Executive Director’s Update – May 2020
Last week was a busy one, with multiple CCBC webinar events. While COVID-19 has changed our lives and businesses in many negative ways, a positive outcome is that CCBC members across Canada and China are coming together in large numbers for the online events we have been offering. Our usual in-person events would not have brought this sort of cross-pollination. Watch for more webinars in the coming weeks as we launch two series to help members be better informed about practical tools and to hear from distinguished speakers. These series will have excellent reach across chapters, and sponsorships are available to companies who desire profile across multiple geographies. Please email me (sarah@ccbc.com) if you’d like more information.
The big event last week was our survey launch, and our key takeaway was that the tense bilateral situation definitely had a strong negative impact on Canada-China business. 43% told us business was down in 2019. Travel disruptions prevented deals from being developed and realized, and the previously-strong Canada Brand was not as much of an asset as in the past. The US-China trade war helped some and hurt others, as did economic developments in China, such as alignment with the five-year plan and increased middle-class consumption. COVID-19 adds another challenge to the mix, but China’s early re-emergence also brings opportunities. We concluded that Canada’s ability to benefit from China’s growth will be aided by a removal of the challenges highlighted in this survey, including a clearer strategy for China that is in Canada’s best interests and allows it to leverage the economic opportunities that China’s market growth brings. The upcoming 14th Five-Year Plan and other policies make it very clear which sectors have the most opportunity to use China for their trade diversification, and Canadian companies, educational institutions, and governments need to be ready.
Both the report and the recording of the launch event, with an excellent panel discussion, are available on our website.