Finance Minister François-Philippe Champagne has concluded a visit to China, emphasizing the importance of building strong relationships between the two countries, even as tariffs on Canadian pork products remain in place. Champagne stressed that resolving trade irritants requires ongoing dialogue and realistic expectations, acknowledging that immediate solutions are unlikely.
The Finance Minister's trip saw meetings between Canadian financial officials, including the Governor of the Bank of Canada, and their Chinese counterparts. Discussions centered on expanding financial trade, with Champagne highlighting opportunities for collaboration on pension and wealth management. He advocated for increased access for Canadian banks to operate in China and participate in its bond markets. Champagne also stated that increased financial services are necessary to expand trade between the two countries.
Beyond trade, Champagne stated that he raised concerns regarding human rights and supply chain integrity with Chinese officials. This comes after Liberal MP Michael Ma questioned the use of forced labor in China during a parliamentary committee meeting. Despite these challenges, the minister underscored the necessity of engaging with China, Canada's second-largest trading partner, with total merchandise trade valued at $124.8 billion in 2025. Prime Minister Mark Carney visited China earlier in the year and secured a deal allowing Chinese electric vehicles into Canada at a reduced tariff rate in exchange for reduced or removed tariffs on agricultural products like canola meal until the end of 2026.
Champagne described discussions with Chinese counterparts as a "clearing house" for trade issues. He voiced optimism about increasing trade between the two countries but acknowledged the need to address existing trade barriers. He also noted China's interest in importing more Canadian energy, particularly given global market disruptions.
