Beijing, June 3, 2010
Archived - Minister of Finance Highlights Growing Partnership With China and G-20 Commitments During Visit to Shanghai and Beijing
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In an address to the Investing in Canada (Policy and Practice) Symposium in Beijing, the Honourable Jim Flaherty, Minister of Finance, welcomed strengthened investment and trade ties between Canada and China while urging China to continue to play an increasingly influential role in the global economy.
“When the international economy was in crisis, China’s response was pivotal to minimizing a global downturn that was the deepest and most synchronized since the 1930s,” Minister Flaherty said in prepared remarks. “As we work to ensure a fledgling recovery takes root, this nation’s contribution will become even more important. And, in playing an increasingly important role in the global economy, I’m here today to tell you that you will continue to have a friend and partner in Canada.”
Minister Flaherty’s visit takes place three weeks before the G-20 Leaders’ Summit in Toronto, and a day before G-20 finance ministers and central bank governors meet in Busan, Republic of Korea. In his address, he emphasized the need for nations to confront their fiscal challenges to ensure a strong and sustainable recovery, and called on G-20 members to deliver on prior commitments to financial reform, while not being distracted by measures such as global levies on banks.
Minister Flaherty also welcomed growing investment and trade between Canada and China, noting that China was Canada’s only major trading partner to increase its imports of Canadian goods last year. In the past five years, Canada’s exports to China have surged nearly 55 per cent, and China is now Canada’s second largest merchandise trading partner and its third largest export market. Investment potential was further improved in April, when the China Banking Regulatory Commission designated Canada as a destination for Chinese banking wealth management business under the Qualified Domestic Institutional Investor program, giving Canadian financial institutions access to up to US$8 billion in investment capital.
The Minister’s trip included meetings with Chinese Finance Minister Xie Xuren and senior management officials of the National Development and Reform Commission, the China Insurance Regulatory Commission, and the China Banking Regulatory Commission. The Minister also visited Expo 2010 in Shanghai, and along with the Honourable Peter Van Loan, Minister of International Trade, welcomed the one millionth visitor to the Canada Pavilion.
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Office of the Minister of Finance
Department of Finance
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