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Visiting President Hu Jintao encouraged Canadian and Chinese business leaders to double bilateral trade by 2010.
Hu told some 800 business, political and Chinese-Canadian community leaders in Toronto that the two countries were "important trading partners, though, given the size of the two economies, there is still potential for more bilateral trade and economic cooperation."
Speaking at the dinner of the first China-Canada Trade and Economic Cooperation Forum, Hu said China and Canada should pool their efforts to step up investment, enhance cooperation in energy and resources, promote cooperation in service trade, strengthen trade policy dialogue and increase personnel exchanges.
"Canada with its highly developed economy, diverse industrial sectors and rich natural resources, and China with its rapid growth and huge market are highly complementary," Hu said.
China is Canada's second-biggest trading partner behind the United States, while Canada ranks 10th among China's trading partners. Two-way trade reached US$16 billion in 2004, up almost 100 times from 1970.
China-Canada trade has progressed from "small, simple items, commodities trade into all-dimensional trade and cooperation, covering trade and commodities, services, capital flows and personnel exchanges," he said.
He said that while China offered Canada consumer goods, "Canada's capital, technologies and managerial expertise have added fresh vitality to China's growing economy."
Hu challenged businesses "to tap the potential in all fields" and double bilateral trade by 2010.
The Chinese president called on the Canadian business community to invest and take part in developing China's west, rejuvenating the old industrial bases in the northeast and reforming China's State-owned enterprises.
Since 1978, China's gross domestic product grew from US147 billion to US$1.65 trillion, an average of 9.4 percent annually. However, it remains a developing country and most of its 1.3 billion people are relatively poor.
He singled out the need for economic development, democratic reforms and better education.
On energy cooperation, Hu said both China and Canada will stand to gain from a long-term and stable partnership in the fields of energy and resources.
"We can step up cooperation in the research, development and use of clean and renewable energies and deepen cooperation in the field of traditional energies," Hu said.
China will further open its own service industry and more Canadian enterprises are welcome to develop the market and expand their businesses in China, the president said.
(China Daily September 12, 2005)
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