Chinese analysts emphasized the potential for deeper economic collaboration between China and Australia while addressing ongoing trade tensions, highlighting the significance of Chinese Foreign Minister Wang Yi’s visit to Australia as a positive indicator for bilateral relations.
During the seventh China-Australia Foreign and Strategic Dialogue alongside Australian Foreign Minister Penny Wong, Wang expressed China’s readiness to cultivate shared interests and establish a fair and transparent business environment for enterprises from both nations. Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, underscored China’s willingness to expand cooperation across various sectors including trade, new energy, digitalization, and the green economy, emphasizing the importance of enlarging the scope of mutual interests.
Experts noted that Wang’s visit signals a fresh approach to economic cooperation, leveraging the significant complementarity between the two countries in traditional and emerging sectors. They urged the Albanese administration to explore new avenues of collaboration, particularly in the new-energy sector, while concurrently addressing trade disputes with China.
Professor Wang Shiming from East China Normal University highlighted the visit as a reaffirmation of both countries’ opposition to trade protectionism and their commitment to trade liberalization and investment facilitation. He emphasized the importance of steady and peaceful development in the Asia-Pacific region.
Enhanced cooperation in environmental protection, renewable energy, and climate change is anticipated, with experts suggesting a broader scope for economic and trade cooperation and improved access for investment.
Regarding economic pressures, Professor Zhou Fangyin from the Guangdong Research Institute for International Strategies stressed Australia’s keenness to maintain stability in its economic relationship with China. He emphasized the mutual desire for a stable economic relationship and suggested that as long as both sides share similar views on common economic concerns, bilateral trade and economic cooperation can thrive due to inherent complementarity.
Australian companies have welcomed Wang’s visit, viewing dialogue as essential for understanding and seizing new opportunities in emerging sectors. CEO of Fortescue Metals, Dino Otranto, highlighted the potential for collaboration in the energy transition, citing ongoing efforts to reduce emissions in the steel value chain.
Despite global uncertainties, trade with China remains a crucial component of Australian prosperity, with nearly 80 percent of Australia’s foreign trade surplus stemming from trade with China in 2023.
Recent pragmatic approaches to trade disputes have led to progress, including Australia’s suspension of anti-dumping tariffs on Chinese wind tower imports. Prospects for a resolution in the ongoing tariff issue on Australian wine exports to China have also been noted.
Dialogue on tourism may also be on the agenda, with Australia reportedly seeking to restore China as its top tourism source.
Since assuming office in 2022, the Albanese administration has worked to rectify previous anti-China policies, leading to positive responses from the Chinese side and gradual improvement, stabilization, and recovery in bilateral ties.