On May 26, Chargé d'Affaires of the Chinese Embassy in Canada, Zhao Yong, attended the webinar "Viewing China's Opportunities from a Localized Perspective" hosted by the Canada-China Business Council (CCBC) and delivered a keynote speech, answering the concerns of CCBC member companies. The business, science and technology, and cultural and news departments of the embassy respectively introduced the opening up of China's economic and trade, energy and cultural fields during the "14th Five-Year Plan" period. A total of 70 representatives of CCBC member companies attended the meeting. 

The full text of Zhao Yong's remarks is as follows:

Good afternoon! It is my great pleasure to meet you all from the business communities of China and Canada. I would like to thank the CCBC for organizing this event. Since its establishment more than 40 years ago, the CCBC has carried out a large number of activities focusing on China and economy and trade between our two countries. It has helped member companies achieve business success in China and Canada, and made positive contributions to enhancing exchanges, mutual learning and practical cooperation between the two countries. I highly appreciate that.

At present, due to the impact of COVID-19 and the Russia-Ukraine conflict, the recovery of the world economy is impeded by multiple factors including disruptions of global industrial and supply chains, rising price of bulk commodities, and tight energy supply. In his keynote speech delivered at the opening ceremony of the Boao Forum for Asia Annual Conference 2022 last month, Chinese President Xi Jinping proposed a Global Security Initiative, and called on all countries to reject the Cold War mentality, oppose unilateralism, maintain peace and stability in the world, implement the Global Development Initiative and strive for global economic recovery. In my view, amid the uncertainties of the current global economy, it is all the more important for us to stay committed to development as a priority, promote win-win cooperation and overcome difficulties together.

Economic performance of China, the world’s second-largest economy, has always drawn wide attention. Today, I would like to take this opportunity to share with you three points of China’s economic development.

First, China’s economic growth has injected positive energy into the world economic recovery. In 2021, China’s economy got off to a good start in its 14th Five-Year Plan period, with its GDP growing by 8.1 percent year on year and contributing 25 percent to the world economic growth. The fundamentals of the Chinese economy - its strong resilience, enormous potential, vast room for maneuver and long-term sustainability - remain unchanged. They will continue to provide great dynamism for the stability and recovery of the world economy. In the first quarter of 2022, China’s GDP gained a 4.8 percent growth year-on-year. Facing the resurgence of Covid-19 recently, China has been actively taking a series of measures to coordinate pandemic prevention and control with economic development, and we are confident in achieving this year’s objectives for economic and social development.

Second, China’s foreign trade facilitates win-win economic cooperation of the world. Last year, China’s foreign trade volume exceeded 6 trillion US dollars for the first time, making China remain firmly the world’s largest trading country. China exported 3.4 trillion US dollars worth of highly cost-effective products to the world, accounting for 15 percent of the international market share. This is a huge contribution to stabilizing global supply chains and curbing global inflation. Meanwhile, China imported 2.7 trillion US dollars of global goods, contributing to economic growth and helping create more jobs in exporting countries, including Canada. In the first quarter of 2022, the value of China’s imports and exports remained stable, with an increase of 10.7 percent, compared to the previous year. We believe China’s foreign trade will remain resilient this year through specific actions such as adopting cross-cyclical adjustment measures, diversifying market, ensuring smooth operation of the supply chains for foreign trade, and promoting innovative and high-quality foreign trade. 

Third, China’s opening-up is an opportunity rather than a challenge to all parties. During the 14th Five-year Plan period, China will firmly promote high-standard opening-up and further expand opening in automobile manufacturing, finance, telecommunications,and medical care. China will continue to ensure the success of the China International Import Expo, expand imports and promote balanced trade. China will also strengthen international cooperation in addressing climate change, promoting green development, digital economy, and other new areas. Last year, China formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It means that China will further open its market in areas such as cargo, service, investment, and government procurement, which will provide more opportunities for enterprises of CPTPP member countries, including Canada. We hope that our friends from Canada’s business community will actively support China’s accession to the CPTPP and share the dividends brought by China’s development.

The past two years have witnessed a steady growth in trade between China and Canada. In 2021, China-Canada trade in goods totaled 114.8 billion Canadian dollars, and Canada’s exports to China and imports from China increased by 13.9 percent and 12.4 percent respectively. At the fourth China International Import Expo last year, Canadian wine, food, healthcare products, and other high-quality and distinctive products gained popularity among Chinese consumers. This fully demonstrates that the economic structure and resource endowment of the two countries are highly complementary, which meets the needs of the economic development and the interests of both peoples, and indicates huge potential for cooperation.

Dear friends,

Looking back, I think China-Canada cooperation has yielded fruitful results in various fields, among which economic and trade cooperation has been the most dynamic and effective one. Looking ahead to the future, I am confident that the business communities of China and Canada will further expand their converging interests. While consolidating cooperation in traditional areas, we should explore cooperation in new sectors, deepen cooperation and achieve common development.

Once again, I would like to thank the CCBC for organizing this webinar and wish the event a complete success.

Thank you all.