of us doing so is becoming more notable.”
Treasurer Jim Chalmers was noncommittal when asked last week about China’s wish to speed up foreign investment reviews.
China Daily, a state media publication, claimed Anthony Albanese told Xi Jinping that Australia did not support Taiwan independence.
“He assured Xi that Australia adheres to the one-China policy and does not support ‘Taiwan independence’,” the outlet reported
Albanese said on Tuesday that he conveyed Australia supported no change to Taiwan’s position. The island is a self-governing democratic island of more than 23 million people that maintains informal diplomatic-style ties to Australia.
“I reaffirmed, on Taiwan, Australia’s position of support for the status quo,” Albanese said on Tuesday.
The status quo, in Australia’s view, is that Taiwan should not declare independence unilaterally and should not China retake the island without negotiations.
More to come.
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