But that is patently ridiculous and small-minded.
Fears that China is gobbling up New Zealand land are misplaced. Official figures show that Americans, Canadians and even Liechtensteinians have bought far more land in this country than the Chinese. Figures released earlier this year by the Overseas Investment Office show that of the 872,313ha sold to foreign interests over the past five years, only 223ha were sold to Chinese. The sale of 16 Crafar farms to Shanghai Pengxin will still result in Chinese owning only a combined area of about 8000ha of New Zealand.
While the gnashing of teeth, and barely concealed xenophobia, from opponents of the sale will eventually subside, the fears of foreign ownership of New Zealand land will continue as long as we remain small-minded in our worldview.
As Finance Minister Bill English pointed out in a recent speech, like it or not foreign direct investment (FDI) is an important source of funding for growth for a nation that doesn’t save enough to meet those needs internally. “As a small country, we naturally rely on FDI to help us achieve economies of scale, and for access to ideas and consumer markets.”
Investment from overseas has played a central role in the development of New Zealand dating back to the 1800s, including selling flax and timber and later frozen meat, wine, then banking and finance, English said.
Meanwhile New Zealand remains a small trading nation in a much bigger world. That bigger world has a lot to offer us and every time we restrict foreign ownership we also reduce our access to the best knowhow the world has to offer.
Any restriction also means restricting people’s rights to buy and sell freely – as for every foreign buyer looking to buy there is a New Zealander looking to sell.
As one commentator rightly pointed out, “When it comes to private businesses, assets and land it is odd to think “we” own it. On the day before a New Zealand farm is sold to a foreign owner, I didn’t own it and I had no right to say how that farm should be used. The day after it is sold I still don’t own it and I still don’t have any rights to say how it is used.”
