China & Australia to resume annual summits as trade picks up steam

• China & Australia to resume annual summits as trade picks up steam.
• PM Anthony Albanese held a meeting with Chinese Premier Li Qiang in Beijing.
• China has recently lifted trade restrictions on most Australian exports.

Australia’s Prime Minister Anthony Albanese held a meeting with Chinese Premier Li Qiang in Beijing on Tuesday, marking what Albanese referred to as an annual leaders’ meeting that would continue as relations between the two trading partners stabilized.

Albanese’s visit to China represents the first by an Australian leader in seven years, following a diplomatic dispute that had interrupted the once-annual leaders’ meetings.

President Xi Jinping emphasized on Monday that stable ties between China and Australia served the interests of both countries, highlighting the importance of resuming these meetings in a signal of readiness to move past recent tensions.

China has recently lifted trade restrictions on most Australian exports, which were imposed in 2020 in response to Australia’s call for an international investigation into the origins of the COVID-19 pandemic.

Albanese mentioned that the discussions would encompass “the full resumption of free and unimpeded trade between our two countries,” along with exploring ways to shape a peaceful, stable, and prosperous regional and global order.

He stressed the importance of managing geostrategic competition through dialogue and understanding.

Chinese customs data showed that China’s imports from Australia in October increased by 12% compared to the previous year, amounting to $11.96 billion, marking an acceleration from the 4.9% rise in September.

Chinese imports from Australia increased by 8.4%, reaching $128.76 billion for the first ten months of the year. This follows a sharp decline in imports from Australia last year, which dropped by 12.7% to $142.1 billion.

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