• Chinese Premier Li Keqiang hopes for "a united, stable and prosperous European Union."

Chinese Premier Li Keqiang hopes for "a united, stable and prosperous European Union." (Photo : Getty Images)

The China-Australia ties are expected to be reaffirmed with the visit of Chinese Premier Li Keqiang this week, news portal The Australian reported.

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Back in February this year, the two countries have upgraded their economic cooperation while diversifying trade at the same time. This comes amid the growing protectionism fueled by the Donald Trump-led United States.

This period has never been more crucial for both China and Australia, who are finding means on how to work with America. With Trump's election, the world trade has become more tense, and analysts view that Australia "might be in danger of taking for granted its decades-long, strong ties with Beijing," the article said.

China has been pivotal in maintaining Australia's wealth. The Asian giant is Australia's biggest trading partner in 2016 with two-way trade valued at $150 billion. It also Australia's biggest export market (worth $86 billion) as well as its largest source of imports (worth $64 billion).

The China-Australian ties, fostered throughout the year, are considered as one vital factor why the Australian economy continued to grow while its fellow Western countries have fallen into recession.

As Li takes a trip to the land down under, many are hopeful that the relationship between the two countries will all the more be strengthened, though no grand deals are expected to be signed. His visit serves as the most senior by a Chinese official since President Xi Jinping's visit in Nov. 2014.

During Xi's Australian trip, the China-Australia Free Trade (CHAFTA) came into the picture. The significant agreement that came into force in 2015 has opened up various areas of trade for Chinese and Australian firms. For instance, e-commerce platforms like Alibaba have launched a sales channel to cater to Australian products such as pharmaceuticals and infant formula.

Apart from CHAFTA, China is also adamant in inviting Australia to be part of Xi's landmark "One Belt, One Road" strategy.

The China-established Asian Infrastructure Investment Bank, where Australia is listed as one of its members, can also be helpful in terms of providing financial resources for the country's infrastructure needs.