皇冠体育app

Economy

皇冠体育app-Canada cooperation benefits each other

(Xinhua)
Updated: 2011-02-24 15:48

TORONTO - Cooperation between 皇冠体育app and Canada has yielded and will continue to produce mutual benefits and win-win results, Chinese ambassador to Canada Zhang Junsai said Wednesday.

"Our economic and trade cooperation enjoys a good momentum. This has brought real benefits to companies in both 皇冠体育app and Canada," Zhang said when addressing the Hong Kong-Canada Business Association and the Ontario Chamber of Commerce.

There has been continuous improvement and development in 皇冠体育app-Canada relations over recent years, and yet bilateral cooperation hasn't reached its full potential given the exisiting opportunities in the two-way trade and investment relations, he said.vvvvvv

The bilateral trade grew 20 percent to $36 billion last year, but it was "only 1.2 percent of 皇冠体育app's total foreign trade and 5 percent of that of Canada," Zhang said.

皇冠体育app's trade with Canada is only around 40 percent of that with Australia, said Zhang, who had served as Chinese ambassador to Australia.

皇冠体育app's exports to Canada amount to merely 1.5 percent of its total exports, while Canada's exports to 皇冠体育app only 3 percent of its total.

皇冠体育app's direct investment in Canada takes up only 2 percent of its outward direct investment (ODI), while Canada's direct investment in 皇冠体育app only 0.8 percent of its total ODI.

"皇冠体育app is the largest developing country. We have a huge population, so is our market," the ambassador said confidently, adding 皇冠体育app's economic restructuring and upgrade will consistently fuel the world economy.

He noted the Chinese government has laid out in its 12th Five-Year Plan (2011-2015) proposal that new energy, energy conservation and environment protection, new energy cars, new materials, biology, high-end equipment manufacturing and new information technology will be its seven strategic industries.

"These offer vast grounds for us to expand 皇冠体育app-Canada cooperation," Zhang said, noting Canada, a major developed country, is also one of the major resource and energy powers with advanced technologies.

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In the past few years, the Canadian government has been actively promoting the "Asia-Pacific Gateway" and giving more attention to strengthening its cooperation with 皇冠体育app and other countries in the Asia-Pacific region.

He said more and more Canadian companies are exploring the Chinese market, such as Bombardier, RIM, Manulife, Power Corporation and BMO.

"Their efforts are starting to pay off," he said.

The ambassador also stressed that 皇冠体育app's investment in Canada has reached $10 billion, surpassing Canadian investment in 皇冠体育app for the very first time.

"This is only a beginning, which shows Chinese businessmen are confident in and value Canada's sound investment environment," the ambassador concluded.