People rest in front of the Sydney Opera House in Sydney, Australia, on Aug. 6, 2020. (Xinhua/Bai Xuefei)

China's deputy ambassador to Australia Wang Xining said officials from the two countries should not let cold hearts and dark minds cast a shadow over their partnership at a recent event, against a backdrop of escalating trade disputes. 

"The two economies fit each other like mortise and tenon. We could serve as a classic case of comparative advantages, which if it worked well, would make Adam Smith chuckle in his grave," said Wang, addressing a crowd at the National Press Club of Australia and urging a four-pronged approach to promote the partnership: respect, goodwill, fairness and vision.

The senior diplomat's remarks came at a time of rising trade tensions amid a deteriorating political relationship between the two countries. 

Echoing the "trade baton" policy of the US Trump administration, Australia was the first Western country to shun Chinese telecommunication giant Huawei's 5G equipment, and the bilateral trade relationship has also suffered recently due to Australian demands for a so-called 'independent investigation' into the source of the COVID-19 pandemic, as well as numerous claims of China spying on Australia.

Wang emphasized the huge potential of the Chinese market, where an estimated 400-500 million people will join the existing 400 million-strong middle-income group in the next 5 years, as well as China's intention to share growth opportunities with other countries.

"The highly complementary economic structures between China and Australia give our business natural impetus for trade and investment," Wang said.

As comprehensive strategic partners, China and Australia shoulder special responsibilities, Wang said.

However, Wang cautioned Australia not to push foreign business or investment away on account of groundless, and in many cases imported, assertions of so-called security breaches, intellectual property right infringements and forced technology transfers. 

Australia has been increasing its scrutiny of Chinese investments in recent years. Recently, such enhanced scrutiny has caused Chinese firm Mengniu Dairy's purchase of Australia's Lion Dairy to fall apart.