i don't think there's very much that canada can't produce. and all those arguments about china's lack of quality assurance, environmental protection, etc. are valid. and while there may be a re-assessment of how much chinese-manufactured goods are necessary, and a slow realization of how investing in one's country of residence (i'm of chinese descent but live in canada), benefits the economy, there will stil be a reliance on goods manufactured in china because of the low cost. when someone is standing at the cash register and sees one item for 30% less than another similar item, chances are, they won't be thinking about how buying the more expensive item is going to help the economy because it's made in canada, especially if they've been hit with unemployment.
quality is always important but it's really a consideration that doesn't always supersede increased profits by lowering costs. it ain't right, but regardless of what any individual thinks, at least some of those managers in some of those companies in which you have investment holdings, will at some point decide that lower costs are more important (to some degree) than all that other good stuff i listed above.
so is canada actually unable to produce most if not all of what it needs? probably not, but as long as people are buying from walmart (and what i find totally absurd, stores like Coach and other high-end labels, which charge ridiculous prices for items manufactured in china), then there will be imports from china. next time you buy something, ANYTHING, check to see where it's made. i kind of do this just out of curiosity.
all this being said, i'm investing in china, but i also have a good chunk of my holdings in canadian markets. if any good investment in canada is as good a play as any investment in china, then wouldn't it be better to invest in both, as this would help with diversity?
I take it you meant buying stock of a Chinese company? 
