Snubbed By Obama, Canada Turns To China
There is a theory that China actually discovered North America as early as 1421 when the "treasure fleets" of the 15th century economic juggernaut set sail and projected state power across the Pacific Ocean before the Middle Kingdom abruptly abandoned the endeavour.
In the early 21st century, the Chinese have undeniably rediscovered Canada.
The $15.1-billion takeover bid for Calgary-based oil and gas producer Nexen Inc. by one of the more than 100 gigantic State Owned Enterprises that are today projecting Beijing's renewed economic clout across the globe is the most vivid evidence of this historic development.
Investments by China's big energy SOEs - CNOOC, Sinopec and CNPC - in Canada's oilsands and unconventional gas sectors since 2010 have totalled at least $25 billion.
The Nexen bid by CNOOC is the biggest foreign investment yet by a Chinese SOE.
A renewed focus on Chinese trade and investment by Ottawa and provinces like Alberta in recent years appears to be paying off.