Mr Albanese has spent the past nine days taking part in his first summit season as prime minister, meeting his world leader colleagues, repairing relationships and progressing trade deals.
But despite a constructive meeting with Chinese President Xi Jinping - the first time leaders of the two nations have met in six years - Mr Albanese is tempering expectations about the future of the diplomatic relationship.
The prime minister described the meeting as "much more positive than was anticipated".
But China's $20 billion trade sanctions on Australia remain and Mr Albanese has not revealed whether there have been discussions about sending a diplomatic delegation to Beijing.
When asked if Australia should read anything into not being invited to Beijing along with New Zealand Prime Minister Jacinda Ardern, Mr Albanese said the context of the Australia-China relationship was very different.
"There'd been no contact since 2016, and over the previous term of the government there hadn't been so much as a phone conversation," he told Sky News on Sunday.
"So what we're seeing is the foreign ministers meet, the defence ministers meet and now the leaders meet."
The prime minister said it was in both nations' interests for the trade relationship to return to normal.
"When it comes to trade, it is in Australia's interest to export our wine, our meat, our seafood, our wonderful products, our mineral resources, but it's in China's interest to receive them as well," Mr Albanese said.
"This isn't a charity case we're asking for here."
Mr Albanese said he would progress the relationship one day at a time.
"I regard (the meetings) as a step forward and that we need to step forward together," he told reporters.
"I'm not getting ahead of myself. I think that engagement with China, like engagement with other nations, is constructive."
Australia's security arrangements with the United States and the United Kingdom (AUKUS) have also been in the spotlight.
French President Emmanuel Macron said the deal made by the former coalition government stoked "nuclear confrontation" with China.
When Mr Albanese met his Philippines counterpart Bongbong Marcos for a bilateral talk, the president revealed his concerns about the AUKUS deal.
"(The Philippines) have noted the agreements Australia has entered into ... What part do we play?" Mr Marcos said.
"We are outsiders looking in."
The prime minister also met with his counterparts from Thailand, Cambodia, Vietnam, Laos, Indonesia, France, India, the UK, Chile, Japan, Korea, Canada, New Zealand and Papua New Guinea.
He also met with Ukrainian Foreign Minister Dmytro Kuleba and reiterated Australia's condemnation of Russia's invasion.
A leaders' statement released at the end of the summit said "most members" strongly condemned the invasion.
It was the first time such a statement had been delivered by members of the G20, a significant moment marking Russian President Vladimir Putin's continued rebuke by world leaders.
This was followed by a declaration issued by APEC leaders acknowledging differing views on the war.
The declaration said the forum was not a venue for resolving such conflicts but noted the war and other security issues "can have significant consequences for the global economy".
Mr Albanese described feeling optimistic and said the talks over the past nine days were significant.
"You can't have one-nation solutions to issues which are global," he said.
"They require international co-operation, goodwill and they require countries to work together for our common interest.
"We need to have co-operation and that is what I think we've seen the shoots of over the last week," he said.
with AP
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