Australian Prime Minister Malcolm Turnbull said his country welcomes China’s economic growth, and voiced hopes that Australia could achieve common development with China and create more employment and investment opportunities.

He made the comments while addressing the Australia China Business Council in Canberra on March 2, the People’s Daily reported.

Turnbull noted that China is undergoing a “shift to an economy that is led by consumption - as certainly all developed economies are and many developing economies”, and that two-way trade reached an extraordinary $150 billion last financial year despite falling export prices.

He said China’s economic transition will generate enormous opportunities, thus “we need to redouble our efforts to match China’s rapidly diversifying economy.”

“So a changing China is also changing Australia. And we are changing together, and in a way, and in a partnership, that leads to more jobs, more growth, more investment, more prosperity,” Turnbull said.

“My friends, there has never been a more exciting time to be pursuing business opportunities with China,” he added.

Australian Foreign Minister Julie Bishop said the two countries have conducted productive cooperation in fields such as agriculture, energy and education.

The signing of the free-trade agreement between Australia and China is the most important cooperative outcome that will usher in more opportunities for cooperation and common growth, Bishop added.