Washington and Beijing remain at odds on issues from trade to the status of self-ruled Taiwan and China's increasingly assertive approach in disputed maritime regions
AFP

Treasurer Jim Chalmers is set to make a historic visit to China this week, becoming the first Australian treasurer in this capacity in seven years, to ease bilateral tensions.

Chalmers is China-bound to co-chair the Australia-China Strategic Economic Dialogue on Thursday alongside He Lifeng, Chairman of China's National Development and Reform Commission to boost economic cooperation and strategic ties between the two nations, reported the Associated Press.

Australia and China signed a Memorandum of Understanding (MoU) that resurrected their Strategic Economic Dialogue (SED) in Canberra on June 17.

Chalmers' visit to China, scheduled for Thursday, came seven years after the then-treasurer Scott Morisson's ascend to the prime ministerial position resulted in the Australia-China relationship worsening again under his rule.

Relations returned to normal after Prime Minister Anthony Albanese's center-left Labor Party took over from Morrison's conservative government in the 2022 general election.

"This is another really important step towards stabilizing our economic relationship with China," Chalmers told reporters in Brisbane.

Chalmers is expected to meet other high-level members of the Chinese government, reported Straits Times.

"It will be part of the Albanese government's methodical and coordinated efforts to reestablish dialogue with China, Australia's largest trading partner," Chalmers further added.

Chalmers' visit comes a year after Albanese made history as the first Australian prime minister to visit China in seven years, while in June Chinese Premier Li Qiang made history by being the first Chinese premier to visit Australia in seven years.