CANADA’S finance minister and his Chinese counterpart discussed supply chain integrity and other trade matters in Beijing yesterday, as the two countries aim to boost trade with each other while facing tariffs and trade friction with the US.
Finance Minister François-Philippe Champagne, who met with Chinese Vice Premier He Lifeng, told reporters he also discussed the impact of geopolitical tensions on the oil and gas market and how China sees Canada as a stable energy supplier.
“We are becoming a partner of choice,” he said.
The two officials also agreed to hold high-level economic and financial dialogue in the second half of this year, according to an official Chinese summary of the meeting.
Champagne said the discussions centred on the financial services sector but addressed trade in energy, as well as fair labour practices.
“Canada puts a lot of importance on supply chain integrity and that our bilateral trade needs to be conducted in accordance with international standards,” Champagne said.
Canada, like China, has been targeted with tariffs by US President Donald Trump since his administration took office in January 2025. Strained US trade relations have posed a major challenge for the Canadian economy.
Among the Trump administration’s actions, the US Trade Representative’s office in March said it initiated a second set of unfair trade practice probes of 60 economies, including Canada and China.
China is Canada’s second-largest trade partner with about C$120 billion ($86bn) of bilateral trade. Canada aims to increase its overall exports to China by 50 per cent by 2030.
Canadian Prime Minister Mark Carney met with Chinese President Xi Jinping in January as Ottawa works to diversify trade away from its largest partner, the United States.
“Part of my message to the Chinese side was, really, we need to get to a point where we remove trade irritants,” Champagne said. “I’m leaving Beijing tomorrow with the feeling that we have laid the foundation.”
Champagne added that the automotive sector was not discussed, following reports that Stellantis was reviewing options for building electric vehicles in Canada with Chinese partner Zhejiang Leapmotor Technology.
He said Stellantis would need to live up to its obligations on investments and workers in Canada.
Meanwhile, Canadian business groups say firms are moving from a “wait-and-see” approach towards more active positioning in the Chinese market.
Bijan Ahmadi, executive director and COO of the Canada China Business Council, said there is clear positive momentum within the Canadian business community towards engagement with China.
Zheng Xiaoling, president of the Canada International Trade Promotion Society, noted under the broader context of global supply chain restructuring, the complementarity between China and Canada will not change, which remains the most solid foundation for co-operation.
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