Canada praises ties with China

China Daily (Canada) - - FRONT PAGE - By WANG RU in Beijing wan­gru@chi­nadaily.com.cn

The re­la­tion­ship be­tween China and Canada in the en­ergy mar­kets is em­blem­atic of the grow­ing eco­nomic ties be­tween the two coun­tries, said Canada’s Min­is­ter of Fi­nance Joe Oliver.

“There is great com­ple­men­tar­ity be­tween our two coun­tries in the area of en­ergy,” said Oliver, who spoke to econ­o­mists and business lead­ers at the Cana­dian Em­bassy in Beijing on Mon­day.

“Canada has a strate­gic need to di­ver­sify our mar­kets, and China has a strate­gic in­ter­est to di­ver­sify its source of sup­ply,” said Oliver, who was in China for the Asia-Pa­cific Eco­nomic Co­op­er­a­tion (APEC) fo­rum.

Oliver said the re­la­tion­ship is cru­cial in a “weak global econ­omy filled with un­cer­tainty”.

Oliver also called the re­cent For­eign In­vest­ment Pro­mo­tion and Pro­tec­tion agree­ment be­tween the two coun­tries, en­acted on Oct 1, “a sig­nif­i­cant ac­com­plish­ment”.

“This agree­ment set out clear rules gov­ern­ing in­vest­ment re­la­tions, in­clud­ing dis­pute res­o­lu­tion and pro­tec­tion against dis­crim­i­na­tory and ar­bi­trary prac­tices,” Oliver said. “It will cre­ate a se­cure and pre­dictable en­vi­ron­ment for Cana­dian and Chi­nese in­vestors — ex­actly the kind of sta­bil­ity needed to deepen ties.”

On Oct 16, the Cana­dian Depart­ment of Fi­nance hosted the sev­enth Canada-China Fi­nan­cial Sec­tor Pol­icy Di­a­logue in Ot­tawa.

Canada is also con­sid­er­ing es­tab­lish­ing the first off­shore ren­minbi trade cen­ter.

“Prov­inces in Canada wel­come the plan to set up the ren­minbi trade cen­ter, which will re­duce rate-risk for business trans­ac­tions be­tween two coun­tries,” said Song Yi­jun, coun­selor of the com­mer­cial of­fice of On­tario at the Cana­dian em­bassy.

“Canada and China have com­ple­men­tary economies and share a wide range of in­ter­ests, such as lib­er­al­iz­ing trade, im­prov­ing the in­vest­ment en­vi­ron­ment and bol­ster­ing global fi­nan­cial sta­bil­ity,” said Guy Saint-Jac­ques, Canada’s am­bas­sador to China.

“China and Canada should work more closely on in­no­va­tion and the high-tech in­dus­try,” said Daniel Cheng, man­ag­ing di­rec­tor of the Canada China Business Coun­cil in China.

“Most Chi­nese peo­ple may not be fa­mil­iar with the fact that some high-tech com­pa­nies such as IMAX and Black­berry are from Canada,” said Cheng.

“Canada has a great en­vi­ron­ment and tax pol­icy for R&D and cut­ting-edge in­no­va­tion while China has a huge mar­ket, and pro­duc­tion lines awaits new ideas,” Cheng said.

China is Canada’s sec­ond-largest trad­ing part­ner and its fastest-grow­ing trade part­ner in re­cent years. Cana­dian ex­ports to China have more than quadru­pled since 2003.

In 2013, two-way mer­chan­dise trade to­taled passed $73 bil­lion — 7.7 per­cent of Canada’s to­tal, more than three times more than a decade ago.

Cana­dian di­rect in­vest­ment in China was $4.9 bil­lion at the end of 2013, almost six times as much as a decade ago.

More than 400 Cana­dian firms are ac­tive in China, from multi­na­tion­als to small busi­nesses.

Both the In­ter­na­tional Mon­e­tary Fund (IMF) and the Or­gan­i­sa­tion for Eco­nomic Co­op­er­a­tion and De­vel­op­ment (OECD) ex­pect Canada to be among the strong­est-grow­ing economies in the G7 this year and next.

For the sev­enth year in a row, the World Eco­nomic Fo­rum rated Canada’s bank­ing sys­tem the world’s sound­est. The credit rat­ing agen­cies ac­cord Canada a triple-A rat­ing, with a sta­ble out­look.

Joe Oliver,

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