Gary Cross, Head of Trade and Supply Chain, at HSBC New Zealand says: "2012 marks the fourth anniversary of the signing of the Free Trade Agreement with China and the auspicious Year of the Dragon, so it is fitting that we now have a formal strategy in place to double trade between the two countries by 2015."

"With China's GDP growth forecast at 8.6% in 2012*, there are immense opportunities available to New Zealand exporters and importers of trading with China, so we warmly welcome the announcement of today's plan which will see numerous government agencies collaborating together to achieve the desired outcomes outlined in today's vision," continues Cross.

"HSBC's is predicting that New Zealand's trade with China is set to grow at an annualised rate of 6.86% over the next five years**. China is already New Zealand's second largest trading partner and going forward our economy is going to be intrinsically linked with the Asian superpower as it continues to grow," he points out.

"For the first time in China's history its urban population now outstrips its rural population, which is leading to increased growth across the country and rising income levels. This is bolstering demand for protein from New Zealand, which in turn supports our milk and meat prices. This will help to boost incomes and investment in New Zealand - all of which paints a very positive future for Kiwi businesses seeking to do business with China," concludes Cross.

ENDS

Media enquiries to: Dee Crooks, Group Communications Manager, HSBC on 09 368 8752 or 021 190 3616

* HSBC Asian Economic Desk Reference, 9 January 2012

** HSBC Trade Connections Report, Q4 2011

Notes to Editors

1. HSBC in New Zealand

HSBC in New Zealand operates through a network of branches and offices, providing personal and commercial financial services, payment and cash management, trade finance, treasury and financial markets, corporate banking, investment advisory and securities custody services. The principal HSBC Group member in New Zealand is The Hongkong and Shanghai Banking Corporation Limited, incorporated in Hong Kong SAR, acting through its New Zealand branch.

2. The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which serves customers worldwide from around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US$2,691 billion at 30 June 2011, HSBC is one of the world's largest banking and financial services organisations.