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Macron promises actions to curb "Chinese land-buying" in France

(People's Daily Online)    17:13, February 24, 2018

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Following concerns that Chinese business is taking advantage of French distressed rural communities, President Emmanuel Macron promised measures Thursday to help prevent foreign investors buying French farms, a move taunted by experts as “a mere gesture of political correctness.”

"For me, French agricultural lands are strategic investments on which our sovereignty depends, so we can't allow hundreds of hectares of land to be bought by foreign powers without us knowing the aims of these purchases," Macron was quoted as saying by AFP.

According to AFP, the president was referring to news last year that a Chinese fund had bought 900 hectares of land in the cereal-growing Allier region in central France, following an acquisition of 1,700 hectares in the Indre area in 2016.

Zhao Yongsheng, an economics professor at China’s University of International Business and Economics, told Global Times that the French authorities will not carry out substantial measures against Chinese land buyers, noting that Macron’s remarks are just out of “political correctness.”

“There is no obvious trend of Chinese investors buying land in France. From what I know, those who bought land in north Normandy are not real estate speculators, but investors in dairy farming. Most Chinese would buy Chateaus instead,” said Zhao.

“Japanese and Russian investors are also great buyers of French land, who are as well boycotted by the French public. The truth is, the lands for sale are either too expensive for French buyers or disliked by them. Selling such lands would promote French economy, especially benefit the tax department,” Zhao added.

The Chinese authorities have also responded to Macron’s claims, noting that Chinese enterprises are required to observe laws and regulations when expanding markets overseas.

“We also hope that the relevant party could provide an enabling environment and a level playing field for Chinese enterprises' investments and operations there and contribute to the sound development of bilateral economic cooperation and trade,” said Geng Shuang, spokesperson of China’s Ministry of Foreign Affairs on Friday.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Kou Jie, Bianji)

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