Establishing an Australian Business Growth Fund could provide SMEs with the opportunity to take this capacity for innovation into the broader Asian region.

As the developed world comes to recognise and accept the inevitable and substantial competitive forces coming from the developing world in the decades ahead, the tens of millions of small and medium businesses who will drive much of the growth must be resolute in demanding continued opening up of their economies, if the huge potential of the developing world is to be realised.

“China opened up to so many services in health, education, and water management…in hundreds of areas,” Robb said, adding that these areas are Australia's particular strength, expecting “enthusiasm” over further opportunities at home.

Chinese President Xi Jinping was on hand yesterday to open the China International Import Expo designed to show China is open to global markets for business.

At the Sino-International Entrepreneurs Summit in Wuhan, Mr Robb said 2019 would be a year of continued uncertainty and “global headwinds to growth” as a result of President Trump’s trade barriers and his “attack on the global supply chain”.

Chinese investors in Australia attending a Sino-Australasian entrepreneurs’ summit have been told that the food and agricultural sector is “ripe for the picking” with local superannuation funds remaining reluctant to invest.

The architect of the China-Australia Free Trade Agreement said Australia was recognised ­internationally for its clear rules around investment and said the CIC would help to ensure it ­remains in the top tier.

The annual Sino-Australian Entrepreneurs Summit (SAES) will be held from Sept. 23 to 27 in Sydney and Melbourne, Australia.