Chinese Premier Li Keqiang met with Australian Prime Minister Anthony Albanese on Saturday on the sidelines of the leaders' meetings on East Asia cooperation.

Albanese said that next month Australia and China will celebrate the 50th anniversary of the establishment of diplomatic relations, which were forged under a Labor administration led by then Prime Minister Gough Whitlam.

Noting that he has visited China several times, Albanese said his country is willing to strengthen high-level exchanges with China and jointly promote the healthy development of bilateral relations.

Li said that Chinese and Australian peoples enjoy traditional friendship, however, bilateral relations have gone through a difficult patch.

"Taking office as the prime minister of the new Labor government, you expressed Australia's readiness to work with China to bring the bilateral relationship back on track," Li said.

China is ready to meet Australia half way, and work with Australia to seize the opportunity of the 50th anniversary of diplomatic relations to promote sustained, sound and steady growth of China-Australia relations, Li said.