The Chinese economy is only just coming to scale and will have $1 trillion to $2 trillion to invest abroad over the next five to 10 years according to some estimates, said Wenran Jiang, director of the Canada-China Energy & Environment Forum.
Canada’s review of Cnooc Ltd.’s $15.1 billion bid for Nexen Inc. is a “litmus test” for Canada’s willingness to accept Chinese investment, said Howard Balloch, 61, chairman of the Asian division of investment bank Canaccord Genuity Corp.
Prime Minister Stephen Harper is gaining support among Canadians for his plan to ship oilsands crude to China after President Barack Obama rejected TransCanada Corp.’s $7 billion Keystone XL pipeline to the U.S. Gulf Coast.
Bank of Nova Scotia is still waiting to close its purchase of Bank of Guangzhou, seven months after Prime Minister Stephen Harper raised the issue with China’s Premier Wen Jiabao. The delay is weighing on Harper as he considers Cnooc Ltd.’s $15.1 billion bid for Nexen Inc.