The Carney-Trudeau Nexus: How Financial Elites from Davos to Beijing Are Shaping Canada’s Next Federal Election

OTTAWA — As Canada braces for a leadership change—with Prime Minister Justin Trudeau poised to step down, Mark Carney emerging as his successor, and speculation mounting over a snap election as early as March—the defining question of Carney’s campaign is whether he will govern differently from the deeply unpopular Trudeau. Carney’s camp insists he will, particularly on carbon reduction and immigration—issues that polls suggest have alienated a majority of Canadians.

Yet a closer examination of Carney’s elite network—guided by the principle that long-standing relationships of trust and shared financial interests will shape governance—reveals a constellation of global influencers deeply tied to the World Economic Forum and China’s trade and finance arms, particularly the Asian Infrastructure Investment Bank (AIIB). At its core, this network of remarkable figures—whose stated goals center on consolidating financial power across borders to coordinate carbon-reduction policies and progressive social outcomes—includes not just Carney and Trudeau but also former Canadian ambassador to China Dominic Barton, Trudeau campaign backers Mark Wiseman and Gerald Butts, and AIIB’s Jin Liqun, reportedly a senior Chinese Communist Party operative.

Carney’s influence also appears to extend into Canada’s state broadcaster. Former Power & Politics host Evan Solomon—who now works in a consultancy with Carney’s wife and Gerald Butts—in 2015 was embroiled in an art-dealing scandal involving Carney, whom he referred to as “the Guv.” In a leaked email, Solomon reportedly wrote: “Next year in terms of the Guv will be very interesting. He has access to the highest power network in the world.”

For Canadian voters, understanding the intricate plutocratic web surrounding Trudeau and Carney is not an academic exercise—it offers a glimpse into the forces lining up to shape the nation’s climate, trade, and social policies. While the World Economic Forum has become a lightning rod for both criticism and political polarization—opponents accuse it of fostering undemocratic policymaking, while defenders dismiss such concerns as conspiracy theories—an objective, network-based analysis of its ties to Beijing’s financial arms and the key figures in Carney’s orbit suggests a well-defined pattern of shared interests. These interests are likely to drive Canadian governance under Carney—unless he makes the illogical decision to sever ties with the power networks and public-private partnerships that have defined his ascent.

How does this relate to Canada’s pending election? Across the West, concerns over immigration, housing affordability, and energy policy are shaping voter priorities like never before. Carney’s allies argue that the urgency of the climate crisis demands coordinated, high-level solutions—ones driven by big private capital and partnerships with Chinese institutions like the AIIB. Skeptics, however, see a “Davos” elite imposing sweeping policies on carbon, trade, and immigration with little democratic input.

These issues are open to debate. What is not, however, is the deep entanglement of Carney and Trudeau’s networks—so thoroughly woven together through global forums like the WEF that they are indistinguishable. And while Carney seeks to distance himself from Trudeau’s unpopular record, his closest allies remain the same WEF-linked figures who helped shape Trudeau’s policies.

Global Banker and Chinese Finance Maximalist

A former Goldman Sachs banker, Mark Carney rose to global prominence in 2008 as Governor of the Bank of Canada, credited with stabilizing the country’s banking system amid a worldwide financial meltdown. In 2013, he became the first Canadian to lead the Bank of England—an unprecedented appointment. During his tenure, Carney integrated climate risk into financial stability assessments, positioning himself as a leader in climate-focused central banking.

He also materially deepened the UK’s financial ties with China.

In his 2013 speech, UK at the Heart of Renewed Globalisation, Carney announced that “The Bank of England [has] signed an agreement with the People’s Bank of China [that] dovetails with the possibility of establishing a Renminbi clearing bank in London and … our broader policy of openness to hosting foreign wholesale banking activities. Helping the internationalisation of the Renminbi is a global good, consistent with London’s historic role.”

By 2020, Carney had stepped down from the Bank of England, assuming the role of United Nations Special Envoy on Climate Action and Finance. Partnering with media baron Michael Bloomberg, he co-founded GFANZ, an initiative aimed at aligning trillions of dollars in private investment with net-zero goals. Through GFANZ, Carney intersected with Jin Liqun and the Asian Infrastructure Investment Bank (AIIB)—a China-led institution whose “green” infrastructure projects in Asia matched Carney’s vision for climate finance at scale.

In a 2022 press release announcing the partnership, Carney declared that “The world cannot address climate change without finance. Similarly, the global financial system cannot do its fair share without the leadership of the Asia-Pacific financial institutions. Our new APAC Network … will bring Asian finance to the heart of GFANZ to help solve this global challenge.”

Jin echoed the sentiment, stating, “At a time when our world is facing unprecedented challenges, it is increasingly important to strengthen our linkages across borders, deepen our resolve, and resist the urge to turn inward. I am delighted to join GFANZ and contribute multilateral perspectives to explore the huge potential in net-zero transitions.”

The partnership expanded further. In 2024, Carney and Jin announced a climate financing initiative in Brazil. Jin stated, “AIIB is excited to be part of this transformational climate financing initiative, a significant step toward fostering collaboration and driving sustainable development … I am confident this will be a comprehensive solution in addressing Brazil’s climate and ecological challenges. Its focus on sustainable infrastructure, climate resilience, and green financing resonates deeply with AIIB’s mission of Financing Infrastructure for Tomorrow.”

Jin’s language closely mirrored a post on his World Economic Forum contributor page in 2016, where he wrote that “The AIIB subscribes to the principles of sustainable development in the identification, preparation, and implementation of projects. The management of environmental and social risks and impacts is central to successful development outcomes.”

Yet critics argue that Beijing’s AIIB is less about sustainability and more a geopolitical tool for expanding Chinese influence through global infrastructure projects. One such critic is Bob Pickard, a Canadian communications executive who made international headlines after resigning from the AIIB and fleeing China in 2023, later citing fears for his safety. Speaking to CBC about AIIB membership and Chinese Communist Party influence, Pickard stated, “All we’re doing, with our membership in this bank, is making China look good as a country able to do multilateralism. We are effectively supporting the Chinese image campaign to show that they are ready to assume world leadership.”

In an October 2023 interview with The Bureau, he went further: “The President of the bank [Jin Liqun] and the President’s office knew that I had concerns about the Communist Party and the invisible power the CCP wielded in the bank. President Jin himself [is] a former Red Guard. [A] troika of people in the President’s office called all the everyday operating shots.”

Trudeau’s Shadow Finance Ministers

Domestically, Carney’s advisory relationship with Justin Trudeau fueled expectations that he might one day enter Canadian politics. Those whispers ended definitively on January 16, 2025, when Carney’s succinct “I’m in” on X (formerly Twitter) announced his candidacy for the Liberal Party leadership—immediately making him the frontrunner. An effusive endorsement from Michael Bloomberg, co-sponsor of GFANZ, swiftly followed, marking Carney as a figure of rare global gravitas in a national political race.

Carney’s allegiance to Dominic Barton—already evident in their joint advisory roles for Trudeau over the past decade—was further underscored by Carney’s early tenure at the Bank of England. The Guardian reported in 2013 that Carney had enlisted U.S. consulting giant McKinsey & Company to oversee a sweeping strategy shake-up, describing it as “the latest evidence that the Canadian governor is determined to impose a radical makeover on the Old Lady of Threadneedle Street.” McKinsey, which touts itself as a “network of leaders” adept at “harnessing trends and making tough trade-offs,” had a direct link to Carney via its then-managing director, fellow Canadian Dominic Barton. Asked in an interview with Management Today whether he knew Carney, Barton responded enthusiastically: “Yes! He’s a great guy. A tri-sector athlete—public sector, private sector, and government.”

To use a blunt metaphor, Trudeau’s top strategist, Gerald Butts, functions as the sinewy connective tissue linking the powerful limbs of Mark Carney and Dominic Barton within the body of Trudeau’s corporate structure.

As The Globe and Mail reported in fall 2019:

“Mr. Barton is plugged into the Trudeau circle, notably with the PM’s former principal secretary, Gerald Butts. He served as chairman of the Liberal government’s Advisory Council on Economic Growth, which recommended McKinsey-style big ideas: a major expansion of immigration … and so on.”

This advisory nexus—Carney, Barton, and Butts—forms the backbone of a potential Carney administration, or at least the kind of backroom “kitchen cabinet” the trio played for Trudeau in recent years. With their overlapping histories and shared vision, they suggest a seamless transition from Trudeau’s tenure. Barton’s corporate finesse, honed at McKinsey, complements Carney’s financial acumen, while Butts’s legendary political instincts are already at work, guiding the Liberals through the turbulence of Trudeau’s exit—and, counterintuitively, even appearing to capitalize on the looming Trump 2.0 tariffs against Canada.

Further tightening the Carney-Trudeau network is the overlap between key figures such as Gerald Butts, Eurasia Group consultant Evan Solomon, and Carney’s wife, Diana Fox Carney.

Carney was lightly touched by controversy involving the firing of Canadian journalist Evan Solomon, then the host of CBC’s Power & Politics. Solomon was dismissed after reports surfaced that he had leveraged his position to broker lucrative art sales to influential figures he interviewed—including Carney.

The Toronto Star broke the story, publishing explosive emails between Solomon and art collector Bruce Bailey. In one exchange, Solomon referred to Carney as “the Guv” and wrote: “Next year in terms of the Guv will be very interesting. He has access to the highest power network in the world.” Shortly after the report was published, CBC severed ties with Solomon.

Despite the scandal, Solomon remains linked to Carney through his role at Eurasia Group, where he works alongside Diana Fox Carney, who is listed as a “widely respected expert on global climate and energy policy,” advising clients on sustainability.

Meanwhile, questions persist about Power & Politics and its access to Liberal power. This week, National Post columnist Terry Newman noted that the show blindsided Liberal leadership hopeful Ruby Dhalla by announcing her disqualification live on air—before the party had even informed her. CBC’s David Cochrane broke the news, stating the Liberal Party had removed Dhalla from the race over “extremely serious” violations. Dhalla, who called the allegations “false and fabricated,” suggested the move was designed to “complete Mark Carney’s coronation.”

From McKinsey to Century Initiative to Xinjiang

A longtime consultant with deep ties in Beijing, Dominic Barton embodies the revolving door between corporate strategy, government, and diplomacy. Birthed in Uganda in 1962, Barton led McKinsey & Company from 2009 to 2018, overseeing its expansion in China and advising at least 22 major state-owned enterprises, many likely entangled with Xi Jinping’s Belt and Road Initiative and Jin Liqun’s Infrastructure Investment Bank.

But if Bob Pickard’s retrospective view is correct, figures like Mark Carney and Dominic Barton could be seen as subtly—if not knowingly—influenced by their long-term dealings with Beijing’s financial arms. In an era where Washington is increasingly at odds with China’s global ambitions, such ties might draw heightened scrutiny from the U.S. government.

Pickard, who once considered himself a “captured elite” in Western business, says he only grasped the full extent of CCP influence after working under Jin Liqun at the Asian Infrastructure Investment Bank.

“On the outside, the bank claims independence,” Pickard said. “But inside, it was all CCP politics. It was CCP people.”

Now, he sees AIIB’s true purpose as much more than sustainable infrastructure financing—it is a tool to subtly underwrite Xi Jinping’s militaristic Belt and Road Initiative. “It exists to help China supplant the United States as the dominant power in a multilateral world,” Pickard asserts.

In 2019, Trudeau appointed Dominic Barton as Canada’s ambassador to China, hoping his connections could help navigate tensions following the arrest of Huawei executive Meng Wanzhou. By 2021, Barton had left the role, moving on to lead mining giant Rio Tinto and chair LeapFrog Investments, an impact fund focused on sustainability.

Yet Barton’s influence on Trudeau’s administration extends beyond Canada-China relations. Alongside Mark Carney’s reported campaign backer Mark Wiseman, Barton co-founded the Century Initiative, an organization advocating for Canada’s population to reach 100 million by 2100—primarily through large-scale immigration. The plan, championed as an economic necessity for an aging workforce, sparked backlash from critics who saw it as disconnected from infrastructure realities and social cohesion constraints. Amid mounting public discontent, the Liberal government was forced to scale back its aggressive immigration targets. Detractors claimed the policy served business interests by supplying cheap labor while exacerbating housing shortages and straining public services.

Barton’s McKinsey tenure also looms large. His leadership strengthened the firm’s foothold in China, cementing his status as a global power broker but later raising serious ethical concerns—particularly over McKinsey’s involvement in Xinjiang.

Before Barton assumed his ambassadorship, a 2018 McKinsey & Company retreat near Kashgar, in China’s Xinjiang region, highlighted the ethical tightrope Western firms walk in authoritarian settings. Under Barton’s global leadership, McKinsey consultants gathered just miles from internment camps detaining over a million Uyghur Muslims. The New York Times reported that while McKinsey consultants discussed their work advising major Chinese state-owned companies, a sprawling internment camp had sprung up about four miles away—part of a vast network where the Chinese government has detained as many as one million people.

Mark Wiseman: The Low-Profile Powerhouse

Mark Wiseman, in his 50s, is a major force in both Canadian and global finance. A lawyer by training, he pivoted early to investment management, rising through the ranks at the Canada Pension Plan Investment Board before moving to BlackRock, the world’s largest asset manager. At BlackRock, he took on global leadership roles, including overseeing the firm’s active equities division, further embedding himself in the climate-finance movement—closely paralleling Mark Carney’s push to reorient capital markets toward sustainability.

Though Wiseman keeps a lower profile than Carney or Dominic Barton on the Davos circuit, he has participated in World Economic Forum (WEF) sessions on global investment and sustainable finance. WEF documents list his leadership roles at the Canada Pension Plan and BlackRock, underscoring his standing in elite financial circles.

His commitment to the WEF’s convening power was evident in a 2022 op-ed from Davos, where he lamented:

“During a cost-of-living crunch, a war in Europe, increased inequality, and people becoming more polarized and disenfranchised (not to mention the heightened conspiratorial theories around the Forum), many politicians wouldn’t dare be seen in Davos… It is equally a failure of the private sector to believe that issues such as climate change, which seem to have declined on the Davos agenda, cannot be solved without significant political and regulatory coordination and oversight. In spite of many people’s skepticism about the Forum, those gathered there have a desire and an incentive to prevent the world from being plunged into crisis. They come to work with politicians on energy transition, the impacts of supply chain disruptions, labor shortages, food supply, and wealth inequality.”

The World Economic Forum: Center Stage for Networking And Ideation

Many of the Trudeau-Carney network allegiances converge at the World Economic Forum—the Davos-based summit where political, corporate, and nonprofit elites rub elbows. Trudeau, Carney, Barton, Jin Liqun, Gerald Butts, and Mark Wiseman have all participated in or contributed to WEF events.

While it would be an overreach to portray the WEF as an omnipotent body imposing plutocratic policies on a borderless, unwitting public, it would be equally disingenuous to dismiss its role as a key hub where powerful actors shape policy agendas on climate action, demographic strategy (such as the Century Initiative), and public-private partnerships.

Defenders of the WEF argue that it plays a crucial role in addressing global challenges—particularly crises as complex as climate change—by forging consensus among decision-makers who control both policy levers and capital flows. Detractors counter that these gatherings operate without democratic accountability, allowing a self-selected “elite” to shape impactful agendas behind closed doors.

With Carney now campaigning for prime minister, the prospect of a WEF-aligned Ottawa looms larger than ever, sharpening a tension that could define Canada’s next federal election—where foreigners with much at stake may not have votes, but will certainly have interests.