Canada and China Sign Financial Cooperation Agreement After Vancouver Talks
Canada and China signed an agreement to deepen cooperation in their financial sectors after Finance Minister François-Philippe Champagne met Chinese Vice Premier He Lifeng in Vancouver. The two men took part in a two-day Canada-China Economic and Financial Strategic Dialogue, a formal meeting between the two governments on economic and financial issues. The Globe and Mail reported the talks.
He Lifeng is one of China's most senior economic officials. He is also Beijing's lead negotiator on trade with the United States.
The Vancouver discussions included banking licences and the possibility of Chinese financial institutions expanding in Canada. Neither side has yet set out any decisions on those questions, so the talks should be read as exploratory. (Removed in final — see below.)
China's finance ministry said in a statement on Nov. 5 that it would issue up to 4 billion yuan, or roughly $845 million, in green sovereign bonds in Canada. Green sovereign bonds are government bonds labelled for environmental purposes. The ministry's statement described an intention to issue them.
Champagne said China's commitment to raise funds in Canada through green bonds was a good signal of progress in restoring economic ties between the two countries. He said he had been told the Chinese green bond issuance in Canada was more than 10 times oversubscribed, meaning investors asked for more than ten times the amount on offer.
Prime Minister Mark Carney and Chinese President Xi Jinping are expected to meet next week at the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen.
