Boao Forum helps Australia make vital connections with Asia: Australian minister

The rest two sectors are within Colbeck's portfolio area. He noted that Australia's tourism sector is set to double in size in the next 20 years, with Asia's expanding middle classes fuelling the growth.

In international education, foreign students are already Australia's fourth biggest export earner and India and China are predicted to drive great growth in demand in the future.

"Tourism and International Education are two of Australia's key super-growth sectors for the next decade as we transition from a resources based economy to one supported by a modern services sector that is fully integrated with global networks," he said.

With almost 120 million Chinese taking an overseas holiday last year, projected to reach 200 million by 2019, there is a great opportunity for Australia to welcome more people from China.

Chinese tourists are Australia's most valuable tourism market, worth a record A$8.3 billion ($6.3 billion) per year and growing strongly.

"Australia offers world class education, teaching, learning and research opportunities to international students and we welcome their contribution to our multicultural lifestyle," Colbeck said.

"Australia is ranked third, after the US and UK, for attracting international students and we will be working hard to ensure our place amongst the global leaders in education is maintained."

Colbeck said there are about 136,000 Chinese students studying in Australia in 2015, consisting 27.3 percent of all international students in the country, the highest of any nationality.

Noting the importance of trade with Asia, in particular China, to Australia's economic growth and future prosperity, Colbeck also emphasized that international investments, including those from China and the Asian region, are vital if Australia wishes to reach its full economic potential.