SYDNEY : Australia said all decisions on foreign investment are made in its national interest and it expects trade talks with China to continue, after reports Beijing had protested Canberra's decision to block a Chinese investment in a rare earths mining company.
Australia blocked Yuxiao Fund, which is the Singapore-registered private company of Chinese mining investor Yuxiao Wu, from raising its ownership of Northern Minerals to 19.9 per cent from 9.92 per cent on"national interest" grounds, the Australian miner told Reuters."All investment decisions are made in Australia's interests and within the regulatory framework," a spokesperson from Australia's Department of Foreign Affairs said in a statement to Reuters on Friday.
Foreign Minister Penny Wong and her Chinese counterpart Qin Gang discussed bilateral trade impediments on Thursday on the sidelines of the G20 in New Delhi, the statement said.Wong told reporters after the meeting"both parties can grow our bilateral relationship while safeguarding our national interests, if we both navigate our differences wisely".