Chinese investment in Australia plummets 61pc

Sun Online Desk

1st March, 2021 11:54:33 printer

Chinese investment in Australia plummets 61pc

Chinese investment in Australia plummeted 61% in 2020, the lowest number in six years.

The drop in investment comes amid a growing diplomatic rift between the two countries.

The Australian National University's Chinese Investment in Australia Database (CHIIA) recorded just over $780m (A$1bn ; £550m) in investment.

Only 20 Chinese investments were recorded in 2020, well below the 2016 peak of 111.

Last year's decline came on top of a 47% drop from 2019, when Chinese investment totalled $1.57bn.

Chinese companies have invested across all sectors of Australia's economy in recent years, but last year they only bought into the real estate ($357m), mining ($321m) and manufacturing ($119m) sectors.

The drop is at least partly due to Australia's investment settings during the Covid-19 pandemic.