SYDNEY, Sept. 11 -- An ambitious Sino-Australian youth- driven project will "fundamentally reshape" bilateral ties and lead to "renaissance" in bilateral enterprise, Australia's Minister for Small Business Bruce Billson said on Thursday.

With China-Australia relations at a critical juncture, the Australian government has a major focus on building entrepreneurialism, innovation and the international capabilities of Australian businesses learning and growing with China, Billson told Xinhua.

Launched last week in Shanghai by premier of New South Wales ( NSW) of Australia Mike Baird, the China Australia Millennial Project (CAMP) will enhance the innovation infrastructure and lead to long-term outcomes for the next generation of cross-border leaders, according to Billson.

The inaugural China Australia Millennial Project is a five-day event in collaboration with Vivid Ideas in May 2015. CAMP will bring 100 young innovators aged 18-35 from China, and matches them with 100 like minds from Australia to share five days of ideas, imagination and -- most importantly -- action.

"Successful applicants will be asked to work together to consider challenges common to both countries before being given an opportunity to pitch their ideas to compete for grants, venture capital, and consideration in the Premier's Innovation Initiative, " said Baird.

"Initiatives like CAMP will help to drive a renaissance in enterprise in Australia by bringing together 200 young innovators from Australia and China for a five-day innovation summit during Vivid Ideas in 2015," said Billson.

According to CAMP's architect and Chief Executive Andrea Myles, CAMP will connect, engage and bring online the most outstanding 200 ideas - and the young people who conceived them -- over, "five intense days of brain-storming, mentoring and re-imagining, climaxing with the presentation of market-ready concepts."

Myles, a long-term China engagement expert with a unique track record of cross-border leadership believes CAMP's bold vision can reenergize the two-way relationship.

"Young people stand to lose or gain the most in this relationship, not the opinionated billionaires that unfortunately seem to dominate the public dialogue," she said. "CAMP aims to empower young people by taking their innovation, their imagination and their vision and fast-tracking it to a reality."

Philipp Ivanov, Manager of Department of Foreign Affairs and Trade said, "the CAMP is supported, among many other government and private sponsors, by the Australia-China Council as a new platform with significant potential to enable future champions of bilateral engagement to meet, build relationships and make practical contributions to Australia-China relations and broad global challenges."

Mentored by world best experts across practically every field that impacts bilateral ties -- through business, art, culture and friendship, CAMP will encompass every aspect of China and Australia in the world today.

"The event will give young entrepreneurs from both countries the opportunity to tackle common issues and produce real outcomes through innovative thinking and collaboration with industry," Billson told Xinhua.