Chinese investment in Australia increased by 170 per cent last year to $2.12 billion, with a major chunk of that directed at the WA mining industry. The investment shows a bounceback after COVID disruptions contributed to the low in 2021 of $887 million. While China is the 10th largest foreign investor in Australia, WA received 77 per cent of the investment funds last year, at $1.6b. The details are found in a report by KPMG and The University of Sydney: Demystifying Chinese Investment in Australia: April 2023. The report highlights that between 2007 and 2022 an accumulated total of $169b was invested by Chinese companies in Australia. In 2022, Chinese state-owned enterprises invested $1.5b, or 70 per cent of the total, up from $0.2b the previous year. There were four mining deals across the country worth $1.8b, which included the China Baowu Steel Group investment of $1.07b into the Western Range joint venture with Rio Tinto, and the Zhejiang Huayou Cobalt Co investment into Prospect Lithium Zimbabwe (Pvt) Ltd for $529m. Last year the WA mining sector attracted 86 per cent of the investment directed at the State, while renewable energy was the second largest industry at 12 per cent of the share, totalling $259.3m. Chinese investment in commercial real estate saw a massive drop from $208m in 2021 to $14m in 2022, the sector representing one per cent, as did the high-tech industry. China’s five-year growth in Australian investments is 6.4 per cent.