Australia Chinese investment in Australia plunges
Virus outbreak hits Chinese community in Cambodia
An outbreak of coronavirus has hit the Chinese expat community in Cambodia, the country's Premier Hun Sen said Saturday, a setback in the Southeast Asian nation's otherwise successful containment efforts. "Because it happened to Chinese nationals, please don't discriminate against the Chinese," Hun Sen said in his speech Saturday. He urged residents to wear masks and practise social distancing.The infections were sourced to a nightclub, now closed, and authorities are contact-tracing to track down any other cases, the prime minister said.Much of Phnom Penh will remain open -- including schools.
Chinesecollapsed by more than 61 per cent in 2020, according to new figures from the Australian National University (ANU).
This followed a 47 per cent fall in 2019 and is the lowest number recorded over the past six years.
The ANU(CHIIA) recorded just over $1 billion of investment in 2020, down from $2.6 billion the year before and well short of the peak of $16.5 billion recorded in 2016.
The number of Chinese investments recorded was only 20, well down from a peak of 111 investment projects five years ago.
Tear-jerker Chinese film proves massive box-office success
Audiences are cramming into Chinese cinemas to watch a sentimental comedy that has rapidly become one of the most popular films of all time in the country and marks a triumphant debut for its female director. "Mum, don't go, don't leave me," Jia says in the film -- dissolving many in cinema audiences into tears, even though it is for the most part a comedy. Chinese cinemas are largely back to normal after the country wrestled down coronavirus infections to a comparative trickle, and the film has given many a renewed appreciation of their mothers.
"It reflects the effects of COVID but also more scrutiny of foreign investment by the Australian government, particularly that from China."
The Federal Government announced an overhaul of its foreign investment laws in 2020 to give it the power to veto, or force the sale of a business if it created a national security risk.
In 2020, a huge 86 per cent of Chinese investment in Australia originated from Chinese companies already established in Australia.
This means purchases were made through Australian subsidiaries rather than by foreign firms directly.
Dr Shiro Armstrong, director of the East Asian Bureau of Economic Research where CHIIA is based, said this is a pattern that intensified in 2019 when 91 per cent of new Chinese investment was sourced from within Australia.
How the Chinese Super League bubble spectacularly burst: Q&A
The Chinese Super League was thrown into turmoil over the weekend with the announcement that reigning champions Jiangsu FC are set to fold - a huge blow for a division with big ambitions.It is a major blow for a competition that has strived to make up ground on Europe's top divisions with heavy investment over the past five years.
"In 2020, the year of COVID-19, foreign direct investment fell globally by 42 per cent according to the United Nations," Dr Armstrong said.
"UN data is measured differently, but the fall in Chinese investment to Australia was much larger."
Since last year Canberra and Beijing have been embroiled in diplomatic and trade disputes.
Australian beef, barley, coal and wine producers have been targeted with sanctions after clashes over the coronavirus, Hong Kong and foreign interference.
Biden's Commerce Secretary Praises Trump's China Tariffs as 'Effective' .
Gina Raimondo described China's behavior as "anti-competitive" and "coercive," adding that the nation's "human rights abuses are horrific."Raimondo, the former governor of Rhode Island, was confirmed to her Cabinet role in the Biden administration by an 84 to 15 Senate vote on Tuesday. In an interview with MSNBC broadcast Thursday morning, Raimondo raised concerns about China and reiterated that the Biden administration plans to take a tough stance against the East Asian nation.