Canada, China hold talks, agree to expand trade and financial engagement

The agreement, signed with Pan Gongsheng, is part of broader efforts by Ottawa to stabilise and expand ties with Beijing while diversifying trade partnerships.

During the visit, Champagne held talks with Chinese Vice Premier He Lifeng and Finance Minister Lan Fo’an, focusing on global economic conditions, trade and investment, and financial sector cooperation.

Both sides emphasised the importance of maintaining and improving bilateral economic relations, particularly in areas such as financial services and cross-border investment, according to the Canadian government.

The trip comes as Canada seeks to balance efforts to diversify trade with the need to engage its second-largest trading partner, amid broader geopolitical tensions and shifting global supply chains.

Champagne was accompanied by Tiff Macklem and senior financial regulators and also met with Canadian businesses operating in China to discuss investment and market access challenges.

Photo: François-Philippe Champagne/X

The visit builds on Prime Minister Mark Carney’s trip to China earlier this year, which marked a renewed push to stabilise ties after years of strained relations.

“In this uncertain and complex world, it is critical that our government builds a stronger and more resilient Canadian economy," Champagne said.

Analysts say such engagements reflect a pragmatic approach by both countries to maintain economic links despite political differences, particularly as global growth remains uncertain, as reported by Reuters.

Champagne invited He Lifeng to visit Canada later this year to continue discussions under an economic and financial dialogue framework.