Ontario Business Mission to China: Overview
This mission will build on the success of the Premier's recent business missions to China and will lay the groundwork for future agreements.
Purpose of the Mission
The 2016 China trade mission is part of Ontario's Going Global Trade Strategy to increase the province's international profile and support the government's economic plan to grow the economy and create jobs.
Ontario is one of the best places to do business. It has a strong financial sector, a talented and educated workforce, a vibrant culture of innovation, and competitive corporate tax rates.
This mission will help more Ontario companies do business in China, while encouraging new Chinese companies to invest in Ontario. It will generate investment agreements, Memoranda of Understanding (MOUs), contracts and other opportunities to establish business connections.
Importance of the Chinese Market
To keep up with the world's changing economy and expand economic opportunities, Ontario must continue to find new ways to expand its trade network. China is Ontario's second-largest trading partner after the United States. Trade between Ontario and China has more than doubled in the last decade, and is now valued at over $42 billion.
Ontario has a strong on-the-ground presence in China, including three Investment and Trade Offices in Shanghai, Beijing and Chongqing, to continually promote the province's many investment and business opportunities.
In March 2015, Ontario launched the Americas' first trading hub for the Chinese currency, the Renminbi (RMB). This hub will enable businesses across Canada to convert Canadian dollars directly into Chinese currency, lowering overall business costs for Canadian businesses.