The logo for Australia's biggest electricity network Ausgrid adorns the headquarters building in central Sydney, Australia, July 25, 2016.

The logo for Australia's biggest electricity network Ausgrid adorns the headquarters building in central Sydney, Australia, July 25, 2016. Reuters/David Gray

China’s state press, the Xinhua News Agency, has accused Australia of fear mongering and paranoia after rejecting China’s bid for the Ausgrid.

One of Xinhua News' columnists, Luo Jun, assailed the Australian government for blocking the $10-billion sale of Ausgrid to China’s State Grid Corp.

Federal Treasurer Scott Morison earlier cited “national security” as the government’s reason for rejecting Chinese investment on Australia’s largest electricity network. But Jun dismissed the justification as a “toxic mindset of China-phobia.”

“To suggest that China would try to kidnap the countries' electricity network for ulterior motive is absurd and almost comical, since it is widely recognized in the world that business reputation is critical to any corporate activity,” he wrote on his column piece.

The Chinese journalist also cited the speculation that “national security” concerns have delayed the China-invested nuclear power station in the UK.

“It's ridiculous to suggest that Chinese enterprises would risk their credit and commit suicide on the world stage by threatening to deny the Australian and British public electricity,” he pointed out.

“Besides, the huge amount of investment itself -- around 7.8 billion U.S. dollars in the Hinkley Point C nuclear power station in England -- would be an valuable asset China would not want to lose.”

Jun advised Australia and the UK to consider China’s investment instead of blocking it, saying the state of global economy demands closer international cooperation on both technology and infrastructure.

“Chinese investment should not become the source of worries about China gaining some kind of advantage, but should be taken as the country's promise in cooperation with other countries,” Luo wrote.

“It will not be an zero-sum game for China and Australia, or China and Britain in such deals, as they bound their interests together for either mutual benefit or common loss.”