Good tim­ing

Lead­ers of Chi­nese en­ter­prises dis­cuss im­pact of Li visit

China Daily (USA) - - FRONT PAGE - In­ter­viewed by Na Li from Toronto.

A1

Busi­ness lead­ers in both Canada and China are very pleased to see the con­tin­ued im­prove­ment in bi­lat­eral re­la­tions be­tween Canada and China. Pre­mier Li’s visit to Canada this week, less than a month af­ter Canada PM Trudeau com­pleted his first for­mal trip to China, is an­other re­flec­tion of the di­rec­tion this re­la­tion­ship is head­ing. We all be­lieve these bi­lat­eral state vis­its will en­hance com­mu­ni­ca­tions and co­op­er­a­tion be­tween the two coun­tries.

A2

China is Canada’s sec­ond-largest sin­gle-coun­try trad­ing part­ner, and two-way trade be­tween the two coun­tries reached nearly $85.8 bil­lion in 2015, up 10.1 per­cent over 2014. We are glad to see the two coun­tries have started di­a­logue on FTA. We un­der­stand that Canada and China have dif­fer­ent eco­nomic con­di­tions; also, two gov­ern­ments are fac­ing chal­lenges in their own po­lit­i­cal and eco­nomic sec­tions, so it may take some time to even­tu­ally come to an agree­ment, but we all ex­pect to see more solid progress in the fu­ture. China and Aus­tralia al­ready signed a FTA; it could be a very in­ter­est­ing case study for Canada.

A3

Canada

needs to en­sure Canadian com­pa­nies, in­clud­ing both large com­pa­nies and SMEs, have ac­cess to the Asia mar­ket. It is crit­i­cal that Canadian firms take ad­van­tage of the scale of Asian mar­kets. Canada has been work­ing hard to de­velop Asian mar­kets in re­cent years, and we do be­lieve Canada’s par­tic­i­pa­tion in the AIIB will open sig­nif­i­cant busi­ness op­por­tu­ni­ties for Canadian busi­nesses.

A4

Canada has been mak­ing sig­nif­i­cant ef­forts to im­prove busi­ness and trade re­la­tion­ships with China. In par­tic­u­lar, many Canadian com­pa­nies, both large en­ter­prise and SMEs, are de­vel­op­ing busi­ness strate­gies to bet­ter un­der­stand and lever­age trade re­la­tion­ships with China. This trade be­tween Canadian and Chi­nese busi­nesses is also be­ing sup­ported by gov­ern­ment ef­forts to im­prove bi­lat­eral trade re­la­tions. We have seen this hap­pen­ing at the provin­cial level for a num­ber of years, and are now see­ing a huge ef­fort on the part of the Canadian gov­ern­ment to fur­ther trade and per­sonal ties be­tween Canada and China. As a ma­ture mar­ket, in­vestors look­ing to Canada for suc­cess should rec­og­nize that to be suc­cess­ful in Canada, you need to make a last­ing in­vest­ment and make ef­forts to build a Canadian or­ga­ni­za­tion. The com­pa­nies that have seen suc­cess in Canada, in­clud­ing Huawei, took the time to learn and pre­pare for en­ter­ing the mar­ket and have com­mit­ted to build­ing a Canadian or­ga­ni­za­tion. For those com­pa­nies will­ing to make a long-term in­vest­ment, there is sup­port from Canadian com­pa­nies and gov­ern­ment at all lev­els for part­ner­ships.

A1

The his­tory of friend­ship and co­op­er­a­tion be­tween China and Canada goes back many decades, and we be­lieve there is a strong de­sire and the ne­ces­sity in both coun­tries to fur­ther strengthen the re­la­tion­ship. This is the first visit of the Chi­nese pre­mier to Canada in 13 years, demon­strat­ing the great im­por­tance at­tached by the Chi­nese gov­ern­ment to fur­ther pro­mote Sino-Canadian re­la­tions. Fol­low­ing a suc­cess­ful trip by PM Trudeau to China, it is very good tim­ing for Pre­mier Li to visit Canada to pur­sue ini­tia­tives to en­hance trade and in­vest­ment be­tween China and Canada. Top-level com­mu­ni­ca­tion and di­a­logue be­tween the two coun­tries are vi­tal to mu­tual un­der­stand­ing and over­all co­op­er­a­tion.

A2

Canada has re-en­gaged with the world un­der the Lib­eral gov­ern­ment, and in par­tic­u­lar the global econ­omy while rec­og­niz­ing the im­por­tance of China as the sec­ond­largest econ­omy. Canadian and Chi­nese economies are quite com­ple­men­tary: Canada has vast nat­u­ral re­sources and ad­vanced tech­nolo­gies, and China rep­re­sents a tremen­dous mar­ket for Canadian prod­ucts. We be­lieve a free trade agree­ment will def­i­nitely boost Canada’s ex­ports to China and ben­e­fit the Canadian in­dus­tries and the peo­ple. What we need right now is a clear strat­egy and a re­sult-driven ac­tion plan from the Lib­eral gov­ern­ment to pro­ceed the con­clu­sion of the FTA. We hope and be­lieve that the Canadian gov­ern­ment can view the FTA as a very im­por­tant pro­pel­ler to en­hance the bi­lat­eral trade and eco­nomic co­op­er­a­tion and con­clude this agree­ment with vigor.

A3

The AIIB aims to pro­mote broad-based eco­nomic and so­cial devel­op­ment in Asia through in­vest­ment and fi­nanc­ing in in­fra­struc­ture and other pro­duc­tive sec­tors and pro­mote re­gional co­op­er­a­tion. The de­ci­sion of Canada to ap­ply to join AIIB shows its con­fi­dence in the Asian devel­op­ment per­spec­tive and the strong foun­da­tions the bank has built.

By be­com­ing a mem­ber of the AIIB, Canada and Canadian com­pa­nies will be able to ac­cess Asian mar­kets through a new chan­nel and con­sid­er­able new op­por­tu­ni­ties will arise for ex­ports and in­vest­ment for Canadian com­pa­nies. This is a good ve­hi­cle for Canada to en­hance mar­ket ac­cess in Asia and to share its ca­pa­bil­i­ties and ad­van­tages in in­fra­struc­ture, clean en­ergy, wa­ter sup­ply and san­i­ta­tion, etc.

A4

Bet­ter gov­ern­ment-level co­op­er­a­tion al­ways leads to more eco­nomic and trade con­tacts and in­creas­ing con­fi­dence on the en­ter­prises level. Chi­nese en­ter­prises as well as Canadian en­ter­prises should cap­i­tal­ize on this. Chi­nese en­ter­prises in Canada should seize this his­tor­i­cal op­por­tu­nity to fur­ther im­prove their pro­file and also to con­trib­ute more to the eco­nomic and so­cial devel­op­ment of Canada. With a strate­gic goal of “Serv­ing So­ci­ety, De­liv­er­ing Ex­cel­lence”, Bank of China (Canada) is com­mit­ted to en­hanc­ing trade and in­vest­ment in Canada, and strong state-to-state re­la­tions go a long way in help­ing us to achieve this.

In this year, Bank of China got a sched­ule III bank li­cense, and a new branch will soon be es­tab­lished in Toronto, show­cas­ing the long-term com­mit­ment that Bank of China has to Canada and to fur­ther­ing eco­nomic ex­changes be­tween the two coun­tries.

A1

Eco­nomic com­ple­men­taries ex­ist in the China-Canada bi­lat­eral in­vest­ment and trade re­la­tion­ship. In the past decade, we have seen Canada’s in­dus­trial sec­tors such as nat­u­ral re­sources and de­rived goods; agri­cul­ture and agri-food; clean tech­nolo­gies and en­vi­ron­men­tal goods and ser­vices. Ma­chin­ery and equip­ment con­trib­uted a sig­nif­i­cant share to China’s eco­nomic growth. Dur­ing the same time, Canada shared China’s pros­per­ity in terms of FDI (for­eign di­rect in­vest­ment), trade, tourism, for­eign stu­dents. From an eco­nomic per­spec­tive, we see co­op­er­a­tion rather than com­pe­ti­tion be­tween the two coun­tries. Li’s visit will def­i­nitely pro­mote a new “golden era” with Canada for the eco­nomic co­op­er­a­tion and pros­per­ity of both coun­tries.

A2

By the end of 2015, RMB be­came one of the three most used cur­ren­cies in global trad­ing along with USD and EUR and rep­re­sented one third of China's to­tal cross­bor­der trade vol­ume. In re­cent years, China has been pro­mot­ing RMB use in for­eign trade and cross-bor­der in­vest­ment as well as es­tab­lish­ing off­shore RMB cen­tres.

In­dus­trial and Com­mer­cial Bank of China (Canada) is very for­tu­nate to be des­ig­nated by PBOC as the only RMB set­tle­ment bank in Canada. We signed RMB set­tle­ment agree­ments with lo­cal ma­jor banks last year and are ready for fa­cil­i­ta­tion. We will com­mit our ef­fort in pro­mot­ing the use of RMB, and we hope lo­cal busi­nesses could be part of it as well.

A3

It is ex­pected that Canada will be the first North Amer­i­can coun­try to join the China-led Asian In­fra­struc­ture In­vest­ment Bank. This is a great ini­tia­tive that shows Canada’s global view and re­spon­si­bil­ity. The prime min­is­ter has played a key role in es­tab­lish­ing a bi­lat­eral ben­e­fi­cial part­ner­ship be­tween the two coun­tries, just as what his fa­ther did 45 years ago.

For Canada, be­ing part of AIIB will build up and strengthen its re­la­tion­ship with emerg­ing re­gions and coun­tries that are in­creas­ingly im­por­tant to its eco­nomic pros­per­ity in the fu­ture.

NYE CHANGE Pres­i­dent and CEO of In­dus­trial & Com­mer­cial Bank of China

SEAN YANG Pres­i­dent of Huawei Tech­nolo­gies

LI AIHUA Pres­i­dent of the Bank of China

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