Canada looks to expand China trade

Canada is open to more trade with China and looks to expand trade relations between the two countries, Canadian Prime Minister Justin Trudeau said at the 2018 Fortune Global Forum on Monday.

Responding to Fortune president Alan Murray's comment that the newly concluded US-Mexico-Canada Agreement is "really about China", Trudeau stressed the importance of free trade based on global trading rules, and said China remains a vital global trading partner with opportunities to offer.

"Obviously, China is the world's second-largest economy and growing. We will remain an important place to do business and look for opportunities with China," Trudeau said, adding that the "reciprocal" clause does not stop Canada from doing business with whom it pleases.

Echoing Trudeau at the forum, Graham Shantz, president of Canada China Business Council (CCBC), said that nobody will win the trade war, and CCBC's Canadian members have benefited "tremendously" from the global market, "particularly" the China market.

"We celebrate our 40th year of growth this year, at the same time that China celebrates 40 years of its reform and opening up policy. This policy has led to so much prosperity in China today," Shantz told China Daily.

"We're very supportive of the Canada and China foreigners' investment promotion and protection agreement," he continued. "We're supportive of any structure which has provided opportunities for our members going to China and for Chinese companies coming to Canada."

Chinese business leaders on the Fortune 500 list, who seek to expand their global footprint with multinational companies, are optimistic about successful growth and investment between China and Canada.

Chen Dongsheng, chairman and CEO of Taikang Insurance Group, believes that the current trade war will be ended eventually with a new balance in world trade.

"Now the world is pursuing trade and investment, economic interaction and growth, I do not believe that unilateralism can create a new cold war, and I believe that Canada is very willing to do business with China," said Chen, who was invited to have a closed-session talk with Canada's Minister of International Trade Jim Carr during the forum.

According to Chen, China hopes that Canada can trade with China and the United States at the same time. Cooperation between the two largest economies in the world is to the benefit of the whole world.

Tang Ning, founder and CEO of CreditEase, which actively engages with global FinTech innovation and services, said they are interested in looking for opportunities to invest in Canada.

"In the Canadian market, there is a large population originally from China. We hope to serve the Chinese people here through our online and offline services," said Tang, who joined a panel discussion on doing business in the digital economy.

According to Tang, powered by technological innovation and an emerging middle class, China's new economy is vibrant. China's wealth management industry is moving from China-focused investments to global opportunities.

"Despite trade war uncertainties, we're positive and confident that we can utilize the technology and innovation to do business with our partners in Canada," Tang said.