Australia's economic opportunities coming from China

Australia's best opportunities in terms of economic growth are coming from China as it achieves its goal of becoming a moderately prosperous society, a Sino-Australian dialogue has heard.

Australian experts were given the opportunity in Sydney on Friday to discuss the ongoing bilateral relationship with a delegation of Chinese officials to foster mutually beneficial engagement.

Former Australian Foreign Minister Bob Carr said recent research shows both the Chinese and Australian business peoples are aware of just how beneficial the positive bilateral relationship is.

"China looks likely to succeed in its goal of becoming a moderately prosperous society by the year 2030," Carr, now the director of the Australia-China Relations Institute of the University of Technology Sydney (UTS) told the dialogue.

"The best thing Australia has going for it over the next 15 years, in terms of our economic prospects, is this relationship with China."

Australia, like China, is going through its own economic transition away from mining-led growth, restructuring its economy to capitalize on Asia's growing middle class.

As touted by local politicians, the centrepiece of this restructure has been the preferential access Australian exports now obtain into Chinese markets through the China-Australia Free Trade Agreement.