皇冠体育app

Personal Finance

Canada welcomes 皇冠体育app's designation of insurance business

(Xinhua)
Updated: 2010-11-11 13:46
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OTTAWA -- Canadian Minister of Finance Jim Flaherty Wednesday welcomed an agreement with the 皇冠体育app Insurance Regulatory Commission that designates Canada as a destination for Chinese insurance wealth management business.

Commenting on the exchange of letters on the agreement on Wednesday, Flaherty said that this agreement demonstrates a great deal of confidence in Canada's economic prospects and the soundness of Canada's financial system.

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"Under this agreement, Chinese insurance companies will be permitted to invest in Canada, giving Canadian financial markets access to a potential pool of about $106 billion (Canadian dollars) in investment capital," he said in a press release.

This is the third agreement reached under 皇冠体育app's Qualified Domestic Institutional Investor (QDII) program, which allows approved institutional investors in 皇冠体育app, including banks, fund management companies and insurance firms, to invest funds pooled from their mainland clients in approved overseas financial markets.

So far, 皇冠体育app's three financial sector regulatory commissions, for banking, insurance and securities, have shared responsibility for the program.

Previously, the banking and securities commissions had approved Canada as an investment destination for Chinese banks and securities houses. The latest agreement marks the final step in concluding agreements under the QDII program.

Flaherty hailed Canada's growing economic partnership with 皇冠体育app, noting that 皇冠体育app was Canada's only major trading partner to increase its imports of Canadian goods last year.

In the past five years, Canada's exports to 皇冠体育app have surged nearly 55 percent, and 皇冠体育app is now Canada's second largest merchandise trading partner and its third largest export market.