CANBERRA, Nov. 17 -- Visiting Chinese President Xi Jinping urged here on Monday the business communities in both China and Australia to make concerted efforts to open a brilliant new chapter in bilateral economic and trade cooperation.

Trade and economic cooperation between the two countries serves as a footstone and propeller for bilateral ties while the business communities in the two countries are important forces for promoting bilateral friendly cooperation, Xi said when addressing the fourth China-Australia CEO Roundtable.

Xi recalled that the two sides decided to lift their relationship to a comprehensive strategic partnership, substantially completed bilateral negotiations on a free trade agreement, and signed multiple documents on bilateral cooperation including a framework agreement on boosting investment cooperation.

These developments have provided a more stable and broader framework for the two countries to deepen bilateral economic and trade cooperation, Xi said.

He expressed the hope that entrepreneurs from both countries will grasp opportunities in the megatrend of development of China-Australia relations, will tap cooperation potential in the macro development strategies of the two countries, will expand cooperation space in new points of growth in bilateral pragmatic cooperation, and will develop a comprehensive conception of social responsibility, to better benefit the two peoples.

Australian Prime Minister Tony Abbott, who attended the roundtable with Xi, said the Australian government welcomes and supports Chinese investment and will make efforts to create a favorable environment for Chinese enterprises.

Xi is on a state visit to Australia after attending the Group of Twenty Summit in Brisbane.

Australia is the first leg of Xi's ongoing three-nation tour, which will also take him to New Zealand and Fiji.