The Australian city of Sydney has hosted the Chinese Business Summit as part of the 2008 Chinese New Year festivities. A senior Chinese official says says the growing demands in the Chinese market now offer a historical opportunity for businesses in other countries incluidng Australia. CRI's Australian correspondent Chen Feng reports.

China has set new objectives for development. It aims to quadruple the year 2000's per-capita gross domestic product by 2020.

Zheng Xinli, Vice Director of the Policy Planning office for the Central Committee of the Communist Party of China, says the growing demands in the Chinese market have offered a historical opportunity for foreign exporters.

"Population growth, the change in the food structure and the decline in cultivated land have made it necessary for China to import more agricultural products including food and animal feed."

He says that means great potential for two-way investment between China and Australia.

"Australian companies have been exploring and mining nickel, copper and gold in China. Australia's four largest commercial banks have all set up offices or subsidiaries in China. Chinese companies have started to exploit iron and coal mines in Australia. Expanding two-way investment will help China and Australia achieve stable growth in their trade relations."

He says China will open-up more areas to the outside world. Beijing also encourage foreign investment in areas conducive to promoting the country's independent innovation, industrial upgrading, and development in its central and western regions.

The official also highlights other industries including high-tech, education and service sectors for bilateral cooperation.

More than 3,000 Australian businesses are now active in China.

Around 200 business and government leaders from both sides attended the Summit.