Finance Minister Francois-Philippe Champagne wrapped up a trip to Beijing where he said the governor of the Bank of Canada and other top Canadian financial officials met with Chinese counterparts.
Champagne said that he met with Lan Fo’an, China’s finance minister, and Vice Premier He Lifeng to talk about ways the Canadian financial services sector can increase operations in the country. He said this includes Canadian banks getting more licenses to offer a wider range of services in China and increased access to bond markets.
“If you want to expand your trade, you need financial services. You need to be able to provide that kind of services to the exporters that want to do more in the Chinese market,” Champagne said.
The minister added he expects Lifeng to visit Canada in the near future.
The minister said he raised Canada’s stance on human rights and requirements for supply chain integrity after Liberal MP Michael Ma appeared to doubt cast doubts on the use of forced labour in China during a parliamentary committee meeting last week.
“We did speak about supply chain integrity. That was a core message that I conveyed to our Chinese counterpart to say that obviously Canada puts a lot of importance on supply chain integrity and that our bilateral trade needs to be conducted in accordance with international standards,” Champagne said.
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Ma later apologized and said he had been asking about forced labour in Shenzhen, where most of China’s electric vehicle production is located, and not Xinjiang, where the Chinese government has been accused of widespread abuses against Uyghurs.
Champagne said he also raised the issue of continued 25 per cent Chinese tariffs on Canadian pork products.
The minister said he told his Chinese counterparts that Canada wants to resolve trade irritants between the two countries, and described these discussions as a “clearing house” for trade issues between the two countries.
“Our trading relationship is around $120 billion. If you look at the size of the Canadian economy and the size of the Chinese economy, it should be much higher than that,” Champagne said.
“We will need to continue to push to remove these trade irritants so that the broader vision of increasing the trade between our two countries is accomplished.”
Champagne said that there was significant interest from China in purchasing more Canadian energy as the war in Iran and closure of the Strait of Hormuz disrupts global markets.
Prime Minister Mark Carney travelled to China earlier this year to meet with President Xi Jinping. That meeting saw Canada reduce its tariff on Chinese electric vehicles from 100 per cent to 6.1 per cent and agree to import up to 49,000 vehicles annually.
In return, China removed or reduced its tariffs on canola products and seafood until at least the end of 2026.
Nacho doesn’t comprehend the idea of forced labour.
Peeps angered also don’t like “buy local” Bslogans. Pick one.
James below hates the canola farmers. But why?
? @ Sean; uh…he actually traded some Saskatchewan canola oil that wasn’t moving for some EV’s that recharge for $8.31 a week in town. Now if the Toronto Make-Me Laughs could trade.
duh…it’s been that way since Nixon
But Carney said China was dropping those tariffs. That was the reason he is allowing China government made EVs Brookfield batteries powering those EVs into Canada. China breaks the trade deal. Liberals allow more Chinese interference. National defense calls China biggest threat to Canada.
Elbows up.
Funny how he can speak Jap, but not Ch*nk. I figured he would be well versed in Mandarin as he is always there dealing with them and was loaned billions for his company.
Had enough of this mincing little liberal f*cktard.
Government and other Liberals are saying China is a major partner in trade. They are 4-5% so even if we gain 50% it is still a Carney smoke show while he pi sses off the 78% partner to stay in power
When one bully threatens, don’t run to another bully for help. Unless you are stupid
How does Chinada sound?
Sean Webb….Who said it was forced? If you are making “made in china” items of course you deserved to get paid.
Nacho seems to like simple solutions to complex problems and adds forced labour. Weird.
It would be nice if we could edit our comments. With temporary foreign workers taking all the no brainer jobs maybe we should start producing those basic “made in china” items here BY the new immigrants, homeless people and students?
With temporary foreign workers taking all the no brainer jobs maybe we should start producing those basic “made in china” items here for the new immigrants, homeless people and students?
China represents both challenges and opportunities. Of course you have to increase your trade with your major trade partners when your closest ally and trade partner goes authoritarian and threatens to invade you. The MAGA supporters here won’t say that part.
The Liberals idea of diversification is to bring more Communism into our country.
Champagne is a self serving crook like crooked Carney. Eyes wide while he lies.
traitor
More trade with China and other reliable trading partners will be of great benefit to diversify our trading situation. Wish our leader well in this endevor.
The world is well aware of the problems dealing with communist China, wonder if it will work with the communist Liberals.
Elbows up democracy gone.
not about trade its about your new social credit, expiring, digital coin backed by canadian bonds/debt spending…..enjoy
As if Champagne has a clue about dealing with China. He’d sell his soul to make up for the beating we are taking from the US tariffs. Good luck with that.
Canada should be very cautious about letting China infiltrate our financial institutions. Don’t trust the Chinese – ever.
If China is allowing Canada do more banking services that means China will get more of a hold in our economy. Carney is selling out Canada to China one bit at a time after all his company Brookfield has a substantial loan from China. Carney and this Liberal government are looking after Carney’s interests not Canadians
So one minute China is Canada’s biggest security threat, the next, we can’t survive without doing business with them.