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He Ning, Director General of the Department of American and Oceanian Affairs of China's Ministry of Commerce (MOFCOM), recently said that the economies of China and New Zealand are highly complementary with one another. They have vast development potential in fields including machinery and electronics, farming and animal husbandry, service trade, environmental technologies and clean energy. He said the implementation of the China-New Zealand Free Trade Agreement will further advance China-New Zealand economic and trade ties.
According to statistics from the General Administration of Customs of the PRC, in 2008, bilateral trade volume between China and New Zealand reached 4.4 billion USD, an increase of 18.9 percent year-on-year. China's exports to New Zealand reached 2.5 billion USD, up 16 percent year-on-year, and imports from New Zealand stood at 1.89 billion USD, up 23 percent compared to the previous year.
China is New Zealand's second largest trade partner, fourth largest export market and second largest source of imports. China mainly exports apparel, mechanical and electrical products to New Zealand. While China mainly imports dairy products, paper pulp and wool from New Zealand.
In terms of mutual investment, by the end of 2008, the number of projects that New Zealand had cumulatively invested in China reached 1,360, with completed investment totaling 820 million USD. New Zealand's investment in China was mainly distributed in areas such as in the agriculture and forestry industry, light industry, textiles, metallurgy, food processing, pharmaceuticals and computers.
By the end of 2008, China had made a cumulative non-financial direct investment of 68.41 million USD in New Zealand, mainly involving fields such as resources, transport, insurance, trade and real estate development, and communication. Relatively large investment projects include the Wineda Forestry Company Limited and COSCO (New Zealand) Limited.
Source: People's Daily Online
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