Canada and China have signed a landmark joint statement to deepen financial-sector ties, marking a significant step in rebuilding economic relations. The agreement, finalized during Finance Minister François-Philippe Champagne’s visit to Beijing on Friday, aims to foster closer engagement between regulators and financial institutions of both nations.
Champagne, leading a delegation of top Canadian business leaders including executives from major banks, insurance firms, and institutional investors like Brookfield Asset Management and the Canada Pension Plan Investment Board, emphasized a pragmatic approach to trade. In discussions with Chinese officials, including Vice-Premier He Lifeng and People’s Bank of China Governor Pan Gongsheng, he underscored Canada’s firm stance on labour standards and forced labour issues.
“Canada has a very clear position when it comes to labour and respect for international agreements,” Champagne stated.
The meetings, held at venues like the Diaoyutai State Guesthouse and the central bank’s headquarters, also saw the launch of the first Canada-China Financial Working Group, a mechanism announced during Prime Minister Mark Carney’s January visit to China. Both sides committed to frequent exchanges, with another working group meeting slated for later this year. Vice-Premier He described the engagement as a reinvigoration of bilateral ties, building on the strategic partnership forged earlier in 2025.
Economic opportunities are a key driver of this renewed relationship. With China’s population of nearly 1.5 billion growing wealthier, Canadian businesses see potential in sectors like asset management and healthcare. The January summit also set an ambitious target for Canada to increase exports to China by 50% by 2030, part of a broader strategy to diversify trade amid rising U.S. tariffs.
Yet unresolved trade irritants cast a shadow. Tariffs on Canadian canola oil and pork, including a 25% duty on pork, remain in place despite earlier reductions on goods like lobster and peas. Champagne pressed for their removal, linking progress to Chinese interest in Canadian energy resources. Chris White, president of the Canadian Meat Advocacy Office in Beijing, highlighted the urgency of addressing these barriers for pork producers and processors.
Dong Yikun, a Canada specialist at Beijing Foreign Studies University, noted that while the relationship is in a corrective rebound phase, concrete cooperation in areas like green energy and agriculture still requires substantial work. Champagne echoed the need for consistent engagement, asserting, “If you want trade, you need to show up.”
The financial cooperation pact sends a clear signal to markets about strengthening economic ties, but the path forward hinges on resolving these lingering trade disputes. Canada’s export target of a 50% increase by 2030 remains a tangible benchmark for measuring success.
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