Deputy Prime Minister and Foreign Minister Winston Peters greeted Mr Wang, the most senior Chinese politician to visit NZ since his last trip in 2017.
"We are honoured to host you here in the Grand Hall at the New Zealand parliament, the heart of New Zealand's democracy," Mr Peters said in comments to begin their formal meeting.
"There have been some significant developments since we last met, not least a global pandemic that impacted both our countries.
"Today is a valuable opportunity to reflect on the challenges and opportunities that are now before us."
NZ and Australia are formal allies but the two countries have distinct relationships with Beijing.
Australia has had a more adversarial relationship, particularly under the government of Scott Morrison, who labelled China as a bully engaged in "economic coercion".
In 2020, China levied trade tariffs which cost Australian business an estimated $A20 billion, which have since been eased to about one-tenth of that value.
NZ has enjoyed the benefits of strong economic ties in recent years, as the first developed country to sign a bilateral free trade deal with Beijing in 2008.
While in Wellington, Mr Yang will also holding brief meetings with Prime Minister Chris Luxon and Trade Minister Todd McClay.
"China looks forward to working with the two countries to deliver on the common understandings between the leaders, enhance strategic communication, deepen mutual trust, advance exchanges and co-operation, promote the steady and sustained growth of the China-New Zealand and China-Australia comprehensive strategic partnerships and contribute to world peace, stability and prosperity," foreign ministry spokesman Wang Wenbin said.
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