China and Canada are seeking to strengthen their trade and business relations through a series of high-level visits and diplomatic engagements. Chinese Vice-Premier He Lifeng is co-chairing an economic dialogue in Canada, while a delegation of senior Canadian business executives is preparing to visit Shanghai and Shenzhen.
He, China’s lead official on international trade, arrived in Vancouver on Monday to attend the second China-Canada Economic and Financial Strategic Dialogue. He met with Canada’s Minister of Finance and National Revenue, Francois-Philippe Champagne, and Minister of International Trade, Maninder Sidhu.
According to state news agency Xinhua, He said bilateral relations had ‘turned a corner’ and that exchanges between the two countries had returned to a positive trajectory.
Champagne and Sidhu described the discussions as productive, emphasizing Canada’s commitment to its relationship with China and the wide range of shared interests between the two countries. Sidhu also reported a significant increase in bilateral trade, stating that Canadian goods exports to China rose 39% year on year to nearly C$35 billion ($24.8 billion) between January and September.
He added that Canadian companies continued to find substantial business opportunities in China across sectors including energy, agriculture and financial services. China is Canada’s second-largest export destination for agricultural goods, forestry products and seafood. Ottawa has set a target of increasing its exports to the Chinese market by 50% by 2030.
The officials also took part in a discussion with business representatives from both countries. According to a statement from Canada’s Department of Finance, the discussions focused on business and investment conditions in China and Canada, as well as challenges affecting bilateral commercial relations.
The two countries also signed a memorandum of understanding to strengthen cooperation between their finance ministries and agreed to establish a financial regulatory and supervisory dialogue.
The exchanges follow China’s announcement that it will issue up to 4 billion yuan ($600 million) in yuan-denominated green sovereign bonds in Canada this week. Bloomberg reported that the offering was more than ten times oversubscribed by midday Monday.
The escalation in bilateral exchanges follows Canadian Prime Minister Mark Carney’s visit to China in January, the first by a Canadian leader since 2017, during which the two countries renewed their strategic partnership. Carney said the relationship had entered a new phase after years of limited engagement.
The outreach is part of Ottawa’s broader strategy to diversify trade partnerships amid tensions with the administration of U.S. President Donald Trump.
Separately, senior executives from several major Canadian companies are expected to visit Shenzhen and Shanghai next week, according to sources familiar with the arrangements cited by the South China Morning Post. Shenzhen will host this year’s APEC Economic Leaders’ Meeting, an event that Carney is expected to attend.
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