China Credited For Helping New Zealand Escape Global Financial Crisis

The economic growth of New Zealand lies on trade with China. Former New Zealand Trade Minister Phil Goff said in an interview that China had shielded the country from the devastating impact of the Global Financial Crisis.

Goff had previously signed New Zealand's free trade agreement with China in 2008. He described Chinese President Xi Jinping as a "good friend" to New Zealand. Mr Jinping is expected to arrive in New Zealand later in the month, Xinhua reports. Goff talked about his impression of the Chinese leader and their meetings. He recalled Mr Xinping's last visit to New Zealand when he was still vice-president of China. Goff believes the relationship between New and China is in a "very good state."

Goff declared that Mr Xinping is always welcome in New Zealand where the free trade agreement has opened up new possibilities for economic growth. Since April 2008,reports said New Zealand's exports to China rose four to five-fold. Goff revealed that the bilateral agreement has generated more than NZ$20 billion. The figure is expected to increase as both countries have yet to realise the full potential of the trade agreement, Goff said.

China remains as New Zealand's biggest trading partner. Most of international students in New Zealand come from China. Goff said New Zealand's second biggest source of tourists is China. Goff believes it was China that saved New Zealand from the financial crisis at a time when the U.S. and Europe were experiencing economic problems. China was continuously growing which meant economic growth as well for New Zealand.

Goff wanted to develop the people-to-people relationship between China and New Zealand. He said he would like to see New Zealand students learning the Chinese language and studying in China. He believes it would improve Kiwi understanding of China and use it as an opportunity since Chinese migrant population is high in New Zealand.

Meanwhile, New Zealand continues to attract immigrants because of its booming economy. Reuters reported that the country's immigration rate continues to increase due to an attractive jobs market. Official figures revealed the country's unemployment rate had decreased to 5.4 percent in the third quarter of the year. The latest unemployment rate is the lowest level it has been since the first quarter of 2009.