Treasurer Jim Chalmers has met with key Chinese counterparts in Beijing as part of a two-day visit to Australia’s largest trading partner.
Chalmers is the first Australian treasurer to visit the economic giant for seven years and comes as the Albanese government repairs Canberra-Beijing relations.
The resumption of the Australia-China Strategic Economic Dialogue is a significant move in repairing relations after years of hostilities.
He will be discussing growing economic ties and promoting trade with Australian businesses, as well as signing an agreement for the two governments’ economic agencies to continue working collaboratively.
This is a nod to the demand by China for Australia’s vast resources, including coal, iron ore and increasingly, minerals used for renewable technology.
They are critical for China as it pivots to manufacturing solar panels, batteries and electric vehicles.
Last year, two-way trade with China was worth $327 billion, according to federal government figures.
Chalmers said much had changed in the world since the last Australia-China Strategic Economic Dialogue in 2017.
“During that time, the global economic environment has changed considerably in the face of dramatic environmental, technological and geopolitical transformation.
“It is more important than ever that we continue cooperating and collaboration.”
But some obstacles in repairing Australia-China relations remain.
Where Australia ranks among the most powerful countries in Asia
Despite warming relations and the recent removal of crippling tariffs on Australian wine, beef and barley, China’s import taxes remain on Australian lobster.
There’s also questions over whether Australia could follow suit on a US plan to ban Chinese electric vehicles due to national security concerns.
