In China, It's Not Just About the Economy. Will Canada Get It?
Ivey Business Journal Online › Vol. 74 Nbr. 1, January 2010
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Summary
It is ironic that it has taken an economic crisis to awaken Canadians to the importance of China. The Chinese economy was last in and first out of the recession, and it is Chinese demand that has kept the world economy from plunging into a deeper slump. The rebalancing of the Chinese economy will take many years, which means Chinese exports of manufactured goods will continue to flood the world for the foreseeable future. For too long, Canada's connection to the Asia Pacific region has rested on two comfortable notions: the fact that the west coast of Canada borders the Pacific Ocean, and that there is a significant population of Canadians -- notably in Toronto and Vancouver -- who are originally from Asia. These are two important facts that establish a level of credibility for Canada in Asia, but they are not sufficient in positioning Canada as a serious and committed player in the Asia Pacific region.
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Extract
In China, It's Not Just About the Economy. Will Canada Get It?
A shift by Chinese authorities from emphasizing exports to boosting domestic demand will create unprecedented opportunities for Canadians, from academics to exporters of more than just potash. It's an opportunity to make China and the rest of Asia loom as large in our imagination as the United States. Or, is the opportunity an imperative?
This article is adapted from a speech given by Yuen Pau Woo, President and CEO of the Asia Pacific Foundation of Canada, on November 25, 2009, at the Toronto campus of the Richard Ivey School of Business. The occasion was the inaugural Donald L.Triggs Lecture in International Business.Many observers see Canada's hosting of the G8/G20 meeting next June in Toronto as that country's rightful turn in the limelight. However, I would argue that it is rather symbolic of Canada's new position not on the stage, but rather above it, in the balcony, looking down on the floodlights shining on a new set...See the full content of this document
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