Hockey said that he had detailed discussions with Zhou Xiaochuan, governor of the People's Bank of China, and that "Zhou was very interested in setting up a clear bank in Australia".

Bilateral economic and trade ties have steadily expanded in recent years.

China is now Australia's largest two-way trading partner in goods and services, valued at more than $150 billion in 2013.

Resources continue to account for a large proportion of its exports to China.

Faced with the sluggish global mining market, Australia will export more as China is in need of such products, according to Robb.

China is also Australia's largest export market for goods, valued at $95 billion in 2013.

"There will be more chances in terms of the service sector," said Robb.

As for 2013, China was Australia's major services export market with $6.46 billion, up 9 percent year-on-year, mainly driven by travel services.

In investment, Robb said Australia is open for business and it welcomes more Chinese investment in northern Australia.

Australia OKs China's State Grid's investment	Top 10 trading partners of the Chinese mainland