Regaining their lost trade momentum in interests of both Australia and China

This is an editorial from China Daily.

The latest remarks from Australian Prime Minister Anthony Albanese on boosting relations with China are a welcome signal that Canberra is willing to join hands with Beijing to continuously inject positive energy into bilateral ties so that Sino-Australian cooperation can regain steam and bring greater benefits to both sides.

In an interview with the Australian media on Saturday, Albanese said China is a major trading partner of Australia and "We believe that it is in both our countries' interests to continue to develop more positive relations".

Indeed, trade between the two countries, buttressed by a free trade agreement in 2015, was developing on a fast track before 2020. In the past three years bilateral trade has regrettably nosedived after encountering some severe difficulties, largely stemming from the previous Australian government's anti-China policies.

Since Albanese's Labor government took power in May, it has abandoned its predecessor's China-bashing stance and opted for a more pragmatic approach toward ties with Beijing. A series of high-ranking interactions, including President Xi Jinping's meeting with Albanese on the sidelines of the G20 Summit in Bali, Indonesia, and Australian Foreign Minister Penny Wong's visit to Beijing in December, have built rapport and stabilized bilateral ties.

Prior to Albanese's well-intended remarks on promoting bilateral trade, Chinese Ambassador to Australia Xiao Qian has also struck an upbeat tone, saying that "the relationship between China and Australia is at a critical stage of turnaround", and that "we will be sending more positive messages to build up more confidence for people in both countries to come back to normal trade relations".

There are signs that Beijing and Canberra are translating their messages of goodwill into real action as media reports said four Chinese companies have been granted approval to buy Australian coal, with the first batch expected to arrive in late February. Though he stopped short of confirming it, Ambassador Xiao said he welcomed moves in that direction.

Latest statistics show China-Australia trade reached $220.91 billion in 2022, down 3.9 percent year-on-year, with Australian exports to China reaching $142.09 billion, a drop of 13.1 percent year-on-year. But the rapidly thawing relations between Beijing and Canberra foretell that such a gloomy picture for bilateral trade will not continue this year.

As two countries with different social and political backgrounds, it is natural that Beijing and Canberra may not see eye to eye with each other on some issues. But farsighted politicians will find ways to bridge the gaps and navigate the differences, rather than choose to harm the mutual interests of the two countries.

However, it needs more wisdom for Canberra to put Australia-China ties fully back on the right trajectory again, given the arduous task of balancing its relations with China and the US.