New Zealand’s economy can rely on Chinese demand for a long time to come, even as the world’s largest economy enters a cyclical slowdown.
On a recent trip to New Zealand, I spoke to a number of customers and representatives about the economic relationship between NZ and China, particularly around exports.
One thing we all agreed on was China's ongoing post-COVID re-opening would continue to provide a lot of opportunity for NZ business.
China is still a big economy. Even as growth moderates, it will inject $US1 trillion US dollar a year into the global economy.
The headline growth rate in the region is expected to come in about 5 per cent this year, growth, but reach 3 per cent over the next few years.
The export-driven New Zealand economy will continue to find a lot of opportunity out of China, especially given the high quality of its produce.
From this perspective, there is a lot of opportunity for the New Zealand economy to benefit from cross-border trade and investment out of China in the future.
Raymond Yeung is Chief Economist, Greater China at ANZ
