Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Passing of power in China presents Opportunity for NZ

Monday 19 November 2012

News Release

Passing of power to the next generation in China presents
an opportunity for New Zealand businesses


Historic sweeping changes at the helm of China’s ruling communist party signals the beginning of a new era for the Chinese people and a once in a decade opportunity for New Zealand to consolidate its relationship with the emerging economic powerhouse.

Last week, Mr Xi Jinping was confirmed as the man to lead China after being elected as the General Secretary of the Communist Party of China (CPC) and the Chinese Military.

PwC Partner and China sector spokesperson Colum Rice says, “The change in leadership happens only once every ten years, so the world is witnessing an historic moment. And just how Mr Xi and his new team cope with the enormous responsibility of leading China for the next decade will be pivotal, not only for the Chinese people but New Zealand’s economic future also.”

Mr Xi’s father and predecessor, Mr Xi Zhongxun, was one of the first leaders to execute the ‘Open China Policy’ which saw China surge ahead and become the world’s second largest economy, overtaking Japan in 2010.

PwC Partner and Food and Agriculture sector spokesperson Craig Armitage says, “The success by previous leaders of the CPC means the pressure is on the new leaders to keep the economy growing at a similar rate. Yet, that isn’t going to be easy with growth already slowing from 10% a year to around 7 percent, which is the lowest rate since the start of the Global Financial Crisis.”

In his first speech since being elected, Mr Xi’s set out to allay any fears China’s economic growth is a thing of the past. He covered three key areas in his speech, all of which Mr Rice and Mr Armitage believe will be positive in advancing trade between New Zealand and China.

Those included:
•Improving Chinese People’s wellbeing.
•Advancing the ‘Open China Policy’ and productivity.
•Eliminating the perception of corruption and bureaucracy within the Communist Party of China

Mr Armitage adds says, “The three areas mentioned by Mr Xi are all relevant to New Zealand. For example, the focus on improving the Chinese People’s wellbeing – this means greater demand for quality food and products, both areas where New Zealand’s expertise is strong and where there is an opportunity for our country. New Zealand has an important role to play in both food security and food safety in China.”

--

About PwC
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news