China laid out its development priorities during the two sessions, the annual meetings of the nation's top legislature and top political advisory body, which ended on Thursday, with analysts in Australia anticipating the opportunities the policies will create, including stronger partnerships for industry and investment.

Hans Hendrischke, a professor at the University of Sydney Business School, highlighted Beijing's commitment to stability and continuity in the current "unpredictable global economic environment".

Speaking to China Daily, Hendrischke referred to the encouraging signals from the Government Work Report submitted on March 5 for deliberation during the two sessions.

Strengthening domestic consumption will be a major task in the next five years, according to the report. It also emphasized raising living standards, investing in physical assets and human capital, and other measures for sustainable, high-quality growth.

"Stability and continuity are also likely to characterize Australia-China economic relations over the foreseeable future," said Hendrischke, whose research focuses on the emergence of China's private enterprise sector and the globalization of Chinese firms, including their investment in Australia.

China's 15th Five-Year Plan (2026-30) offers an opportunity for bolstering bilateral cooperation further amid geopolitical headwinds and other challenges, he said.

Specifically, he pointed to China's "new industrial policies that reduce local government subsidies for private enterprises", making it necessary for the firms "to either innovate or expand into international markets by adapting to international standards".

This opens room for Chinese small and medium-sized enterprises to expand overseas and offer commercial and technical integration in markets such as Australia, Hendrischke explained.

"Australia's economic complementarity with China remains a basis for future cooperation," he added.

Frank Alafaci, president of the Australian Business Summit Council Inc — a management consultant forum for business leaders to network and augment business opportunities in Australia and abroad — told China Daily that China's commitment to further opening-up, as highlighted during the two sessions, remains highly significant for Australia.

Two-way investment

"As Australia's largest trading partner, China plays a central role in supporting Australia's export-driven growth, particularly across sectors such as resources, agriculture, education and services. Robust policies that liberalize trade, expand market access and encourage two-way investment can bolster the economic complementarity between the two countries," he said.

"From a broader economic perspective, deeper integration with a large and dynamic economy such as China can contribute to improved market diversification, enhanced supply chain resilience and greater opportunities for Australian firms to participate in regional and global value chains," Alafaci said.

Australia's comparative advantages in natural resources, agricultural production, education services and financial expertise align well with China's continued industrial upgrading, urbanization and expanding middle-class consumption, he said.

"In the coming years, cooperation is likely to grow in emerging sectors such as renewable energy, environmental technologies, healthcare, digital innovation and advanced manufacturing. Boosting institutional dialogue and encouraging collaborative research, investment and technology exchange will be important for sustaining long-term economic engagement," Alafaci said.

Amid "increasing global economic volatility and geopolitical complexity", stable cooperation between China and Australia is of considerable significance, he said.

"The two countries are major contributors to economic activity in the Asia-Pacific, and sustained engagement between them can promote regional trade stability, investment flows and supply chain continuity."

Positive bilateral relations can also contribute to fostering broader regional economic integration and help reinforce the trading system that underpins prosperity in the region, Alafaci said.

Wei Li, senior lecturer in international business at the University of Sydney Business School, told China Daily that setting a GDP growth target of 4.5 to 5 percent for 2026 suggests that Chinese policymakers are seeking to balance economic stability with structural transformation.

"The government work report highlights progress in sectors such as industrial robotics, integrated circuits, and electric vehicles, underscoring China's push toward advanced manufacturing and technological self-reliance in the AI era," said Li, whose research includes the globalization of Chinese enterprises and economy, and renewable energy transition in the Asia-Pacific region.

"For Australia, these priorities may create practical cooperation opportunities, particularly in areas linked to green development and industrial transformation," she said.

China's expansion in electric vehicles, renewable energy technologies and advanced manufacturing will require clean energy inputs and research collaboration — areas where Australia has strong capabilities, Li added.

Contact the writers at xinxin@chinadaily.com.cn