The global economic climate is changing.China and India are finding themselves increasingly influential and Canadians have the opportunity to benefit
A profound global economic shift towards Asia is underway. China and India are at the forefront of this global transformation but the region as a whole-including Japan, Korea, and the countries of Southeast Asia-is driving economic growth and forcing Canadians to rethink their place in the world. With an average growth rate of 10 percent annually in the last decade, China recently surpassed Japan as the world’s second-largest economy. It was a top investment destination in 2010 receiving over $100 billion in foreign direct investment (FDI).China is Canada’s second largest trading partner after the U.S. and Canada’s largest export market in Asia. The strength of the Chinese economy during the global economic downturn of 20082010 has been a major factor in Canada’s relatively strong economy during this period. In British Columbia, the emergence of China as a new market for wood product exports has been a lifeline for mills in rural communities such as Quesnel,Williams Lake and Vanderhoof.
RAPIDLY FOSTERING A CANADIAN CONNECTION
India’s pace of growth has been second only to China at an average rate of eight percent annually over the last five years.India has a large young and welleducated demographic, and a rapidly growing middle class.India’s trade and investment relations with Canada are relatively undeveloped, but there has been rapid growth in exports, imports and inward investment to Canada in recent years.For example,the numbers of Indian students at Canadian universities and colleges has increased by about four-fold in the space of three years.