A series of new trade agreements between China and Canada had some Chinese officials setting their sights on a free-trade deal between the two nations Thursday -- but Canada's trade minister said he wasn't jumping into any new pacts.

Prime Minister Stephen Harper is visiting China along with key cabinet ministers and business representatives.

On Thursday, a joint statement from the two countries said they were partnering in an economic study that would be complete by May, at which time the two countries will begin "exploratory discussions on deepening trade and economic relations."

And on Wednesday, Harper and Premier Wen Jiabao oversaw the signing of a draft Foreign Investment Promotion and Protection Agreement that Harper said will make a major difference to Canadians doing business in the market.

Harper said the relationship was at a high point.

"The cumulative impact of these accords truly takes Canada-China relations to a new level," he said Thursday.

CTV's Roger Smith, travelling with the prime minister, said the cozy relations had Chinese officials suggesting a free trade deal was the next logical step.

However, International Trade Minister Ed Fast cautioned that the process wouldn't happen overnight.

"Let's not get ahead of ourselves," Fast said. "What we've done here is achieve a milestone, which is the foreign investment protection agreement."

Harper is expected to talk more about the future of business relations between the two countries later Thursday.

Also on Thursday, Harper was in attendance at a business convention as Canadian and Chinese companies signed 23 agreements worth an estimated $3 billion on everything from trains, to planes and hockey rinks, Smith said.

In addition to bringing home business deals, Harper is also coming back with an agreement to borrow two giant pandas from China for a decade.

The pandas will split their time between the Toronto and Calgary zoos over their 10-year visit, likely attracting millions of visitors and allowing years of collaborative conservation research.

"The pandas are a sign of friendship," said Smith. "But the panda diplomacy had a bit of a rough patch today."

Harper's team wanted to keep the story out of the press until the full announcement was made on Saturday, but instead, the Chinese wanted to get the information out earlier.

In the end, China got their way.

"The story's out, but we'll get more details on Saturday," said Smith, referring to a Harper visit to a panda preserve in Chongqing.

China and Canada also announced the end of negotiations on an export agreement for Canadian uranium.

They also agreed to increase their dialogue on human rights and work together to ensure education is a strategic priority in both countries.

"This is a tremendously exciting time in Canada-China relations," Harper told Wu Bangguo, chairman of the National People's Congress, during a bilateral meeting Thursday.

During a meeting with President Hu Jintao, Harper expressed concern about China's position on Syria and its apparent support for Syrian President Bashar Assad.

The United Nations Security Council recently put forward a resolution calling for Assad to step down amid the bloody crackdown being waged against demonstrators in his country.

However, China vetoed the resolution.

Canada looking to export resources

One key area of Canada's growing trade relationship with China resides with Alberta's oilsands.

Joe Nocera, a columnist with the New York Times, said that the recent decision by the White House to cancel the Keystone XL pipeline has made China a more favourable option for Canadian exports.

"It's important for Canada to look after its own personal interests," he said.

However, there has been some concern that by sending oil to China, Canada is harming its relationship with the U.S.

"But the oilsands give Canada a wonderful opportunity to expand their export base and to create energy security and they would be foolish not to take advantage of it," Nocera said.

"I think that's appropriate for Canada to do and I think America needs to think a little bit harder about what their own national interests are."

Meanwhile, Canada and China share similar interests with not only oil, but with other resources.

Indeed, China wants to buy and Canada wants to sell, said Smith.

However, a plan to take oil via the Northern Gateway pipeline to the British Columbia coast has faced opposition from Aboriginal groups and environmentalists, and Chinese leaders were keen to find out how the hurdles were coming along.

"The whole question is, will we get this pipeline built," said Smith. "They want this stuff as fast as we can give it to them."