China woos Canadian investors

[ahsingjai]

China woos Canadian investors

VANCOUVER, British Columbia (AP) -- The leaders of Hong Kong and booming Guangdong province encouraged Canadian investors to look for new business opportunities in China as further initiatives were announced to increase bilateral trade.

Contracts were signed Monday between Chinese and Canadian companies on projects such as port construction, steel and aluminum processing, development of flight simulators, circuit board manufacturing and chemical production.

Hong Kong chief executive Donald Tsang and Guangdong Province Governor Huang Huahua traveled to Vancouver at the head of a 500-person delegation for a trade forum to tout economic changes they say will open up Hong Kong and surrounding Guangdong province for greater trade, particularly with Pacific Rim countries.

They spoke of the trading incentives available to Canadian investors as China continues to woo Canadian businesses.

"The world is beating a path to the mainland market, and China is becoming a global trading juggernaut," Tsang told the forum held at the Vancouver Trade and Convention Center.

The fastest growing part of China is Guangdong province, right next door to Hong Kong.

Huang said that growth was creating unlimited business opportunities for investors from Canada.

"We sincerely hope that this forum will create more business opportunities for the Canadian industrial, commercial, financial and enterprise circles," he said.

China is moving to open up opportunities for international trade through the establishment of internal trade agreements between Guangdong and Hong Kong.

The Closer Economic Partnership Arrangement (CEPA) eases the path for foreign businesses to enter the mainland Chinese market via Hong Kong and Macao by offering tariff concessions and other preferential treatment.

Tsang said foreign companies can gain "fast-track" access to that market by setting up in Hong Kong or by partnering with businesses in the former British territory.

Huang said the CEPA agreement aims to make the region one of the world's most prosperous economic centers.

"Guangdong will be built into an important manufacturing base in the world while Hong Kong will be developed as a service center for modern logistics, trade and finance," Huang said.

It was the second such invitation for Canadian investors from China in as many months. In September, Chinese President Hu Jintao visited Canada.

Hu met with Canadian Prime Minister Paul Martin in Ottawa. The two pledged to forge ahead with bilateral trade and investment, particularly in energy, natural resources, nuclear power and technology.

Canadian Minister of Industry David Emerson said the Chinese invitation was something the country could not ignore.

"China is Canada's second largest bilateral trading partner and its fourth largest export market," he said.

In 2004, Canadian exports to China grew by 40 percent while imports went up by 30 percent.

Last year, trade with Canada accounted for just 1.3 percent of China's total trade while Chinese trade made up 2.6 percent of Canada's total exports and imports.

About 20 supporters of the outlawed Falun Gong movement protested outside the center.

China took a similar delegation to meet U.S. business leaders in San Francisco last week while later this year, Hong Kong will team up with China's eastern province of Fujian and head to Dusseldorf, Germany.

http://edition.cnn.com/2005/BUSINESS....ap/index.html

[AliBabaIncorporated]

Nothing to do with Canadian investors. He's trying to convince all the 80s/90s Cantorefugees that it's safe to come back.