Credit : BRICS NEWS
VANCOUVER November 9, 2026 — Canada and China have signed agreements to expand cooperation between their financial systems, as the two countries seek closer economic ties ahead of an expected meeting between Prime Minister Mark Carney and Chinese President Xi Jinping.
The deals were signed during the second Canada–China Economic and Financial Strategic Dialogue, held in Vancouver on November 8 and 9. Chinese Vice Premier He Lifeng co-chaired the talks with Canada’s Minister of Finance and National Revenue, François-Philippe Champagne, and Minister of International Trade, Maninder Sidhu.
According to a joint factsheet released by the Department of Finance Canada, the two sides “agreed to enhance financial sector cooperation, including on financial services market access, and to foster engagement between capital market and financial regulatory authorities.”
Three agreements signed
The finance ministries, financial regulators and central banks of both countries signed three documents. These were a Memorandum of Understanding on Cooperation between Finance Ministries, a Cooperation Agreement for a new Financial Regulatory and Supervisory Dialogue, and the Terms of Reference for a Financial Working Group.
China’s Ministry of Finance said the memorandum was signed on November 8 in Vancouver by Vice Minister of Finance Liao Min and Patrick Halley, Assistant Deputy Minister for International Trade and Finance at the Department of Finance Canada.
Canada’s Office of the Superintendent of Financial Institutions and China’s National Financial Regulatory Administration agreed to formalise their engagement through the new regulatory dialogue. Its first meeting showed how the framework could support technical cooperation on regulation and supervision, the Canadian government said.
The two sides also welcomed the implementation of their bilateral currency swap arrangement and the “positive progress” in recent economic and trade consultations, the factsheet said. They agreed to deepen cooperation through the G20, APEC and multilateral development banks, and reaffirmed support for “a transparent and predictable environment for trade and investment.”
Ministers hail closer ties
“As two major economies with significant commercial ties, Canada and China share an interest in maintaining an open dialogue and advancing economic cooperation,” Mr Champagne said in a statement. “By working together where our interest aligns, we can create new opportunities for Canadian businesses and workers and build a stronger, more resilient Canadian economy.”
Mr Sidhu said Canadian businesses saw “the scale of opportunity in China,” adding: “Greater, more predictable access to China is how we will help Canadian businesses diversify and create good-paying jobs at home.”
The ministers and Vice Premier He also held a roundtable with business leaders from both countries to discuss trade and investment opportunities.
The Globe and Mail reported that the talks included discussion of banking licences and the possibility of Chinese financial institutions expanding in Canada. The meeting ended without any news on whether Canada will reactivate its membership in the China-led Asian Infrastructure Investment Bank, which Ottawa suspended more than three years ago, the newspaper said.
Building on Carney’s Beijing visit
The Canadian government said the meetings built on Mr Carney’s visit to Beijing in January, the first by a Canadian prime minister since 2017, which renewed a strategic partnership between the two countries. Canada has set a goal of increasing its exports to China by 50 per cent by 2030.
The Canadian Press, in a report carried by BNN Bloomberg, said the agreement came as Mr Carney prepares to travel to China for the Asia-Pacific Economic Cooperation forum. The Globe and Mail said a meeting between Mr Carney and Mr Xi was expected at the APEC summit in Shenzhen.
The two sides said the next dialogue would be held in China.
The news was first shared on X by BRICS News. Life News Agency confirmed it through the Department of Finance Canada, China’s Ministry of Finance, The Canadian Press and The Globe and Mail.
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