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Turnbull said the China-Australia Free Trade Agreement (FTA) is a fundamental foundation to Australia's future prosperity through the removal of trade barriers and the opening of markets to facilitate mutual prosperity.

In 1993, the economic size of the State of California alone was about twice as much as the total of China's, and according to the World Bank, China's gross domestic product (GDP) in the year was merely 6.4 percent of that of the United States.

The initiative aims to "allow the market play a better role in allocating resources, effectively stimulate domestic demand and promote industrial transformation."

Zhao said China is willing to deepen friendly cooperative relations between the two countries according to the principles of equality and mutual benefit.

People's wellbeing is the scale to measure the effectiveness of reforms and development, said Li.