Chinese investment in Australia could rise dramatically and perhaps triple this year, the Australian treasurer said Tuesday, as he promised a non-discriminatory approach to incoming funds.

Australia is a key provider of the raw materials that China needs to fuel its booming economy, but until recently Chinese companies had invested little there, Wayne Swan told Chinese and Australian business executives in Beijing.

"But I'm glad to say this seems to be changing... Since we came to office, Chinese investment proposals have been approved at the rate of around one per fortnight," said Swan.

Prime Minister Kevin Rudd's government took power in December.

At the end of the 2006, China accounted for only 0.2 percent of foreign investment in Australia, with a total of 3.4 billion Australian dollars (3.2 billion US dollars) invested.

Since then, however, Australia approved around 10 billion Australian dollars in proposed investments during the 2005-06 and 2006-07 fiscal years.

That figure could hit a record 30 billion Australian dollars this year, he said.

"I want to assure you that under the Rudd government, Australia is, and will remain, open and welcoming towards foreign investment," Swan said.

He stressed the criteria used by Australia's Foreign Investment Review Board was non-discriminatory and aimed at ensuring market forces drive decisions -- not external strategic or political considerations.

Both China and Australia have large sovereign wealth funds to invest for their country's future, Swan noted, adding both should support global efforts to develop a set of voluntary principles to encourage cross border investment.

"Sovereign wealth funds present few direct threats to global financial system stability and can assist in macroeconomic stabilisation," Swan said.