China and Australia are ready to “move beyond” stabilising relations and aim for “more productive” economic cooperation, according to Beijing’s ambassador Xiao Qian.
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There could be a “closer alignment” between the Australian mining and Chinese manufacturing sectors through “joint exploration, technology sharing and capacity enhancement”, Xiao told a trade expo on Thursday.
He said both countries had “highly compatible” development strategies and “can fully complement each other’s strengths, collaborate in a coordinated manner and jointly build green, secure and sustainable” industrial chains.
Earlier this week, the Australian mining giant Fortescue announced it had secured an offshore yuan-denominated loan worth 14.2 billion yuan (US$1.98 billion) from a syndicate led by Bank of China to support its decarbonisation plans.
China has been Australia’s largest trading partner, export market and source of imports for the past 16 years.
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However, after ties soured in 2019 and 2020, Australian goods were hit by a series of export curbs that Beijing only lifted at the end of last year.