Australia to update trade policy in wake of Ausgrid row with China

(From Reuters)

Australia said on Monday it plans to update its foreign investment policy to ensure a level playing field for all countries, after it was criticized for rejecting bids from China and Hong Kong for a A$10 billion ($7.5 billion) energy grid.

Notes for a speech to be delivered by Australian Trade Minister Steven Ciobo at a Hong Kong investor conference later on Monday show he plans to say the government will “have more to say soon” on its foreign investment policy for critical infrastructure.

The logo for Australia's biggest electricity network Ausgrid adorns the headquarters building in central Sydney, Australia, July 25, 2016.    REUTERS/David Gray/File Photo

The logo for Australia’s biggest electricity network Ausgrid adorns the headquarters building in central Sydney, Australia, July 25, 2016. REUTERS/David Gray/File Photo

“The policy will ensure that Australia’s approach to foreign investment is non-discriminatory between nation-states, proportionate to the risks involved (and) supportive of continued foreign investment and Australia’s reputation as a foreign investment destination,” the speech notes said without giving further details.

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Categories: Asia Unhedged, China

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