Christy Clark pushes to make B.C. the centre of Asia's western finances
During Monday’s trade delegation with an invite-only group consisting of 80 senior business executives with the APEC China Business Council to Canada, Premier Christy Clark dubbed Vancouver “the most Asian city outside of Asia” in an effort to increase Chinese investment in British Columbia.
Clark’s comments come as the province begins to grow its relationship with Asian nations as part of an effort make Vancouver the first offshore settlement centre in North America for the Chinese currency renminbi (RMB).
The government is also looking to have five Asian head offices set up in B.C. by 2020. The offices could be from any business and would be aided by the currency arrangement.
Additionally, the government will introduce new legislation this fall in the hope of convincing major Chinese investors to join fifteen global investors who are already doing business in the province.
Clark also explained why B.C. should be seen as a safe place for investment, referring to how the provincial government looked to Asia after the economic recession in 2008 sent the United States – B.C.’s biggest trade partner – reeling.
Though Clark said Vancouver is “actively lobbying” for the RMB centre and believes it makes a better case than its competition in Toronto, she says that, regardless of which city potentially wins its bid, the federal government will be instrumental by making the connection between the Bank of Canada and People’s Bank of China.
Featured Image: Financial data via Shutterstock