Optimism expressed for Canada-China business

Canadian business owners stand to benefit from a relationship with China because the two nations are "closely intertwined economically", said Beijing's ambassador to Ottawa.

"China will continue to be a desirable destination for investors from around the world, in particular for Canadian business owners, because China and Canada are closely intertwined economically, and we both benefit," said Ambassador Cong Peiwu.

Cong spoke at a recent discussion hosted by the Canada China Business Council (CCBC).

"We share the vision of benefiting the people with a high degree of economic complementarily and a similar commitment to an open global economy," he said.

Canadian firms can reasonably expect a growth story in China this year upon gauging the Chinese government's new policy, according to the CCBC talk.

Cong shared his observations on the recently concluded 2023 two sessions in Beijing, the annual plenary meetings of the National People's Congress and the Chinese People's Consultative Conference. Delegates from across the country met to discuss and approve national priorities.

"If we were to use one single word to give an accurate account of China's economic outlook, I think the word we are looking for is ‘brighter', as Premier Li Qiang, our new premier mentioned, that we are fully confident that the Chinese economy will break through winds and waves and sail toward a brighter future," Cong told the audience from the Chinese and Canadian business communities.

China will prioritize high-quality development in the next five years. At the two sessions, China set its projected GDP target at around 5 percent for this year, which is far higher than other major economies.

Some international institutions also recently upwardly revised their forecast on China's economic growth in 2023. The Organization for Economic Co-operation and Development put the number at 5.3 percent.

Opening-up has been a basic state policy of China for the past 45 years; keeping the door open has been increasingly crucial amid the wave of globalization, according to Cong.

"Looking forward, China will resolutely further expand opening-up in alignment with high-standard international trade routes, providing a better business environment and better services to all," Cong said.

In 2022, China's foreign investment totaled more than $189 billion, which is a record high and almost $50 billion higher than three years ago. China remained the world's second-largest consumer market and the largest online-retail market.

"This demonstrates that China remains a popular destination for global investment," said Cong. "We took proactive and effective moves to utilize foreign investment. The regulations for implementing the Foreign Investment Law … further improve the business environment for foreign investors."

China recently encouraged foreign investment with an emphasis on high tech, modern services, energy conservation and environmental protection, which are areas of expertise for Canadian companies.

"We share the vision of benefiting the people (with) a high degree of economic complementarily and a similar commitment to an open global economy," Cong said.

Many well-known Canadian brands have flourished in China, such as lululemon, Canada Goose and Tim Hortons. In December, China and Canada hosted COP 15 and passing the Kunming-Montreal Global Biodiversity Framework.

"Despite all the efforts, we still need to reach the full potential of China-Canada economic ties. As always, we sincerely welcome Canadian businesses to come and invest in China, and we will try our best to make the process as smooth as possible," Cong added.