World leaders have been urged to prioritise unity and overcome division as the G20 summit officially kicks off.
Indonesian President Joko Widodo is keen for the two-day summit to deliver outcomes, as the world grapples with rising inflation, climate change and the effects of the pandemic.
He called for unity and said collaboration is "badly needed" to save the world.
Following his Indonesian counterpart's advice, Prime Minister Anthony Albanese has confirmed a sideline meeting with Chinese President Xi Jinping.
It is the first time since 2016 that leaders of Australia and China will have met formally and signals the start of decreasing tensions between the two nations.
Treasurer Jim Chalmers said while the meeting is a welcome opportunity, it won't immediately fix the fractured relationship between the two countries, or result in the removal of trade sanctions worth $20 billion.
"I don't think anybody pretends that some of the issues that China has raised, certainly some of the issues that we have raised, will be solved overnight," he told ABC radio on Tuesday.
"We give ourselves a much better chance where there's engagement and dialogue, and there will be today."
Dr Chalmers underlined the importance of lifting the tariffs.
"These trade restrictions are obviously not in Australia's interests, not in the interest of our employers and our exporters," he said.
"There's a sense of working together, where there is agreement, there is common ground, and I think that is a really, really important start."
Dr Chalmers said the government remained deeply concerned over the detention of two Australians, including journalist Cheng Lei, who has been held in custody for more than two years and hasn't been allowed contact with her family.
While Mr Albanese would not reveal what he plans to discuss with the Chinese president, he considered it a success that a meeting was taking place.
"For six years we have not had any dialogue, and it is not in Australia's interest to not have dialogue with our major trading partners," he told reporters in Bali.
"We will have a constructive dialogue. I will put Australia's position on a range of issues, and of course, Australia's positions on most of those is very well known."
The head of Australia's peak business group, in Bali for the B20 meeting of industry representatives, described the meeting as a "tremendous reset" with China.
"We've obviously had a set of difficulties in the relationship, but you can't fix those if you don't have a dialogue," Business Council of Australia chief Jennifer Westacott said.
"This creates an opportunity for businesses to come in behind that reset the prime minister has done and start building ... relationships."
Mr Albanese's meeting comes after Mr Xi met US President Joe Biden on Monday.
Mr Xi said he hoped they would "chart the right course for the China-US relationship" and that he was prepared for a "candid and in-depth exchange of views" with Mr Biden.
Mr Albanese has also confirmed bilateral talks with new British Prime Minister Rishi Sunak, French President Emmanuel Macron and Indian Prime Minister Narendra Modi.
Russia's invasion of Ukraine provides a backdrop to the summit, as Foreign Minister Sergei Lavrov attends instead of President Vladimir Putin.
Ukrainian President Volodymyr Zelenskiy is expected to attend virtually and address the summit.
The leaders have entered their first closed session on food and energy security.
with Associated Press
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