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Entrepreneurship Helps to Strengthen Economic Bonds Across
Mme. LU Xu's remarks at the event "The Time of Entrepreneurship-From Coast to Coast"
2019/07/15

It’s the time of year again when the cowboy style is the unanimous theme of the city. The Calgary Stampede makes me wonder how the cowboys of Alberta, like Guy Weadick, the uncrowned king of all cowboys, or the Big Four of livestock, are going to handle today's Wild Wild West where pipeline projects are constantly "on hold" and the oil patch is struggling to survive. Where do they start to rejuvenate the energy industry and pull Albertan economy back on track?

The spirit of cowboys, best seen in Stampede, reminds me of the essence of entrepreneurship, which proves to be even more valuable and precious for economic prosperity in a world of challenges.

I see confidence and courage in both. What Alberta has achieved so far is a result of confidence and courage from cowboy culture to encourage hard work and innovation. The same confidence to be self-innovative and the same courage to embrace the world led China and its people to the success of the reform and opening up. Nowadays, the Albertan energy industry is facing multiple challenges and foreign investors are pulling money out of the region. But Chinese businesses like PetroChina, Sinopec, CNOOC and more chose to stay, and even increased their investments. This is the solid proof of the Chinese companies' sense of responsibility and confidence in the Albertan economy.

I see communication and collaboration in both. The aggregate Chinese investment into Alberta hits more than CAD$ 60 billion and is responsible for 80% of the total Chinese investment in Canada. The Chinese businesses here in Alberta are willing to advance communications and collaborations with their Canadian peers, indigenous communities, as well as the Albertan government, to explore more channels for Albertan energy to hit tidewater. At the same time, we welcome more Albertan businesses to scale up and flourish in China. I couldn’t mention more about the successful stories of Canada Goose and Tim Hortons branching out in China since this spring.

I see companionship and coexistence in both. China and Canada are both the proponents for free trade. Today, the trade war is still looming and China can do nothing but to react to it. However, China will not abandon the principle of free trade but keep on opening up to and deeply integrate into the world to a win-win end. Recently, China Mobile, one of the telecom giants in China, released its 5G supplier list. More than 40% of the orders on the list went to Ericsson and Nokia. Meanwhile, the Tiangong Space Station of China, supposedly to be finished in 2022, is now accepting research applications worldwide. Many of us were once deeply impressed by and excited about the movie "Gravity" when Sandra Bullock hitched a ride on the spacecraft on Tiangong and eventually came back to earth. However, I do hope every astronaut gets home safe and sound as planned.

Above all, entrepreneurship is all about keeping trying and never giving up. It also serves as a beacon when China and Alberta sail across the ocean from coast to coast for stronger economic ties. Not long ago, I brought up an idea in my article to connect the "Belt & Road Initiative" of China with the "National Energy Corridor" plan of Canada. Should this idea come true, Alberta will have more accesses to bigger markets for its energy and resources.

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