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Treasurer Jim Chalmers says the prime minister’s official visit to China is not without challenges but is critical to a “prosperous relationship” between the two countries.

It’s the first official visit by a prime minister into China since 2016 and I think it recognises that this - a stable relationship - is in the interests of both countries. Now, we are clear-eyed about the complexities and the challenges of managing this relationship. But we give ourselves the best chance of prospering together if we engage with one another.

And we’ve already seen some of the fruits of that effort - something like 95% of the trade restrictions by dollar value have been lifted. That’s good for our businesses, our exporters, and our workers. And that’s why it’s so important that this engagement has been happening for some time and why it’s so important that this official visit is taking place this week.

I think this is a sort of rapprochement based on realism. As [Katharine Murphy] was saying earlier, from China’s point of view, they haven’t changed their long-term strategic or economic goals. And neither have we changed our strategic allegiances. But it suits both sides for lots of reasons to get the trade relationship flowing again, to get the economic relationship flowing again, and to be talking again. And that’s what this visit is going to achieve.