Win-win cooperation the right choice for China, Australia

People visit the AliExpo 2024 in Sydney, Australia, March 15, 2024. Alibaba launched a two-day e-commerce event AliExpo 2024 in Sydney on Friday to help inspire reading about opportunities in China and Southeast Asia and provide attendees with relevant information. (Xinhua/Ma Ping)

China and Australia can leverage their strengths through their joint efforts to build a more prosperous and secure future for the Asia-Pacific region and beyond.

BEIJING, March 17 (Xinhua) -- As two major Asia-Pacific countries critical to global economic growth, enhancing the ties between China and Australia is mutually beneficial and echoes the expectations of neighboring nations.

There is no historical grievance or contemporary hostility between China and Australia, and their common interests vastly outweigh any differences. Both sides must ensure that cooperation continues as the cornerstone of the bilateral ties.

Since taking office in 2022, Prime Minister Anthony Albanese's government has remedied its predecessor's irrational anti-China policies, prompting a positive response from China. As a result, China-Australia ties have gradually bottomed out, recovered and stabilized.

Albanese's visit to China last year was highly successful, with leaders of both nations agreeing to advance the China-Australia comprehensive strategic partnership. During the visit, the Statement on Joint Outcomes of the China-Australia Annual Leaders' Meeting was issued, outlining a blueprint for the future development of bilateral relations in the next stage.

Chinese Foreign Minister Wang Yi is slated soon to hold the seventh China-Australia Foreign and Strategic Dialogue during his visit to Australia with his Australian counterpart Penny Wong.

The visit comes as the two countries mark the 10th anniversary of establishing the China-Australia comprehensive strategic partnership. The two sides should seize this moment to review their past relationship and extract valuable insights and lessons to foster a stable and enduring bilateral relationship moving forward.

China's Minister of Commerce Wang Wentao co-chairs the 16th China-Australia Joint Ministerial Economic Commission with visiting Australian Trade Minister Don Farrell in Beijing, capital of China, May 12, 2023. (Xinhua/Zhang Yuwei)

China has long stood as Australia's most important trading partner, with bilateral trade comprising nearly one-third of Australia's total foreign trade.

The two economies are highly complementary: China boasts an enormous market in demand, an extensive industrial supply chain, and a large number of high-caliber workers and entrepreneurial talent, while Australia is home to rich and high-quality mineral resources, world-leading specialized expertise, a highly developed service industry and a well-established legal system.

There is no justification for such economically interdependent nations to fall victim to unfounded notions of "decoupling" or an imagined "new Cold War."

Instead, the two sides should fully exploit the potential of the China-Australia Free Trade Agreement and bolster ties in emerging areas such as climate change and green economy.

As the world's most dynamic region, the Asia-Pacific relies on close China-Australia relations. Together, they play a crucial role in fostering regional stability, driving economic growth, and tackling shared challenges like climate change and maritime security.

China and Australia can leverage their strengths through their joint efforts to build a more prosperous and secure future for the Asia-Pacific region and beyond.