Jim Chalmers really couldn't have picked a better week to be in the Chinese capital talking economics.
As the first Australian treasurer to visit China in 7 years, he is in town to better understand what is going on in the flagging Chinese economy.
And, more importantly, how that will impact Australia.
In the days and hours leading up to his visit, a raft of stimulus measures were announced and promised, as the Chinese Communist Party attempts to arrest an enormous real estate crisis, boost low confidence among everyday Chinese consumers, and reignite slowing growth in the world's second-largest economy.
So Mr Chalmers and his Chinese counterparts had plenty to discuss.
Billions in economic stimulus
For months, economists and business people have been waiting for authorities to announce a big stimulus package for the ailing Chinese economy.
There had been modest measures taken up until now, but earlier this week the People's Bank of China announced 800 billion yuan ($165 billion) to help prop up the stock market, and cuts to some mortgage rates and the minimum deposit required to buy a home.
Some analysts and commentators have been sceptical whether the measures will make enough of a difference, as the economy has been struggling for so long.
The People's Bank of China, the central bank, is headquartered in Beijing. (Reuters: Jason Lee)
Mr Chalmers says it "remains to be seen" if they will work, given some details are yet to be announced.
"This can only be a good thing for Australia, subject to those details, because we know that weakness in the Chinese economy does flow through to our own economic conditions," he told reporters ahead of a second day of meetings in Beijing on Friday.
"We've seen on earlier occasions when the authorities here, the administration here, steps in to support activity in the economy, that is typically a good thing for Australia, good for our workers and businesses, our industries, our investors.
"I think, like a lot of people around the world, we have been concerned about the softer conditions here in the Chinese economy."
Mr Chalmers said he and his counterpart, chairman of the National Development and Reform Commission Zheng Shanjie, agreed to hold the Strategic Economic Dialogue annually, with the next to be held in Australia in 2025.
Impact on the Australian economy
So that leads us to how Australia will benefit — or suffer — depending on the future of the Chinese economy.
Mr Chalmers says he met with CEOs and executives from a raft of Australian businesses, as well as the Business Council of Australia ahead of this trip.
He says current Treasury forecasts for the next three years suggest China could face its weakest economic growth since it started opening up in the 1970s.
"We've seen the iron ore price, for example, really quite low by recent historical standards, I think it's down about 40 per cent since the start of the year," he said.
"So that has implications for us, it has implications for the budget, but more importantly, it has implications for the economy."
Still no answer on lobster ban
While most of the trade bans and barriers Beijing put on Australian goods have been lifted, some still remain on Australian lobster and two red meat processors.
Mr Chalmers said he raised it in meetings on Thursday, and hoped for a speedy recovery, but wouldn't make any promises on when a final decision might be made.
"We know that teams on both sides are discussing the issue of lobster in particular, trying to get to a resolution on that, and we'd like to see that before long," he said.
"As I understand it, there are still a couple of technical issues being worked on between our agriculture and trade departments and administrations.
"Hopefully, we will see a wonderful Australian lobster gracing the tables of Chinese homes and restaurants as soon as possible."
Foreign investment
China has been frustrated for some time by Australia's foreign investment regulations, with some Chinese investments being rejected, particularly in mining and critical minerals.
Mr Chalmers in June ordered five China-linked overseas companies to divest their shares in an Australian heavy rare earths project in the Kimberley, on advice from the Foreign Investment Review Board.
In Beijing on Friday morning, he said he welcomed the opportunity to talk through Australia's foreign investment regime with the Chinese delegation — suggesting it was a big topic of discussion.
He emphasised that the Australian government takes a harder look at investments in "critical infrastructure, critical data [and] critical minerals".
The banning of Chinese telecoms company Huawei from the 5G rollout was one of the early events in deteriorating China-Australia relations.
"Our foreign investment regime does not target any one country," he said.
"It's about strengthening the foreign investment regime and streamlining it where we can to manage the economic and security risks which are sometimes part of foreign investment proposals.
"If there's more information and more clarity that we can provide, I was able to convey to Chairman Zheng yesterday afternoon that we're happy to try and provide that."
Still some tough topics to discuss
While both the Chinese and Australian delegations were eager to project a positive tone, Mr Chalmers acknowledged there was discussion, albeit minor, of China's military actions and build-up.
Earlier this week, China tested an intercontinental ballistic missile carrying a dummy warhead, firing it into the Pacific Ocean — the first such occurrence in more than 40 years.
"I was able to reiterate in the meetings yesterday afternoon our expectations of safe and professional conduct of all militaries operating in our region," Mr Chalmers said.
"But as you would expect, the overwhelming focus of our discussions here have been the economy."