"Even when China grows in the future, we will never seek dominance. We stand ready to work with Australia peace in our region," he was quoted as saying by The Australian newspaper.
Li arrived in Australia on Wednesday for talks on security and free trade with Prime Minister Malcolm Turnbull, in what is the first visit of a sitting Chinese premier to the country in over a decade.
"We don’t want to see taking sides, as happened during the Cold War," Le reassured Australian lawmakers, adding Beijing wanted a "stable world environment."
On trade, Lee said his country stood against protectionism and in favor of economic globalization. He said Beijing wanted to build on the existing Chinese-Australian free trade deal to increase investment and trade in services.