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Thread: Canada must embrace China or risk falling behind: Economist

  1. Default Canada must embrace China or risk falling behind: Economist

    TORONTO -- Canada can benefit from China's rapid emergence as an economic powerhouse, but must do a better job of forging a Sino-Canadian economic relationship, says Dr. Sherry Cooper, chief economist of BMO Capital Markets.
    In a report released today on the powerful shifting forces in China and the global economy, Cooper states China's re-emergence in the economic world has the potential of being an enormous boon to long-term Canadian growth and prosperity, but Canada's inability to adapt beyond U.S.-related trade is hurting us.

    "While China could soon become the most important trading partner of the U.S., we remain fixated on yesterday's strategy -- bolstering economic activity with the U.S. to the exclusion of almost all others," she wrote. "Rather, we should be diversifying our foreign markets and developing economic ties with Asia, the fastest-growing region in the world."

    Dr. Cooper noted that the Canadian government's mission to China last week as a positive development, but added the country needs a more "comprehensive strategic approach to China as well."
    China's economy has nearly doubled since it joined the World Trade Organization just over five years ago and is now the World's leading importer of oil and raw materials like steel and metals.

    While Ottawa has begun exploring business trade relationships with China, the Stephen Harper government has also been vocal in opposition to the Communist country's poor human rights record.

    Although the Canadian economy is still very closely tied to the U.S., developments in China are increasingly having profound long-term reverberations on Canada, says Dr. Cooper, pointed to the manufacturing sector as being particularly problematic.

    Therefore, she says it is paramount that Canada improve its competitiveness, productivity and capacity to innovate. "This requires, among other things, a change in the corporate tax system to encourage investment in capacity, technology and training," she said. Dr. Cooper highlights British Columbia as having distinct advantages since its ports are significantly closer to Asia than are many of the U.S. Pacific ports. Also, more than 85 percent of the volume of B.C. port traffic involves two-way traffic. In contrast, more than 45 percent of the containers returning from Los Angeles to Asia are empty.

    "These advantages provide the scope for Canadian west coast ports and ancillary sectors, such as trucking and railways, to disproportionately benefit from growing China trade, but they must be sufficiently nimble -- growing much more rapidly than planned -- to take full advantage of this opportunity," she said.

    Either Canada rises to this new global reality, or "we continue with yesterday's U.S.-centric strategy and watch our relative income per capita continue to decline."

  2. #2

    Join Date
    Jun 2007
    Location
    Three Hills , Alberta
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    Quote Originally Posted by Bookworm
    I just hope everyone realizes that every dollar spent in China will be sent back to us in the next twenty years in the form of bullets and ICBM's.

    Dave
    You got that right brother

  3. #3
    Accremonious Guest

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    That is not the only worry from China. I saw a program on TV this morning about the problems of pollution and contamination of their food supply. They are using industrially polluted water to irrigate fresh vegatables. The lawyers who are trying to bring law suits against their big industries are having much trouble getting proper samples and expert testimony willing to swear to the facts. Their new system of rule of law is not fully implemented nor are civil servants heeding the rules for pollution abatement. They showed a section of the Pearl River downstream from a tanning factory that is so putrid that you cannot breathe the air and outside in the street from that factory was scrap heaps from the tannery that should be buried in a toxic waste site! And you want to expose us in Canada to their products. Not just yet thank you!
    My experience with imports from China being furthered to the USA or vice versa was that Customs always wants to have a second look at it especially if it is a first time shipment. And so they should.

  4. #4
    Accremonious Guest

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    Where did the contaminated toothpaste come from that was shown on TV this week? This knock off copy cat version of Colgate was illegally produced and imported with out product DIN codes nor Bilingual labeling! Was it from China? It apparently has both chemical and biological contaminations. It cannot be sold in big chains becasue of the lack of the barcode for the product scanners so it is only available in small store outlets and fleamarkets or discount outlets. Where was Canada Customs when this stuff hit the beach? They can find the simplest things to harass you and I about, but when the important issues arrive they are conspicupous by their absence! This should have been impounded and never allowed into the country. First time I ever thought that bilingual labelling did any good! Merci Beaucoup! N' est pas! Oui

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