Beijing, November 14, 2011

Archived - Improving Economic Ties, Creating Jobs and Growth the Aim of Minister of Finance’s Visit to China

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The Honourable Jim Flaherty, Minister of Finance, met with senior Chinese officials and business leaders today in Beijing in an effort to strengthen the trading and economic ties between Canada and China, as part of the Government of Canada’s continuing commitment to create jobs and growth.

Speaking to the Canada China Business Council, Minister Flaherty said, “Canada places a very high priority on working closely with China to strengthen the trading relationship of our two countries, and to address both ongoing and emerging challenges that face the global economy.”

China is Canada’s second largest merchandise trading partner and third largest export market. China’s foreign direct investment in Canada is 14 times higher today than it was in 2005, reaching C$14.1 billion in 2010.

There has also been considerable progress in portfolio investment, notably under China’s Qualified Domestic Institutional Investor program. “This increased interest in building partnerships with Canadian banks and insurance companies is a vote of confidence in the soundness of Canada’s financial system,” said Minister Flaherty.

Earlier today, the Minister attended the opening of the Toronto Stock Exchange office in Beijing, an event he said “demonstrates the opportunities that Canadian business see to further their relationship with China.”

“Our Government is committed to continued growth in its relationship with China,” said Minister Flaherty. “Both of our countries emerged from the global financial crisis in a position of strength. Together, we can continue to build on those strengths and demonstrate the kind of leadership needed for a sustainable global recovery.”

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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