Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, concluded a productive visit to the People's Republic of China, as part of the government's broader effort to build a stronger and more resilient Canadian economy by diversifying trade partnerships, including by fostering a pragmatic approach to engagements with our second largest trading partner. The Minister was joined by the Governor of the Bank of Canada, Tiff Macklem, the Superintendent of Financial Institutions, Peter Routledge and Canadian businesses and financial institutions.
While in Beijing, the Minister held a bilateral meeting with Vice Premier He Lifeng where the two discussed global macroeconomic developments and strengthening the bilateral economic relationship between China and Canada. Both sides recognized the value in continuing to improve two-way trade and investment, including in financial services, and advancing economic cooperation in areas of shared alignment and interest.
Minister Champagne also held a bilateral meeting with Finance Minister Lan Fo'an, in which the two Ministers exchanged views on key mutual priority areas and multilateral cooperation.
This shared desire to strengthen economic ties was underscored by the signing of a joint statement by Minister Champagne and Governor Pan Gongsheng of the People's Bank of China in which the two parties agreed to launch the Canada-China Financial Working Group, a key outcome of the Canada-China Economic and Trade Cooperation Roadmap agreed by both Leaders in January.
Minister Champagne also met with Canadian businesses operating in China, including financial institutions - highlighting the important business to business ties between Canada and China, and the work we are undertaking together to develop broader collaboration. He met with Yu Jin, Vice President of the China National Offshore Oil Corporation (CNOOC), one of China's "Big Three" clean and conventional energy companies. Finally, the minister had a productive discussion with Gu Shu, Board Chair of the Agricultural Bank of China (ABC), the third largest bank in the world by assets, with more than 460 million retail customers.
This mission builds on Prime Minister Mark Carney's visit to China in January, which marked a turning point in this important bilateral relationship. This follows a year of productive engagement to advance cooperation, revitalize trade and lays the groundwork for future exchanges. To sustain this momentum, Minister Champagne officially invited his counterparts to visit Canada in the fall and continue building on this progress.
