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"China has become a major global innovation promoter, which is gradually shifting focus from the quantity of innovation to the quality and influence of innovation," Li said at the launch of the Boao Forum for Asia Innovation Report 2020 on Wednesday in Beijing.

"Canada is a country with vast land, abundant natural resources and a smaller population. If it can reach an agreement on exchanges in human resources with China, that can make up for the lack of labor in Canada."

"But the yuan is not heading for any major appreciation," Yang said, citing the regulators' policy stance of further improving the exchange rate regime and "keeping the renminbi exchange rate generally stable at an adaptive and equilibrium level".

"China has recovered from the pandemic in a fast and efficient manner. We have seen the quick recovery of the Chinese consumer market and surging demand for raw materials and ingredients from other parts of the world amid the slow recovery in global productivity due to the pandemic," he said.

"Canadian companies are just starting to realize that they have to be serious about diversification, and look beyond the shore of North America," said Liew.