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"China and Australia have no historical grievances and enjoy mutually beneficial cooperation," he said, adding that strengthening bilateral cooperation is in line with the fundamental interests of both countries.

"China is fast moving," he said. "It is an innovative place. And when you are making an innovative company, you want to be part of an innovative environment. It's like an ecosystem.

"China is our number one trading partner. China has made huge investment in the country in the past 20 years. They have helped our government to improve our infrastructure and change the lives of our people. Chinese relations are helping us to address the triple challenges of poverty, unemployment and inequality. This relationship is based on mutual respect and win-win," Genge said.

"By closely examining these criteria and measures, we can turn the slogan into science and science into concrete, practical actions," he said, adding China will need more data and quantitative analysis, especially at the local level, to accurately assess the results of modernization.

"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent," the USTR said. It did not specify which items would be removed.