Albanese says Taiwan ‘status quo' remains after questions on Chinese media report
The status quo, in Australia's view, is that Taiwan should not declare independence unilaterally and China should not retake the island without negotiations.
Later on Wednesday, Albanese travelled to Chengdu, a major city in Western China, that has a history of being more liberal than other parts of the country. There the prime minister met with local party officials and held a tennis event.
On Thursday, Albanese will attend a medical technology industry lunch with dignitaries, including Australian Nobel laureate Professor Barry Marshall, and then tour a factory from Australian hearing implant company Cochlear.
China is the world's largest manufacturer of high-tech devices, but research and technology ties between the country and the West have been strained by allegations of intellectual property theft and strategic tensions.
In a speech to the lunch, Albanese will recall Bob Hawke's visit to Chengdu in 1986 when the Labor leader went to an Australian-owned circuit board factory.
He will say that technology remains core to Australia's trade partnership with China and that both nations can improve by investing in research and manufacturing. 'This also depends on continuing to break down barriers by supporting the free and fair trade that enables Australian medtech companies to access the market here in China,' Albanese will say.
While Albanese was touring Beijing this week, Russia's foreign minister, Sergey Lavrov, was also in the city. Asked whether Australia's strategy of engaging with China through trade despite security issues was repeating Europe's approach before Russia invaded Ukraine, Albanese said the situations were different.
'I don't think you can translate one thing across some other part of the world of which Australia is not a participant,' Albanese said. He argued that Australia's ties with China went beyond trade to dialogue at summits and personal links.
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Xi and Russian President Vladimir Putin previously declared a 'no-limits' partnership between the nations, and China has been accused of assisting Russia's war effort in Ukraine.
Chinese direct investment in Australia has slowed in recent years due to national security concerns about overseas influence in critical industries such as infrastructure and resources.
China has been pushing to lower the barriers to entry mandated by Australia's Foreign Investment Review Board, which can block attempts at investment or reverse them, such as an order last year to push China-linked investors out of a critical minerals company in Western Australia.
After the pair inspected Chinese troops dressed in immaculate dress uniforms, Li told a business roundtable attended by Albanese on Tuesday night that China was seeking fairness.
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'I trust that Australia will also treat Chinese enterprises fairly and also properly resolve the issues [of] market access and review,' he said.
According to figures from consultancy KPMG and the University of Sydney, Chinese investment in Australia increased from $US613 million in 2023 to $US862 million in 2024.
That is still significantly lower than 2008, when it reached $US16.2 billion, or even as recently as 2017, when it was $US10 billion.
Against a backdrop of US President Donald Trump's mercurial tariff policies, Li positioned China as a force of stability in an unstable world.
'We hope that you will embrace openness and co-operation, no matter how the world changes,' Li said.
'The development of all countries is faced with new challenges. Given such circumstances, China and Australia, as important trade partners, should strengthen dialogue and co-operation.'
Treasurer Jim Chalmers was noncommittal when asked last week about China's wish to speed up foreign investment reviews.
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