China, Australia agree on economic cooperation despite differences

Chinese President Xi Jinping and Australian Prime Minister Anthony Albanese have agreed to improve bilateral economic ties, despite differences on security issues.

Albanese's trip to China, which started on Saturday, made him the first Australian prime minister in seven years to visit the country. He met with Xi in Beijing on Monday.

Xi told Albanese that the two countries are now on the "correct path of improving and developing relations." He said China and Australia have "no historical disputes and no fundamental conflict of interests, and can totally become mutually trusting partners."

Xi also said creating "small groups" would not help resolve the challenges facing the international community. He said China will warn against and oppose any attempts to send the Asia-Pacific region into chaos. The remarks may be a sign that Beijing is wary of Australia's deepening security ties with the United States.

Albanese after the meeting said that the stabilization of ties between Australia and China resulted in a recovery in bilateral trade, and that it is important for both countries. Meanwhile he reiterated Australia's stance that the status quo on Taiwan should be maintained.

Albanese said that during the talks Xi expressed his country's wish to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.