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"China is no longer the developing economy that relies on low costs but today it competes on the mid- to high-end markets and if it is to be successful it has to step up the reliance and quality of its products and production," said Niklas Swanstrom, director of the Institute for Security and Development Policy.

"China is our fastest growing market year-on-year," Brand said during a London reception marking ACCA's 30th anniversary in the Chinese mainland.

"China is willing to work with the US to build a robust, stable and healthy trade and economic relationship," she said, "and we believe this conforms to the interests of both countries and their people, as well as global expectations."

"By securing the production and supply agreements, Australians will be among the first in the world to receive a safe and effective vaccine, should it pass late-stage testing.

"China is clearly committed to being a leader in sustainability. Across industries, people understand that sustainable, green development is critical for the long-term success of China's urbanization over the next few decades," he says.