Trade Minister Steve Ciobo has attempted to smooth over Chinese investor angst over past scuttled bids and a new body to flag public and private assets off limits to overseas buyers.
The Critical Infrastructure Centre is being set up within the federal attorney-general's department after the controversial last-minute veto last year of the sale of NSW power company Ausgrid to Chinese interests on national interest grounds.
The Northern Territory government's leasing of the Port of Darwin to Chinese interests also proved a controversial move and raised eyebrows in Washington DC.
Mr Ciobo was keen to emphasise that Australia's investment regime would continue to be an open, transparent, non-discriminatory system, despite the national security changes.
"This new approach will provide greater certainty and clarity to investors on the types of assets that will attract national security review," Mr Ciobo said in a speech to AustCham in Shanghai.
The centre will develop a "critical assets register", requiring the co-operation of state and local government as well as the private sector aimed at protecting assets such as ports, electricity networks and water resources from the threats of "sabotage, espionage and coercion".
"We always welcome foreign investment where it is not contrary to our national interest," Mr Ciobo said.
In the past 15 years, 1000 business investment applications had been made on average each year to the Foreign Investment Review Board.
"In that time, we've had the grand total of five rejections. Just five out of 15,000," Mr Ciobo said.
There had been more than 950 approvals of Chinese investment proposals since 2005-06, totalling more than $183 billion, he said.
The Gold Coast-based minister has led a delegation of airport representatives and tourism operators to China this week aimed at boosting visitor numbers to Australia.
