China's "One Belt, One Road" strategy was a key topic of discussion late last month at the Boao Forum, which was hosted in Australia for the first time.
One Belt refers to the economic belt along China's traditional Silk Road connecting China with Europe. One Road is the "Maritime Silk Road" between China, Southeast Asia and Africa.
While Australia does not fall directly on the One Belt, One Road map, the Maritime Silk Road will link China and Australia through the South Pacific route, enabling the two markets to share their respective strengths in market, capital, technology and infrastructure development. This will usher in a new era of trade and -investment opportunities for both countries. 
In One Belt, One Road China's ambition is large - to address the twin challenges of internal and external economic headwinds and rebalance its economy towards consumption-led growth. China aims to invest in the infrastructure and linkages associated with these "roads" to help bolster its overseas trade, which will then stimulate production and consumption -demand at home.
If all goes to plan, China's President Xi Jinping predicts One Belt, One Road will lift China's growth prospects by 0.25 per cent this year alone.
The longer-term benefits of this new Silk Road are even more profound. Indeed in the next decade, Xi estimates annual trade volumes between China and the belt and road countries will surpass $US2.5 trillion ($3.4 trillion) with 4.4 billion people benefiting from the infrastructure build-out and trade growth across 65 countries.
Large-scale infrastructure investments are at the heart of the One Belt, One Road initiative, which we believe will bring significant opportunities for Australian businesses by spurring demand for the country's expertise in construction and for commodities such as iron ore and coal.
Aside from its vast natural resources endowment, Australia is globally recognised for its advanced infrastructure, construction and engineering capabilities and machinery linked to its resources sector. For more than a decade, Chinese companies have been participating in Australia's resources boom. And whether it's extracting and shipping iron ore or building ports and bridges - Australian companies will now have an opportunity to weave through the roads and belts that crisscross China, Southeast Asia, the Middle East and Europe. To support the huge funding needs associated with One Belt, One Road strategy, Beijing is launching a new supra-national -financial body - the Asian Infrastructure Investment Bank. The AIIB has garnered support from 57 countries as founding members, including Australia. This will create a large fund that can be used by countries to develop infrastructure throughout Asia.
China expects to furnish $US100bn worth of authorised capital, to give the AIIB the firepower needed to turn One Belt, One Road into reality. Australia is contributing $930 million over five years, which makes it the sixth biggest shareholder of the AIIB.
From Beijing's perspective, developments under One Belt, One Road and via the AIIB are part of a bigger strategy - further economic integration with participating countries and the formation of a new regional economic trading and investment bloc.
Additionally, Chinese policymakers are also using this strategy to expand the global use of the Chinese currency - the renminbi (or yuan). China will be responsible for most of the financing associated with the One Belt, One Road region, therefore it is likely that some of the financing will be yuan-denominated rather than in US dollar terms. This will help promote the yuan's internationalisation and capital account convertibility. Yet another reason for Australian businesses to become more familiar with emerging Chinese currency in business.
One Belt, One Road may seem far-removed from our shores, but its business opportunities for Australia should not be missed. Given the future growth of this region, developing stronger trade and investment ties with the countries covered by One Belt, One Road should be a key priority for Australian businesses. Forums like Boao Forum can be a strong vehicle for Australia to help realise the potential of this region.Tony Cripps is the chief executive for HSBC in Australia.