Chinese Premier Li Qiang<\/a>, whose message of congratulations soon after the prime minister\u2019s election victory on May 21 last year raised the prospects of a reset in bilateral relations.<\/p>\nBeijing has previously refused top-level ministerial contacts between the two countries.<\/p>\n
From the outset of his prime ministership, Albanese had demanded that China immediately lift what he described as \u201cunjustified\u201d official and unofficial trade barriers costing Australian exporters 20 billion Australian dollars ($13 billion) a year.<\/p>\n
Those barriers have since been substantially reduced and now cost around AU$2 billion ($1.3 billion).<\/p>\n
Albanese on Saturday credited his government\u2019s different approach toward China for what he describes as \u201cstabilizing\u201d the relationship, after nine years of conservative rule in Australia.<\/p>\n
\u201cMy approach towards this relationship has been patient, deliberate and measured, making sure that both of our interests are put forward because that is the way that good diplomacy works,\u201d Albanese said.<\/p>\n
\u201cThe fact that it is the first visit in seven years to our major trading partner is a very positive step, and I look forward to constructive discussions and dialogue with the president and the premier during my visit to Shanghai and Beijing,\u201d he added.<\/p>\n
China is concerned by the level of restrictions placed on Chinese investment in Australia due to growing security concerns.<\/p>\n
Around 400 Australian executives who do business with China are expected to attend a lunch with Albanese in Shanghai on Sunday. Many urge Australia to ease restrictions on Chinese investment.<\/p>\n
\u201cChinese investment shouldn\u2019t be a dirty word,\u201d David Olsson, president of the Australia China Business Council, told The Australian Financial Review newspaper.<\/p>\n
Albanese will visit Shanghai to attend the opening of the China International Import Expo trade fair where more than 200 Australian companies will be represented.<\/p>\n
During the three-day visit, Albanese will focus on reinvigorating the China-Australia free trade agreement, resolving the remaining Chinese trade bans and finding agreement on how to settle future trade disputes, his office said.<\/p>\n
Trade Minister Don Farrell, Foreign Minister Penny Wong and an Australian business delegation are traveling with him.<\/p>\n
China is Australia\u2019s largest export market, particularly for iron ore, natural gas and critical minerals such as lithium.<\/p>\n
Albanese has signaled that Australia won\u2019t back China\u2019s bid to join the free trade agreement known as the 12-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership.<\/p>\n<\/div>\n
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