Fo­rum: China plays key role in On­tario’s ‘go­ing global’

China Daily (Canada) - - FRONT PAGE -

In Novem­ber 2014, Huawei Tech­nol­ogy Co Ltd an­nounced a ma­jor ex­pan­sion of its On­tario op­er­a­tions, val­ued at $210 mil­lion, which would cre­ate 325 jobs in­clud­ing ap­prox­i­mately 250 po­si­tions for en­gi­neers and re­searchers and at least 75 new mar­ket­ing, sales and support po­si­tions.

Ac­cord­ing to the lat­est statis­tics from the On­tario Min­istry of Fi­nance, China in 2013 was On­tario’s sec­ond largest in­ter­na­tional im­port sup­pli­ers after the US and third-largest ex­port mar­ket.

With 650,000 Chi­nese im­mi­grants and 12,000 Chi­nese stu­dents, On­tario has been a vi­brant des­ti­na­tion for Chi­nese and proven at­trac­tive for in­vest­ment from China.

China plays a key role in On­tario’s “go­ing global” strat­egy. In 2014 the On­tario premier’s trade mis­sion to China at­tracted nearly $1 bil­lion to On­tario in new deals, cre­at­ing more than 1,800 new jobs. The gov­ern­ment signed 26 agree­ments.

In the 2014 On­tario Eco­nomic Out­look and Fis­cal Re­view, On­tario sup­ported and joined to ful­fill the agree­ment reached be­tween the fed­eral gov­ern­ment and Bank of Canada with the gov­ern­ment and cen­tral bank of China, re­lat­ing to the des­ig­na­tion of a ren­minbi (RMB), the of­fi­cial cur­rency of China, trad­ing hub in Canada.

The re­view also said that a Cana­dian RMB trad­ing hub, once im­ple­mented, would fa­cil­i­tate in­creased in­vest­ment and trade by al­low­ing the Cana­dian fi­nan­cial sec­tor to quickly and ef­fi­ciently clear and set­tle trans­ac­tions in Canada.

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