Chinese Ambassador to Australia Xiao Qian addresses the Australian Financial Review Business Summit in Sydney, Australia, March 11, 2024. (Xinhua/Ma Ping)

As the world is facing accelerated changes unseen in a century, the China-Australia cooperation is not only in line with the common interests of the two countries, but also conducive to peace, stability, and prosperity in the Asia-Pacific and the world at large, according to Chinese Ambassador to Australia Xiao Qian.

"China and Australia are major powers in the Pacific. Our two economies are highly complementary. Our cooperation is mutually beneficial in nature," Xiao said while addressing the Australian Financial Review Business Summit on Monday.

This year marks the 10th anniversary of the establishment of the China-Australia comprehensive strategic partnership.

"'Comprehensive' means China and Australia could cooperate in all possible fields and at all possible levels. 'Strategic' means the relationship has gone beyond the bilateral scope and taken on growing regional and global significance. 'Partnership' means China and Australia are friends, not foes, partners, not adversaries," Xiao said.

He further underscored the significance of practical cooperation to both China and Australia.

"We should not only continue to consolidate and deepen cooperation between China and Australia in traditional areas such as energy, mining, agriculture, education, tourism, etc. but also explore cooperation in emerging areas such as addressing climate change, electric vehicle, artificial intelligence, health industry, green and digital economy, scientific and technological innovation," he added.

The ambassador believes that these efforts would not only help consolidate the existing cooperation between the two countries but also facilitate a new chapter of even broader mutually beneficial collaboration.

The Chinese ambassador pointed out that it is critical for China and Australia to forge the right perception of each other, deepen practical cooperation, and handle differences properly.

"It's important that both sides bear firmly the big picture in mind, focus on common grounds, respect each other's core interests and major concerns, and manage differences properly, wisely, and maturely," he said.