Amid intensified trade frictions between China and the United States, Chinese Vice Premier He Lifeng met with Canadian Finance Minister François-Philippe Champagne to exchange views on the integrity of supply chains and a range of economic and trade issues, and agreed to hold a high-level economic and financial dialogue in the second half of this year.
According to Xinhua News Agency, during their meeting in Beijing on Friday (April 3), He Lifeng told Champagne that China and Canada should work together to implement key consensus reached by their leaders, deepen cooperation in areas such as trade and finance, and promote the stable and healthy development of bilateral economic relations. The two sides also agreed to hold an economic and financial strategic dialogue in the second half of this year.
Citing Reuters and Bloomberg, Champagne said after the meeting that the talks focused on financial services, while also covering topics including energy, pork trade, and fair labor standards. He emphasized that Canada places great importance on the integrity of the supply chain, and that bilateral trade should comply with international standards.
Champagne also mentioned that the two sides discussed the impact of geopolitical tensions on the oil and gas market and how China views Canada as a stable energy supplier, stating, "We are becoming the partner of choice."
Champagne also mentioned that the two sides discussed the impact of geopolitical tensions on the oil and gas market and how China views Canada as a stable energy supplier, stating, "We are becoming the partner of choice."
Since U.S. President Donald Trump took office in January last year, the United States has imposed tariffs on multiple countries, including China and Canada, resulting in tighter U.S.-Canada trade relations and putting pressure on the Canadian economy.
China is Canada's second-largest trading partner, with bilateral trade valued at about 120 billion Canadian dollars (387.45 billion Malaysian ringgit). Canada plans to increase its total exports to China by 50% by 2030. In January this year, Canadian Prime Minister Carney met with Chinese President Xi Jinping as Ottawa pushes for trade diversification to reduce reliance on the United States.
After Carney's visit to China, China has suspended tariffs on some Canadian agricultural products, but still maintains a 25% import tariff on Canadian pork. Champagne revealed that he raised this issue during the talks.
Additionally, Champagne also proposed expanding Canadian financial service businesses in China, believing it is crucial to achieving the goal of increasing exports by 50% by 2030. "If you want to grow trade, you need financial services. You need to be able to provide such services to exporters looking to expand their business in the Chinese market."
Champagne's five-day trip to China included meetings not only with He Lifeng but also with Chinese Minister of Finance Lan Fo'an and Central Bank Governor Pan Gongsheng.