The Australia-China relationship is back on track after a period of disruption, analysts said, citing the recent meeting between Chinese President Xi Jinping and Australia's Prime Minister Anthony Albanese on the sidelines of the G20 summit in Rio de Janeiro, Brazil.
Both leaders reiterated their shared desire to build a mature and stable relationship.
Analysts say Albanese has taken great care in rebuilding relations with China, which were derailed by the former conservative coalition government.
This was echoed on Tuesday by China's Ambassador to Australia Xiao Qian, when he said the year 2022, when Albanese was elected, was the "year of stabilization" in Australia's relationship with China.
At a news briefing marking the 10th anniversary of the Australia-China comprehensive strategic partnership, Xiao said ties were "back on the right track".
"We experienced a difficult time for several years until two years ago," he said. "Since then, we have successfully changed that situation."
James Laurenceson, director of the Australia-China Relations Institute at the University of Technology Sydney, said relations between Australia and China have a good foundation.
"Since coming to power, the Albanese government has been consistent in its relations with China, and this was further reinforced when the two leaders met at the G20," Laurenceson told China Daily.
He said Canberra and Beijing are basically saying the same things about the bilateral relationship.
"While they acknowledged some differences, they also acknowledged areas of common interest."
James Chin, a professor of Asian Studies at the University of Tasmania in Australia, said people welcome President Xi's speeches and commend the ways that he has described inclusion and a fairer world.
He said the significance of the meeting between Xi and Albanese on the sidelines of the G20 summit is that it is quite clear that ties between Australia and China are back to normal, adding that he expects there will be "a series of bilateral meetings after this".
Good for stability
Noting that Australia is one of the biggest countries in the Pacific, Chin said the normalization of relations with China is "a really good thing from the perspective of stability" in the Asia-Pacific region.
Albanese's meeting with Xi came a year after his visit to Beijing to end the diplomatic dispute that saw billions of dollars worth of Australian exports to its largest trading partner blocked.
David Olsson, president and board chair of the Australia China Business Council, said: "Over the past three years, Australia-China relations have transitioned from significant tensions to the best they have been over the last decade, driven by pragmatic economic imperatives and diplomatic recalibration."
He said the recent meeting between Xi and Albanese was an acknowledgment of the importance of the comprehensive strategic partnership. "It also demonstrates that there is an enduring appetite in both Beijing and Canberra to widen and deepen areas of collaboration," he told China Daily.
Olsson said the China-Australia Free Trade Agreement has seen mutual trade double in the last decade. The two governments recognize international trade is vital for both economies and the region, and Australia regularly affirms its commitment to promoting open, diversified, rules-based trade.
"We are seeing a more balanced engagement on contentious issues," Olsson said.
"Top-level dialogues — at government, diplomatic and business levels — provide platforms to talk through differences and find common ground for mutual benefit.
"Importantly, leaders on both sides point to the fundamental complementarity of the two countries' economies as the bedrock of the bilateral relationship."
Looking ahead, he said, the Australia China Business Council "will be working with key stakeholders in Australia and China not only to strengthen traditional areas of trade and investment, such as resources, agriculture and education, but (also to) expand into new areas of collaboration, particularly those that address shared global challenges, such as climate action, sustainable infrastructure and supply chain resilience".
Hans Hendrischke, a professor of Chinese business and management at the University of Sydney Business School, said that in the economic conversation, China and Australia have enough common interests to work together and resolve differences constructively.