• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

New

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

FinanceChina
Asia

Australia and China have had a beef over wine since 2020. That’s changing as the PM will make his first visit to Beijing in 7 years

By
Rod McGuirk
Rod McGuirk
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Rod McGuirk
Rod McGuirk
and
The Associated Press
The Associated Press
Down Arrow Button Icon
October 22, 2023, 10:31 AM ET
Anthony Albanese, Xi Jinping
Australian prime minister Anthony Albanese with President of the People's Republic of China, Xi Jinping. November 15th, 2022, in Bali, Indonesia.James Brickwood/Sydney Morning Herald via Getty Images
Add Fortune on Google for similar content.

Australian Prime Minister Anthony Albanese said he will visit China in early November to meet President Xi Jinping, making the announcement Sunday hours before he departed for the United States to meet with President Joe Biden.

Recommended Video

The Chinese visit dates were confirmed a day after Beijing agreed to review the crippling tariffs it levied on Australian wine that have effectively blocked trade with the winemakers’ biggest export market since 2020.

Albanese will become the first Australian prime minister to visit China in seven years when he travels to Beijing and Shanghai on Nov. 4-7.

“It’s in Australia’s interest to have good relations with China,” Albanese told reporters at Australian Parliament House, adding that his focus in the coming days will be on the visit to the United States.

“With Australia’s closest partner, talking about the future of our alliance, the future which has been upgraded by the AUKUS arrangements, a future based upon our common values, our commitment to democracy, and our commitment to the international rule of law and stable order throughout the globe,” Albanese added, using the acronym for Australia, the United Kingdom and the United States.

Under the trilateral pact, the U.S. and Britain will cooperate to provide Australia with a fleet of submarines powered by U.S. nuclear technology to counter a more assertive China.

Albanese said he will meet with Xi and Premier Li Qiang in Beijing and then attend the China International Import Expo in Shanghai.

The visit to China and a potential breakthrough in the wine dispute mark a further repair in relations since Albanese’s center-left Labor Party won elections last year after nine years of conservative government in Australia.

China has agreed to review its tariffs on Australian wine over five months, Albanese’s office said. In return, Australia has suspended its complaint against its free trade partner to the World Trade Organization.

China confirmed that the two sides had reached a consensus on resolving the issues “appropriately” regarding Australian wine.

“We are willing to work with Australia to continue to meet each other halfway through dialogue and consultation and jointly promote the stable and healthy development of bilateral economic and trade relations,” the Chinese Ministry of Commerce said.

A similar dispute resolution plan led to China removing tariffs on Australian barley.

Albanese said reopening the Chinese wine market would be worth more than 1 billion Australian dollars ($631 million) to exporters.

“We’re very confident that this will result in once again Australian wine, a great product, being able to go to China free of the tariffs which have been imposed by China,” Albanese said.

“It is important that we stabilize our relationship with China. That is in the interests of Australia and China, and it is indeed in the interests of the world that we have stable relations and that is what this visit will represent,” he added.

Australian Grape and Wine chief executive Lee McLean, a national wine industry advocate, described the breakthrough as a “really positive step.”

“The diversification effort needs to continue … but we absolutely also need to look at opportunities in China as well,” McLean said.

“It’s one market that is going to be important to us,” he added.

Albanese’s visit will come near the 50th anniversary of Labor Party leader Gough Whitlam becoming the first Australian prime minister to visit the People’s Republic of China in 1973.

Albanese accepted an invitation weeks ago to visit China this year, but finding suitable dates had been challenging.

Albanese is visiting Washington to meet with Biden this week and will return to the United States after his China trip to attend the Asia-Pacific Economic Cooperation leaders’ forum in San Francisco on Nov. 15-17.

It will be the ninth time Biden has met with Albanese as prime minister. The first meeting was in Tokyo hours after Albanese was sworn in as government leader in May last year for a leaders’ summit of the Quad strategic partnership that also includes Japan and India.

As well as the AUKUS deal, the leaders will also seek more cooperation on clean energy, critical minerals and climate change.

Albanese’s department announced Friday that it decided after an investigation not to cancel a Chinese company’s 99-year lease on the strategically important Darwin Port despite U.S. concerns the foreign control could be used to spy on its military forces.

Some security analysts interpreted the decision to let Shandong Landbridge Group keep the lease signed in 2015 and long criticized by Albanese as a concession to China ahead of his visit.

China’s release of Australian journalist Cheng Lei this month after she spent three years in detention in Beijing on espionage allegations was widely seen as a concession to Australia.

Albanese said the breakthrough on wine “has not been transactional,” meaning Australia did not make any corresponding concessions to Chinese demands.

“We’ll continue to put our case on matters that are in Australia’s national interest,” he said.

“I’ve said very consistently: We’ll cooperate with China where we can, we’ll disagree where we must, and we’ll engage in our national interest, and that’s precisely what we’re doing,” he added.

Fortune Daily breaks the traditional barrier between audience and newsroom. The show transforms Fortune’s trusted reporting into actionable, conversational, and entertaining insights for an emerging class of business leaders. Watch here.
About the Authors
By Rod McGuirk
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Finance

From Pochettino to MLS, the giants of American finance keep making big promises about the future of U.S. soccer
C-SuiteSports
From Pochettino to MLS, the giants of American finance keep making big promises about the future of U.S. soccer
By Catherina GioinoAugust 4, 2026
2 hours ago
The remains of the German tugboat wreckage marked as UJ-106 in the Danube River.
Environmentwater use and conservation
Danube River’s shrinking water levels expose dozens of World War II ships
By The Associated Press and Marko DrobnjakovicAugust 4, 2026
4 hours ago
Photo of Bessent at a table with Trump’s cabinet
EconomyJapan
Scott Bessent is using moves from his hedge fund days to prop up Japan’s yen—and America’s $40 trillion national debt
By Mia OsmonbekovAugust 4, 2026
7 hours ago
Best certificates of deposit (CDs) for August 2026
Personal FinanceCertificates of Deposit (CDs)
Best certificates of deposit (CDs) for August 2026
By Glen Luke FlanaganAugust 4, 2026
7 hours ago
bessent
CommentaryU.S. Department of the Treasury
Bessent’s Yen gamble is a warning sign — buckle up
By Steve H. Hanke and Roger KopplAugust 4, 2026
8 hours ago
What’s a good rate on a private student loan?
Personal Financestudent loans and debt
What’s a good rate on a private student loan?
By Joseph HostetlerAugust 4, 2026
9 hours ago

Most Popular

How Zohran Mamdani's pied-à-terre tax exposed an epidemic of 'ghost cars' instead
Personal Finance
How Zohran Mamdani's pied-à-terre tax exposed an epidemic of 'ghost cars' instead
By Catherina GioinoAugust 4, 2026
19 hours ago
Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health
North America
Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health
By Catherina GioinoAugust 2, 2026
3 days ago
Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: 'Wealth is not the same as money'
Investing
Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: 'Wealth is not the same as money'
By Nick LichtenbergAugust 4, 2026
19 hours ago
Forget Gen Z: People in their 70s and 80s are some of the earliest Americans to welcome physical AI into their homes and daily routines
AI
Forget Gen Z: People in their 70s and 80s are some of the earliest Americans to welcome physical AI into their homes and daily routines
By Marco Quiroz-GutierrezAugust 3, 2026
1 day ago
Electric air taxis are finally ready for takeoff
Magazine
Electric air taxis are finally ready for takeoff
By Alexei OreskovicAugust 3, 2026
2 days ago
Current price of oil as of August 4, 2026
Personal Finance
Current price of oil as of August 4, 2026
By Joseph HostetlerAugust 4, 2026
16 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.