China, Australia vow to strengthen trade connections

China and Australia vowed on Thursday to boost trade ties and expand cooperation on climate action and global challenges during a high-level dialogue, marking fresh momentum in stabilizing and advancing bilateral relations.

Nearly 40 representatives from government, business, academia, media and cultural sectors gathered in Beijing for the ninth meeting of the China-Australia High-Level Dialogue, co-hosted by the Chinese People's Institute of Foreign Affairs and the National Foundation for Australia-China Relations. The dialogue is the only track 1.5 mechanism between the two countries.

Li Zhaoxing, head of the Chinese delegation and honorary president of CPIFA, said the two countries should continue to view each other as partners, ensure that cooperation remains "the mainstay of the relationship," and manage differences appropriately.

Citing the principle of mutual benefit, Li noted that China has been Australia's largest trading partner for 16 consecutive years, with Australia's cumulative trade surplus with China surpassing $600 billion between 2014 and 2024 — its largest with any country.

At a time of growing global uncertainty, he said, China is committed to promoting global governance based on consultation, joint contribution and shared benefits, and stands ready to work with Australia to build a fairer and more equitable international order.

The dialogue was the first major engagement between senior figures from both countries since Australian Prime Minister Anthony Albanese's visit to China in July.

"Direct engagement between Australia and China is fundamental to a constructive relationship. It enables opportunities to be harnessed and differences to be addressed and managed," said Craig Emerson, head of the Australian delegation and a former trade minister.

Marking the 10th anniversary of the China-Australia Free Trade Agreement, he highlighted the complementarity of the two economies, noting that since 2015, Australia's exports of goods and services to China have more than doubled, while Chinese exports to Australia have risen by 80 percent.

"By talking candidly, directly and regularly, we continue the stabilization of the Australia-China relationship. This matters obviously not just to Australia and China, but to the region as a whole," Emerson said.

"Today's meeting is an example of what we should be doing. Despite different geographies, cultures and political systems, China and Australia remain core trading partners committed to bringing prosperity to our peoples," said Warwick Smith, a former Australian federal minister.

"China's economy is very resilient, and Australia's economy is strongly complementary to it. Our cooperation has long focused on coal, iron ore, liquefied natural gas, education and tourism, which will continue. But future growth will increasingly come from services, advanced technologies, aged care and other sectors of the service economy," he said, underscoring the vast potential for bilateral cooperation.

Long Guoqiang, vice-president of the Development Research Center of the State Council, said China's pursuit of high-quality development will generate new opportunities for Australia and the world.

"The upgrading of China's consumption and industrial structures will offer a larger and more advanced market, while further opening-up will create new investment opportunities," Long said.

David Shankey, CEO of Australia's Net Zero Economy Agency, noted that climate action was an area of shared interest, where both countries can exchange technologies and expertise.

In July, Beijing and Canberra agreed to establish a new policy dialogue on steel decarbonization. Green iron, Shankey said, represents one of the most complementary areas given that Australia is a major iron ore supplier to China. Strengthening cooperation in this technology, he said, would further support the bilateral relationship.