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Bruce Aylward, team lead of the WHO-China Joint Mission on COVID-19, who recently visited China, called on countries to learn from China's experience in combating the virus and quickly shift their preparedness mindset.

Both sides have agreed to invest more than 300 million yuan (.48 million) to build a biomedical professional incubation and industrialization area with a floor space of 53,600 square meters in three years.

Business services group EY said in a report that China outperformed India and Britain to rank first among 20 major markets in terms of FinTech usage in areas including money transfers, investments, borrowing and insurance in August.

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.

Bringing the COVID-19 pandemic under control has been expensive for the economy. Industrial output fell 13.5 percent in the first two months of this year, according to the National Bureau of Statistics. The urban unemployment rate rose to 6.2 percent in February, the NBS said. Retail sales plummeted 20.5 percent year-on-year in January and February and fixed asset investment fell 24.5 percent. This was hard, but necessary.