Australian PM Denied Discrimination Policies Against Chinese Firms

Australia has set out discrimination policies directed towards Chinese enterprises in view of Chalco’s purchase in Rio stake, released source from Australia. Kevin Rudd, prime minister of the country denied on it yesterday. Chalco and Alcoa partnered of A$15 billion in buying Australia-based Rio shares in February, and the deal was followed by a new foreign investment principle drafted by the federal Minister of Finance, under which the Federal Ministry of Finance has the rights to intervene into acquisitions from foreign enterprises. Sources said that the principle was designed against Chinese companies, especially against Chinese Sovereign-Wealth Funds. Kevin Rudd stated that the principle was definitely just for clarifying the policies related to government-backed foreign enterprises. The principle is applicable for all of the Sovereign-Wealth Funds, no matter whether they are from UAE, Russia, China or some other countries, saying himself and the finance minister must have talked over the issue with Chinese authorities and Australia is indiscriminate. The prime minister said so far they have not received any complaint on the principle from China. He will pay a visit to China next month, which indicates exactly the excellent relationship between the two countries. He also stated that it is sensible to visit China under the uncertainty in global economy, as the latter has major economic relationship with Australia.