Canadian Finance Minister Jim Flaherty met with Chinese officials and business leaders in Beijing Monday to discuss trade relations and strengthen economic ties between both nations.
China, Canada’s second largest merchandise trading partner and third largest export market, has increased its foreign direct investment in Canada significantly in recent years, reaching C$14.1 billion last year. Portfolio investment has also increased under China’s Qualified Domestic Institutional Investor program.
“Canada places a very high priority on working closely with China to strengthen the trading relationship of our two countries, and to address both ongoing and emerging challenges that face the global economy,” Flaherty said in a speech to the Canada China Business Council.
Canada has been reaching out to China considerably in recent months, as it attempts to reduce its economic dependency on a still-reeling United States.