China Australia Photo: CFP

China will leverage the strengths of its vast domestic market, expand its opening-up efforts, improve the business environment, and share growth opportunities with global partners, including Australia, Chinese Commerce Minister Wang Wentao said via video at a China-Australia economic forum in Sydney on Friday, according to a notice on the website of the Ministry of Commerce (MOFCOM).

Despite some ups and downs over the past decade, it hasn’t changed that the core of China-Australia economic and trade cooperation remains mutually beneficial. The MOFCOM will stay in close contact with business communities in both countries, offering support to enhance exchanges and cooperation, Wang noted.

The forum was jointly organized by the Australia China Business Council and the China Chamber of Commerce in Australia, with approximately 220 representatives from the business communities of China and Australia in attendance. Australian Trade Minister Don Farrell delivered a video address at the forum.

On November 3, Wang met with Farrell in Shanghai during the preparations for the seventh China International Import Expo (CIIE). They had discussions on deepening China-Australia economic and trade relations and supporting Australian companies participating in the CIIE, according to the MOFCOM.

This year a record-breaking number of Australian businesses participated in the just concluded CIIE, demonstrating the enthusiasm and confidence of Australian business community in economic and trade cooperation with China.

For Australian companies, the CIIE is an important opportunity to engage with customers in Australia's largest export market – China, said Vaughn Barber, China-Australia Chamber of Commerce chair, in an interview with the Global Times during the CIIE in Shanghai, which is in its seventh session this year.

China has been Australia's largest trading partner, export market and import source for 15 consecutive years. In 2023, bilateral trade in goods increased by 4.1 percent year on year. China is also the main importer of agricultural and mineral products from Australia, Xinhua News Agency reported.