"We welcome foreign investment. We welcome it from everywhere, including from China, but we will apply decisions on a case-by-case basis in the national interest," he said.

    He rejected media suggestions the brakes had been applied to a bid by China's state owned Sinosteel to acquire a substantial interest in Murchison Metals.

    "The Australian" newspaper reported on Thursday that the government has signaled a significant toughening of its approach to Chinese investment by formally delaying an attempt by Chinese company Sinosteel to buy into West Australian iron ore miner Murchison Metals.

    Swan said an interim order had been issued by the Foreign Investment Review Board (FIRB) establishing a firm timetable for a final decision.

    "That final decision will be taken in the next 90 days," he told reporters.

    Swan said he would not comment specifically on Sinosteel's latest bid to takeover the mining company Murchison Metals.

    "I don't comment on these matters whilst they are being handled by the FIRB and the applicant because all of those matters are commercial in confidence. So when the final decision is taken I certainly will be making public comment," he said.