After 15 rounds of negotiations over three years, New Zealand minister of trade Phil Goff and Chinese commerce minister Chen Deming signed the New Zealand–China Free Trade Agreement in Beijing on 7 April 2008. The agreement liberalised trade between the two countries and reduced tariff barriers. It was the first free-trade agreement between China and a country in the OECD (a group of 30 developed economies). China's importance as an economic power has continued to grow since the liberalisation of its economy was begun by Deng Xiaoping in the 1970s.
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