20 Mar 2014

NZ agrees $30b trade target with China

7:51 am on 20 March 2014

Prime Minister John Key has announced a new target for two-way trade between New Zealand and China.

Following his meeting with Chinese President Xi Jinping in Beijing on Wednesday night, Mr Key said the countries will lift the bar on two-way trade to $30 billion by 2020.

The current goal, of $20 billion by 2015, is close to being achieved this year, and Mr Key said the new target is achievable.

"As President Xi said when we were having the discussion, that just means that China's got to drink a lot more milk - and they're up for that. There's absolutely no question they want to buy a lot of products from New Zealand."

Mr Key said the Chinese President has indicated he would visit New Zealand before or after he attends the G20 leaders summit in Australia later this year.

John Key and President Xi Jinping meeting in Beijing on Wednesday.

John Key and President Xi Jinping meeting in Beijing on Wednesday. Photo: RNZ / Demelza Leslie