Today, I co‑chaired the sixth Australia‑China Strategic Economic Dialogue with Chairman Zheng Shanjie of China’s National Development and Reform Commission (NDRC).
This is the first time the Strategic Economic Dialogue (SED) has been held for three consecutive years.
Economic engagement with our biggest trading partner is crucial for regional economic stability and key for boosting trade, investment and opportunities for Australians.
Our discussions today were positive and productive, and pave the way for the Prime Minister’s meeting with Chinese President Xi later this month.
It was a timely opportunity to discuss our respective economic outlooks and advance Australia’s economic interests, following my recent meeting with China’s Minister of Finance Lan Fo’an.
Chairman Zheng and I affirmed the strength of the Australia‑China economic relationship and discussed the effects of sustained global volatility on our economies and the region, including our fuel and energy security. Our two‑way energy and commodities trade makes both countries stronger.
We discussed the importance of energy and commodity markets to both economies, including iron ore and refined fuels. We discussed opportunities for closer Government to Government engagement, to deepen mutual understanding of respective policy approaches, strengthen communication and transparency, and support open trade.
Chairman Zheng and I discussed trade and investment trends between Australia and China. We welcomed the resumption of the Australia‑China Investment Working Group, which met in July for the first time in a decade.
This Working Group provides an important forum for discussing investment policies and emerging economic issues in both countries and advancing Australia’s national interest.
The Strategic Economic Dialogue continues to be an important forum for promoting practical economic cooperation between Australia and China.
A stable and constructive Australia‑China relationship is in the interests of both of our countries.
Over the last four years, we have stabilised our relationship with China through calm and consistent dialogue and today’s meeting demonstrates the value of continued engagement.