Business with Canada looks bright: executive
China Daily recently interviewed Jennifer Fang, the managing director for China Business Network and Strategy at PricewaterhouseCoopers.
Q: Can you enlighten us on the state of business and trade relations between China and Canada? What are the issues, for instance, and what are the areas of concern? Can you suggest the directions both sides could and should take to develop and grow this relationship?
A: While I was in China the past 10 days, I addressed similar questions on our new government and the implications to the Canada-China relationship. I think the new Liberal government and our new PM Justin Trudeau will be positive for the Canada- China relationship.
The majority government will also bring political stability for at least the next four years. I expect a senior-level visit from China to Canada will take place within Justin’s term, since the last time this took place was Hu Jintao’s visit in Canada almost 10 years ago.
The Chinese government and people have a fond memory and respect for Justin’s father Pierre Trudeau, who first established the diplomatic relationship between Canada and China 45 years ago.
Therefore, there is an expectation that Justin will lead his new government and make positive contributions to the Canada-China relationship, too.
Q: With the trade push by the new government, what can be expected between the two countries on investment, education, tourism, technology and expertise, and even people-to-people and government-to-government relations?
A: Although China’s economy is going through some restructuring and is no longer growing at doubledigit speed, an average of 6.5 percent annual GDP growth plus its emerging middle class still present huge potential and opportunities to the world. There are many complementary aspects between the Canadian economy and Chinese market.
We have seen the growing trend of Chinese capital investing outbound in recent years, and this trend will no doubt continue and grow stronger in the next years.
Besides the traditional Canadian economic pillar sectors such as mining and energy, there are other industries or sectors that will attract two-way capital and business flows between Canada and China, such as agriculture and food, real estate, leisure and tourism, high-end manufacturing, clean energy, pharma and life science, and financial services, etc.
China’s 13th Five-Year-Plan places a lot of emphasis on “innovation”, which will open up lots of collaboration opportunities for the Canadian IT sector, universities and incubation hubs, as well as major municipalities.
Jennifer Fang, managing director, China Business Network andStrategy, PricewaterhouseCoopers