China and New Zealand to Discuss Huawei’s 5G Endeavors

New Zealand Prime Minister Jacinda Ardern met with Chinese President Xi Jinping and Premier Li Keqiang on Monday to discuss relations between the two nations. Both parties have signed agreements regarding eliminations of double taxation and tax avoidance. According to the Chinese government, they, along with New Zealand, have also signed memorandums of understanding on agricultural cooperation, bilateral financing dialogue, and science and research cooperation.

Ardern is also hoping to discuss the withstanding issue on Huawei’s investment endeavors with the Chinese leaders.

The prime minister said, “This is an opportunity to have a dialogue to talk about the way the process has been undertaken to date and where it currently stands.” Ardern denied the speculations from the media that the Chinese tech giant has been banned in New Zealand.

"Obviously, we have Huawei products in New Zealand. This is simply an application around 5G that has been brought by Spark and it will be helpful for me to explain that process and the fact that there has been some misreporting."

Spark, a telecommunications company in New Zealand, bid to utilize Huawei in its 5G roll-out, but its first proposal was rejected by the GCSB, or the Government Communications Security Bureau of New Zealand.

Spark and the GCSB are in “ongoing discussions”, and PM Ardern said the issue will be recognized as an important one.

"Our legislation... is deliberately neutral, and it does not support or discriminate against country or company, and those two important points that I will take the opportunity to make, that our regulation sits also in its process, predominantly at arm's length and I'll also set out exactly the point in the process, which Spark and the vendor of Huawei currently sit in New Zealand," the prime minister stated.

China is New Zealand’s largest goods export partner, and Chinese Premier Li told Ardern, “at present, China-New Zealand ties overall are developing in a stable manner,” acknowledging New Zealand’s commitment for good diplomatic relations.

“China also places a high importance on relations with New Zealand,” he added.

“And we hope that we can aspire to the greatest common denominator regarding each other’s interests and that when each side’s businesses invest in each other’s businesses, they can enjoy a fair, transparent, convenient environment.”

According to the prime minister, New Zealand makes its decisions independently from the Five Eyes, which is an anglophone intelligence alliance comprising Australia, Canada, New Zealand, the United Kingdom and the United States, and its process is set out by the TICSA legislation; not by what any of the members does.

FSMSmart gives you the latest news updates, market trends, and news about forex, commodities, stocks and more! It is rated as one of the best brokers on this FSMSmart broker review.