But the real story here might be food. New Zealand is a major food exporter. In a world where food prices are rising sharply, China has evidently decided that tariff barriers ranging from 15-30 percent on New Zealand lamb, dairy and kiwi fruit don't make much economic sense.
All across the globe, countries nervous about their food supplies are slashing tariffs on food imports. But by locking in preferential access to its booming markets for New Zealand, China is clearly making a big play to ensure it can feed its population in the foreseeable future.