Get over China phobias, says Beattie

19 Sep 2012, 8:13 pm   -   Source: AAP
Former Qld premier Peter Beattie says Australians need to accept the need for Chinese investment. (AAP)

Former Qld premier Peter Beattie says Australians need to accept the need for Chinese investment. (AAP)

Australians need to accept the need for Chinese investment, former Queensland premier Peter Beattie says.

Chinese investment is needed to prolong the domestic resources boom and Australians need to get over their phobias about it, former Queensland premier Peter Beattie says.

Mr Beattie, who carries the title of Australia's resources sector supplier envoy, said China was going to be big future investor.

"There's a big debate on about China in this country and I think we should get over our phobias," he said in a keynote speech to the Australian National Conference on Resources and Energy in Canberra on Wednesday.

"The reality is that China is going to be, when it comes to investment, one of the big investors in this country."

With a population of 22 million people, Australia did not have enough domestic capital and relied on foreign investment.

"If we are going to continue to see the resources boom we need foreign investment from China," Mr Beattie said.

Australia should seek more active investment partnerships with China, from joint university campuses and research centres to manufacturing.

"The fact is, in some ways we need to integrate our economies," Mr Beattie said.

"I know that is hearsay in some people's minds."

Mr Beattie also said commodity prices had passed their peaks and the resources sector must prepare to cope with a massive pipeline of investment in the industry.

"To share the benefits of the mining boom Australia will need to maintain and expand its existing infrastructure," he said.

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