The relaxed atmosphere in the Great Hall of the People in Beijing is good news for Australia - at least on the economic front.
Anthony Albanese knew his meeting with Xi Jinping was a success when the Chinese president threw a quip about Kung Fu Panda into their talks on global security, trade and the economy.
That means Chinese companies can buy Australian exports with greater confidence they will not be stung by a sudden trade ban. It means Chinese students or travellers can head to Australia in the knowledge that the diplomatic deep freeze is over.While Xi will continue his pursuit of greater military power and economic might, which means new tensions are inevitable at some point, there is at least a sense that Australians can exhale after years of heightened anxiety.
The diplomatic tussle over the trade pact is more symbolic than economic. China faces almost insurmountable objections on this front, especially a veto by Japan, but it wants to present itself as a fair trading partner and it seeks acceptance from countries around the Pacific.China also seeks to heighten the contrast with the United States, which almost destroyed the trade pact by withdrawing its support.
Xi, in other words, is arguing against the trend in the West to cut the dependency on China when his own trade restrictions have driven Australian exporters away. In the end, Xi and Albanese cemented a good relationship that lessens the sense of conflict between the two countries. If Xi expects something in return - other than, say, the membership of a trade pact - the price is yet to be posted in public.
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