Andrew Forrest says relationship with China crucial for ‘profound economic benefit’ amid PM’s six-day visit

Anthony Albanese is spruiking his six-day visit to China as important for Australia’s economy and national security as concerns grow over his lack of direct engagement with the US on defence and trade.

The three-city tour — Beijing, Shanghai and Chengdu — has been cast as part of a wider reset on trade ties with China but comes as the Prime Minister is under pressure over his failure to first meet the US President to argue the case for a tariff carve-out and to Donald Trump’s public commitment to the $368 billion trilateral AUKUS defence deal.

While he hasn’t been able to secure a face-to-face meeting with Mr Trump, Mr Albanese is expected to receive a red carpet reception when he meets Chinese President Xi Jinping and Premier Li Qiang.

The Prime Minister on Friday talked up his Government’s efforts to restore the relationship after it took a hit under the Morrison government, saying key commodities previously iced out - like barley, live rock lobster, wine and beef - were now surging ahead.

Mr Albanese will be joined on his China trip — his second visit as Prime Minister — by a Business Council of Australia delegation of corporate leaders from the banking, mining and metals industries and higher education.

Among the executives joining the Prime Minister are Fortescue’s Andrew Forrest, BHP’s Geraldine Slattery, HSBC chief Antony Shaw, Rio Tinto’s Kellie Parker and the vice-chancellors of Monash and UNSW universities professors Sharon Pickering and Attila Brungs

Fortescue executive chairman Andrew Forrest said the Prime Minister’s visit could not come at a more critical time for Australia’s future.

“To put it bluntly: if Australia and China provide the leadership, then – given the immense industrial platforms that exist in both nations - Australia could build its largest-ever industry in green iron, and China its largest in green steel,” he said.

“The economic benefits would be profound for both countries: tens of thousands of new jobs, an upskilled workforce, and a solution to one of the world’s biggest climate threats - the global steel industry.”

ANZ’s International managing director Simon Ireland is also attending and stressed the importance of China as Australia’s largest export market and a gateway to broader trade and investment across Asia.

“For ANZ, a bank that facilitates the movement of goods and capital across borders, China is a strategic partner,” he said.

Rio Tinto Australia chief Kellie Parker said the miner worked closely with their Chinese customers and labelled the trip as a “valuable opportunity to deepen collaboration”.

The six-day tour will include a visit to Trip.com headquarters, a travel behemoth that hosts platforms Skyscanner, Qunar and MakeMyTrip, which all have partnerships with several Australian tourism bodies and businesses.

Mainland Chinese visitors spent $9.2 billion in Australia in the year to March 2025, cementing its status as the nation’s most valuable tourism market.

The 860,000 trips made by Chinese tourists over that period accounted for about a quarter of all international visitor spending in the country.

The surge marks a sharp rebound, with visitation up 26 per cent and spending up 28 per cent compared to the previous 12 months.

“Australia’s economic relationship with China is important, but so are the community links that underpin it and help build on it,” Mr Albanese said.

“Whether that’s our vibrant Australian-Chinese community, Australian footballers in Shanghai or Chinese tourists in Sydney.”

He will also meet senior representatives from the Shanghai Port Football Club, including former Socceroo Kevin Muscat.