Shanghai, China
August 14, 2009

Archived - Minister Flaherty and Canadian Financial Industry Representatives Conclude Successful Meetings with Chinese Officials

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The Honourable Jim Flaherty, Minister of Finance, today concluded a successful series of meetings with senior members of the Chinese government during a Canadian mission to China from August 10 to August 14, 2009. The mission deepened the economic relationships between Canada and China and highlighted the strength of the Canadian financial system and financial institutions. Minister Flaherty's delegation included Bank of Canada Governor Mark Carney, Superintendent of Financial Institutions Julie Dickson, other key Canadian government officials and senior financial industry executives.

"China is looking to Canada as a country that has successfully managed its financial systems to guard against potential economic crises," said Minister Flaherty. "We have a long history of economic cooperation with China. I am pleased to have been here with executives of Canada's financial industry to forge new, mutually beneficial relationships with China."

Minister Flaherty met with Chinese Vice Premier Li Keqiang. Minister Flaherty also had a productive meeting with the Chairman of the China National Development Reform Commission. He was invited for a working dinner with his counterpart, Minister of Finance Xie Xuren, where they discussed experiences in dealing with the economic downturn. The Minister also met with Governor Zhou Xiaochuan of the People's Bank of China. In addition, the Minister had constructive meetings with insurance and securities regulators and the China Investment Corporation.

The Minister was pleased with the success of the Canadian Financial Forum held in Beijing which brought together some of the most important players in Canada's financial industry with over 200 investors in China.

After his meetings in Beijing, Minister Flaherty traveled to Shanghai and to Suzhou to visit the High-Tech Industrial Park. The Minister met with Vice Mayor Tu Guangshao of Shanghai before travelling to Suzhou to meet with Mayor Yan Li.

The Minister toured Canadian computer company Celestica's manufacturing plant in Suzhou and also visited the Magna Closures auto parts facility in Kunshan.

"This has been a very busy and a very important mission," concluded Minister Flaherty. "The trip will yield great benefits in strengthening economic ties and promoting the Canadian financial sector."

For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance

David Barnabe
Media Relations
Department of Finance

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