Major Areas of Concern (Developed Country) (Developing Country)

for Economic Planning

 Canada has one of the best-developed  From large-scale transport and water-
infrastructures in the world. It meets the conservancy projects to renewable energy
Infrastructure requirements for high-tech business and efforts, China is splashing out trillions of
Development international trade. yuan on critical infrastructure.
 The telephone system is state-of-the-art and  Water Conservancy, water-conservancy
supported by a satellite system and 300 earth- projects have received greater attention from
based relay centres. authorities seeking to shore up the country’s
 There are also 5 international underwater water security.
cables (4 across the Atlantic and one across  Underground Urban-Development
the Pacific). In addition, there are 750 Internet Networks, The construction of underground
providers pipeline networks for electricity, water, heat,
gas and telecommunications in cities is a major
undertaking that China has accelerated this
year

 Canadian Economy Adds More Jobs than  China is globally recognised as a hub of
Expected. The Canadian economy created business growth and success, and many of
Job Creation/ Tourism 21.8 thousand jobs in February of 2023, more the world's largest international companies
than the market expectations of a 10 thousand have offices and operations based in
increase. Employment grew in health care and China. 13.5 million new jobs were created in
social assistance China last year, presenting a stronger jobs
 There are two types of work permit programs in market than many countries in Europe and the
Canada: Temporary Foreign Worker Program: Americas.
A Labour Market Impact Assessment (LMIA) is
required for a foreign national to obtain a work
permit. International Mobility Program: An LMIA
is not required for a foreign national to obtain a
work permit.
  Some of the poverty reduction initiatives currently
Poverty Reduction  China built new schools and better equipped
underway include an increase in the minimum
existing ones, but it has also improved the
wage, investment in asset-building programs,
quality of education in rural areas with a
dental services for low income Ontario
special focus on teachers.
families, a new child benefit program, and an
 Massive economic growth, and growing
increase in social assistance benefits.
China's industry and economy was seen as
 The Government will set measurable targets for
the best way to end poverty.
poverty reduction. The Government intends to
entrench these targets in legislation.
Government should be ambitious in setting
targets and timelines to reduce and eradicate
poverty—the credibility of the strategy depends
on it

 Government of Canada's programs and policies,  China adopted a set of 17 global goals to “end
The Government of Canada works with partners poverty, protect the planet and ensure
Sustainable Development and stakeholders to advance the 2030 Agenda prosperity for all” as part of a new global
through concrete actions on the 17 Sustainable sustainable development agenda for 2030
Development Goals (SDGs). These actions (2030 Agenda)
include reducing poverty, building  China has made significant progress in
sustainable economic growth, supporting meeting sustainable development goals,
reconciliation with Indigenous peoples, including eliminating poverty, protecting
advancing gender equality and taking action marine environment, effectively utilizing
on climate change and clean energy. energy, tackling climate change, and
 Implementing the 2030 Agenda entails an conserving land ecosystems. We keep the
equally ambitious vision for governance people-oriented principle and firmly
systems (such as coordination across promote poverty elimination.
departments, integrated strategy development
and tracking progress) so that they better
integrate economic, environmental and
social factors into decision making.
Agriculture and Rural  Agriculture and Agri-Food Canada supports the
Development Canadian agriculture and agri-food sector
through initiatives that promote innovation and  China's Rural Revitalization Strategy is a core
competitiveness. Communities in rural, remote, component of the government's goals to
coastal and northern regions of Canada promote more balanced economic and
contribute over 25% of our country's GDP and social development and to eliminate
help drive economic growth. Their path poverty. While many foreign investors set their
toward a resilient, prosperous and inclusive eyes on China's developed urban
Canada includes improvements to every metropolises, a significant amount of the
Canadian's quality of life especially those country still lives in rural areas.
living in rural, remote and underserved
communities.

Industrialization and  Economic and social activities were transformed  As a major driver of the overall economic
Trade/Investment from agriculture and natural resource extraction growth, industrialization made great
to manufacturing and services. Economic and contributions to poverty reduction in China
social activities shifted from rural cottage by absorbing the agricultural surplus labor
industries to urban industrial pursuits. force.
 Industrialized production took place under the  Chinese industrialization brought modern
privately owned factory system, in which a larger economic development and a general increase
proportion of the population expected to be wage in quality of life for many of its citizens,
earners for all of their working lives. Therefore, while also introducing a variety of
industrialization brought major changes, not environmental implications that can be felt
only in work and the economy, but in the way locally, and on a global scale.
society was organized and in the relations
among different groups in society
 An aging population and increased global  The value of human capital is assumed to be
competition for talent requires that Canada work zero upon reaching the mandatory retirement
Human Capital harder to attract, retain and develop its human ages. China's total real human capital increased
Development capital. from 26.98 billion yuan in 118.75 billion yuan
 In Canada, the points system used to select in 2007, implying an average annual growth
economic immigrants throughout the 1990s and rate of 6.78%.
the early 2000s was based largely on the human  China's current policies favor physical capital
capital model of immigration. This model posits investment over schooling and urban human
that selecting immigrants with high levels of capital investment over rural human capital
human capital is particularly advantageous in investment. Current migration policies
the long run. discriminate against children of migrants. A more
balanced investment strategy across rural and
urban regions and types of capital is appropriate.
 Micro Small and Medium  As of 2021, small businesses employed 8.2  In China, there were over 140 million SMEs
Enterprises Development million individuals in Canada, or 67.7% of the and self-employed in 2020. Overall, SMEs
total private labour force. By comparison, contribute over 60% of total GDP, 50% of tax
medium-sized businesses employed 2.5 million income, 79% of job creation and 68% of
individuals (20.4% of the private labour force) exports. In 2020, there were about 2.52 million
and large businesses employed 1.4 million new companies, and the number of newly
individuals (11.8% of the private labour force). registered enterprises reached 22 000 per day.

 Innovation, Science and Economic Development  Among the earliest inventions were the
Canada ( ISED ) works with Canadians in all abacus, the sundial, and the Kongming lantern.
Innovation and areas of the economy and in all parts of the The Four Great Inventions,the compass,
Technology Research and country to improve conditions for investment, gunpowder, papermaking, and
Development enhance Canada's innovation performance, printing were among the most important
increase Canada's share of global trade and technological advances, only known to
build a fair, efficient and competitive Europe by the end of the Middle Ages 1000
marketplace. We are the federal institution years later.
that leads the Innovation, Science and  Digital technology is changing the Chinese
Economic Development portfolio. economy, making it more convenient,
 Canada is home to the world's largest tech hubs, increasing efficiency, reducing costs,
growing and attracting innovative talent from replacing labour and improving user
across the globe. Our diverse, highly educated experience. This is particularly important as
and growing tech talent pool continuously China has a rapidly ageing population.
attracts investments from global businesses,
including the world's 10 largest technology
companies.

REFERENCES:

https://en.wikipedia.org/wiki/China

https://en.wikipedia.org/wiki/Canada

https://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/china-chine/study-comp-etude.aspx?lang=eng

https://www.mylifeelsewhere.com/country-size-comparison/china/canada