Where does Australia fit in

But of course the reality is most of that market growth is going to be captured by companies inside of China, not outside.

In fact, it's forcast that by 2025, China will be home to one in four of the world's billion-dollar companies.

So will China's booming marketplace and increasing global buying power simply be a "China for China goal?" Or is there a role to play for foreign enterprises?

Woetzel believes the answer is definitely yes.

"But to participate in China they will have to be competitive in China and being competitive in China means being as innovative, as productive and digital as Chinese enterprises are," Woetzel said.

In order to achieve this however, Australian businesses need to identify areas where they have a natural competitive advantage.

"Either you have scale as a platform or you can present as a differentiated entity," Turner explained.

"Taking a hardline, you could say that Australia is neither of those right now."

"We don't have the scale globally that China, India or the US has and we're not highly differentiated in a lot of areas, we are in some however a lot of them are analogue era areas."

But one space where Australian does have a substantial competitive advantage is the healthcare sector as the future of the industry moves from "crisis driven care" into highly personalised, data-driven "wellness management."

China, like Australia, has an aging population and in the future both nations will have to design strategies to manage this issue.

"Australia has such a good healthcare system, this is such a good opportunity for us," Turner said.

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