Chinese Vice-Premier Zeng Peiyan met Tuesday with Mark Vaile, Australian minister for trade, who is here to attend the 10th meeting of the ministerial-level economic joint committee between the two countries.

Zeng said recent years have seen the rapid development of friendly bilateral ties between China and Australia. Last year, Chinese President Hu Jintao signed a China-Australia trade and economic framework during his Austria visit, which had laid a sound basis for the further development of bilateral trade and economic relations.

China and Australia are highly complementary in economy, and have established close cooperative ties in mineral resources, energy and agricultural products, Zeng said, adding China's rapid and steady economic development will provide a promising market for Australian businesses.

He expressed the hope that the two governments will be active in creating conditions for promoting trade and investment between the two sides so that their trade and economic cooperation and exchanges will make new progress.

Vaile said China is Australia's third largest trading partner, and the rapid and sustainable development of the Chinese economy is of great significance for Australia. He expressed his belief that the joint committee meeting will further consolidate their trade and economic cooperation and their enterprises will have more chances of cooperation.

On Tuesday, Zeng also met with James W. Owens, chairman and CEOof Caterpillar Inc. of the United States; and John P. Jones III, chairman and CEO of Air Products and Chemicals Inc. of the United States, separately.