I would like to put the following question to all of our guests.
You say that this trading hub will further greater market openness and access to Chinese financial products such as bonds, funds, and so on. Mr. Harder, you say in your document—but the question is also addressed to the other witnesses—that this will allow pension funds, among others, to participate more easily in the Chinese financial market.
However, I am sure you know that in Quebec, the Caisse de dépôt et placement lost $40 billion, a third of its assets, because of derivatives that were sold to us by well-known banks. What are we to think of the Chinese products whose sale will be facilitated? Will our pension funds not be taking risks by investing in Chinese products, in light of the situation of Chinese banks?
As we know, in November, China introduced quantitative easing measures because several banks were having liquidity problems. Among other things, there is a real estate bubble. I do not believe that investing in China is a very safe thing to do for pension funds, local investors and Canadian consumers.