The Commonwealth of Australia is a country in the southern hemisphere comprising the mainland of the world's smallest continent, the major island of Tasmania and a number of other islands in the Southern, Indian and Pacific Oceans. The economy of Australia has always been prosperous, and Australia has been ranked as one of the leading economic countries for a long time.
Originally, Australia's trade has been focused on the European and North American countries. During that time, the leading trade partners of Australia can be said to be the United States of America, and the British. However, in the second half of the 20th century, Australian trade shifted decisively away from Europe and North America to Japan and other East Asian markets.
China and Australia established diplomatic relations 35 years ago. Since then, remarkable achievements have been made in various fields due to the joint efforts of our two governments and peoples, which have brought tangible benefits.
For the past few years, Australia has been trading with The Republic of China. Now, The Republic of China has become one of the leading trade partners to Australia, and this has benefitted both countries greatly. The People's Republic of China, is the third largest country in the world lies in North Asia, bordered by the China Sea. The total land area is 9,596,960 sq km, about 20 per cent larger than Australia. These two countries are both part of Asia, and it was only logical that they began to trade.
Cooperation in the fields of economy, trade and investment has been developing rapidly. In the early 1970s, what we had was a limited amount of trade in wheat and wool. Today, China has become Australia's second largest trading partner, the fastest growing export market and the second largest export destination,