Many businesses are preparing to take advantage of the China-Australia Free Trade Agreement, signed in Canberra back in June.
China is Australia's largest trade partner with total bilateral trade worth more than $150 billion.
But it's no secret China's economy is slowing - so what does that mean for potential business opportunities in the country?
Ricardo Goncalves reports.
Melbourne architect and director at Leffler Simes Stephen Evans is preparing for another visit to China.
"We're currently working on a major mixed-use development in Tianjin which is a hotel, a shopping centre and acquatic centre all mixed together. We're doing conceptual design for that at the moment. I'm hoping that will come to fruition."
It follows four Chinese projects - already completed - which Mr Evans says came about thanks to a chance encounter which a Chinese businessman in Australia.
"We had a very random experience where we had a young Chinese gentlement three years ago, he was walking through our Ikea-Harvery Norman shopping centre in Springvale here in Victoria, he basically explained that his father-in-law owned a Chinese development and construction company in Northern China, they were on their fourth project and had very little confidence in their local architects and then asked if we'd be interested in helping them out."
With a footing in the world's most populous nation, Mr Evans is now excited about his prospects following Australia's Free Trade Agreement with China.
"What it has allowed is the Chinese government to recognise our qualifications and our experience which means we can bid for larger projects and do the full documentation services that we would normally do here in Australia That means we can bid for more projects, larger projects in China, we can take on more staff here in Australia and hopefully open our China Beijing office as well and take on some staff up there."
The services sector, which Stephen Evans operates in, accounts for 70 per cent of Australia's economic activity.
Donna Kwok is Senior China Economist at investment bank UBS.
She says China is demanding more from the services sector.
"Increasingly more and more spending is going towards services, and an increasingly affluent population will be seeking to spend more on better quality foods, because there are still concerns about food safety."
That's underpinned some food success stories; notably, and controversially, baby formula.
Since the middle of this year, shares in the A2 Milk company, which already exports the infant food to China, have more than doubled.
Ther's been a similar jump for vitamins, minerals, and nutritional supplements maker, Blackmores, which recently signed a deal to do the same.
ANZ's Head of Agribusiness, Mark Bennett, says the opportunities for the local milk industry are enormous and not just in China.
"In Indonesia there are 4 million people under the age of 4, so you can understand why that is such a compelling market compared to our own stable and mature market here in Australia. And of course, it isn't just about infant formula: dairy lends it self to other specific proteins and products around health and nutrition and that can be equally harnessed towards an ageing population as well."
It comes amid China's decision to end its one child policy but UBS' Donna Kwok says the benefits won't be immediate.
"You've got to bear in mind that as per the rest of Asia, the fertility rate and the fertility intentions of Chinese women is quite low so while there are opportunities, and there will probably be an incremental uplift in child-related spending, don't expect a major boom overnight."
Donna Kwok adds there are further opportunities for Australian businesses.
"Also education services, other types of sophisticated high value added types of services from business logistics, to investment advice, or even how to best invest in Australian property."
But it's China's property market, which is in the middle of a multi-year structural downshift, which Donna Kwok says continues to be the biggest threat to its economy.
She says it's something which any Australian exporter should consider.
