China cut off diplomatic and trade channels with Australia in a largely symbolic act of fury last May, following clashes over issues including human rights, espionage and the origins of Covid-19.
"The Chinese side is ready to work with the Australian side to review the past, look into the future... to promote the sound and steady growth of their comprehensive strategic partnership," Li said, according to the state-run Xinhua news agency late Monday.
Tensions between the countries soared in the past two years after Canberra called for an independent probe into the origins of the coronavirus pandemic and banned telecoms giant Huawei from building Australia's 5G network.
China -- Australia's biggest trading partner -- responded by imposing tariffs or disrupting more than a dozen key industries, including wine, barley and coal.
Li's message came ahead of Albanese's meeting Tuesday with leaders of Japan, India and the United States in Tokyo for a Quad summit -- an informal grouping for the four countries seen as an effort to counter China.
In his first foreign policy address Monday, Albanese said the relationship with Beijing would "remain a difficult one", Australian media reported.
"It is China that has changed, not Australia, and Australia should always stand up for our values," the 59-year-old centre-left Labor Party leader said.
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