8 Jul 2010

PM sets target of $20bn in trade with China

4:06 pm on 8 July 2010

Prime Minister John Key says his aim of doubling two-way trade with China by 2015 is ambitious, but not impossible.

During a 10-day trip to Asia, Mr Key met the Chinese Premier, Wen Jiabao, and Vice President Xi Jinping in Beijing.

He told the leaders of his plan to see trade between the two countries double to $20 billion in value over the next five years.

At present, New Zealand each year imports goods to the value of $6 billion from China and exports products worth $4 billion.

Mr Key acknowledges he is setting an ambitious target, but says the Chinese market is growing rapidly and there is capacity in New Zealand to meet that demand.