"And as Frances Adamson, Australian ambassador to China, has herself pointed out, five of the last seven Australian ambassadors to China have come from WA. This at least is indicative of the lion's share that WA assumes when it comes to this key friendship, " Calder added.
"I'm pleased to say that the WA government has displayed foresight and commitment in its sister province relationship with Zhejiang, special relationship with Liaoning, and the friendly city relationship between Perth and Chengdu."
Calder backed the comments of Fortescue Metals Group (FMG)'s Nev Power who last week told Xinhua that Western Australia was where Australia was best collaborating with China.
"I thought Nev Power was spot on when he highlighted the increasing number of robust, positive and extremely productive working relationships between Australian and Chinese companies, particularly in Western Australia where there are so many joint collaborations."
In his keynote address -- at the banquet which last year attracted 888 guests -- Deputy Consul General Liu Yutong praised the role of the ACBC in harnessing China's growth as a key driver of prosperity in WA.
"As the most active and influential organization, the ACBC has been an effective platform for facilitating the cooperation between companies in China and WA, and it plays an important role in promoting cooperation in the fields of mining, energy and agriculture," he said.
"China has been WA's biggest trading partner and export market. The rapid economic development of China has in fact driven the prosperity of Western Australia."
China last year eclipsed the United States to become not only the world's largest exporter but also the world's largest trading nation, with key partnerships across the world, from Australia to Southeast Asia, to Africa and to South America.
"Chinese companies will become the new champions of the business world. Just as Japanese companies dislodged American companies from the pinnacle, Chinese companies will also in time streamline their business model to become new global champions."
Calder joined UNSW JW Neville Fellow Tim Harcourt and Saul Eslake, Bank of America Merrill Lynch, chief economist in backing the Chinese Government's efforts to move China away from an investment-led export driven growth model to a consumer-led social spending growth model as "not only important for China but also for the world."
In this regard, Calder concluded that businesses across the world must now endeavor to understand China and particularly the Chinese consumer.
WA Premier Colin Barnett agreed, while sounding a note of warning that Australia and Australian businesses need to focus on the relationship -- not the numbers.
"I don't believe we need to spend too much time worrying about China's growth rate. We do need to spend more time on managing our relationship with China. That is the issue that needs attention," he said.
"China ranks sixth as a source of direct foreign investment in Australia and accounts for only 4 percent of the total. No doubt that share will rise."
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