Beijing and Ottawa Ramp Up Trade Ties As CEOs Plan China Trip for Apec

Beijing and Ottawa are expanding their trade and business ties through a flurry of visits and exchanges, with China’s Vice-Premier He Lifeng co-chairing a high-level economic dialogue in Canada and a group of top Canadian executives preparing for a trip to Shanghai and Shenzhen.

He, China’s lead official on international trade, arrived in Vancouver on Monday for the second economic and financial strategic dialogue with Canada’s Minister of Finance and National Revenue Francois-Philippe Champagne and Minister of International Trade Maninder Sidhu.

China-Canada relations had “turned a corner” and exchanges had returned to the right track, He was quoted as saying by state news agency Xinhua.“The dialogue marks a concrete step to implement the consensus reached by the leaders of both countries,” He said. “China is ready to work with Canada to deepen cooperation.” Champagne and Sidhu said the meeting was productive and that Ottawa attached great importance to its relationship with China, citing broad areas of shared interest.

Sidhu said Canadian goods exports to China soared 39 per cent year on year to nearly C$35 billion (US$24.8 billion) between January and September.From energy and agricultural products to financial services, Canadian businesses continued to see significant opportunities in the Chinese market, he added.China is Canada’s second-largest export market for agricultural products, forest products and seafood. Ottawa has set a goal to increase exports to China by 50 per cent by 2030.

The officials later attended a round table with Chinese and Canadian business leaders. The talks covered the business and investment climate in both countries and issues affecting commercial ties, according to a statement from Canada’s Department of Finance.The two sides also signed a memorandum of understanding on cooperation between their finance ministries and established a financial regulatory and supervisory dialogue.

The latest exchanges come after China confirmed plans to issue yuan-denominated green sovereign bonds in Canada this week, with a total value of up to 4 billion yuan (US$600 million). The offering was more than 10 times oversubscribed by midday on Monday, according to a Bloomberg report.

Canada was also featured at a major trade event in China.

At the ninth China International Import Expo in Shanghai, which concludes on Tuesday, Canada served as a guest country of honour, with more than 120 Canadian exhibitors participating. The uptick in exchanges follows Canadian Prime Minister Mark Carney’s visit to China in January, the first by a Canadian leader since 2017, when the two countries renewed their strategic partnership. After a near-decade of distant relations, the two countries were “forging a new partnership”, Carney said.

As part of Ottawa’s broader effort to diversify its trade relationships amid strained ties with US President Donald Trump’s administration, Champagne also visited China in April, while Sidhu travelled to the country earlier this month.Meanwhile, a group of executives from some of Canada’s largest companies will visit Shenzhen and Shanghai next week, the South China Morning Post has learned.