Canadian firms not too late to take advantage of Chinese expansion: Carney

BUSINESS

Canadian firms not too late to take advantage of Chinese expansion: Carney

The Canadian Press Published Monday, September 24, 2012 4:55PM EDT Last Updated Monday, September 24, 2012 4:56PM EDT

Bank of Canada Governor Mark Carney takes part in a panel discussion at the Canadian Council of Chief Executives conference in Ottawa, Monday September 24, 2012. (Fred Chartrand/THE CANADIAN PRESS)

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OTTAWA -- Bank of Canada governor Mark Carney says it's never too late for Canadian firms to adopt a China strategy.

The central banker says he remains bullish on China, even though some countries may have gotten their foot into the fast-growing market first and growth appears to be slowing.

The temporary slowdown in China's economy-- while real -- should not discourage companies because the country still represents a large slice of global growth.

Carney has been urging Canadian firms to invest more of the about $500 billion in what he has termed "dead money," or available cash amassed from several years of profits.

Speaking at a conference on China on Monday, Carney says as China transforms from an export-driven economy to one focused on domestic consumption, the growth rate will slow, but opportunities for countries like Canada will increase.