Andrew Forrest says China is not a threat, welcomes business competition

Australian mining billionaire Andrew Forrest says China is not a threat and his companies will continue investing in the world’s second-largest economy despite growing concerns about national security crackdowns,Forrest, one of several global executives in China this week for the China Development Forum and the Boao Forum for Asia, said competition with the Asian giant had increased global living standards by forcing businesses to innovate, but that dynamic was now being threatened by “childish...

That message has been repeated regularly by Chinese leaders this year after foreign investment plummeted to 82 per cent lower in 2023 than in 2022, according to data from China’s State Administration of Foreign Exchange.International Monetary Fund managing director Kristalina Georgieva said on Sunday China had to “reinvent itself” as it struggles to get through a property downturn that has caused consumer prices to fall at their steepest rate in 14 years.

Forrest said any cyber interference with democratic institutions “must be called out and stopped” and that human rights standards had to be maintained. But he said the trading relationship also had to be nurtured.

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Andrew Forrest accuses fossil fuel industry of using nuclear energy to slow renewable transitionAndrew Forrest says the fossil fuel industry is using the prospect of nuclear energy to slow the transition to renewable energy. Mr Forrest says the Inflation Reduction Act is effective at encouraging a renewable energy boom in the US, and Australia should consider similar tax credit policies.
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