Senior Chinese official warns not to reject business opportunities – foreign ownership 

A TOP Chinese official has warned Australia not to reject business opportunities involving his country because of “discriminative ideas”, following the blocked sale of the Kidman cattle empire.

The warning came as Opposition trade spokeswoman Penny Wong on Tuesday said a Labor government would make it easier for international investors to buy Australian farms worth up to $50 million.

China’s Ministry of Foreign Affairs Information Department deputy director-general Wang Xining said the two countries would be better off working together.

Treasurer Scott Morrison recently vetoed a second Chinese bid to buy the 100,000sq km of S Kidman & Co properties, worth $371 million.

Under current foreign investment rules, Chinese purchases of more than $15 million can be blocked by the Federal Government, but for other countries including the US and UK the sale price threshold is $1 billion.

Mr Wang said now that Australia’s industrial mix was becoming “more sophisticated”, the two countries “can match if we carefully calculate everything”

“Don’t reject anything out of discriminative idea(s), this is our hope,” Mr Wang said, at an interview organised by the East-West Centre.

Opposition trade spokeswoman Penny Wong.

“For this specific case (the Kidman sale) it’s up to the company, up to the particular state, up to the particular parliament to make the decision.

“Sometimes we are happy, sometimes we’re not, but we will speak frankly … But generally, particularly with the so-called ‘old West’ countries, do not see China as a communist, soviet, aggressive country. We are not. We are doves, we are pandas.”

The comments show China holds concerns about the xenophobic politics that Premier Jay Weatherill and business leaders believe has driven the federal decision. Mr Weatherill recently told The Advertiser: “I don’t think we’d be having this discussion if it were an American or a UK investor.”

Senator Wong yesterday said a federal Labor government would lift the threshold at which most proposed farm purchases by foreign companies are scrutinised by the Foreign Investment Review Board from $15 million to $50 million.

Labor would also scrap a special foreign investment review category for the purchase of agribusinesses.

“Australia relies on foreign capital to finance the shortfall between national savings and national investment,’’ she told a trade forum in Sydney.

Deputy Prime Minister Barnaby Joyce accused Labor of selling out Australian farms as the limit would not cover cases where an investor tried to buy several farms collectively worth over $50 million.

The Government also attacked Labor for proposing changes to free trade deals.

6 Comments Add yours

  1. John sharp says:

    A lot of men and women who were real Australians when to war to fight for our freedom and take over from a under deserving country. You the labour party the peoples party that seems to be a load of crap now that I have seen labour might give our country away it is a no vote for me. I am not a great Liberal supporter but they look like it has some guts to stop the take over.


  2. Geoff says:

    The difference between china and other countries buying land is that china does not intend to compete for sale of their produce but to supply their country direct something that has already had a catastrophic effect on our dairy industry already



    Liked by 1 person

  4. Susan Wines says:

    What is it they dont see!!!!
    Keep on trying to fool us with their demands and the self serving bull its going to benefit Australia!!yer right.
    As they do and will continue to do is look after themselves and now Penny Wong is joining the field boy i had hope for her.


  5. Rosemary Hislop says:

    Stop selling Australia! You have no right! 😡


  6. Julie Farrell says:

    Australia is not for sale. Australia is capable of trading to China. China shouldn’t be able to buy Australia with sole intention of trading with themselves.


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