The news of three Chinese companies buying stakes in Australia’s infamous mining industry has many of those down under riddled with nationalism, as they fear the Aussies would toil while the Chinese profit. What could the moves mean for exchange traded funds (ETFs) that track both countries?

The idea of communist China buying up sections of the continent of Australia and then taking the minerals from the Earth, only to sell them to the Communist People’s Republic of China has the Aussie nation somewhat annoyed. Some 21.3 million people have reacted with aggrieved nationalism, in response to the possible Chinalco merger, where the Chinese would buy stakes in the mining industry totaling $22 billion in Australia, explains Michael Wines for The New York Times.

Rio Tinto may actually be scrapping the deal after all, since an agreeable solution couldn’t be reached, report Amy Or, Jeffrey Sparshott and Dana Cimilluca for The Wall Street Journal.

But it’s far from an end to China’s growing relationship with Australia.

China is Australia’s biggest trading partner, one of its biggest tourism customers, the largest single buyer of its government debt and a major buyer of farmland and real estate. Australia seems to be reevaluating its relationship with a country they don’t know very well.

Meanwhile, the bigness of China is spreading wider, as General Motors (GM) is trying to finalize a deal to sell the Hummer division to a Chinese buyer. Analysts say the brand’s future lies in either slimmed-down SUVs or large special-purpose vehicles not unlike the military-troop carriers that formed Hummer’s roots, says Austin Ramsy for Time Magazine.

The sale of the Hummer to the Chinese is estimated to be valued at $500 million, although a price tag has not been disclosed. The sale would also save 3,000 American jobs for the time being.

• iShares MSCI Australia Index (EWA): up 26.4% year-to-date

Tags: Asia, Australia, China, Emerging Markets, EWA, Global ETFs