China, Australia need to respect each other's core interests

Chinese ambassador to Australia Ma Zhaoxu said Friday at the launching ceremony of the Australia-China Relations Institute (ACRI) that through historical experience, China and Australia must respect each other's core interests.

Ma said: "The path of China-Australia relations shows that, as long as we respect each other's core interests and major concerns, bilateral ties will move forward in a healthy and stable way."

ACRI is a newly established institute of Australian University of Technology Sydney (UTS), funded by two Chinese entrepreneurs Huang Xiangmo and Zhou Chulong, and led by Australian former foreign minister Bob Carr.

"ACRI will focus on developing a better understanding of the political, social and business relations between our two nations," Ma said. "The establishment of ACRI is timely and marks a big step forward in the China-Australia relations studies and is a historic event in our bilateral relationship."

He said: "We need to promote better understanding and mutual trust, China and Australia are so different but have so much in common."

Ma expressed his satisfaction on current progress of China- Australia relationship by citing the latest statistics of bilateral trade, which reached a new record of 136.4 billion U.S. dollars in 2013.

He said: "There are no other two countries like China and Australia with such an extent of interdependence and complementary ties. We see the vital importance of our partnership in many ways, "adding that the bilateral relation is " harmony in diversity" .

Julie Bishop, Australian Foreign Minister, agreed with Ma's comment on the bilateral relationship in her speech. She said:" Australia and China are working more closely than ever before."