Chinese investment in Australia slows

CHINESE investment in Australia has declined since 2009 while Australian investment in China almost tripled, a new report shows.

The latest Asialink Index, calculated by PricewaterhouseCoopers (PwC) and the Melbourne Institute, shows Australia's economic relationship with China soared to new highs, growing by 53.5 per cent in 2011.

This reflects buoyant growth in outward investment - up by 278 per cent in 2011 - from Australia into China and strong growth in tourism, the index released on Friday shows.

But Chinese investment in Australian projects fell by 51 per cent.

PwC partner Tim Cox said this was in stark contrast to widespread perceptions in public debate on foreign investment.

Australian investment in China now amounts to about $17 billion, just $2 billion shy of the flow of funds the other way.

"The recent increase in Australia's investment into China is encouraging as it demonstrates that Australian businesses are preparing to commit to deeper engagement - beyond exports - for the longer term," Mr Cox said in a statement.

"It also provides important context for some community concerns about Chinese investment in Australia."

The index shows Australia's engagement with Asia increased by eight per cent over the past five years, whereas engagement with the rest of the world declined by 13.3 per cent.

But Asialink CEO Jenny McGregor warned that the jump in engagement with China could mask the fact that more needed to be done to maintain relationships elsewhere in the region.

Ms McGregor highlighted the finding that engagement with ASEAN had been relatively flat over the past five years.

As well, the measurements of our economic relationships with Japan and Korea are down from positions of relative strength.

The index shows that in 2011 engagement in the education sector fell for the first time in a decade.

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