China's Minister of Commerce Wang Wentao met with Australian Minister for Trade and Tourism Don Farrell in Shanghai on November 3 during preparations for the 7th China's International Import Expo (CIIE). Photo: Courtesy of the official website of MOFCOM

The number of Australian companies attending this year's 7th China International Import Expo (CIIE) in Shanghai has reached a new record high, underscoring the strong confidence and enthusiasm of Australia's business community for deepening economic ties with China, Minister of Commerce Wang Wentao has said.

Wang made the remarks during a meeting with Australian Minister for Trade and Tourism Don Farrell in Shanghai on Sunday, according to a release posted on the website of China's Ministry of Commerce (MOFCOM) on Monday.  

China's economy maintains its positive momentum, which will create more business opportunities for Australian companies, said Wang. He expressed hope that Australia will continue to improve its business environment and treat Chinese companies fairly and justly.

Wang highlighted that Australian companies generally believe that a healthy and stable China-Australia relationship is very important to bilateral economic and trade cooperation.

During the meeting, Wang emphasized the need for China and Australia to address each other's economic and trade concerns based on equality and mutual benefit, aiming to transform their economic complementarities into more concrete, practical cooperation results.

China and Australia have maintained close communication in the economic and trade sectors since 2023. Australia sent a large delegation of more than 250 companies to participate in the CIIE, which shows that Australian companies recognize the huge opportunities in the Chinese market, said Farrell.

Australia is optimistic about China's economic prospects and is willing to commit to long-term cooperation with China, the Australian minister said.

Both sides held practical and constructive discussions on strengthening China-Australia economic and trade ties and encouraging greater participation of Australian businesses in the 7th CIIE, according to China's Ministry of Commerce.

Several Australian and Chinese companies that will be participating in the expo told the Global Times about their excitement and expectations for delving into the Chinese market through this platform of opportunities.

In a statement that Australian-British mining giant Rio Tinto shared with the Global Times, Bold Baatar, Rio Tinto chief commercial officer, said that the CIIE has become a significant platform for promoting global trade and cooperation, demonstrating China's commitment to sharing development opportunities with the world and its dedication to building an open global economy.

"Over the years, the CIIE has not only had a profound positive impact on the global business and trade sectors but has also helped reshape the industrial landscape through win-win cooperation, infusing innovative momentum into the high-quality development of various industries," Baatar said.

The success of the CIIE reflects China's commitment to driving reform and high-quality growth through high-level opening-up and underscores the importance of global partnerships in addressing shared challenges and uncovering new opportunities, Baatar said.

"We hope to bring everyone high-quality Australian Wagyu beef and invite you all to come and taste it. Australian Wagyu beef is very popular in China, and the market potential is immense," Du Yemei, an employee of Dashang Group, a large department store business group in China, told the Global Times on Monday. The Australian Wagyu beef showcased are from Dashang's self-owned farm in Australia.

Also in Shanghai this week, Australian wine producer Treasury Wine Estates will be represented by brands including Penfolds at the expo. The company said in a press release sent to the Global Times that the "CIIE is an important platform for promoting trade, investment and global cooperation, and represents a significant opportunity for (the company) to engage with local government, industry, suppliers, partners and customers."

"The CIIE has always played an important role in China-Australia trade, given the fact that Australia itself is an export-oriented economy and China is its major market," Chen Hong, director of the Australian Studies Center at East China Normal University, told the Global Times on Monday.

China-Australia economic and trade relations are not only stabilizers and boosters of China-Australia relations, but also important sources of support for Australia's economic and trade development, which is again reflected in the large number of Australian businesses participating in this year's import expo, Chen said.

In addition to energy and minerals, Australia offers agricultural and animal husbandry products, including dairy products, wine and beef, which are all gaining popularity in the China market as Chinese consumers pursue better-quality food, Chen said, noting that the CIIE itself provides Australian businesses with great opportunities for expanding such win-win outcomes.