Aust-China set to polish trade deal

AUSTRALIA: Deputy Prime Minister Barnaby Joyce has denied anti-Chinese investment sentiment exists in Australia as Beijing’s second most senior leader arrived at Parliament House.

Chinese Premier Li Keqiang is on a seven-day tour of Australia and New Zealand for investment and trade talks.

Joyce sees no reason to tighten foreign investment laws.

‘‘We have people lined up out the door and down the street wanting to buy rural property in Australia,’’ he said yesterday.

A Lowy Institute poll of more than 1000 Australians last year found that 87 per cent opposed allowing foreign companies to buy Australian farmland.

Liberal MP Andrew Laming says foreign ownership is an issue for Australians.

‘‘It’s very hard for many Chinese investors to get finance out of China, and by the same token here in Australia, we do have a reluctance about them owning major assets.

‘‘This is something both countries have to get over because the opportunity to work together has such great potential,’’ Laming said.

The issue has been highlighted by a decision last year to bar the Chinese purchase of the New South Wales government-owned power distributor Ausgrid.

Prime Minister Malcolm Turnbull will host a special lunch for Li in the Great Hall at Parliament House ahead of bilateral talks today.

The leaders are expected to sign new agreements and announce the next phase of the China-Australia free trade deal.

Nationals MP Luke Hartsuyker, who visited China last year, said his northern New South Wales electorate was exporting fresh milk to Shanghai as a result of the current free trade agreement.

‘‘Those benefits are not at the big end of town . . . they are flowing through to farmers at the farm gate,’’ he said.

The leaders will also discuss the progress of the China-led Regional Comprehensive Economic Partnership talks that exclude the United States.

Turnbull may inquire about the legal issues surrounding 14 Crown Casino employees arrested and detained for five months without charge in China.

China may seek progress on an extradition treaty, which is facing parliamentary delays in Australia, in order to bolster efforts to crack down on corrupt officials who have fled. – AAP