China, Australia hail new gas terminal as symbol of future for trade

"Australia is rich in resources and experienced management. China is a stable and sustainable and enormous market," he said.

Trade between the two nations has skyrocketed in recent years, mainly on the back of Australian exports of raw materials such as iron ore and coal to China.

Last year alone, Australian exports to China soared 46 percent to 16 billion Australian dollars (12 billion US) while imports rose 19 percent to 21 billion Australian dollars.

Howard said Australia was very keen to export far more natural resources to China, where energy and commodity use is going to continue to surge as the nation’s 1.3 billion people grow wealthier.

"Australia is a stable, reliable, competitive supplier of energy. We deliver our commodities on time, we deliver them safely, we deliver them according to the prearranged, agreed price," he said.

The two nations signed a deal during Wen’s visit to Australia in April clearing the way for the sale of Australian uranium to China for its nuclear power industry although no delivery contracts have been agreed to.

Australia holds about 40 percent of the world’s uranium reserves.