Business News, Canada News, China News, Economy News, Politics News, World News

Canada PM Stephen Harper hopes to build upon its good ties with China

Stephen Harper, Canada's Prime Minister

Stephen Harper, Canada’s Prime Minister

Chinese Premier Li Keqiang and Canadian Prime Minister Stephen Harper agreed Tuesday to advance relations between their countries and enhance cooperation in various areas.

According to Chinese government During a telephone conversation, Harper said Canada hopes to build upon its good ties with China and further advance bilateral relations by strengthening communication and promoting cooperation in trade, investment and other areas.

For his part, Li noted that bilateral ties have made headway in recent years, with remarkable breakthroughs in trade and economic cooperation, and are now at a new historical starting point.

China values its relationship with Canada, and stands ready to work with the Canadian side to enhance political mutual trust, accommodate each other’s concerns, and elevate their strategic partnership to a higher level on the basis of mutual respect and equality, he said.

China and Canada are two countries in the Asia-Pacific region, which has extremely high potential for further development, the Chinese premier said.

The two sides should tap their complementary strengths, jointly create a market of fair competition, and cooperate in high-tech and other fields, he added.

They also should promote the dynamic balance in bilateral trade, deepen and enrich cultural and people-to-people exchanges, and actively expand converging interests so as to translate their enormous cooperation potential into tangible win-win results, Li said. The two also exchanged views on international issues of mutual interest.

Canada is an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year.

Canada is the US’s largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economiccrisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada’s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector’s tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-12 and plans to balance the budget by 2015. In addition, the country’s petroleum sector is rapidly becoming an even larger economic driver with Alberta’s oil sands significantly boosting Canada’s proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela.

Kim Long
New York News
China