The Harper Government approved the sale of Nexen to a Chinese government-owned oil company Friday in part because critics of the deal couldn't make a good case against it.

Not that there isn't plenty of opposition in Canada, mind. But arguments like those made by NDP leader Thomas Mulcair ("…the problem with China is it's a Communist country") make good sound bites but are a poor basis for deciding the fate of $15 billion businesses. Is there something inherently bad about Communist countries? If there is, why does Canada trade over $50 billion in goods and services with China each year?

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Is Mulcair saying it's okay to buy and sell at arms length with the Chinese, but we don't want them investing in the country? That attitude might surprise more than a few Richmond, B.C. residents who emigrated from China on the condition they invest at least $250,000 in our economy.

Let's take a look at some of arguments for and against allowing China National Offshore Oil Corporation to purchase Canada's eighth largest energy company.

1. Canada is relinquishing ownership of natural resources to China

"The sale of Nexen to Chinese state-owned CNOOC raises broad concerns and allows a foreign government to own Canadian natural resources," the federal NDP said in a press release Friday.

Not true. Under Section 92A of the Canadian constitution, the provinces own the country's natural resources and are given the responsibility for managing them.

"Alberta owns, and will continue to own, the natural resources within its borders," Premier Alison Redford said in a press release Friday.

And if you're concerned about foreign oil companies – whether privately, publicly or state-owned – gobbling up the oil sands resource, fear not. According to the Financial Post, seven of the top 10 oil sands projects are wholly owned by Canadian firms, while one other is majority-owned by Canadians.