China boosts NZ growth

Every 1 percent increase in China's GDP correlates to a rise in New Zealand's GDP of 0.2 percent to 0.4 percent, New Zealand's treasury said in a report Tuesday.

"The impact of China on global commodity prices has been steadily increasing over time, with growth in China having strongest effects on dairy and aluminum price inflation," the report said.

The report also noted that "growth spillovers are substantially greater from the US than from China, despite the latter's increasing importance in the world economy."