Chinese President Hu Jintao addresses China-Canada Trade and Economic Cooperation Forum in Toronto, Canada, on Sept. 10, 2005. Hu Jintao on Saturday identified five areas for further deepening Sino-Canadian cooperation in all fields, especially in trade and economy on the forum. (Xinhua Photo)

TORONTO, Sept. 10 (Xinhuanet) -- Visiting Chinese President Hu Jintao said here Saturday that China and Canada had agreed to establish strategic partnership and further develop bilateral cooperation in trade and economic field.

    Speaking at the dinner of China-Canada Trade and Economic Cooperation Forum, which was attended by over 800 officials and businessmen from both countries, Hu said the two countries should seize the good opportunities now to deepen bilateral cooperation across the board and to promote common development.

    While stressing that both China and Canada have affirmed to setup and develop strategic partnership, Hu said, "China is ready to work with Canada to tap the potential of continued cooperation in all fields in the spirit of equality and mutual benefit so as to better serve our two peoples and further promote peace, stability and prosperity in the Asia-Pacific region and the world at large."

    

Visiting Chinese President Hu Jintao (R) shakes hands with Dalton McGuinty, premier of Ontario province during their meeting in Toronto, Canada Sept. 10, 2005. Hu Jintao arrived in Toronto on Saturday.(Xinhua Photo)

He said substantial progress has been made in China-Canada relations over the past 35 years since the establishment of bilateral diplomatic ties.

    "Thanks to our joint efforts, China-Canada economic ties have evolved from small, simple-item commodity trade into all-dimensional cooperation covering trade in commodity and services, capital flows and personnel exchanges," the Chinese president said.

    According to Chinese statistics, two-way trade increased over 100 times from 150 million US dollars in the early days of China-Canada diplomatic relations to 15.5 billion US dollars in 2004.

    Consumer goods and household electrical appliances made in China, good in quality and affordable in prices, meet the needs of Canadian consumers, Hu said. Canada's capital, technologies and managerial expertise have added fresh vitality to China's growing economy.

    "Canada-made high-speed locomotives and buses equipped with gas-powered Canadian engines are running all over China. The third-phase nuclear power plant at Qinshan has become a good example of China-Canada cooperation in peaceful use of nuclear energy," Hu said.

    However, the Chinese president said, given the size of the two economies and the two countries' respective foreign trade volume, there is still a great potential for bilateral trade and economic cooperation.

    At present, China-Canada trade accounts for a mere 2 percent of the respective foreign trade volumes. Canadian investment in China makes up less than 1 percent of China's foreign direct investment (FDI) while Chinese investment in Canada is barely starting, Hu noted.

    "Canada, with its highly developed economy, complete industrial sectors and rich natural resources, and China, with its rapid growth and huge market, are highly complementary," he said.

    Hu called on the governments and business communities of the two countries to seize the historic opportunities, expand the areas of cooperation and move the trade and economic cooperation to a new high.

    He identified five areas for China and Canada to strengthen cooperation, which include investment, energy and resources, service trade, dialogue on trade policy, personnel exchange.

    Hu arrived in Canada on Thursday for a four-day visit to Canada. Enditem