China Strategy for Canada

Yesterday, CAW President Buzz Hargrove went before the Canadian House of Commons Sub-Committee on International Trade to point out that Canada needs to develop a new strategy to deal with the emergence of China. Mr. Hargrove presented that Canada has already lost 160,000 manufacturing jobs, and is threatened with the loss of large amounts of white as well as blue color jobs in the years to come. He attributed this loss of jobs in Canada to the ever increasing trade imbalance with China. Part of the problem as he sees it is that Canada’s attempt to have a complete free market policy at any cost, is leading to it loosing in competition to Asian countries that do not follow a true free market system.

In other economic news, Lenovo Group of China has finalized its acquisition of IBM's PC making business. This is a deal that I talked about in more details in an earlier post. Hopefully it will be as big a financial looser for Lenovo as it was for IBM.