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Australian union chief supports Chinese investment

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CANBERRA, Feb. 17 (Xinhua) -- Australia needs to develop a clear foreign investment strategy and support greater investment by Chinese state-owned companies, according to the Australian Workers Union (AWU) national secretary Paul Howes.

Australian firms were in a prime position to benefit from more than 2 trillion Australian dollars (1.8 trillion U.S. dollars) in Chinese reserves available for foreign investment as the global economy continued to improve, he said in a speech to the National Press Club on Wednesday.

"Australia is better placed than most countries to benefit from renewed consumer confidence and China's need for what we can dig out and sell them."

However, these investments should be scrutinised, Howes said.

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The Foreign Investment Review Board (FIRB) must ensure that Australia's national interest is taken fully into account when considering applications for the investment of pandora charms sovereign funds in Australia's key strategic assets, in particular commodity assets.

Howes' comments follow calls from opposition finance spokesman Barnaby Joyce for the investment regulator to be tougher on Chinese state-owned enterprises.

Senator Joyce was heavily opposed to Chinese aluminium firm Chinalco's bid to increase its stake in mining giant Rio Tinto.

However, instead of opposing such investments outright, Howes suggested they could be managed through the establishment of a sovereign capital trading scheme and an endowment fund.

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