There's been a "turnaround of ties" between China and Canada, says Xi Jinping, since he met Carney at the annual Asia-Pacific Economic Cooperation summit in South Korea late last year. On Thursday, Chinese Premier Li Qiang also hailed a “turnaround” in bilateral ties, and called it a "new starting point" for the two countries.

For China, the record $1.2 trillion annual trade surplus its authorities reported Wednesday is resounding proof of the resilience of its economy in the face of US trade friction.