After decades of supercharged economic growth, China's economy has entered a phase of more gradual and sustainable expansion. However, for the world's -second-largest economy even less-than-rapid growth generates undeniable business and investment opportunities.
For decades, the Australian economy has seen a heady uplift driven by China's insatiable appetite for our commodities. However, as China's economy shifts towards consumption-led growth, creating more mature palates and sophisticated needs, Australia needs to ask itself if it is prepared to make the transition alongside its most strategic trading partner. One thing is clear, we are not alone - the world is vying for China's -attention. 
According to the Groningen Growth and Development Centre, in the late 1970s, when Beijing announced its ambitious reform plans to lift the veil of Chinese economy for the world to see, the country was home to 22 per cent of the world's population yet only accounted for 5 per cent of global growth. Today the Chinese economy paints a vastly different picture, with the World Bank highlighting that China's contribution to global economic output more than doubled to 13 per cent, while its share of the global population has marginally slipped.
Over the same period, several hundred million people have exchanged a life among fields and villages for bustling towns and cities. The global importance of the Chinese agricultural sector has dwindled in lock-step with China's great migration to cities.
The Chinese National Bureau of Statistics says that the agricultural sector now accounts for less than 7 per cent of the economy, down from 30 per cent, while the share of the services sector has doubled to nearly 50 per cent - and many of China's 1.36 billion citizens have become wealthier as a result.
Throughout this transition, China has embarked on an active "going out" strategy, of which Australia has been front and centre. According to KPMG and the University of Sydney, in 2014 Chinese direct investment in Australia amounted to $US8.35 billion ($11.5bn), making us only second to the US.
To date, the Australian economy has gained enormously from the new economic and social environment in China, but this won't last.
While Australia is well placed to service the needs of the evolving Chinese economy and its outward investment focus, we're not the only ones. There are many other economies trying to hook onto the Chinese locomotive, so we need to ensure we don't get pushed to the back of the queue.
Australia must clearly articulate its value to China's decision-makers in a changing world - effectively, why Australia and why now?
First, our commodities sector remains key for China. Australia is among the lowest cost producers of many commodities, as well as having the closest proximity, drawing a stable flow of demand.
This demand has long been and will continue to be spearheaded by China, where policy initiatives such as One Belt, One Road - China's strategy to plough billions of dollars into constructing infrastructure along sea and overland trade routes spanning Asia and into Europe - is going to need quick access to Australia's commodities, particularly iron ore. HSBC data indicate Australia's iron ore export volumes to China have been rising 8 per cent year-on-year, as China cuts back on its higher cost domestic production.
Second, we need to consider the strength of Australia's services sector, particularly tourism and education, in attracting China's attention. Annual visitor arrivals from China have increased by 135 per cent over the past five years and China is driving an increase in international student enrolments, which are 11 per cent higher than at the same point last year.
While we can thank the lower Australian dollar for more Chinese students and tourists hitting our shores, there are more structural factors at play - primarily Australia's proximity to China, stable governance and legal framework, business-friendly environment and sophisticated education infrastructure.
Finally, in addition to growing interest in direct investment, the changing profile of the Chinese consumer means that Australia will have to demonstrate its agricultural muscle to China. The Australian Bureau of Agriculture and Resource Economics and Sciences projects that China's demand for food products will double between 2009 and 2050, with particular demand for beef, sugar and dairy - Australia's sweet spots.
Australia's pending Free Trade Agreement with China will undoubtedly make us a competitive supplier of these products, particularly given the tariff reductions being tabled. The benefits of the FTA will extend beyond goods to value-added services and manufacturing. We believe the FTA will also facilitate greater exports of Australia's technical expertise in farming equipment, mining technology, food production, design and recruitment.
While Australia is primed to maintain a leading position on the Chinese locomotive, the next phase in the Australia-China relationship is going to require Australia to be far more proactive in articulating its relevance to the rapidly evolving Chinese economy and marketplace. A wait-and-see approach will no longer do, as competition is rife.Tony Cripps is the chief executive of HSBC Australia.