Canada not only needs to look at China but the whole of Asia especially South Asia (population base of over 2 billion) as a trade destination. Canada already has an advantage in creating trade links with strong diaspora from Asia in its population. Moreover, unobserved Africa has been growing this century by leaps and bounds so are we looking at opportunities in West Africa for the same? Top that up with the fact that Canada should also look to diversify and value add to its products - like how about setting up a largely automated(due to our higher wage costs) plant to make furniture in Canada and then export it or financial services. 

Countries that find opportunities in adverse circumstances are the ones that grow sustainably.