.jpg)
2 hours ago
3
Article content
(Bloomberg) — Canada pitched expanding its financial services presence in the Chinese market as the northern nation aims to increase exports to its second-largest trading partner in a push to diversify from the US.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The five-day trip to China was staffed by a cast that included Prime Minister Mark Carney’s finance minister, the governor of the Bank of Canada, the chief of the Canadian banking regulator and the heads of several Canadian financial services firms.
Article content
Article content
Article content
Expanding Canadian financial services activity in China is key to achieving the government’s goal of increasing exports by 50% by 2030, according to Finance Minister Francois-Philippe Champagne.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“If you want to expand your trade, you need financial services,” Champagne said on a call with reporters Friday morning. “You need to be able to provide that kind of services to the exporters that want to do more in the Chinese market.”
Article content
Canadian insurance companies have operated in China for decades, and some are looking to expand their licenses to offer more services, Champagne said. For Manulife Financial Corp., Canada’s largest insurer, the Asian market has been its largest revenue segment in seven of its last eight fiscal years.
Article content
The Canadian delegation met with Chinese Finance Minister Lan Fo’an, as well as People’s Bank of China Governor Pan Gongsheng and Vice Premier He Lifeng. Champagne also met with executives from the China National Offshore Oil Corporation and the Agricultural Bank of China.
Article content
The mission followed Carney’s January meeting with Chinese President Xi Jinping in Beijing, which saw tariff reductions on Chinese automobiles and Canadian canola seed. Bloomberg reported on Wednesday that Stellantis NV is in talks to build electric vehicles in Canada with its Chinese partner Zhejiang Leapmotor Technology Co.
Article content
Champagne said he raised the topic of tariffed Canadian pork in his meetings. Champagne last month ordered an investigation into low-priced imports of frozen and canned vegetables, much of which originates in China.
Article content
Through this past week’s mission and Carney’s earlier visit, “the framework that has been established is basically like a clearinghouse for issues that arise in the trading relationship,” Champagne said. “Our trading relationship is around C$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.”
Article content
English (US)