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China is the fastest growing market with over 1.4 billion consumers.
Why Does China Matter?
China economy by US dollar accounts for 16% global GDP. With 1.4 billion population and biggest industrial output, China has the largest domestic market and is the biggest industrialized country and trading country.
Canada, like other developed nations, recognizes that China is a rising economic superpower whose impact is felt in most economic sectors and in virtually every region of the world.
Canada has strong historical ties to both the Pacific and the Americas. With the right comprehensive strategy and approach, Canadian companies will thrive in China and Sinocan consultant aims to bridge this objective for our clients.
Second Largest Economy by Nominal and Largest Global Economy by PPP
China’s GDP measured in nominal US dollars is $12.24 trillion, second only to the U.S. as estimated by the World Bank in 2019, and China's GDP measured in purchasing power parity (PPPs) is $27.4 trillion, surpassing the US as defined by the IMF in 2019.
The Fastest Growing Market With Over 1.4 Billion Consumers
China's cities have driven the country’s urbanization and economic modernization, and they are home to more than 40 per cent of the population and 75 per cent of China’s GDP. Twenty-five of these cities have populations greater than the Greater Toronto Area, 100 are larger than Calgary, and one megacity, Chongqing, has a population as large as the total population of Canada.
Generates the Majority Demand for Minerals and Metals in the World
China's industrial output was 4.4 trillion US dollars in 2018. According to World Economic Forum, China generates majority global demands for many different commodities. For example, China represents 57% global demand of nickel, 50% steel, 50% copper, 50% coal, 47% aluminum, 27% gold and 14% oil.
With the Belt and Road Initiative (BRI) which is a global development strategy involving infrastructure development and investments in 152 countries and international organizations, China will generate more demand for minerals and metals.
China & Canada Economies Are Complementary
China is Canada’s second-largest trading partner, while Canada ranks 13th among China’s trading partners. The countries' economies are complementary in the following sectors.
1. Agriculture and Agri-Food (Including Fish and Seafood)
2. Clean Technology and Environmental Goods and Services
3. Machinery and Equipment
4. Natural Resources and Derived Products
5. Services
6. Textiles and Related Goods
7. Transportation Infrastructure and Aerospace
Canada-China Economic Complementarities Study
by Foreign Affairs and International Trade Canada & Ministry of Commerce, China
CHINA GENERATES THE MAJORITY DEMAND FOR THE MINERALS AND METALS IN THE WORLD.