Federal opposition treasury spokesman Joe Hockey says claims his party is racist are repugnant.
Labor charged the coalition with whipping up "yellow peril" talk last week, following opposition criticism of the government's relationship with China.
"The fact that the government has lowered itself to running the race card, as they call it, the yellow peril line, is absolutely repugnant," Mr Hockey told Network Ten on Sunday.
The opposition has questioned reports China is buying up commonwealth bonds, saying it is not in the national interest to have China or any other country buying up all the $2 billion Treasury securities being issued by the government each week.
"Our concern is that it is a single prime government behind all of this," Mr Hockey said, adding Australia should not allow itself to be in any way beholden to a foreign government.
The coalition plans to move an amendment in parliament that would make the names of purchasers of government bonds public.
"What we want is total transparency ... on exactly who is lending Australia all the money that the government is borrowing at the moment," Mr Hockey said.
