Chinese billionaires take interest in Canadian clean technology

"We are more interested in investing in environment technology, clean tech[and]innovative sectors such as creative industries," Wangsaid in an interview with CBC News.

• China's billionaires club embarks on cross-Canada tour
• China, Canada firms sign 56 deals worth $1.2B

The investment mogul is part of a delegation from the elite China Entrepreneur Club, which is touring Canada to get a closer look at potential investments.

The group, which is often called China's club for billionaires, met with Prime Minister JustinTrudeauon Tuesday.

He explained his firmis looking to become a minority stakeholder in companies with products or systems that could be successful inChina's massive market.

Wang said he's noticed a new spirit of willingness for economic co-operation betweenChina and Canada.

"At the moment, I think we see the Chinese government and the Canadian government are doing a lot of work to help us."

'Attractive target'

According to a report by Ottawa-basedAnalyticaAdvisors, Canada's clean technology sector is made up of nearly 800 companies employing about 55,000 people.

The industry is expected to grow, as countries around the worldbecome more environmentally conscious.

But because the industry is still developing, one cyber-security expert saysCanadian companies could be vulnerable to hacking attacks.

"It's very much a new industry, and they can get in at the ground floor," said Keith Murphy, the CEO of Defence Intelligence, an Ottawa based cyber-security firm.

"It makes for a very attractive target," Murphy said.

Murphy said he understands Canadian businesses want to grow their companies, but owners should be wary of major investments from Chinese firms.

"Especially with a lot of the history we've seen with Chinese businesses, they've been used to attackthe Canadian government, Canadian citizens,Canadian businesses in the past. And certainly the U.S. has fallen victim to this as well."

In 2014, Chinese state-sponsored hackers wereaccused ofbreaking into the computer systemof Canada's National Research Council. The Chinese government adamantly denied the claim.

Former technology giantNortelsaidextensive cyberattacks by Chinese spiesplayed a role in the company's downfall.

Security checks in place,Ottawa says

As the federal government tries to strengthen ties with China, it is also downplaying concerns about investment and security.

"There's a well-established Canadian process for dealing with these issues under the Investment Canada Act with all of the appropriate safeguards in place," said Public Safety Minster RalphGoodale.

"Canada's a country that welcomes foreign direct investment. Obviously, it needs to be a net benefit to Canada and all the security requirements need to be met. The procedure is there already in the law to deal with that," he added.

The opposition is warning the government to move slowly and to vet foreign investors carefully, for all sectors.

"We should do a little due diligence on the history of these individuals, how their billions were acquired, their relationships with state-owned industries in China," said Conservative foreign affairs critic Peter Kent.