New actions needed to promote China-Canada ties (2)

13:11, May 26, 2010      

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He added this growth target is obtainable because Canada is a major developed country and China has a competitive labor force, huge market potentials and improving infrastructure.

Given the size of our economies and levels of development, bilateral trade and investment is still very low, said Mei. "There is huge room for further expansion."

He stressed that China's development offers rare opportunities. "In 2009, China's contribution to world economic development stood at 50 percent. China has become the world's No.2 importer and largest new emerging market. The ever-increasing economic scale, market potential and consumption demand are putting new impetus to the economic and trade cooperation between our two countries," said Mei.

Canada's trade diversification strategy opens new prospects for our economic cooperation. "Traditionally, Canada relied heavily on the United States in its foreign trade, with more than 70 percent of its total volume. Since the financial crisis, Canada's export to the U.S. declined dramatically and the Canadian government earmarked 500 billion Canadian dollars (467 billion U.S. dollars) to implement its global strategy and opened six new trade offices in China in a hope to promote and facilitate bilateral trade."

He also noted that the green economy has a big role to play in enlarging our economic cooperation. The Chinese government has vowed to develop new industries, which are closely related to a green economy, energy conservation, environmental protection, communication and high-end manufacturing sectors.

"In all of these, Canada has a cutting edge with advanced technologies and concepts, from which China has a lot to learn and benefit," said the former Chinese ambassador to Canada.
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