As Anthony Albanese prepares to meet Xi Jinping at the G20 summit in Bali, world leaders have been urged to prioritise unity and overcome division.
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.
Mr Albanese has confirmed a sideline meeting with the Chinese president.
It is the first time since 2016 that leaders of Australia and China will have met formally and signals the start of decreasing diplomatic tensions.
Treasurer Jim Chalmers said while the meeting was a welcome opportunity, it would not 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.
"We give ourselves a much better chance where there's engagement and dialogue, and there will be today."
Dr Chalmers said the government remained deeply concerned over the detention of two Australians, including journalist Cheng Lei, who has been in custody for more than two years and denied contact with her family.
While Mr Albanese would not reveal what he planned 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," the prime minister 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 a meeting of industry groups, 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 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 he was prepared for a "candid and in-depth exchange of views".
Mr Albanese has also confirmed bilateral talks with 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.
Leaders at the G20 summit have taken part in a closed session on food and energy security.
with Associated Press
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