China, Canada to deepen economic ties

China and Canada's efforts to deepen economic, trade and financial cooperation are expected to benefit businesses in both countries and contribute to greater stability in global trade amid rising protectionism and mounting economic uncertainty, market watchers and business leaders said.

The renewal of bilateral engagement will bolster commercial confidence, expand market access and offer much-needed predictability for exporters and importers, underscoring the importance of dialogue in addressing differences and sustaining cross-border investment, they added.

Their comments came after He Lifeng, a member of the Political Bureau of the Communist Party of China Central Committee and vice-premier of the State Council, co-chaired the second China-Canada Strategic Economic and Financial Dialogue with Canadian lead persons Francois-Philippe Champagne, minister of finance, and Maninder Sidhu, minister of international trade, in Vancouver on Monday.

The vice-premier, who is also China­'s lead person for the dialogue, said that China is willing to work with Canada to deepen cooperation in areas such as the economy and trade, finance and investment, and promote the stable and healthy development of China-Canada economic relations, according to information released by the Chinese embassy in Canada.

Champagne said Canada is willing to strengthen policy coordination and deepen mutually beneficial economic and financial cooperation with China. Sidhu expressed his country's readiness to expand practical collaboration in trade and other economic sectors to advance bilateral commercial ties.

During the dialogue, China and Canada agreed to deepen economic engagement and stabilize trade ties by extending key market access and tariff arrangements through 2028, according to a statement released by the Canadian government last week.

The two countries agreed to extend preferential market access arrangements for Canadian canola meal, peas, lobster and crab until the end of 2028. Canada agreed to extend tariff remissions for certain Chinese steel and aluminum products through 2028, according to a statement released by Canadian government last week.

Jiang Wenran, founding director of the China Institute at the University of Alberta, said the latest arrangements are a concrete step for Canadian exporters. "Extending this certainty through 2028 lets exporters plan, reinvest and rebuild buyer relationships instead of bracing for a year-end cliff," he said.

According to Canadian government agencies, Ottawa has set a goal of increasing exports to China by 50 percent by 2030.

Liu Dan, a researcher of Canadian Studies at Guangdong University of Foreign Studies in Guangzhou, Guangdong province, said the significance of deeper economic and trade cooperation between China and Canada extends beyond bilateral relations.

"As a major consumer market and a resource-rich trading economy, China and Canada can contribute to global trade stability through sustained dialogue and practical cooperation, setting a positive example for international economic engagement amid rising protectionism and uncertainty," said Liu.

On the trade front, China-Canada trade grew by 14.3 percent year-on-year to 615.69 billion yuan ($92.29 billion) in the first 10 months of 2026, while China's imports from the North American country surged 20.1 percent on a yearly basis, data from the General Administration of Customs showed.

Speaking during the 9th China International Import Expo, which concluded in Shanghai on Tuesday, Jason Hale, deputy minister of agriculture and irrigation for Alberta, a western Canadian province, predicted Canadian beef exports to China could approach 500 million Canadian dollars ($354 million) this year, as renewed market access and strong demand from Chinese buyers fuel a rapid recovery in shipments.

Beyond trade in goods, China and Canada agreed to enhance cooperation in the financial sector, including on financial services market access, and to foster engagement between capital market and financial regulatory authorities during the dialogue in Vancouver, China's Ministry of Finance said in a statement on Tuesday.

The two finance ministries, financial regulators and central banks signed agreements covering cooperation between finance ministries, financial regulatory dialogue and the establishment of a financial working group, respectively. The two sides also welcomed the implementation of the bilateral currency swap arrangement, according to the statement.