China looks beyond mining in Australia

AUSTRALIA is the third most popular investment destination for Chinese companies and funds are being directed not just to mining and resources.

Chinese companies with operations in Australia are investing more in high-end manufacturing and non-mining industries than mining, a HSBC survey found.

Twelve per cent of the 250 respondents said they had set up an operation in Australia, behind the US with 22 per cent and Singapore at 18 per cent, the China Outbound survey said.

The figures excluded Chinese investment in neighbouring Hong Kong, Macau and Taiwan.

HSBC Australia head of commercial banking James Hogan said Australia's business-friendly conditions made it an attractive investment destination for China.

"While 80 per cent of China's investment into Australia to date has been in mining, its increasing demand for high-end manufacturing, renewable energy and agriculture will open up new opportunities for Australia," Mr Hogan said.

Companies that hadn't previously done business in Australia were focused on non-mining sectors.

While Chinese investment in Australia accounted for less than three per cent of the nation's total foreign investment in 2011, it has ranked in the top-three sources for proposed investments in the past three years.

"We are clearly front of mind for Chinese companies for exports and imports," Mr Hogan said.

Australia is now China's seventh-largest trading partner.

The survey showed 52 per cent of Chinese companies in Australia were involved in manufacturing and 28 per cent were in non-mining import/export industries, while just 20 per cent were involved in mining.

Mr Hogan said China's total direct outbound investments were expected to exceed $US150 billion ($A145.57 billion) per year, growing at around 17 per cent per annum.

"This diversification of Chinese investment beyond mining, particularly by middle market and corporate Chinese businesses, aligns with the Australian economy's re-balancing towards non-mining sectors," Mr Hogan said.

He said Australia's key advantages were its proximity to China, and its legal infrastructure and good governance.

The companies already investing and doing business overseas found it easier to do business in Australia as the new Chinese leadership begins focusing on outward investment.

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