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April 3, 2018

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Canada and Shanghai to tap new economy

By Tracy Li | 00:01 UTC+8 April 3, 2018 | Print Edition

CANADA will seek to collaborate with Shanghai to tap investment opportunities in the new economy like financial technologies as the city strives to become a global technological innovation hub, William Bill Morneau, minister of finance, said on his visit to the city yesterday.

Shanghai and Hong Kong were added as stops for the first time this year as the relationship with China and the entire Asia-Pacific Region is a priority for the government of Canada. Shanghai’s capital market presents great opportunities and China’s futures market has potential, Morneau said.

He said that four of Canada’s top five trading partners are members of APEC, the Asia-Pacific Economic Cooperation, with China its second largest trading partner after the US.

Earlier this month, the country launched a new federal agency called “Invest in Canada,” which will simplify the process for global businesses to make Canada their home.

More regular meetings will be held with government officials as well as business community leaders and Canada will increase the number of trade commissioners based in China, Morneau said.

Canada also aims to expand its relationship with China to other areas like education and tourism.

Morneau said he sees enormous growth opportunities for travel between the two countries as 2018 is the year of tourism between Canada and China.

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