Chinese company Mengniu abandoned a deal to buy the Australia dairy firm Lion Dairy and Drinks from Japanese company Kirin in August, after the Australian government indicated it would block the sale.
The Chinese embassy said in November that 10 Chinese investments had been blocked in Australia on national security grounds, among a list of 14 grievances Beijing had about Australian government policy.
China has since imposed dumping tariffs on Australian wine and barley, and restricted the unloading of Australian coal at Chinese ports.
Chinese investment in Australia peaked at A$16.5 billion in 2016, spanning agriculture, transport, energy utilities, health, mining and property, the ANU study showed.
By 2020, 86 per cent of Chinese investment in Australia came from the Australian subsidiaries of Chinese companies.
