作者： admin

Prime Minister Mark Carney is poised to unveil his government’s inaugural federal budget on Tuesday, signaling a pivotal moment for Canada’s economic future. Amid the lingering impact of US President Donald Trump’s tariffs, Carney has cautioned Canadians to brace for ‘sacrifices’ as his administration seeks to overhaul the nation’s economic framework. The budget will feature a dual approach: significant spending cuts alongside ‘generational investments’ aimed at fortifying the economy and reducing reliance on US trade. Additionally, the plan outlines how Canada will finance billions in defense spending to meet NATO’s 2035 target of allocating 5% of GDP to defense. Analysts predict the federal deficit could surpass C$70 billion, a sharp increase from last year’s $51.7 billion. Carney, a former central banker for Canada and the UK, has vowed to position Canada as the strongest economy within the G7. ‘We used to take big, bold risks in this country. It is time to swing for the fences again,’ he declared in a recent pre-budget speech. The budget also emphasizes diversifying Canada’s export markets, with Carney setting an ambitious goal to double non-US exports within a decade. However, the transition will require substantial government support, as highlighted by Joy Nott, a KPMG Canada partner specializing in trade and customs. ‘Canadian companies need assistance in overcoming historic hurdles when entering new markets,’ she noted. Finance Minister Francois-Philippe Champagne reinforced the ‘made-at-home’ ethos by purchasing shoes from a Quebec-based manufacturer, symbolizing the shift from reliance to resilience. While the budget prioritizes investments, Carney has pledged to balance the federal operating budget within three years. The government has already tasked federal ministries with identifying up to 15% in program cuts to fund initiatives like trade infrastructure and housing. However, the Liberal Party’s ability to pass the budget remains uncertain, as they lack a majority in the House of Commons. Potential support from the left-wing NDP could be pivotal, though some MPs may abstain to avoid triggering a snap election. Carney’s budget also faces potential backlash against austerity measures, particularly as trade uncertainty and rising unemployment weigh on the economy. The Bank of Canada projects modest GDP growth of 1.2% in 2025, 1.1% in 2026, and 1.6% in 2027, underscoring the challenges ahead.

In a significant development for Sino-American relations, China’s top envoy in Washington, Ambassador Xie Feng, emphasized the importance of building on the positive momentum generated by the recent meeting between the presidents of China and the United States in Busan, South Korea. Speaking at the US-China Business Council 2025 China Operations Conference and Dinner in Shanghai via video link, Xie described the meeting as a pivotal moment that has ‘recalibrated bilateral relations at a crucial time.’

Ambassador Xie highlighted the global relief and optimism following the meeting, which has set a steady course for the ‘giant ship’ of China-US relations. He acknowledged the persistent challenges but stressed the necessity of maintaining hope and collaborative efforts to advance the relationship. ‘When we see each other as a partner, there is no problem we cannot solve; but if we treat one another as a rival, problems will arise even when there are none at first,’ he remarked.

The envoy also detailed the tangible outcomes of the meeting and subsequent trade talks in Malaysia, including the US decision to lower fentanyl tariffs on China from 20 percent to 10 percent and suspend 24 percent reciprocal tariffs for one year on Chinese goods. China, in turn, has agreed to adjust its countermeasures accordingly. Both nations have also committed to anti-drug cooperation, expanded agricultural trade, and the resolution of individual enterprise cases.

Xie underscored the importance of following through on the consensus reached during the presidential meeting and trade negotiations, stating that concrete actions would ‘reassure both our countries and the world economy.’ He cautioned against actions that could disrupt the progress, such as zero-sum calculations or attempts to profit at others’ expense.

Looking ahead, Xie pointed to China’s 15th Five-Year Plan (2026-2030) as a catalyst for broader Sino-American cooperation. With China’s GDP projected to reach approximately 140 trillion yuan ($19.7 trillion) this year and its per capita GDP expected to match that of a mid-level developed country by 2035, China remains a reliable engine of global growth. Innovation, particularly in emerging fields like new energy and new materials, will further open opportunities for bilateral collaboration in research, investment, and sustainable industrial upgrading.

Xie also highlighted China’s commitment to high-level opening-up, which will facilitate deeper economic engagement between the two nations. He urged US companies to seize new growth opportunities and act as a stabilizing force in bilateral relations, describing them as both ‘passengers and sailors’ on the voyage of China-US cooperation.

The 8th China International Import Expo, scheduled in Shanghai from November 5 to 10, was noted as a key venue for partnership, with US companies consistently being among the largest exhibitors and beneficiaries. The US-China Business Council echoed this sentiment, expressing optimism for ‘long-term predictability’ in bilateral trade ties following the recent trade announcements.

In conclusion, Ambassador Xie emphasized that China’s focus on managing its own affairs well and sharing development opportunities with the world is the cornerstone of its success, bringing stability and certainty to China, US-China relations, and the global economy.