China-Australia links are vital: Tanner

The opposition vows it won't stop asking questions about the Rudd government's
relationship with Beijing despite suggestions from Labor that the coalition is
fanning racial tensions.
Opposition foreign affairs spokesman Julie Bishop accused the government of damaging
key relationships in Asia by making "offensive claims" of racist sentiments in
Australia.
"They are using phrases that are highly inappropriate when discussing legitimate
debate," she told reporters.
"Now we will not be silenced in this regard."
Finance Minister Lindsay Tanner was unrepentant for using the term "yellow peril"
when referring to opposition attempts to stir up dissent over China.
And Trade Minister Simon Crean accused the opposition of whipping up xenophobic
sentiments during a news conference in Beijing.
"There's all these little implications and innuendo that I think is clearly designed
to touch those nerves that are still latent in the Australian community," Mr Tanner
told Fairfax Radio.
Labor believes the economic downturn could once again expose fears in the community
about foreigners taking Australian jobs and buying up local assets.
It tagged the coalition with the race card after the opposition seized on what it
perceives to be the Rudd government's excessively close relationship with Beijing.
The coalition has accused Prime Minister Kevin Rudd of spruiking for Beijing while
overseas and of having secret meetings with Chinese officials.
It has also taken issue with the number of Chinese-sponsored trips taken by Labor
MPs in the wake of a controversy involving Defence Minister Joel Fitzgibbon.
Mr Tanner said China would be a large part of Australia's future "whether we like it
or not".
China is Australia's biggest trading partner and second biggest customer after Japan.
"It's a major exporter of capital - we're a bit importer of capital. We need
investment," Mr Tanner said.
"They're a big and growing customer of our mineral exports. So they loom very large
as a partner for Australia's economy into the future, just as other countries like
Japan and the United States have and will continue to do so."
Fears about China have been exacerbated by moves by state-owned Chinese companies to
capitalise on cheap resource investments as the slump in the share market makes
Australian miners relatively cheap.
There is growing resentment over Chinese government-controlled Chinalco's $30
billion grab for a greater share of Rio Tinto, currently under consideration by the
Foreign Investment Review Board (FIRB).
Opposition frontbencher Tony Abbott acknowledged the importance of China to the
Australian economy.
"I certainly think that we should make the most of the economic relationship with
China, but I think we've also got to be very much aware of our own national
interests," he told Fairfax Radio.
"We've also got to be very conscious of the fact that in the end China isn't doing
us any favours - they're trying to do favours for themselves.
"And we've got to be just as tough minded and as hard-headed."
China's Minmetals put forward a revised $2.1 billion offer for OZ Minerals on
Tuesday after the government indicated it would block an original deal because of
national security concerns.
FIRB did however give the green light to Hunan Valin Iron and Steel Group lifting
its stake in the Fortescue Metals Group to nearly 18 per cent.