China-Canada Ties: Canadian companies benefit from expansion of imports from China
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Since the beginning of the year, China has been rolling out a series of policies to boost its imports. From tariff reductions to preparations for the China International Import Expo in November, they're proving helpful. One country, Canada, has been working with China for years. CGTN's Ma Ke finds out just how the expansion of China's markets is benefiting companies there.
This is the first time Francis Andres has brought Canadian beef to the China food and beverage exhibition, as the president of the Canada Beef International Institute. Just last month Canadian chilled beef was allowed to enter the Chinese market for the first time. And last November, China's new import policies lifted a restriction that previously had allowed only boneless beef to enter the China market. That was all good news to Canadian beef dealers.
FRANCIS ANDRES, PRESIDENT CANADA BEEF INTERNATIONAL INSTITUTE "We are certainly quite excited. These developments allows us to build bridges not only with Chinese government but likewise with Chinese consumers. In 2017, China imported over 700,000 metric tons of beef, valued over 31 billion dollars. This is a growth of 16 percent versus previous year. To the outer years, we expect the double-digit growth to China to continue."
China and Canada have had close agricultural trade relations for some time. China is now Canada's second largest farm export market, and the country's total exports to China grew 15 percent year-on-year in 2017. The growth rate is much higher than Canada has had with its other trade partners. With China's further plans to welcome more foreign products to the country, Canadian government officials are confident that the trade tie between the two countries will be even closer in the future.
LAWRENCE MACAULAY CANADIAN MINISTER OF AGRICULTURE & AGRI-FOOD "Of course, Canada and China are good friends. You are the second largest trading partner we have. Both countries have indicated we will double the trade by 2025. All of these are good news to Canada and good news to China because trade makes money trade creates economy."
The faster opening of China's import markets is obvious from trade figures for the first third of the year. China's total import value hit 4.3 trillion yuan during that period, a year-on-year jump of almost 12 percent. The growth is expected to get a further boost with the opening of the China International Import Expo in Shanghai this November. As of the end of April, 1,100 companies from 101 countries and regions have signed up to participate. The total exhibition area will be over 180,000 square meters. Over the next 15 years, China is expected to import foreign products worth 24 trillion dollars. Ma Ke, CGTN.