China's growth means more opportunities for Canada: minister

VANCOUVER - The rapid growth of China's middle class means more opportunities for Canadian business, Canadian Minister of International Trade Ed Fast said on Sunday.

The minister made remarks at the opening ceremony of the second Canada-China Investment Summit.

There are tremendous investment opportunities for Chinese companies in Canada and for Canadian ones in China after the Canadian government approved in September a bilateral investment promotion and protection deal and the agreed establishment of North America's first offshore renminbi clearing center in Canada earlier this month, he said.

Fast urged more mutual investment between the two countries, saying the Canadian government has been focusing on promoting the trade and investment interests of Canadian small and medium-sized enterprises in priority market such as China.

"At the same time, our government is creating the right environment to attract foreign investors. Our overall tax rate on new business investment is now the lowest in the G-7 countries," the federal minister added.

Canada has strong interest in further promoting trade with China, and Prime Minister Steven Harper announced the opening of four new trade offices in China, which would provide on-the-ground support for Canadian businesses.

"As China continues to grow and prepare its economy for the future, Canada is playing an increasingly important role in that effort," he said.

He said that China is Canada's second largest trading partner, adding, "In 2013, two-way trade totaled C$73 billion, an increase of 4.5 percent over 2012."

More than 200 business leaders from both countries are attending the two-day summit, which is jointly organized by the Canada China Chamber of Industry and Commerce Association and the China Federation of Overseas Chinese Enterprises.