Hu, in Canada for G20, seeks to double trade
Source: Agencies/Shanghai Daily |
June 26, 2010, Saturday
|
Print Edition
Print Edition
China wants to double its trade with Canada to US$60 billion by 2015, President Hu Jintao said in Ottawa.
Hu, in Canada for a state visit and the G20 summit, made his remarks while meeting with Canadian Prime Minister Stephen Harper.
"I have agreed with Prime Minister Harper that we should take active measures to make our countries' two-way trade volume reach a target of US$60 billion by 2015," said Hu, who noted that bilateral trade last year totaled US$29.7 billion.
Canadian leaders said later that China had opened its market to Canadian beef in a staged process. Canada is the first country affected by mad cow disease to regain access to China's market for beef.
Under the deal announced on Thursday, Canada said China would initially open its markets to Canadian boneless beef, derived from animals under 30 months old, as well as beef tallow for industrial use.
Canada, which sends 75 percent of all exports to the United States, is eager to diversify into other markets.
China is currently Canada's second largest trading partner, and Canada is China's 13th trading partner. In the first four months, bilateral trade stood at US$10.2 billion, a year-on-year increase of 19 percent.
Canadian firms doing big business in China include plane- and train-maker Bombardier Inc and engineering company SNC-Lavalin Group Inc.
As China's energy consumption booms, it is looking to Canada as a stable supplier of resources, and Chinese companies over the past year have begun increasing their investment in Canada's oil sands.
In a separate deal announced on Thursday, Encana Corp, Canada's largest natural gas producer, and state-owned China National Petroleum Corp agreed to negotiate a joint venture to develop the Canadian company's shale-gas properties in northern British Columbia.
Canadian miner Cameco Corp said it had struck a framework agreement that could lead to supplying uranium to plants under construction by China Guangdong Nuclear Power Holding Co.
The two countries also signed an agreement to designate Canada as a destination for overseas travel by Chinese citizens. The agreement takes effect immediately and enables Chinese citizens to travel to Canada in organized, pre-sold tour groups.
Before, Chinese travelers to Canada were eligible to obtain exit visas to Canada only if traveling for study, visiting friends and relatives, business or independent tourism activities.
Following his stay in Ottawa, Hu will travel on to Toronto for the G20 meeting, which aims to secure the world economic recovery.
The G20 countries have been trying for months to overcome differences on financial overhaul centered around setting tougher global standards for the amount of capital the major international banks must have to cushion against losses. Massive losses that began with subprime mortgages in the US triggered a global meltdown starting in the fall of 2008.
Hu, in Canada for a state visit and the G20 summit, made his remarks while meeting with Canadian Prime Minister Stephen Harper.
"I have agreed with Prime Minister Harper that we should take active measures to make our countries' two-way trade volume reach a target of US$60 billion by 2015," said Hu, who noted that bilateral trade last year totaled US$29.7 billion.
Canadian leaders said later that China had opened its market to Canadian beef in a staged process. Canada is the first country affected by mad cow disease to regain access to China's market for beef.
Under the deal announced on Thursday, Canada said China would initially open its markets to Canadian boneless beef, derived from animals under 30 months old, as well as beef tallow for industrial use.
Canada, which sends 75 percent of all exports to the United States, is eager to diversify into other markets.
China is currently Canada's second largest trading partner, and Canada is China's 13th trading partner. In the first four months, bilateral trade stood at US$10.2 billion, a year-on-year increase of 19 percent.
Canadian firms doing big business in China include plane- and train-maker Bombardier Inc and engineering company SNC-Lavalin Group Inc.
As China's energy consumption booms, it is looking to Canada as a stable supplier of resources, and Chinese companies over the past year have begun increasing their investment in Canada's oil sands.
In a separate deal announced on Thursday, Encana Corp, Canada's largest natural gas producer, and state-owned China National Petroleum Corp agreed to negotiate a joint venture to develop the Canadian company's shale-gas properties in northern British Columbia.
Canadian miner Cameco Corp said it had struck a framework agreement that could lead to supplying uranium to plants under construction by China Guangdong Nuclear Power Holding Co.
The two countries also signed an agreement to designate Canada as a destination for overseas travel by Chinese citizens. The agreement takes effect immediately and enables Chinese citizens to travel to Canada in organized, pre-sold tour groups.
Before, Chinese travelers to Canada were eligible to obtain exit visas to Canada only if traveling for study, visiting friends and relatives, business or independent tourism activities.
Following his stay in Ottawa, Hu will travel on to Toronto for the G20 meeting, which aims to secure the world economic recovery.
The G20 countries have been trying for months to overcome differences on financial overhaul centered around setting tougher global standards for the amount of capital the major international banks must have to cushion against losses. Massive losses that began with subprime mortgages in the US triggered a global meltdown starting in the fall of 2008.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
