SYDNEY (Reuters) -Australia and China agreed to cooperate further on investment, trade and decarbonisation, Treasurer Jim Chalmers said on Friday during a rare visit to Beijing where he praised the recent stimulus packages announced by China.

Australia and China agreed to cooperate further on investment, trade and decarbonisation, Australia Treasurer Jim Chalmers said on Friday during a visit to the country. "We will host counterparts next year to continue to advance these discussions on areas like trade and investment,

Last week, China announced a series of new measures to boost the economy and revive its ailing property sector. The central bank lowered bank reserve requirements by 0.5% as of Friday. It also has slashed interest rates on its loans to commercial banks and lowered the minimum down payments for some mortgages.

Australian Treasurer Jim Chalmers will become the first government minister from Australia in that key economic role to visit China in seven years.

Australian Treasurer Jim Chalmers will kick off a visit to China on Thursday, the first by the nation’s top economic decision-maker in seven years, as concerns in Canberra grow over the potential impact from a far-reaching slowdown in its top trading partner.

During a rare visit to Beijing, Australian Treasurer Jim Chalmers announced enhanced cooperation between Australia and China on investment, trade, and decarbonisation. This visit comes after China lifted trade curbs imposed previously.

Australia Treasurer Jim Chalmers said he would travel to China this week for talks with Chinese counterparts, the first such visit by an Australian Treasurer in seven years.

Former Labor senator Graham Richardson says he is “always happy” when China and Australia are talking. Mr Richardson’s comments come as Treasurer Jim Chalmers arrives in Beijing to talk about the two nations.