China, New Zealand set $27 bn trade target by 2020
November 20, 2014, 10:10 am

Chinese President Xi Jinping (1st L) and his wife Peng Liyuan (5th L) attend a welcoming ceremony held by New Zealand Governor-General Jerry Mateparae (2nd L) in Wellington, New Zealand, Nov. 20, 2014 [Xinhua]

Earlier on Thursday, Xi was greeted with a traditional Maori welcoming ceremony upon his arrival at Government House in Wellington, followed by an official one.

“Worries that New Zealand does not have a market for its products in China are totally unnecessary. On the contrary, possibly New Zealand will have to worry about the fact that there is more Chinese demand than you can possibly supply,” Xi was quoted by Radio New Zealand.

Xi and New Zealand Prime Minister John Key also announced New Zealand’s Free Trade Agreement with China had extended to allow programmes co-produced by New Zealand and Chinese companies to be broadcast on Chinese TV.

“The fact that New Zealand and China have agreed to a comprehensive partnership is a great sign of the maturity of our relationship between our two countries over the last 42 years,” Key said.

China is New Zealand’s largest trading partner.

New Zealand’s exports to China accounts for nearly one fourth of its total volume. Bilateral trade surpassed 20 billion New Zealand dollars or nearly $16 billion so far this year, says official figures.

The two currencies can now be traded directly, as NZ dollar has become the 6th foreign currency to trade globally with the Chinese yuan.

Xi arrived in Wellington earlier in the day from Auckland, where he kicked off the ongoing state visit to New Zealand on Wednesday, his first since taking over the presidency in March 2013.

Earlier in the three-nation South Pacific tour, he attended a Group of Twenty summit in the Australian city of Brisbane and paid a state visit to Australia. The trip will take him to Fiji later.

TBP