BEIJING - The Chinese and Australian governments on Monday signed a Memorandum of Understanding (MoU) to restart strategic economic dialogue with a focus on forward-looking economic issues.

Both countries have agreed to enhance communication and exchange with the aim of fostering practical and effective economic cooperation, according to the National Development and Reform Commission (NDRC), China's top economic planner.

Chinese Premier Li Qiang earlier said China is willing to enhance coordination and cooperation with Australia at regional and international levels

READ MORE: Beijing vows to work with Canberra to advance ties

The signature of the MoU was witnessed by leaders of the two countries. Liu Sushe, deputy head of the NDRC, and Treasurer of Australia Jim Chalmers represented their respective governments at the signing ceremony.

READ MORE: Li: China to include Australia in visa waiver list

In the Australian capital Canberra on Monday, Chinese Premier Li Qiang said China is willing to enhance coordination and cooperation with Australia at regional and international levels, calling for opposing camp confrontation and "new Cold War".

Li made the remarks during the ninth China-Australia Annual Leaders' Meeting with Australian Prime Minister Anthony Albanese.