Finance Minister François-Philippe Champagne embarks on a trade mission to China in a bid to strengthen Canada’s economic ties and attract new investments. The visit follows a meeting between Prime Minister Mark Carney and Chinese President Xi Jinping earlier this year. With the U.S. trade policies under President Donald Trump straining relationships with traditional allies, many countries, including Canada, are turning to China for new partnerships.
Champagne’s two-day visit to Beijing focuses on building strategic alliances and fostering investment opportunities, essential for Canada’s economic diversification efforts. Highlighting the importance of engaging with China, Champagne emphasizes the country’s significant role as the world’s second-largest economy and Canada’s second-largest trading partner. The total merchandise trade between Canada and China reached $124.8 billion in 2025, showcasing a positive growth trend despite existing trade imbalances.
Canada faces a trade deficit with China, with exports totaling $34.1 billion and imports amounting to $90.1 billion in the previous year. To address this gap, Carney set a goal to increase exports to China by 50% by 2030. The Canada-China Business Council sees China’s five-year plan as an opportunity for Canada to enhance cooperation, particularly in areas like boosting domestic consumption.
Efforts to enhance the bilateral relationship extend beyond trade, with advancements in people-to-people ties such as Canada regaining approved destination status for group tours in China. However, challenges persist, including discussions on trade tariffs and nuanced topics like human rights. Despite differing political systems and values, both countries aim to manage their differences effectively.
The recent forced labor controversy involving Carney underscores the need for robust engagement on sensitive issues. Carney defended Canada’s stance on forced labor, emphasizing the importance of supply chain integrity during Champagne’s visit to China. While forced labor remains a critical topic, Champagne affirms Canada’s condemnation of forced labor globally without specifying if it will be a focal point in his discussions.
Overall, the visit aims to bolster economic cooperation, address trade disparities, and navigate complex issues to strengthen the long-term relationship between Canada and China.