CANBERRA - Chinese Ambassador to Australia Xiao Qian on Thursday called for greater progress in China-Australia relations, saying the stability and development of the relationship are fundamental to the well-being of both peoples and the prosperity and stability of the region.

"China and Australia are friends and partners, not foes or rivals," Xiao said in a speech at the Australian Institute of International Affairs Tasmania Branch in Hobart, Tasmania's capital. "China's peaceful development has never posed threats to Australia, but has instead provided significant opportunities for Australia's growth."

ALSO READ: Carrying forward momentum of ties

"Despite our differences in social systems and cultures, it is essential to manage them maturely and wisely without letting them define the bilateral relationship," Xiao said.

The ambassador called for fully exploring the potential of the China-Australia Free Trade Agreement, solidifying cooperation in traditional sectors like agriculture and minerals, while discovering new areas of collaboration such as energy transformation, innovation, and artificial intelligence, so as to leverage the two countries' complementary advantages in energy transformation, innovation and maintaining of stability of the production and supply chain.

READ MORE: Wang: Restored stability in China-Australia ties benefits both sides

China views Australia as an important force in the process of world multipolarization and is committed to strengthening communication and coordination with Australia in multilateral fields, he said, adding the two countries can help safeguard multilateralism, address global challenges like climate change, and promote regional and global prosperity and stability.