Minister Morneau Takes Canada's Plan for a Strong Economy to Hong Kong and Shanghai
March 29, 2018 – Hong Kong, China – Department of Finance Canada
The Government of Canada continues its plan to build a strong middle class through equality and growth. Canada's economic success rests on the hard work of Canadians, and on strong trade relationships that can drive economic growth, create good, well-paying jobs for the middle class, and open up opportunities for Canadian businesses to grow and expand.
Following a successful G20 meeting of Finance Ministers and Central Bank Governors in Argentina last week, Finance Minister Bill Morneau continued his post-budget tour in Hong Kong today, where he spoke to the Canadian Chamber of Commerce about Canada's progressive approach to building an economy that works for everyone. He underscored the need to include more women in the economy and to ensure that growth created through international trade and investment benefits those who contribute to its success.
Minister Morneau promoted investment in Canada, highlighting its diverse, skilled and highly educated workforce, as well as its economic and fiscal strengths, among the reasons that make Canada a great place to invest. Canada has strong people-to-people and business connections with Hong Kong, which, as a gateway to and from mainland China, plays a key trade and investment role in the Asia-Pacific region.
The Government is committed to building stronger relationships between Canada and China in order to strengthen and grow the middle class and create more opportunities for people on both sides of the Pacific. Following meetings with business and government leaders in Hong Kong, Minister Morneau will travel to Shanghai, where he will meet with key influencers and speak at the local Canadian Chamber of Commerce about strengthening ties in the Asia-Pacific region.
"Canada's long-term prosperity depends on ensuring that everyone benefits from the growth we create and that trade and investment with our partners in the Asia-Pacific region create equal opportunity for success, good, well-paying jobs, and an economy that works for everyone."
– Bill Morneau, Minister of Finance
- Canada's strong and growing economy makes it a great place to invest. Among G7 countries, Canada has led in economic growth since 2016 and has the lowest total government net debt-to-GDP (gross domestic product) ratio. Canada's federal debt-to-GDP ratio remains firmly on a downward track, and the deficit-to-GDP ratio is projected to reach a low of 0.5 per cent in 2022–23.
- Canada and Hong Kong bilateral merchandise trade was $2.6 billion in 2017. Hong Kong is Canada's third-largest (single economy) trading partner for services, with bilateral service trade valued at $6.1 billion in 2016.
- China is Canada's second-largest trading partner, largest source market for international students, and third-largest source of tourists.
- Canada's merchandise exports to China were almost $23.6 billion in 2017, an increase of 12.6 per cent over 2016.
- Canada and China have a shared goal of doubling bilateral trade by 2025.
- As a member of the Asian Infrastructure Investment Bank, Canada is supporting vital infrastructure projects that will lead to shared growth in Asia and beyond.
- Canada and China designated 2018 the Canada-China Year of Tourism, which includes initiatives to increase the flow of tourists and promote cultural activities.