Australia's treasurer on Friday formally blocked Chinese bidders from leasing a Sydney electricity grid, saying the deal would not have been in the nation's best interest. Last week, China's state-run Xinhua News Agency criticized Australia for rejecting the bid along with Britain's recent move to delay a decision on a new nuclear power plant backed by Chinese investment. The deal for the New South Wales state-owned electricity network would have earned more than 10 billion Australian dollars ($7.6 billion). Chinese foreign investment, particularly from state-owned companies, has become increasingly contentious in Australia as China takes a more aggressive stance in territorial disputes in the South China Sea. They and other lawmakers not aligned with either of the country's major parties oppose Australia's free-trade deal with its biggest trading partner, China, and want tighter foreign investment rules.

Source: ABC News August 19, 2016 09:32 UTC