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China has already become Canada's second largest trade partner in 2008, preceded only by the US. He Ning, Director General of the Department of American and Oceania Affairs of China's Ministry of Commerce, revealed recently in an interview.
According to statistics from the General Administration of Customs of the PRC, the volume of bilateral trade between China and Canada reached 34.52 billion USD in 2008, an increase of 13.8 percent year-on-year. Of this, China's exports to Canada stood at 21.79 billion USD, up 12.6 percent year-on-year, while China's imports from Canada reached 12.73 billion USD, an increase of 16.0 percent year-on-year.
Meanwhile, China has continuously expanded its investment in Canada. In 2008, China had 950 million USD of non-financial direct investment in Canada. As of the end of 2008, China's accumulated non-financial direct investment in Canada was 3.84 billion USD, mainly involving industries such as natural resource development, industrial production, construction contracting, agriculture, the pastoral farming and fishing industries, the food and beverage industry, scientific, technological and cultural communications, traffic and transportation, as well as consulting services.
In 2008, China approved 410 additional investment projects in Canada. During that period, Canada had 540 million USD of investments in China. By the end of 2008, Canada had invested in 10,891 projects in China, with the amount of completed investment reaching 6.37 billion USD.
In terms of development and promoting cooperation, the Canadian International Development Agency confirmed in April 2007 that over the span of the next three years, the gross budget fund of Canadian aid to China will gradually drop each year from 29 million CAD (about 25.6 million USD) a year to 20 million CAD (about 17.7 million USD) a year. Priority for development and promoting cooperation between Canada and China will be given to fields such as human rights and environmental policy.
Source: People's Daily Online
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