Canada Pitches Bank Expansion in China, Seeking to Grow Exports

Francois-Philippe Champagne Photo by Cole Burston /Photographer: Cole Burston/BloomArticle content(Bloomberg) — Canada pitched expanding its financial services presence in the Chinese market as the northern nation aims to increase exports to its second-largest trading partner in a push to diversify from the US.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe five-day trip to China was staffed by a cast that included Prime Minister Mark Carney’s finance minister, the governor of the Bank of Canada, the chief of the Canadian banking regulator and the heads of several Canadian financial services firms.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentExpanding Canadian financial services activity in China is key to achieving the government’s goal of increasing exports by 50% by 2030, according to Finance Minister Francois-Philippe Champagne.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“If you want to expand your trade, you need financial services,” Champagne said on a call with reporters Friday morning. “You need to be able to provide that kind of services to the exporters that want to do more in the Chinese market.”Article contentCanadian insurance companies have operated in China for decades, and some are looking to expand their licenses to offer more services, Champagne said.

For Manulife Financial Corp., Canada’s largest insurer, the Asian market has been its largest revenue segment in seven of its last eight fiscal years.Article contentThe Canadian delegation met with Chinese Finance Minister Lan Fo’an, as well as People’s Bank of China Governor Pan Gongsheng and Vice Premier He Lifeng. Champagne also met with executives from the China National Offshore Oil Corporation and the Agricultural Bank of China.Article contentThe mission followed Carney’s January meeting with Chinese President Xi Jinping in Beijing, which saw tariff reductions on Chinese automobiles and Canadian canola seed. Bloomberg reported on Wednesday that Stellantis NV is in talks to build electric vehicles in Canada with its Chinese partner Zhejiang Leapmotor Technology Co.Article contentChampagne said he raised the topic of tariffed Canadian pork in his meetings. Champagne last month ordered an investigation into low-priced imports of frozen and canned vegetables, much of which originates in China.Article contentThrough this past week’s mission and Carney’s earlier visit, “the framework that has been established is basically like a clearinghouse for issues that arise in the trading relationship,” Champagne said. “Our trading relationship is around C$120 billion — if you look at the size of the Canadian economy and the size of the Chinese economy, it should be much higher than that.”Article contentTrending Three Ships Appear to Exit Hormuz by New Oman Coast Route PMN Business Why rate watchers shouldn't take the Bank of Canada at its word Mortgages Posthaste: Look for the Canadian dollar to be an 'underperformer' once the war winds down, says CIBC News Canada’s Irving turns to Newfoundland for oil on Iran disruption Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

Three Ships Appear to Exit Hormuz by New Oman Coast Route PMN Business Why rate watchers shouldn't take the Bank of Canada at its word Mortgages Posthaste: Look for the Canadian dollar to be an 'underperformer' once the war winds down, says CIBC News Canada’s Irving turns to Newfoundland for oil on Iran disruption Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance