Australia's biggest mining magnate Clive Palmer on Tuesday slammed the federal government's policies on foreign investment as outdated and counterproductive.
Palmer said that it was now time to focus on China, which has one quarter of the world's population and an urbanization process 10 times greater then Europe.
It also holds 1.8 trillion Australian dollars (1.57 trillion U.S. dollars) in cash reserves, whereas U.S. banks have none, he said.
Despite those impressive credentials any Chinese investment in Australia requires the approval of federal Treasurer Wayne Swan and the Foreign Investment Review Board.
Conversely, an American can invest up to 950 million Australian dollars (830 million U.S. dollars) without the strict approval regime, Palmer said.
"I think it's one of the worst things that can happen to Australia to extend our racist policies into Asia," he told the Queensland Media Club.
"Capital is now in China, it's not in the U.S.," he added.
"Within the next 20 years, China expects more than 300 million people to move from rural areas to the cities," he said.
The metal and power demands from that shift would create opportunities for Australia for a long time to come, Palmer noted.
"We've got the opportunity to grab that if our politicians could only be fair and treat the Chinese people and Chinese government with the dignity they deserve," he said.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article