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Photo by THE CANADIAN PRESS/Adrian Wyld

“Welcome to the Canadian future,” Mulroney said. “Every decision can’t be made to appease Beijing.”

Under Xi, China’s goal is to double GDP by 2020, from 2010 levels. Mulroney said the state will use its industrial might to achieve that target and that, if the CSeries were bought by the Chinese there would be a danger it could disappear into the Chinese industrial system.

“You have to think carefully about that with a corporation like Bombardier that has been so generously supported by the taxpayers of Canada,” he said. “The Airbus deal is a much better investment for Canadian taxpayers.”

Mulroney suggested that doing business in China is becoming easier, but that companies have to do their due diligence. “It’s not the U.S. There is a lot of upside but companies have to be more careful.”

With the NAFTA talks going poorly, Ottawa interest in diversifying trade is only growing. The Prime Minister is likely to sign a reinvigorated Trans-Pacific Partnership agreement at APEC in Vietnam, albeit without the United States as a participant.

The Liberals appear bent on a deal with China in addition — something on which the Conservatives have blown hot and cold down the years.

From the Chinese point of view, striking a deal with Canada would be a sign that it can work with developed economies, as it transforms itself from reliance on exports and investment toward a services and consumption-based economy.

The Chinese struck a free-trade deal with the Australians in 2015 that provoked fears Chinese companies would bring their own workers to build infrastructure projects. It was eventually agreed that salaries of Chinese workers would match corresponding Australian rates.

For Australia, the attraction was a phased out elimination of 20-per-cent tariffs on beef, pork, dairy and wine, as well as a significant boost to its tourism and education industries.

Canada would benefit from first mover advantage if it is next to strike trade deal with the dragon.

But, despite the warmth of current relations, Trudeau appears to be heeding the old Chinese proverb — don’t trust a person who claims to be honest, and never trust exaggerated friendliness.

• Email: jivison@nationalpost.com | Twitter: IvisonJ