Illustration: Dionne Gain Trump, for 30 years a critic of Japan's supposed free-riding on the US security alliance, could open up divisions between Washngton and Tokyo. That'd be a dream come true for Beijing. One of China's fondest wishes is that the US alliance system in Asia should fall apart. One more contribution from the Global Times: It threatened that China would retaliate massively against the US if Trump carried out his campaign pledge to impose 45 per cent tariffs on all Chinese imports. But the regime's true thoughts about Trump have remained, like almost everything that occurs behind the high walls of the Zhongnanhai leadership compound, a mystery.

Donald Trump - opposes any outcome in any vote he doesn't win. Credit:AP Some interesting glimpses, however, did emerge last week during an annual dialogue between China and Australia. Beijing hosted the Australia-China High Level Dialogue, a so-called 1.5 track diplomatic initiative, meaning that it's halfway between an officials-only event (track 1) and a fully unofficial one (track 2). President Barack Whatever the obvious criticisms of Trump as a ham-fisted statesman, under Obama's watch President Xi run amok in the South China Sea. Credit:AP The delegation of 16 Australians was led by former treasurer Peter Costello. His counterpart was former Chinese foreign affairs minister Li Zhaoxing leading a delegation of serving and former officials, civilian and military, plus business people and academics.

The day-long event was held under Chatham House rules. So I can tell you what was said, but not who said it. In general, the Chinese view was that, while much uncertainty remained, the outcome was not a bad one for China. The US, we were told, was suffering the consequences of overstretch, "a long-term overstretch of power in pursuit of global domination. It was politically, economically and financially unsustainable". Trump, according to a key Chinese expectation, "wants to focus more attention on fixing domestic problems at home – I think this is the right thing to do". If the US is entering a period of retrenchment, it frees China to pursue its own goals. On Trump's trade threats, "he's a businessman and I am sure he will weigh the pros and cons," because "nobody wants a trade war. Lobby groups will pressure him, Congress will try to shape the agenda." For a country that does not permit participatory democracy, China has a keen appreciation of how it works in America: "In the White House, he will have to adjust his policy rationally, in the interests of the US. So we have to wait and see how they will change their rebalancing policy, for instance," a reference to the Obama "pivot" or "rebalance" to Asia.

Asked how Beijing might like to see the security architecture of the Asia-Pacific change, a delegate said: "since World War II, the biggest security architecture was the US alliance system in East Asia. "This is a military alliance network. From China's view, our feelings are certainly different to Australia's or those of other US allies. The US system is not enough. It has given rise to disagreements and incidents. We at least need another alternative to achieve common security. "China thinks this issue is not resolved. President Xi has called for another security architecture in the region" in a 2014 speech. "We don't have a mature proposal. Certainly, we can't replace the US. We don't have the ability and US allies don't want us to." Any new architecture would need to be "inclusive", and may need to be "multi-tiered" the delegate said without elaboration.

In the event that Trumps' America should take any hard line against China, Australia was issued a pre-emptive warning not to take sides with Washington against Beijing. "Co-operation between China and Australia has reached a critical juncture," we were told. "We hope the US factor will be properly handled," one delegate said. The fate of the 12-nation US-led trade deal TPP, dumped by Trump as a first priority, was a lesson that "the US has only its own interests in mind." Another delegate said: "US-China disputes should not automatically become China-Australia differences. "You need to accommodate China's interests while developing your US ties."

And a third delegate, even more explicitly: "Economic ties alone cannot support the bilateral relationship." Strategic and military tensions could "threaten the whole relationship". Despite the bluster, there was a striking accord between the two nations' delegates. Both sides repeatedly declared that while the US and Europe are abandoning the free trade and investment agendas, China and Australia are not. And that, together, the two countries can become a global exemplar. The delegates felt strongly enough that senior members from both sides were prepared to go on the record with their views.

"China supports liberalisation of investment and trade," said Zhou Wenzhong, former ambassador to the US and to Australia and a former vice-minister for foreign affairs and current secretary-general of the Boao Forum. "TPP is dead," he told me, "but China supports the alternatives, the Regional Comprehensive Economic Partnership and the Free Trade Area of the Asia-Pacific," both of which include China and Australia, among others. The US is not a member of the negotiations towards RCEP and FTAAP is wider but in its very early days. "We support the opening policy because it's been very successful – it's made it possible for China to come this far." Peter Costello, current chair of the Future Fund, added: "It's an opportunity for Australia and China to show that open and free trade can be beneficial. One door closes and another door opens." Or as a delegate put it during the dialogue: "The dogs bark but the caravan moves on."

Loading As the American caravan plunges off the pathway and into rough country amid much barking, Beijing very much wants to make sure that Australia is there, as far as possible, behind the Chinese caravan. Peter Hartcher is international editor. He was a delegate to the Australia-China High Level Dialogue.