Australia: Chinese investment still welcome

Australian Finance Minister Lindsay Tanner insisted that the country will not attempt to deter Chinese investment in its natural resources, despite domestic qualms over China's growing presence, the Financial Times reported. Tanner told the newspaper that the country's assessment of foreign bids was "agnostic" about the nationality of investors and said foreign investment is crucial for Australia's development. Chinese demand for commodities has led to a sharp rise in investment in Australia's mining companies, causing concerns that the country is ceding control of its resources to companies ultimately controlled by Beijing. Wayne Swan, Australia's treasurer, said on Friday that he had approved a Chinese investment proposal on average once every nine days since Prime Minister Kevin Rudd's Labor party was elected last November.