Xi Jinping used a speech at a virtual meeting of the World Economic Forum to warn against a new Cold War despite China slapping Australia with punitive trade strikes.

"The strong should not bully the weak. Decisions should not be made by simply showing off strong muscles or waving a big fist," the Chinese president said.

Mr Frydenberg said Australia had been on the end of harsh actions from China relating to trade.

"We agree with that sentiment that big nations should not bully small ones, but there seems to be a bit of a disconnect between the words and the actions," he told reporters in Canberra on Wednesday.

China released a 14-point list of grievances with Australia covering foreign investment rules and the Morrison government's criticism of Beijing over human rights abuses.

Mr Frydenberg said the issues were non-negotiable.

"We won't compromise on our national interest. We won't compromise on our values," he said.

Mr Frydenberg's refusal to cede ground mirrors Scott Morrison, who earlier in the week said he would be happy to meet with the Chinese president provided there were no preconditions.

"Those discussions, as I've made clear, won't take place on the base of any sort of pre-emptive concessions on Australia's part on those matters," the prime minister said.

China has launched a series of trade strikes against Australian exports in recent months with grain, meat, timber, seafood, wine and coal affected.

Mr Morrison has consulted with former prime ministers Kevin Rudd and John Howard on how to approach the damaged relationship.

Australia last month lodged an official complaint with the World Trade Organisation over barley tariffs.

Despite accusations of breaching trade agreements, the Chinese president used his speech to insist principles and rules should be followed.

Deputy Prime Minister Michael McCormack is confident diplomacy and the quality of Australian exports can ease strained ties.

"These are very difficult times. China knows that we have the best resources, that we have the best food and fibre," he said in Canberra.

"China remains our largest trading partner and we're working through the issues that have arisen in recent times."

Australian Associated Press