In a speech to the Canada China Business Council in Beijing on Thursday, John McCallum, Secretary of State (International Financial Institutions), touted the potential for Canadian financial firms to expand into China.

McCallum noted that several banks, insurance companies and other financial firms now have operations in China, along with their growth into the United States, Europe, and the Asia-Pacific region.

A number of the big banks have established branches or representative offices in China, including the big five banks with the exception of TD Bank. McCallum will be attending the opening ceremonies for the Bank of Montreal’s new offices in Beijing on Monday.

McCallum also noted that Manulife and Sun Life, have established joint ventures with Chinese companies. And, AGF has established a representative office in Beijing to monitor Chinese companies and seek investment opportunities.

“These companies are in the vanguard of what we hope will be the development of a significant Canadian presence in China’s financial services industry,” said McCallum.

He also touted the work of Canadian regulators in providing technical assistance and support to Chinese regulators. “Over the past several years, missions from all of China’s major financial services regulators have visited Canada to pursue dialogue with their Canadian counterparts on regulatory standards and procedures. We welcome these visits and look forward to more of them in the future. Canadian monetary and regulatory agencies, such as the Bank of Canada, the Office of the Superintendent of Financial Institutions, the Canada Deposit Insurance Corporation and the Canadian International Development Agency, all stand ready to offer advice and assistance in their particular areas of financial expertise.”

He pledged to work with China to develop solutions that “take into account the unique realities of China’s emerging business climate, while ensuring that WTO commitments with regard to market access, national treatment and transparency can be met”.