Editor's note: Daryl Guppy is an international financial technical analysis expert. He has provided a weekly Shanghai Index analysis for media for the Chinese mainland for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's opinions and not necessarily those of CGTN.

Australian Foreign Minister Penny Wong will visit Beijing to attend a new round of China-Australia diplomatic and strategic dialogue from December 20 to 21. The meeting coincides with the 50 anniversary of Australia's diplomatic relations with China.

The face-to-face meeting signals a triumph of diplomacy over adversity by presenting a model for the stabilization of relations between China and other countries. It confirms a thaw in ties that have been plunged in despair in recent years.

Wong's meeting in Beijing represents a remarkable achievement in just seven months since the new Labor government was elected in Australia. It follows a prolonged period where diplomatic relations were virtually non-existent. Relations were destroyed with constant attacks, belligerence and vilification of China by Australian political leaders and its national media.

This is the first time an Australian minister has traveled to China since November 2018 and represents a significant easing of tensions between the two countries.

From around 2017, Australian political leaders decided without any public discussion to join the U.S. in containing China and treating the country as a strategic competitor. These opponents have not gone away, but Wong has blunted their impact with her committed diplomatic approach that has resulted in two previous meetings with China's Foreign Minister Wang Yi.

Wong has exerted her diplomatic charm at the G20 meeting in Bali, Indonesia, and also in more challenging circumstances at the recent AUSMIN meeting in Washington. She believes diplomacy can offer a counter to those who believe that there are only military solutions to the world's problems.

In a joint statement, Australian Prime Minister Anthony Albanese and Foreign Minister Wong said trade between the nations had delivered "significant benefits."

"Australia seeks a stable relationship with China; we will cooperate where we can, disagree where we must and engage in the national interest," they said in an eloquent summary of the role of diplomacy in international relations.

The dialogue offers an opportunity for both sides to discuss the full breadth of issues in the bilateral relationship in a frank and respectful manner, as well as on key regional and global issues of mutual concern.

China and Australia are both members of key global and regional institutions and groupings, such as the G20, the East Asia Summit and the Regional Comprehensive Economic Partnership.

As with prior meetings, the strategic dialogue provides a platform for China and Australia to strengthen their bilateral defence relationship through senior-level dialogues, educational exchanges, reciprocal naval ship visits, and humanitarian assistance, along with disaster relief exercises.

It may be too optimistic to see an immediate and rapid resumption of the depth of this relationship under the strategic dialogue but the meeting offers a diplomatic framework and foundation for further cooperation. Previous dialogue meetings were an opportunity for a strategic communication that covered all global challenges faced by China and Australia.

Speaking at the 2018 meeting of this dialogue, Chinese Foreign Minster Wang Yi said, "A sound, stable, and sustainable China-Australia relationship is not only in the fundamental interests of the people of our two countries, but also conducive to Asia-Pacific peace, stability and prosperity."

In advance of the upcoming meeting, Australian Foreign Minister Wong echoed the sentiments, noting that 50 years ago, former Prime Minster Gough Whitlam "took a bold decision, recognizing the importance of engagement and cooperation between our two nations and peoples."

This commemoration and dialogue is also a bold exercise in diplomacy since it provides a counter-force to the security focus, which dominated and distorted the China-Australia relationship since 2017. This has been welcomed by the Australia China Business Council and other business groups.

The initiative demonstrates that the fruits of diplomacy can be shared by China and Australia.

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