China ready to restart economic, trade exchange mechanism with Australia

BEIJING - China is ready to restart the economic and trade exchanges mechanism with Australia, Commerce Minister Wang Wentao said Monday.

During his talks via video link with Australian Trade Minister Don Farrell, Wang said China is also willing to expand cooperation in emerging areas, such as climate change and new energy, and promote high-quality development of bilateral economic and trade relations.

China and Australia are each other's important economic and trade partners, with highly complementary economic structures and mutually beneficial and win-win bilateral economic and trade cooperation, said Wang.

He added that bilateral trade and economic relations are facing an important window of opportunity, and that the two sides should make joint efforts to inject more positive factors into their economic and trade cooperation.

The 20th National Congress of the Communist Party of China stressed that China would unswervingly open wider to the outside world, and a developing and open China would bring more opportunities to Australia and other countries, Wang said.

He hoped that Australia would work with China to strengthen communication and coordination in the economic and trade fields and seek mutually beneficial solutions to issues of respective concerns.

China is closely following Australia's tightened security review of Chinese companies' investment and operations in Australia and hopes that Australia can appropriately handle relevant cases and provide a fair, open, and equal business environment for Chinese companies, Wang added.

Farrell pointed out that China is Australia's largest trading partner and a significant source of investment, adding that trade and investment are cornerstones of bilateral relations.

He said Australia welcomes high-quality investment from China and other countries and looks forward to further expanding cooperation with China in such fields as climate change and renewable energy.

Farrell said Australia and China both support a rules-based multilateral trading system, and that Australia is ready to work with China to enhance mutual trust and resolve differences through candid dialogue for the benefit of the two peoples.