Archived - Minister Oliver Welcomes Opening of China Construction Bank’s Toronto Branch

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Bank’s expansion into Canada latest step in strengthening Canada-China economic relationship

December 5, 2014 – Toronto, Ontario – Department of Finance

Finance Minister Joe Oliver will today take part in the grand opening of China Construction Bank’s Toronto branch along with Canadian business leaders, and executives and employees of the Bank.

China Construction Bank is the first Chinese bank to establish a branch under Canada’s foreign bank branching regime.

Quick Facts

  • At the end of June 2013, the market capitalization of China Construction Bank reached US$176.7 billion, ranking it 5th among listed banks in the world.
  • On November 8, 2014, Prime Minister Stephen Harper and Chinese Premier Li Keqiang announced a set of measures to help establish North America’s first offshore renminbi centre in Canada.
  • China is Canada’s second-largest single-country trading partner after the U.S., with two-way bilateral merchandise trade between the countries totalling $73.2 billion in 2013, up 38 per cent over just the past five years.
  • The stock of foreign direct investment between Canada and China increased more than seven-fold between 2005 and 2013, to a total of $21.5 billion.
  • The stock of Canadian direct investment in China stood at $4.9 billion at the end of 2013, almost six times as much as a decade earlier.

Quote

“The economic relationship between Canada and China has never been stronger. And China Construction Bank is opening a Toronto branch at a time when Canada has never been stronger—the economic envy of the post-recession world. By facilitating trade and investment, this bank will help our two nations thrive, by creating jobs, growth and long-term prosperity.”

- Joe Oliver, Minister of Finance

Additional Link

Media Contacts

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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