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China, New Zealand strengthen trade ties through free trade agreement

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China, New Zealand strengthen trade ties through free trade agreement

2024-06-14 17:07 Last Updated At:21:57

China and New Zealand have strengthened their trade relations through the implementation of the China-New Zealand Free Trade Agreement (CNZFTA) signed in 2008, bringing tangible benefits to the business communities and the peoples of both countries.

On Thursday, visiting Chinese Premier Li Qiang met with New Zealand Prime Minister Christopher Luxon in Wellington, with both sides agreeing to expand bilateral trade. On the same day, China and New Zealand announced the start of negotiations on trade in services based on a negative list approach under the CNZFTA.

The CNZFTA covers such areas as trade in goods, trade in services and investment. It is the first comprehensive Free Trade Agreement that China has ever signed, as well as the first Free Trade Agreement that China signs with a developed country.

China overtook Australia as New Zealand's largest trading partner for goods and services in December 2017 and has remained the largest to date.

On April 7, 2022, the Upgrade to the CNZFTA entered into force, highlighting e-commerce, transparency, and environment protection, and eliminating further tariffs and reducing compliance measures for exporters.

The two-way trade is expected to grow more than fivefold, from 4.4 billion U.S. dollars in 2008 when the CNZFTA entered into force, to 23.5 billion dollars in 2024.

New Zealand's main export products to China are dairy, meat, forestry and fruit, as well as service exports in tourism, education and transportation. The Chinese Ministry of Commerce said that New Zealand's agricultural exports to China surpassed 11 billion dollars in 2023, accounting for about 34 percent of New Zealand's total agricultural exports that year. China's main exports to New Zealand are machinery, vehicles, furniture and plastics.

In March 2017, New Zealand and China signed a non-binding Memorandum of Arrangement (MoA) in which the two countries agreed to work together in certain areas, including upgrading the CNZFTA, expanding trade and investment, and developing a path for cooperation and exchanges in support of the China-proposed Belt and Road Initiative (BRI), making New Zealand the first Western economy to sign the MoA with China.

China, New Zealand strengthen trade ties through free trade agreement

China, New Zealand strengthen trade ties through free trade agreement

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Heavy rainfall in Hubei leaves 754 reservoirs exceeding flood storage capacities

2024-07-14 11:30 Last Updated At:12:07

The torrential rain that started to fall on Friday in central China's Hubei Province has left 754 reservoirs in the region exceeding flood storage capacities.

Due to increased discharge from the Three Gorges Reservoir and recent heavy rainfall, water levels in the Hubei section of the Yangtze River and in smaller rivers within the province are expected to rise in the coming days.

Multiple areas in Hubei, including Wuhan, Yichang, Jingmen, Xiaogan, and 11 other cities and prefectures, have also experienced heavy rainfall since Friday.

The heavy rainfall caused waterlogging in a low-lying residential area in Xiaogan City on Saturday, trapping several residents in their homes. Rescue personnel then used rescue boats to evacuate the flood-stranded residents to safety.

In Wuhan City, heavy rainfall accompanied by thunderstorms and strong winds caused multiple power line failures across the city. After nearly two hours of emergency repairs, power supply has been fully restored.

The heavy rainfall also caused the water level of Maojiahe Reservoir in Xingshan County, Yichang City, to rise rapidly. Considering the possibility of continued heavy rainfall, the reservoir started to discharge floodwater at 13:00 Saturday.

"We've quickly organized personnel to initiate emergency plans, notify every household, set up roadblocks on major transportation routes, and prohibit people and vehicles from entering the areas of flood discharge channels," said Cai Bishou, head of Pingshui Village, Gufu Town, Yichang City's Xingshan County.

Heavy rainfall in Hubei leaves 754 reservoirs exceeding flood storage capacities

Heavy rainfall in Hubei leaves 754 reservoirs exceeding flood storage capacities

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