China, Australia vow to promote institutional dialogue for more economic cooperation

China and Australia have pledged to advance institutional dialogue at various levels, so as to further stabilize and improve their bilateral relations.

Chinese Foreign Minister Qin Gang and his Australian counterpart Penny Wong made the remarks on Thursday during their meeting on the sidelines of the Group of 20 (G20) Foreign Ministers' Meeting held in India's capital New Delhi on March 1-2.

China and Australia should implement the important consensus reached at the Bali Summit between the leaders of the two countries, respect each other's core interests and major concerns, and cherish the improving bilateral relations, Qin said.

The two countries have restarted or resumed institutional dialogue and consultation on diplomacy, economy and trade, and should continue to promote dialogue and exchanges at all levels, he said.

The two sides should properly view and handle their differences and address each other's legitimate concerns, said the Chinese foreign minister.

"We hope that the Australian side will provide a fair, just and non-discriminatory business environment for Chinese enterprises to invest and do business in Australia," he noted.

For her part, Wong said that the sound Australia-China relations are in the common interests of both sides, reiterating Australia's commitment to managing the differences between the two countries.

Australia will jointly implement the outcomes of the new round of China-Australia Foreign and Strategic Dialogue and fully agrees to resume more institutional dialogues between the two countries, said Wong.

Noting that Australia-China economic, trade and investment cooperation is mutually beneficial, she said Australia welcomes Chinese investment and will treat Chinese companies equally.

Saying that China is a key force in promoting world peace, stability and prosperity, Wong said she hoped that China will play an important role in helping resolve the Ukraine crisis.

Regarding the crisis, Qin stressed that the core of China's position on the issue is to promote talks for peace.

China has been calling for ceasing hostilities and a political settlement of the crisis through diplomatic negotiations since the very beginning and will continue to play a constructive role to this end, he said.