Canadian officials urge closer ties with China
Updated: 2011-11-15 10:12
By Chen Jia and Li Xiang (China Daily)
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BEIJING - Canada will work harder to strengthen trade and economic ties with China as a means to reduce unemployment and support production growth, Canada's Minister of Finance Jim Flaherty said on Monday.
Flaherty, speaking in Beijing, said that China is playing an important role in supporting the global economic recovery. The two countries "can together demonstrate the kind of leadership needed for sustainable global economic growth", he said.
China is the second-largest trading partner and third-largest export market of Canada. In 2010, China's direct investment in Canada reached C$14.1 billion ($13.87 billion).
"We will continue to expand trade opportunities in the Asian markets, for example in China", because of their competitive economic growth momentum under the shadow of the eurozone's sovereign debt crisis, he said.
He praised President Hu Jintao's commitment at the G20 summit that the world's second-largest economy would move faster toward market-determined exchange rates. "That will help to promote both domestic and external trade and economic rebalancing," Flaherty said.
Ties between Chinese and Canadian financial institutions are expected to strengthen amid the expansion of China's QDII program, he said.
TMX Group Inc, the Canadian operator of the Toronto Stock Exchange and TSX Venture Exchange, on Monday opened a Beijing representative office, its first office in Asia.
"The opening of TMX's office in Beijing demonstrates the opportunities that Canadian businesses see to further their relationships with China," said Flaherty.
As of September, the Canadian stock exchange had facilitated IPOs for 55 Chinese companies that raised more than C$120 million.
Yao Gang, vice-chairman of the China Securities Regulatory Commission, said that the opening of TMX's Beijing office marked a new stage of bilateral ties in the securities industry.
"China's capital market is growing rapidly and becoming more open. We hope to deepen cooperation with Canada, and TMX Group's Beijing office can play a bigger role," Yao said.
Robert Fotheringham, TMX's senior vice-president of equity trading, said that he was upbeat about the Chinese market. He cited the diversification of Chinese businesses and the potential of the country's small and medium-sized enterprises, which are poised for growth despite the challenging economic situation.
"There are still businesses that are competing quite successfully and looking for ways to raise capital and expand," he said. "I think that there is a very healthy IPO pipeline next year."