China has been Australia's largest trading partner for the past eight years. It is a loyal buyer of Australian goods, from iron ore to wine. China exports clothing, telecom equipment and parts to Australia.
The trade structure has put China in a trade deficit with Australia for years. Last year, bilateral trade reached 107.8 billion U.S. dollars, with a deficit of more than 30 billion dollars for China.
"We ran a trade deficit of tens of billions of U.S. dollars against Australia last year. Of course, we don't like trade imbalances. Yet, we believe the solution to trade imbalances lies in further expanding our trade, rather than closing our doors," Li said at the luncheon in Canberra.
Jennifer Westacott, CEO of Business Council of Australia, was at the luncheon. "The two countries have reaffirmed the importance of free trade and open market, and the importance of not retreating into isolationism," she told Xinhua.
Blackmores saw its business in China surge from scratch five years ago to a volume accounting for 40 percent of its total business in 2016. Its CEO Holgate attributed the growth to booming economic ties between the two countries and expected an even stronger growth following Li's visit.
"We are not a self-sufficient country, and a booming economic relationship with China is vital for us. If we lose that, moms and dads will lose their jobs, and factories will collapse," said Holgate.
To further bilateral economic ties and bring about more benefits to the two peoples, the two sides agreed to continue to implement the China-Australia free trade agreement (FTA) and work hard to usher in a new era of FTA-driven boom.
The two countries will also enhance synergy between China's Belt and Road Initiative and Vision for Developing North Australia, and between their innovation strategies, said an outcome list of Li's visit.
Cooperation in energy, resources, infrastructure, agriculture, animal husbandry, and scientific and technological innovation would also expand after the visit, according to the list.
In the agricultural area, they signed the Plan of Action (2017-2019) on Implementing Agricultural Cooperation Projects Between the Ministry of Agriculture of China and the Australian Department of Agriculture and Water Resources.
On science and technology cooperation, they agreed to continue the collaboration under the China-Australia Science and Research Fund in prioritized areas of advanced manufacturing, medical technology and pharmaceuticals, and resources and energy, with a budget of up to 6 million dollars from each side.
CARRYING FORWARD "SPECIAL" RELATIONS WITH NEW ZEALAND
During the visit to New Zealand, both Li and his New Zealand counterpart, Bill English, stressed the need to carry forward the "special" relations between the two countries.
New Zealand has been leading among developed countries in developing relations with China, and has created many "firsts," Li said at the welcoming luncheon in Auckland on Tuesday.
New Zealand was among the first countries to acknowledge China's full market economy status, and it was the first developed country that concluded a bilateral free trade agreement with China, among others.
During Li's visit, the two countries signed a ground-breaking memorandum of understanding on the Belt and Road Initiative, the first such document China has inked with a developed Western country.
The many "firsts" demonstrate that China-New Zealand relations are pioneering, special and exemplary, and have brought tangible benefits to the two countries, Li said.
Bilateral friendship shows that all countries can seek common ground while reserving differences, and become good friends and partners as long as they respect each other, treat each other as equals, and believe the development of the other side is an opportunity rather than a challenge, he said.
For his part, English said New Zealand is willing to continue to develop the special relations between the two countries and make unremitting efforts for the two countries' future.
The booming Chinese economy provides major opportunities for New Zealand, and both peoples benefit from the development of bilateral relations, English said.
Another major move taken by the two countries during the visit is the decision to start talks in late April on upgrading a bilateral FTA that took effect in 2008. For four years in a row, China has been New Zealand's largest trading partner.
At a joint press conference after talks with English on Monday, Li said upgrading the FTA will promote the development of bilateral economic and trade ties and better benefit the two peoples.
Negotiations will touch on investment, service trade, quarantine of animals and plants, the principle of origin, economy and technology, e-commerce, and competition policies, according to Chinese Ambassador to New Zealand Wang Lutong.
During the visit, China and New Zealand also signed a series of cooperation documents, including an action plan for cooperation on climate change, and new access for New Zealand chilled beef and meat to the Chinese market.
