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Australia v China: The critical lessons New Zealand must learn
15 Dec, 2020 06:58 AM
4 minutes to read
Prime Minister Jacinda Ardern and Chinese President Xi Jinping in Beijing on April 1, 2009.
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OPINION:
New Zealand and China are being pushed toward further regional economic integration as part of the Regional Comprehensive Economic Partnership (RCEP) signed last month.
On the face of it, the RCEP is a positive step for cross-border investments. It further integrates trade between the two nations, along with Japan, South Korea, Australia and the 10 countries in the Association of Southeast Asian Nations (Asean).
But perhaps we should stop to ask whether the haste with which this is happening will generate equitable and sustainable benefits.
The US-China trade war in the past three years, and now Covid-19, have highlighted the differences in responses to trade, investment and the pandemic by countries with very different political and economic ideologies. In particular, China is using its global power to expand its influence and reset the rules of trade relationships. New Zealand must be cautious about its exposure to Chinese influence at this level.
123RF
The recently signed RCEP trade agreement encourages even closer ties with China, but this puts NZ s long-term interests at risk. Rebalancing the books Our analysis of foreign direct investment (FDI) application data from the New Zealand Overseas Investment Office from the beginning of 2017 to the end of 2019 shows two conflicting trends.