Ottawa, June 25, 2007
2007-052

Archived - Canada's New Government Takes Steps to Strengthen Bilateral Relationship With China

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The Honourable Jim Flaherty, Minister of Finance, today announced that Jin Renqing, Minister of Finance of China, and a high-level Chinese delegation will be coming to Canada this fall to participate in a Canada-China Capital Markets Forum.

The forum will bring together senior government and financial industry representatives from Canada and China to address such issues as trends and innovations in capital markets, corporate bond market development, pension fund management and new approaches to addressing the financing needs of small and medium-sized enterprises.

"China is growing at a tremendous pace and there are positive economic opportunities open to both countries-opportunities in the financial services sector, opportunities in energy, communications technology and agriculture, and opportunities with respect to the development of green technology" said Minister Flaherty. "This forum will allow Canada and China to explore ways to further strengthen our bilateral relationship and help create a long-term strategic partnership between our two countries."

Minister Flaherty proposed the meeting to Minister Jin in February at the Group of Seven (G7) Finance Ministers Meeting in Essen, Germany. The ministers have met several times in the past year, including during Minister Flaherty's successful visit to China in January.

This forum will build on the Minister's trip to China, during which he also met with key economic and financial decision makers, including the Governor of the People's Bank of China, as well as leaders from the banking, securities and insurance regulatory commissions, to lay the groundwork for further, ongoing contacts to help Canadian financial institutions gain a stronger foothold in China.

"China is now Canada's second largest trading partner, after the United States, and we have become Pacific Rim economic partners through the Asia-Pacific Economic Cooperation forum" said Minister Flaherty. "There are many capital market issues of mutual interest between us, and Canada welcomes the opportunity to discuss them."

Minister Flaherty noted that the Government's Advantage Canada economic plan highlights the emergence of markets such as China as significant opportunities for Canada. Canada's New Government believes in the importance of encouraging greater opportunity for businesses and investors.

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For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080

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