China, Australia need to expand two-way open-up in services, investment: Chinese premier

Chinese Premier Li Keqiang said on Friday that the Chinese and Australian governments should create a better trade and investment environment in order to expand two-way open-up in services and investment.

Chinese enterprises, said Li, are ready to participate in infrastructure construction in Australia, expand investment in the country and encourage Australian firms to invest in China, adding that he hopes the Oceanic country will work in the same direction and achieve a win-win outcome.

Li, who is on an official visit to Australia from Wednesday through Sunday, made the remarks during the sixth Australia-China CEO roundtable meeting held here in the economic hub of the Oceanian country.

The CEO roundtable has served as a platform for communication not only within the business community, but also between the business community and the government, Li told more than 100 business leaders from both countries.

Noting that bilateral trade has grown at an annual rate of 9 percent in the past decade, surpassing that of economic output, Li stressed that removing trade barriers and promoting two-way open-up would stimulate economic growth and improve people's livelihood.

The Chinese premier reaffirmed that his country stands ready to work with other parties, including Australia, to uphold trade liberalization and promote fairer, more transparent and sustainable international trade. 

For his part, Australian Prime Minister Malcolm Turnbull said that in the context of significant changes in the global economy, free trade has promoted not only goods and capital exchanges, but also that of technology and culture.

In the face of new opportunities, the two countries must work to benefit from open markets and global trade, actively expand free trade, and encourage the participation of small businesses, said Turnbull, adding that innovation and investment are also paramount to create new jobs and lift growth to benefit the two peoples.

The Chinese premier will pay an official visit to New Zealand after wrapping up his tour to Australia. Li's visits to the two Oceanian countries are the first by a Chinese premier in 11 years.