Thursday, October 21, 2004
"China set to buy up Canada's resources"
In an exclusive interview with The Globe and Mail in Beijing this week, Chinese Foreign Minister Li Zhaoxing made it plain that the controversial $7-billion takeover of Noranda Inc. is just a small element in a much more ambitious strategy of investment in Canada's resources sector to feed China's voracious appetite for raw materials.
"Given our rapid economic growth, we're facing an acute shortage of natural resources," the Foreign Minister told The Globe.
"No matter how plentiful our natural resources, when you divide them by our population of 1.3 billion, the figure will be very small," he said.
"The Chinese government is encouraging Chinese enterprises to make investments in Canada, particularly in the field of resources exploitation."
Exploitation? Not the word I would have used. I guess something was lost in the translation.