The latest BNZ rural wrap has focused on what the rebalancing of China's economy could mean for New Zealand and the New Zealand dollar.
Despite slowing Chinese growth, there was likely to be an ongoing positive influence on New Zealand's terms of trade and external accounts, mostly thanks to ''rampant'' demand for protein, economist Mike Jones said.
Dairy, tourism and the meat industries all stood to benefit from ongoing urbanisation, the continued rise of the middle class, and rising household income and consumption levels.
Not only was Chinese demand expected to strengthen, but domestic production in many cases would fall well short of consumption. Exports from New Zealand would have a ''big opportunity'' in helping make up the shortfall, he said.
The gradual westernisation of the Chinese diet has seen per capita consumption of protein soar over the past decade or so, while consumption of traditional foods, such as rice, was in decline.
Urbanisation had further stepped up demand for protein. Compared with the less diversified diets of rural communities, city dwellers had a varied diet richer in animal proteins and fats, characterised by higher consumption of meat, poultry, milk and other dairy products.
Data from the Chinese National Bureau of Statistics showed per capita consumption of dairy products (excluding butter) had climbed from 7kg/person in 1992 to 20kg/person in 2012. Meat consumption had risen from 13kg to 23kg in the same period.
There was scope for significant additional growth. The Food and Agriculture Organisation of the UN projected meat consumption in China would rise to 37kg/person by 2030, with consumption of milk and dairy products expected to rise to 66kg/person.
Consumption of beef, dairy products and sheep meat considerably outstripped domestic production and would continue to do so, Mr Jones said.
Chinese imports of sheepmeat had grown by an average of 23% a year since 1995, with New Zealand supply around 60% of the total import market.
Chinese imports of dairy products (excluding butter and cheese) had quadrupled since the melamine scandal in 2008, with New Zealand supplying about 90% of the import market.
China also remained the fastest growing market for New Zealand tourism.
