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Businesses of the two nations still have much more space for cooperation by partnering in areas such as innovation, research and development. The Organization for Economic Cooperation and Development has predicted that China will be the largest spender on R&D by next year and Australia has also committed to an "ideas boom" to grow the country's economy beyond the mining boom, said Brumby.

Bromley-based video game developer Warchest, acquired by Hong Kong-headquartered gaming company Leyou Technologies in 2017, reported a growth rate of 127 percent, the fourth-highest out of the listed companies.

Break the moldThe breakthrough would not have been possible without a new set of car selling regulations becoming effective on July 1. For more than a decade, most Chinese car buyers have turned to authorized 4S stores, a full-service approach that brings together sales, services, spare parts and surveys. The preceding measures first implemented in 2005 required that all car dealers secure authorization from brand owners, and helped maintain the market, contributing to the growth of the Chinese auto market into the world's number one, the Ministry of Commerce (MOC) said. China had remained the world's largest automobile manufacturer and market for eight consecutive years by 2016, when output and sales of passenger cars both exceeded 24 million units. However, domination of the 4S-shop model gave rise to monopolistic practices, dragging competition and making automobile parts expensive. New rules for car sales allow both authorized and unauthorized dealers to sell cars in China, making it possible for different methods of car sales, including markets like Suning's. The measures will allow car dealers and different auto brands to share sales and after-sales services, an approach that will save resources, improve efficiency and improve services, the ministry said.

Business delegations from 75 countries and regions will attend this year's expo and forums. Countries such as Russia, Iran, Mongolia and Romania are setting up exhibitions for the first time at this year's four-day event.

British beef exports halted in 1996 due to an outbreak of BSE, a fatal neurodegenerative disease that can spread from cattle to humans. It led to the deaths of 180,000 cows and more than 150 people in Britain.