CANBERRA - A new survey showing Australian business leaders in China believe the Asian Century will bring a wealth of new opportunities and they are positive about China's economic outlook, Trade Minister Craig Emerson said on Tuesday.

The Australia China Business Perceptions Survey, conducted for Austrade and the Australian Chambers of Commerce in China, found 69 percent of survey respondents were optimistic about China's economy and 66 percent were positive about the outlook for their own organisation within it.

"China's shift to a consumer-driven growth model is creating huge demand for a range of high-value Australian goods and services, as well as our traditional commodity exports," Emerson said. "The Government's Asian Century Policy is all about building Australia's ability to meet this demand, helping to ensure our future prosperity."

Conducted by Sweeney Research, the survey found that 24 percent of businesses were "extremely likely" to expand their existing physical presence in China, while a further 29 percent were "very likely" to do so.

Survey respondents said their biggest challenges in China were finding skilled labour, overcoming regulatory hurdles and coping with increased price competition from rivals.