Australia-China business relationship is essential but the needs of each nation are different, according to shadow minister for communications and broadband, Malcolm Turnbull.
He was speaking at the recent Sydney China Business Forum 2012 in Sydney.
Turnbull suggested that countries should recognise each partner’s different dreams, fostering better understanding while respecting the differences.
“As Premier Colin Barnett reminded us last week, to stop the Chinese investment in Australia is to essentially turn the tap off on billions and billions of dollars in investment,” he said.
Turnbull said that there needs to be greater engagement with the Chinese economy, and vice versa, as it is invariably manifested in Australia’s national interest.
“It is in our interest that we have more Chinese investments in Australia. The rise of Asia offers new markets and we will need to scale up to take advantage of it,” he said.
However, Turnbull also claimed that businesses are apprehensive to welcome Chinese investments as they sometimes have close relations to the Chinese government.
“The close links between Chinese companies and the government, be they publicly owned or privately- owned like Huawei, creates anxiety in the countries in which they seek to invest in.
“But every country has its own right to assert its sovereignty, its own dignity, and its own responsibility to make its decisions about who should invest in its boards,” he added.