Australian Treasurer to Visit China for First Time Since 2017

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

Federal Labor Treasurer Jim Chalmers speaks during a press conference in Perth, Australia on Feb. 20, 2024. AAP Image/Richard Wainwright

Australian Treasurer Jim Chalmers has confirmed his Beijing trip will take place on the last week of September. There, he will meet with his Chinese counterparts to discuss trade restrictions and foreign investment opportunities.

As the two countries navigate geopolitical tensions and slowing growth in the world’s second-largest economy, Chalmers said in his statement that a stabilised relationship with China is good for Australia.

“Our relationship with China is full of complexity and full of opportunity, and stabilising that relationship is good for our workers and businesses, employers and investors.”

As part of the Strategic Economic Dialogue, the meeting will focus on issues affecting the global economy and the economies of the two countries, including sensitive areas like critical minerals.

Chalmers said that depending on how the relationship is managed, there could be a lot at stake and a lot to gain.

“Now, we’ve got a lot at stake and a lot to gain from the work that we have been doing to stabilise this really important relationship with our key trading partner,” he said.

Chinese trade restrictions remain on a few Australian exports, including lobster, which were placed in 2020 in retaliation to the banning of Huawei in Australia’s 5G network and call for an independent investigation into the origins of COVID-19.

Australia also recently tightened its foreign investment laws for critical assets, with proposals from foreign states that are considered higher security risks now under greater scrutiny.

Chalmers said the laws were non-discriminatory and were not targeted against specific countries but that the Dialogue would be a good opportunity to work through any disagreements with Beijing around the scheme.

Seven Years Since Last Visit

This would be the first trip by an Australian treasurer in seven years and the first ministerial visit this year.

The last time an Australian treasurer made such a trip to China was in 2017, when Scott Morrison held the role. Morrison’s trip to China then was also about stabilising the relationship and finding more trade opportunities.

Chalmers also took this opportunity to thank the work done by Foreign Affairs Minister Penny Wong, Trade Minister Don Farrell, and Prime Minister Anthony Albanese for their efforts to strengthen the relationship.

“We’ve seen some of the fruits of those efforts already, and my trip to Beijing should be seen in that light,” he said.

“It’s been a long time since the Treasurer has been to Beijing for talks of this nature. It’s a really good opportunity to further strengthen and further stabilise the relationship with China.”