Ministers Morneau and Carr to Visit China to Co-chair Economic and Financial Strategic Dialogue

From: Department of Finance Canada

News release

October 22, 2018 – Ottawa, Ontario – Department of Finance Canada

Canada and China share a long history of strong people-to-people ties and growing commercial relations. Expanding opportunities for Canadian businesses of all sizes, especially in such a fast-growing market, is a priority for the Government of Canada and an important part of creating the new jobs and economic growth that will further strengthen and grow the middle class.

The Honourable Bill Morneau, Minister of Finance, and the Honourable Jim Carr, Minister of International Trade Diversification, will travel to Beijing, China, from November 10 to 13, 2018, to co-chair the Economic and Financial Strategic Dialogue (EFSD) with China, hosted by State Councillor Wang Yong and the ministers of Finance and Commerce, to strengthen the economic and financial relationship. The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-food, will also participate in the dialogue.

As major economies and trading nations, Canada and China share a common interest in economic, financial, and trading systems that benefit their citizens. The EFSD will provide an opportunity to share views, enhance cooperation and help build a stronger platform on which to expand trade and investment opportunities, starting with energy and agriculture. The dialogue will also support mutual interests in financial sector policy and services, while exploring ways for exporting businesses to compete and succeed.

While in China, the ministers will promote Canadian investment opportunities with business leaders. Ministers Morneau and Carr will also address the Canada China Business Council in Beijing on November 12.

Quotes

"Expanding and diversifying our relationships, particularly with fast-growing economies such as China, helps create stronger economic growth and more good, well-paying jobs for middle-class Canadians. I am looking forward to building a stronger platform for more Canadians to compete and succeed in China."

- Bill Morneau, Minister of Finance 

"China presents enormous opportunities for Canadian businesses looking to diversify into new markets. Through the Economic and Financial Strategic Dialogue, we will discuss ways to collaborate with this important partner and advance the dialogue to grow our trade relationship."

- Jim Carr, Minister of International Trade Diversification

Quick facts

  • China is Canada's second-largest single-country merchandise trading partner.

  • In 2017, two-way merchandise trade between the countries reached nearly $94.5 billion in value, accounting for 8.4% of Canada's total merchandise trade.

  • In 2017, two-way trade in services between Canada and China reached $6.2 billion in value.

  • Canada's two-way foreign direct investment relationship with China is deepening, with the stock of investment increasing from $15.9 billion in 2010 to nearly $27.1 billion in 2017.

  • Canada and China designated 2018 the Canada-China Year of Tourism, which includes initiatives to increase the flow of tourists and promote cultural activities.

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