China and Australia have agreed to strengthen their practical cooperation for mutually beneficial outcomes in a joint statement released Friday.

Their stronger practical cooperation "serves the fundamental interests of the two countries and two peoples and contributes to peace, stability and prosperity in the Asia-Pacific region and the world at large," said the statement.

The two sides would enhance their cooperation at all levels to advance their ongoing comprehensive relationship, according to the joint statement released during a visit by Chinese Vice Premier Li Keqiang.

Noting that their different national conditions could lead to differences of one type or another, China and Australia said they would "respect and take into full consideration the core interests and major concerns of each other."

The two sides expressed a readiness to take concrete measures to safeguard the overall interests of the sound and steady growth of China-Australia relations.

The Australian side reiterated its one-China position on the Taiwan issue as contained in the Joint Communique of Dec. 21, 1972, establishing diplomatic relations between the two countries.

Australia respected China's sovereignty and territorial integrity, also regarding Tibet and Xinjiang, said the joint statement.

With a combined GDP of more than 5 trillion U.S. dollars, China and Australia believed it served the common interests of both sides to advance economic, trade and investment cooperation.

The two sides also reaffirmed their commitment to open trade and investment policies, to oppose protectionism and to support the early conclusion of the WTO Doha Round.

China and Australia agreed to work together in a positive and practical way to conclude negotiations on a bilateral free trade agreement.

"The two sides agreed that China and Australia share important common interests in promoting peace, stability and development in the Asia-Pacific region," said the statement.

They would continue to strengthen communication and coordination in the United Nations, G20, the Asia-Pacific Economic Cooperation (APEC), the East Asia Summit, the Pacific Islands Forum and other multilateral mechanisms and institutions, it said.

They would also work closely in battling the financial crisis, climate change and communicable diseases and preventing proliferation of weapons of mass destruction and transnational crime, it added.

China welcomed Australia's Asia-Pacific community initiative and would send a senior Chinese delegation to the international one-and-a-half track conference in Sydney in December.

China also welcomed the membership of Australia in the Asia-Europe Meeting (ASEM) in 2010.

The two sides agreed to expand friendly exchanges and cooperation between local governments and promote people-to-people links in such fields as education, culture, sports, tourism and the media.

They looked forward to a successful Shanghai Expo and to endorsing plans for the Year of Australian Culture in China in 2010-11 and the Year of Chinese Culture in Australia in 2011-12.

Li arrived in Australia Thursday night on a three-day official visit. He has met Prime Minister Kevin Rudd and held talks with Deputy Prime Minister Julia Gillard.