BUSINESS

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

09/24/2012 04:39 EDT | Updated 11/24/2012 05:12 EST
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.