16 Jul 2010

China's slower growth rate 'won't harm NZ'

7:11 am on 16 July 2010

Business and political leaders say a slight cooling in China's economy should not harm New Zealand, despite China being this country's second biggest trading partner.

Growth in the Chinese economy slowed from an annual rate of 11.9% to 10.3% in the year to June.

Beijing has been scaling back massive stimulus spending and trying to rein in soaring property prices.

New Zealand's Trade Minister, Tim Groser, says China's attack on inflation will make its growth more sustainable, and that's what New Zealand wants from a major trading partner.

The head of the China New Zealand Trade Association says the growth rate is a correction for the Chinese economy, rather than a faltering.