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Chinese investment in Australia's economy plunges by $1.7 billion

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Australia is swiftly being dumped by Chinese investors amid continuing trade and diplomatic tensions between the two countries. 9News

Investment in Australia by Chinese businesses crashed by almost 70 per cent last year to the lowest level since 2007, a report released today showed.

Trade disputes between Canberra and Beijing, restrictions on money exiting China and stricter laws on foreign capital in Australia have forced Chinese investors to look at other destinations. Wine Australia said it made the decision after consulting Australian grape growers and wine makers, the Bloomberg news agency reports.

China - traditionally the biggest market for Australian wine growers - slapped a 220 per cent tariff on exports in 2020.

 

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Good. Would like to see it go to zero! We don't want their money 💰

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