SYDNEY: Australia has urged legislators to take a more cautious approach in backing China's pursuit of "legitimate interests" and stay alert to the motives guiding its investments, in a briefing book published by the non-partisan parliamentary library.
Authored by government officials and distributed ahead of Tuesday's opening of parliament, the booklet raises concerns that "creating a Eurasia-wide, China-led bloc to counter the United States" is the long-term aim of China's "One Belt, One Road" project, including its investments in northern Australia.
"Some see this initiative as a profound challenge to the current global political and economic status quo," a parliamentary library researcher wrote in the booklet, designed to guide lawmakers on issues likely to come before them.
"Australia needs to adopt a more economically and strategically prudent attitude in determining how the Australia-China economic relationship is to further develop."
In Beijing, Chinese Foreign Ministry spokeswoman Hua Chunying told reporters she was not familiar with the booklet, but cooperation between Chinese and Australia companies was based on market principles and was mutually beneficial.
"We hope the government of the relevant country can create a just, fair and transparent environment for Chinese enterprises investing abroad," she told a daily news briefing.
The caution comes after Australian Treasurer Scott Morrison this month blocked the sale of electricity network Ausgrid to China and Hong Kong buyers, citing undefined national security concerns.
That followed his rejection of a Chinese consortium´s bid for Australia´s largest pastoral holding, S.Kidman & Co.
And a decision to lease a commercial and military port in northern Australia to a Chinese firm last year stirred concerns in the United States.
Coupled with the recent regulatory pushback to Chinese-led deals, the booklet has fed worries about prospects for future deals.
"If our industries are to reach their full potential, we need foreign investment," said Helen Sawczak, national chief executive of business grouping the Australia China Business Council.
"Issues raised in the report may deter potential investors. The relationship is strong, but it is a concern when these things stack up together."
The 205-page briefing book was handed out to members of parliament ahead of the first session after the July 2 election.
