During a recent roundtable in Beijing with Australian Prime Minister Anthony Albanese, Chinese Premier Li Qiang emphasised the need for enhanced cooperation between China and Australia amidst increasing global protectionism and economic uncertainty. Li’s commentary comes at a time of heightened tensions stemming from US President Donald Trump’s unpredictable trade policies, which have disproportionately affected China through significant import taxes aimed at bolstering American industries.
Despite the challenges, Li pointed out the resilience of the Australia-China trade relationship, expressing optimism about future cooperation. He noted that both nations share a commitment to promoting trade and investment liberalisation amid rising protectionist tendencies globally. Li’s remarks highlight the necessity for both countries to collaborate more closely, especially given the complex dynamics affecting international economic relations.
Previous tensions had arisen following Australia’s push for an inquiry into the origins of COVID-19, which resulted in tariffs on billions in Australian exports to China. However, Li acknowledged the robust nature of their trading ties, which have withstood various challenges.
Albanese lauded the doubling of Australian exports to China over the past decade, attributing this success to a free-trade agreement and subsequent tariff reductions by Beijing. He emphasised the importance of learning from previous successes while preparing for future challenges, signalling the Australian government’s commitment to nurturing its relationship with China.
Political analyst Simon Jackman noted that China has positioned itself as a reliable partner in contrast to the uncertainties surrounding the United States, especially during Trump’s administration. Recent polling data indicates shifting sentiments among Australians regarding both superpowers, with trust in the US declining significantly while faith in China has slightly increased.
The roundtable, jointly organised by the Business Council of Australia (BCA) and the China Development Bank, marked a notable occasion as it was the first of its kind held in Beijing since 2016. BCA Chief Executive Bran Black underscored the importance of strengthening trade links, highlighting that one in four Australian jobs relies on trade, thus reinforcing the necessity for increased economic cooperation with all partners, including China.
As both countries navigate these complex waters, the call for greater collaboration reflects a mutual recognition of their economic interdependence and the potential benefits that a robust partnership can yield amid a challenging global landscape.