Australian Treasurer to Make First Visit to China in Four Years

September 9, 2024 TruthUSA

Jim Chalmers plans to meet with his Chinese counterparts at the Strategic Economic Dialogue to discuss trade restrictions and foreign investment opportunities.

Australian Treasurer Jim Chalmers has confirmed that his trip to Beijing will occur during the last week of September. He will engage in discussions with his Chinese counterparts regarding trade restrictions and foreign investment prospects.

Amidst geopolitical tensions and a deceleration in China’s economy, Chalmers emphasized the importance of maintaining a stable relationship with China for Australia. In a statement, he mentioned, “Our relationship with China is full of complexity and opportunity, and stabilizing this relationship benefits our workers, businesses, employers, and investors.”

During the Strategic Economic Dialogue, the meeting will cover topics impacting the global economy and the economies of both countries, including sensitive areas like critical minerals.

Chalmers highlighted that the management of the relationship with China could result in significant gains or losses. He stated, “Depending on how the relationship is managed, there could be a lot at stake and a lot to gain.”

Australia continues to face Chinese trade restrictions on specific exports like lobster, imposed in 2020 in response to the ban on Huawei in Australia’s 5G network and the call for an independent investigation into the origins of COVID-19.

Moreover, Australia recently strengthened its foreign investment regulations concerning critical assets, subjecting proposals from foreign countries posing higher security risks to increased scrutiny.

Chalmers clarified that these laws are not discriminatory and are not aimed at specific nations, but the upcoming Dialogue presents an opportunity to address any disputes with Beijing regarding the scheme.

Seven Years Since Last Visit

This visit by an Australian treasurer marks the first in seven years and the first ministerial visit of the year.

The previous trip by an Australian treasurer to China occurred in 2017 with Scott Morrison in office. Morrison’s visit to China at that time also focused on stabilizing the relationship and exploring additional trade prospects.

Chalmers expressed his appreciation for the efforts of Foreign Affairs Minister Penny Wong, Trade Minister Don Farrell, and Prime Minister Anthony Albanese in strengthening the relationship. He remarked, “We’ve already seen some positive outcomes of those efforts, and my trip to Beijing should be seen in that context.”

“It has been a considerable amount of time since a Treasurer engaged in talks of this nature in Beijing. This presents a significant opportunity to further enhance and stabilize the relationship with China,” Chalmers added.

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