Chinese Premier Li Qiang is currently on an official visit to Australia, aiming to reinforce the comprehensive strategic partnership between the two nations. This visit, part of his three-nation tour that includes New Zealand and Malaysia, underscores the significance of China-Australia relations in the Asia-Pacific region.
Australia is the second stop on Premier Li’s tour from June 13 to 20. The visit seeks to explore new avenues for cooperation, ensuring that both countries continue to benefit from their strong and complementary economic relationship.
Economic and trade cooperation between China and Australia has been a cornerstone of their bilateral ties. According to the General Administration of Customs, the total bilateral trade value in 2023 reached $229 billion. China has been Australia’s largest trading partner, export market, and import source for 15 consecutive years since 2009.
At the 2024 Australia-China Economic Cooperation Forum, Chinese Ambassador to Australia Xiao Qian highlighted the importance of China as a source market for Australia’s tourism industry and investment. Last year, Australia received more than 550,000 Chinese tourists. By the end of 2023, China’s total investment in Australia amounted to $58.5 billion, with the stock of direct investment at $30.94 billion, making China Australia’s fifth-largest source of direct investment.
Premier Li’s visit is expected to consolidate these economic ties and foster further collaboration in various sectors. Both nations are looking to capitalize on their strategic partnership to drive regional growth and stability.
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Graphics: Consolidating the foundation for China-Australia cooperation
cgtn.com
