Treasurer Jim Chalmers recently met with key Chinese counterparts in Beijing during his two-day visit to Australia’s largest trading partner. This visit marks the first time an Australian treasurer has visited China in seven years and comes as the Albanese government works on repairing Canberra-Beijing relations. The resumption of the Australia-China Strategic Economic Dialogue is a significant step towards mending relations after years of tensions. Chalmers aims to discuss and strengthen economic ties, promote trade with Australian businesses, and sign agreements for continued collaboration between the two governments’ economic agencies.
With China’s demand for Australia’s vast resources and growing trade, the dialogue is crucial as China pivots towards renewable technology. Last year, two-way trade with China was worth $327 billion, according to federal government figures.
Chalmers emphasized the importance of continued cooperation amid global economic shifts and transformations.
While relations are improving, challenges remain, including Chinese import taxes on Australian lobster and potential security concerns over Chinese electric vehicles in Australia.