One of the most important things accomplished is the signing of a co-operative agreement whereby China will again begin to import Canadian beef and beef products.  The opening of the Chinese market is estimated, in an article from the Toronto Sun, to be worth $100 million to Canada’s farmers.  China banned Canadian beef in 2003 after the first Canadian case of mad cow disease (Bovine Spongiform Encephalopathy – BSE) was discovered.

Another important move stemming from the visit is that China will allow its tourists to visit Canada more freely.  Presently, Chinese tourists were only allowed to travel to countries with approved destination status (ADS).  ADS was previously not applied to Canada, but will now be.  The Toronto Sun further comments that ADS was first discussed in 2005 by the then Canadian Prime Minister Paul Martin.

There were other deals signed as well, touching on fighting crime and setting up a working group on environmental protection and energy.

To read more about the Canada-China relationship and the G20 summit you can also read this article by the Globe and Mail and also view this YouTube video Harper Says China Move May Temper Canada Dollar Rise from Bloomberg.

East Asian countries garnered 15.9 per cent of Canada’s imports. This is a bit higher than the imports from Europe with 15.6 per cent in 2009. To see where China and the 16 other counties fits, take a look at the article from the Foundation.

• to promote joint socio-economic development in Hong Kong and Guangdong;
• to enhance Hong Kong’s position as an international financial centre and expedite the development of financial-services industries in Guangdong;
• to capitalize on the competitiveness of Hong Kong’s service industries and Guangdong’s manufacturing industries to build an advanced global manufacturing and modern services base;
• to facilitate the flow of key factors such as people, goods, information and capital across the boundary, with a view to building an international aviation, shipping and logistics hub and a world-class modern economic circulation sphere;
• to implement a regional ecology and environment protection regime operating at a leading level by the national standards; and
• to promote collaborative development among Hong Kong and the Pearl River Delta cities to form a world-class metropolis cluster.

To achieve the objectives, Hong Kong and Guangdong have put forward specific policies and measures, and set out major initiatives for 2010.

To read further, head over to the post.

Photo by by dcmaster

Over 45 per cent, that’s the latest figure released from China’s General Administration of Customs (GAC) about the February year-over-year increase in China’s trade. Exports lead the way with $94.52 billion for a 45.7 per cent upswing. Imports as well posted a gain with a 44.7 increase at $86.91 billion.

The European Union and the US remain China’s top trading partners with the EU capturing $65.53 billion, which is up 34.5 per cent in the first two months of 2010. The US had $49.32 billion in Chinese trade, which as well posted an increase, up 25.1 per cent.

One other relationship that was noted was trade with the Association of Southeast Asian Nations (ASEAN). Chinese trade with ASEAN was up 66 per cent in January and February, with $39.12 billion. This increase moves ASEAN ahead of Japan in terms of trade. This surge is most likely attributed to the free trade area that was established between China and ASEAN countries in January.

While these numbers are positive, there is caution as some believe this “could bring pressure of yuan appreciation and possible trade disputes,” as quoted from an article from an official news release.   

Photo bY by jiazi

Canadian businesses interested in accessing business opportunities in Hong Kong, the Chinese Mainland and the region may be interested to note that the HKTDC e-Hong Kong Trader has recently been revamped into a weekly publication. The new content-enriched Trader features news and insights that matter to businesses, with a focus on dynamic Hong Kong and the rapidly evolving Chinese mainland market. 

In today’s extremely challenging business environment, the HKTDC research and editorial teams have re-engineered the Hong Kong Trader to maximize its information value to China-focused businesses around the world by:

• Enhancing overseas companies’ awareness of Hong Kong’s unique strengths as the gateway to the Chinese mainland and the region.
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• Ensuring that readers are up-to-date on Hong Kong’s growing role as a technology trading platform for Asia, and particularly the mainland. Hong Kong is strengthening its international presence in this area through tech-focused trade fairs and growing technology alliances with overseas partners.

To benefit from the Hong Kong Trader for free, and customize your newsfeed to the industries and areas you want to focus on, please complete the simple subscription at:  http://info.hktdc.com/enews_en/index.asp. For further information, interested parties are also welcome to contact Lily Kam of HKTDC Toronto Office at Tel. No.: (416) 366-3594 or email: lily.kam@hktdc.org.

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BoC cautions China on exchange rate movements

 China’s Stocks May Gain 30% on Liquidity, Morgan Stanley Says 

iPhone to attract 10 pct of 3G users by 2012, Unicom says  

China and US ‘to work together’

America, China and climate change

Let’s agree to agree 

Photo by Pat Rioux

Addressing some 160 business and community leaders, professionals, academics as well as government officials, Mr Wong said that this strength, together with a deep pool of local and overseas talent, healthy supply of capital, vast international network as well as excellent trading, financial and professional services, had made Hong Kong a platform for China’s integration with the rest of the world.

Elaborating on Hong Kong’s robust legal system, the Secretary for Justice said the rule of law and “One Country, Two Systems” were working well in Hong Kong, as was confirmed by reports prepared by independent outside observers including international rating agencies as well as the governments of the United States, United Kingdom and European Union.

“Common law is not only preserved but is actually enriched by the Basic Law. Since 1997, we have further moved on from the predominantly English basis to attain a more international jurisprudential repertoire, with Canada being one of the contributors.  As guaranteed by the Basic Law, precedents from other common law jurisdictions can be referred to in our courts.

“Hong Kong’s Court of Final Appeal (CFA) is of international acclaim and much trusted by the people of Hong Kong as well as the international business community.  Judgments delivered by our CFA are of high jurisprudential value not just in Hong Kong.  They have been cited in the Supreme Court of Canada, House of Lords in the UK, as well as the Federal Court of Australia, ” Mr Wong said.

He noted that judicial independence, as one of the pillars of Hong Kong’s  success, was guaranteed by the Basic Law.  Protection of fundamental human rights and freedoms was also guaranteed on a constitutional level in the Basic Law.

The legal profession in Hong Kong remained strong and independent, offering a wide spectrum of expertise to a variety of private and corporate clientele, he added.

He also highlighted the Government’s efforts and achievements in protecting intellectual property rights and maintaining a corruption free society to illustrate Hong Kong’s strong respect for the rule of law.

On the promotion of Hong Kong as a leading international dispute resolution centre, the Secretary for Justice said that as large international disputes involving Chinese parties were on the rise, some international arbitration bodies were already moving east into the Asia Pacific region.

“For example, the International Court of Arbitration (ICA) of the International Chamber of Commerce (ICC), which is based in Paris, has opened its first ever branch of Secretariat in Hong Kong.

“This is a significant move by an international arbitration institution of high repute and a show of confidence in Hong Kong’s position as a centre of dispute resolution,”he said.

Turning to Hong Kong’s role as a strategic springboard to China, Mr Wong said the Government would boost Hong Kong’s connectivity with the Mainland further and enhance its role as an off-shore centre for Renminbi.

“Perhaps the biggest advantage for overseas firms is our unique free trade pact with the Mainland, the Closer Economic Partnership Arrangement (CEPA).

“CEPA provides preferential access to Mainland markets and sectors for Hong Kong registered companies, including foreign firms incorporated in Hong Kong.  Under CEPA, all Hong Kong products enjoy zero import tariffs into the Mainland.  And service suppliers in 42 areas can receive preferential treatment in the form of lower barriers to entry for their services in the Mainland,” he said.

Mr Wong also highlighted the increasing cooperation between the courts of Hong Kong and of Mainland China regarding mutual recognition and enforcement of court judgments.

He said a landmark agreement was signed in July 2007 between the Department of Justice and the Supreme People’s Court in Mainland China to facilitate mutual enforcement of judgments in certain commercial disputes.

“We hope this will be the prototype of many others to come, and will provide further incentive for international investors to make use of Hong Kong’s legal services and judicial process,” he added.

Some of the latest news from China/Hong Kong:

China-ASEAN FTA to accelerate RMB regionalization

Canadian exporters shift focus to Asia

Strong start for China’s ‘Nasdaq’

China’s Water Needs Create Opportunities  

PM to visit China, India   

A wary respect
     America and China need each other, but they are a long way from trusting each other

Photo by Andreas

“The decision will usher in a new economic world order that gives rising powers such as China, India, Brazil, South Korea and other emerging nations, more say in steering the global economy. It means the G20 will assume the role long played by the smaller club of wealthy G8 countries that includes the United States, Great Britain, France, Italy, Canada, Japan Germany and Russia.”

This was the main announcement from the G-20 meeting held in Pittsburgh where it was decided that the G-20 will now take on the role as the world’s main economic body, taking over from the G-8 and representing the importance that emerging markets have in the development of global economy.