Australia is in a key position to benefit from China's consumer-led and service-orientated economy, as it shifts its focus from manufacturing.
Professor Hans Hendrischke from The University of Sydney Business School described China's economy as "absolutely crucial" to Australia's living standards.
"Well China is our biggest customer, it's quite simple. They buy 25 percent roughly of our exports, and are by far the biggest customer as far as future trends are concerned as well," Hendrischke told Xinhua.
"Relations with China have been good for a long time, and are essentially going from strength to strength. We've upgraded in Chinese terms from partnership to closer partnership to strategic partnership and that is born out by the actual economic relations we have."
Reserve Bank of Australia Governor Glenn Stevens said earlier in April that while several advanced economies have recorded improved growth over the past year, conditions have become more difficult for a number of emerging market economies.
He noted however, "China's growth rate had continued to moderate."
HSBC chief economist for Australia and New Zealand Paul Bloxham told Xinhua that a great deal of Australia's recent success economically had come from its strong ties to China and the early part of that story was Chinese demand for Australia's hard resources.
"Now a lot more of it is going to be about exporting services," Bloxham said.
"I think Australia is very well positioned to take advantage of China's growing demand for education, for tourism, for potentially health services, but also for business services and we are positioning ourselves to already take advantage of that."
INVESTMENT IN COMMERCIAL REAL ESTATE
Investment in Australia's commercial real estate sector is making up for China's declining investment in Australia's mining and energy sector, according to Hendrischke.
The sector dominated when it came to Chinese investment in 2015, accounting for 45 percent of all overseas investment from the country, according to a report by KPMG Australia and The University of Sydney released in April.
"Companies in China are trying to diversify, so big real estate (companies) are investing part of their profits overseas and Australia is seen as a very long-term stable growth market," Hendrischke noted.
"This is a very strong sector, so that has really taken up the high volumes that we saw in the mining industry."
RENEWABLE ENERGY
Investment into Australia's renewable energy sector is also coming in droves.
Helen Zhi Dent, KPMG Australia's Partner in Charge of their China Business Group, believed it is mainly because of the Federal Coalition Government, which took over from the Federal Labor Government in 2013.
"The new government offers a much more favourable policy environment to the potential investors, while in China this is a sector possibly quite over-supplied and the companies in those sectors in China are encouraged to go global to explore opportunities overseas," Dent said.
"Australia compared to many other countries, for instance the U.S., is seen as a much more favourable location in terms of policy environment, in terms of stable environment, stable economic environment, as well as you know, the generally good investment environment for overseas investors."
FUTURE TRENDS
Dent predicts agriculture as a major growth area for both the Chinese and Australian economies, highlighting that Australia has so much to offer to the Chinese consumers.
"Australia is a very lucky country that we don't just have the mining resources underground," Dent said.
"We also have abundant agricultural produce like beef, like dairy, fresh fruits, seafood, like lots of the other health, well-being related products like honey, like the vitamins, so all these are what the Chinese consumers want now."
She said Chinese investors want to acquire assets and opportunities in the agricultural and healthcare sector, and share those products and services with Chinese consumers.
"Australia is in a fantastic position for this offer," Dent added.
