(ECNS) -- China and Canada should turn the potential of their relationship into a shared reality to press ahead with smart growth in the era of disruption and uncertainty, a Canadian expert has pointed out.
Kevin Lynch, vice chairman of BMO Financial Group and former clerk of the Privy Council and cabinet secretary in the Canadian government, made the remarks during a speech at the Canadian Embassy in Beijing this week.
He mentioned some alarming global trends, including weak, uneven and volatile global economic growth, rising movements of populism and protectionism, as well as growing distrust towards governments and other social institutions.
Current global trends are fundamentally reshaping the world, forming a new normal and posing more systemic, interconnected and insecurity-related risks, the expert warned.
He noted that both China and Canada are keeping track of these changes and rebalancing their economies in response to ensure more opportunities for each other.
"The essence of smart growth is more inclusive, innovative and productivity-driven," said Lynch.
Driven by this idea, Canada is targeting talent, trade, foreign investment, infrastructure and skills to strengthen long term growth and diversify its economy, the expert added.
The country is also adopting a "global diversification strategy" to advance relations and reach deals with more countries, especially in Asia, according to Lynch.
He noted that China is also demonstrating a growing emphasis on innovation and the service sector, both with huge potential for bilateral cooperation.
Currently, the two countries are working towards a bilateral free trade agreement. Lynch hopes the deal could cover a broader area beyond the trade of products.
"Most previous deals are narrowly focused on specific products. Now we hope to think more broadly about the potential benefit of the trade agreement for both countries," he said.
To achieve this goal, branding is important, it was added.
"We know that Canadians are taken as 'nice people' in China, but that's not enough," he said. "In future we hope our image could be tied to talent, knowledge economy, strong values and innovative start-up clusters."
He added that Canadian people should be educated more about China as well, especially the business community. "If the business sector is excited about trade and the potential of job creation, personal concerns about deals will go down."
