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