Billionaire's racist talk can't derail ties

Australian billionaire-turned legislator Clive Palmer's TV rant against China has naturally met with strong condemnation from both China and Australia. Palmer's insulting remarks only lay himself bare as a man of low character and a politician with no sense of responsibility.

During a TV show on Monday, Palmer, a mining tycoon and Member of Parliament, abused the Chinese government and even called Chinese "mongrels" and "bastards". In the face of pressure after his remarks on the Australia Broadcasting Company program, he "clarified" his position on Twitter on Tuesday morning, alleging that his comments were not intended to refer to Chinese people but to a Chinese company which he says is taking Australian resources and not paying.

As a big beneficiary of Australia-China trade - Chinese investments in Australia have turned Palmer into one of the country's richest men, Palmer used to sing the praises of China. In 2011, he accused the Australian government of "racially" discriminating against Chinese investment, urging that Chinese people and the government should be treated with "the dignity they deserve".