Treasurer Jim Chalmers’ China visit a first for seven years and a chance to smooth over trade tensions

Australia’s treasurer will set foot on Chinese soil for the first time in seven years in an official visit when he will attempt to smooth out lingering trade tensions.

Jim Chalmers will meet with his key Chinese counterparts on Thursday on a two-day trip to Beijing amid a government-wide bid to stabilise the nation’s economic relationship with the Asian superpower.

While economic tensions thaw, residual restrictions on live lobster and two red meat exporters remain on the rocks in the trade relationship.

“Dialogue and engagement gives us the best chance to properly manage and maximise these important links,” Dr Chalmers said.

The treasurer’s visit comes after Foreign Minister Penny Wong pressed her Chinese counterpart Wang Yi to drop the remaining barriers against Australian rock lobster imports.

Billions of dollars of Chinese trade tariffs against Australian products including wine, barley and meat have fallen but there remain points of contention, Senator Wong said.

Shadow treasurer Angus Taylor said it was crucial Dr Chalmers does everything to to build the trade relationship with China given so many Australian sectors rely on the market.

“Those trade relationships are hugely important, but we should do that at the same time as putting a line in the sand on those crucial national security issues, and it’s about getting that balance right,” said on Wednesday.

Prime Minister Anthony Albanese hosted Premier Li Qiang in Australia in June when the lobster ban was expected to fall.

Agriculture department officials have travelled to China to smooth out the remaining impediments after Beijing demanded Australian lobster exporters jump through further regulatory hoops.