Riding 16 years of uninterrupted economic growth, Australia continues to capitalize on a string of advantages to consolidate a long and profitable relationship with China.

Aside from having strong macroeconomic fundamentals and a beneficial location, the country has improved its business infrastructure and maintains a transparent business environment.

"We are experiencing a 'trillion, trillion, trillion' dollar economy," said Gary Johnston, general manager of financial services in the Department of Innovation Industry Science and Research.

"Our GDP is $1 trillion, our pool of investment fund assets is $1.2 trillion and the freely floated market cap of the stock market is $1 trillion."

Yet Canberra is keen to promote even more investment in China and facilitate greater bilateral trade.

As a testament to the importance of China, Australian Prime Minister Kevin Rudd studied Chinese and has become fluent in the language.

Australian firms realize that entering China requires not only patience and long-term commitment, but also a clear understanding of Chinese culture and business practices, often realized through partnerships with Chinese firms.

Geoff Wilson, CEO of KPMG Australia noted, "As China's transformation continues, we work with Chinese business from across the board, from large corporations to smaller to medium-sized companies. As shown by our 30 percent growth in China, it is important for us to continue to enhance our on-the-ground service and delivery for this market."

As Australia's trade with China increases, the general business community has supported efforts to finalize a free trade agreement (FTA) with Beijing.

For them, an FTA would not only enhance the compatibility between the Australian and Chinese economies but also facilitate added benefits for both countries.

"Australians are very aware of the contribution that China, and trade with China, is making to their living standards. Australians recognize that our trade with China is a crucial part of our economic transformation as a country," said Peter Anderson, chief executive of the Australian Chamber of Commerce and Industry.

For its part Australia is "a very reliable supplier, geographically well-placed, and a lower cost alternative", Anderson said. "It is those advantages that allow Australia to have such a strong trading relationship with China."

The reliability is evident in the strong presence of Chinese banks in the country, such as the Industrial and Commercial Bank of China, China Construction Bank and Bank of China.

Meanwhile, property developers have also seen increased interest from Chinese investors.

Australia continues to contribute to China's growth by providing energy and natural resources, a highly skilled and multi-lingual workforce, and a strong, stable regulatory climate that encourages institutional growth.

Australian firms providing specialized services, such as legal advice, business consultancy, human resources, and architectural expertise, have been in China for decades.

Robert Milliner, CEO of the law firm Mallesons Stephen Jaques, added: "As the market is developing more and more, there is an expectation by clients to have local people on the ground with language capabilities as well as business contacts."