Chinese Premier Wen Jiabao's official visit to Australia at the beginning of this month will further boost the fast developing bilateral relationship.

Han Feng, vice director of Asia-Pacific Research Institute of Chinese Academy of Social Sciences gives a comment on the potential of China-Australian cooperation in his article published in the Overseas Edition of People's Daily on Monday.

The article says Australia has always adhered to the "One China" policy. It is one of the first Western countries in the early 1990s which lifted sanctions on and initiated human rights dialogues with China. At the end of the 1990s, China and Australia established a comprehensive long-term stable and healthy partnership toward the 21st century and launched the annual meeting mechanism between the leaders of the two countries.

During Chinese President Hu Jintao's visit to Australia in 2003, the two leaders came to consensus on a range of issues and defined the principle of developing bilateral relations as ��highly mutual trust, long-term friendship, reciprocity and mutual benefit and comprehensive cooperation'.

Sino-Australian trade volume has soared in recent years. Last year it reached over 27 billion US dollars, 33.6 percent more than the previous year. Now China is Australia's third largest trading partner while Australia is China's ninth. The cooperation on investment has also leapt forward. Australia is the second developed country which has recognized China's market economy status.

The article cites the following reasons for the flourish of Sino-Australian relationship.

Globalization and regional cooperation means China and Australia need each other. The East Asian economy is closely related to Australia's. Geopolitical situation there means that the two countries have common concerns and wishes concerning the regional stability, cooperation and sustainable development. It is the common strategic understanding of the regional situation that leads to the consensus of the two nations' common commitment on building a comprehensive bilateral relationship.

China and Australia complement each other in economy. Australia's advantages in agriculture, resources, energy, education and science and technology will help promote China's modernization process. China's fast growing economy and tremendous market potential are very important to Australia's future map of economic and trade development.

Australia has long intended to avail itself of its geographical and cultural merit to bridge the East and West. The rise of East Asia has prompted Australia to put the balance of the relationship between East Asia, China and its traditional Western allies high on its agenda.

Australia has its perception on its alliance with the United States, the China-Australia Free Trade arrangements, and its participation into the East Asian cooperation. China is a very important channel for Australia's integration into Asia. The strategic coordination between China and Australia plays a positive role in promoting the stability and development of China's neighborhood and building a harmonious world.

Given the scale and speed of growth in China and Australia, there is still great potential to exploit in the bilateral relations. The two sides have proposed to double the bilateral trade in the foreseeable future to 50 billion US dollars.

There is also great potential to gear up the cooperation on energy and resources. China is endeavoring to scale up nuclear power generation while Australia has 40 percent of the world's proved uranium reserve. Energy and resource cooperation is normally long-term, stable and on a large scale. But the potential can only be developed with strategic vision and wisdom.

The article points out that a considerable part of China's overseas investment goes to Australia. China's economic adjustment will lead to more overseas investment. Australia's investment in China, on a medium and large scale in particular, also has promising prospect.

The article says Premier Wen's visit will push the bilateral partnership further forward. The two countries will strengthen their cooperation and coordination in the international and regional organizations, jointly promote the economic and trade ties and expand collaboration on energy, resources and high tech. All of that will make the China-Australia relationship more mature and stable.

By People's Daily Online