The value of Chinese investment in Australia collapsed last year in the face of tougher scrutiny by Canberra, a breakdown in bilateral relations and a global downturn in foreign investment owing to the pandemic.
The dramatic drop in Chinese investment came as other members of the Five Eyes intelligence network, including the US and UK, rushed to tighten oversight of foreign investment on national security grounds.
New data show Chinese investment fell 61 per cent to A$1bn (US$780m) in 2020, down from A$2.6bn a year earlier and a peak in 2016 of A$16.5bn. The year 2016 was a high point in Sino-Australian ties that coincided with a free trade deal. In contrast, just 20 transactions were recorded last year.
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