Australia-China trade negotiations at impasse

Australia’s new Trade Minister Richard Marles is resisting China’s demands for less scrutiny over its state-backed investments in spite of Prime Minister Kevin Rudd’s push for a deal, The Wall Street Journal reported. Australian concessions to Chinese investments are currently limited to US$227 million. Beijing has called for the monetary threshold to be raised to US$910 million. In an interview, Marles stated that the current threshold would remain, citing the need to maintain integrity over regulations regarding foreign investments. Australia is also pushing for greater access for its food and services industries in the China market.