During the talks Zhu and Howard agreed to hold consultations ona proposal for signing a framework agreement to promote Sino-Australian economic and trade relations.

They both agreed that the proposed framework agreement should aim to further strengthen bilateral trade and cooperation and could be a master plan showing the direction to be followed by both parties as well as containing key points in trade and economic cooperation for the future.

Zhu said there was rapid growth in both China's and Australia's economy and trade over the past few years. He noted that two-way trade totaled nine billion US dollars in 2001, 100 times the figure 30 years ago. Australian investors have set up more than 4,000 projects in China, with a total investment of 2.4 billion US dollars.

He said the economies of the two countries are highly complementary and share great potential for cooperation.

He expressed the belief that with joint effort, the Sino-Australian trade and economic cooperation will achieve greater results and bring more benefits to the people of both countries.

Zhu said as the two countries celebrate the 30th anniversary of the establishment of diplomatic relations this year, China is ready to work with Australia to enhance the steady growth of bilateral relations on the basis of the five principles of peaceful co-existence.

Howard said bilateral relations have seen rapid expansion over the past three decades and especially during the past five years. People-to-people contacts are growing closer. He congratulated Beijing on winning the host of the 2008 Olympic Games and expressed a willingness to help Beijing to prepare for the Olympic Games.

He also said he would like to further expand the areas of cooperation between Australia and China.

(Xinhua News Agency May 23, 2002)