Chinese Premier Li Qiang arrives in Australia next week for bilateral talks with Prime Minister Anthony Albanese, senior ministers and others. The visit, preceding the Third Plenum of China’s Communist Party, which will set the country’s economic strategy for the next decade, underscores China’s long-term vision for its relationship with Australia. We must have one too.

Australia’s economic relationship with China has been overwhelmingly beneficial. According to the Bankwest Curtin Economics Centre, trade with China increased disposable income by an average of $2500 per household in 2021-22, reaching $8500 in one state. It also supported 569,200 Australian jobs, reducing unemployment by 0.25 per cent, and lowered the annual average cost of living by 4.2 per cent per household.