Chinese investment in Australia surged 11.7 percent last year to 15.4 billion Australian dollars ($11.5 billion) amid booming demand for agricultural assets and infrastructure, according to a report released Monday.
A record 103 deals were signed with Chinese companies in 2016, with 76 percent of those reached with private firms, KPMG and the University of Sydney said in the report "Demystifying Chinese Investment in Australia."
Australia, with a population of 24 million people and a land mass larger than India, relies on foreign investment to spur growth. While Prime Minister Malcolm Turnbull's government blocked two key purchases by Chinese companies last year, citing national security, the report shows that the vast majority of deals are approved.
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