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"China is now among the major sources of finance for infrastructure development globally, and Africa has had the access to more than 0 billion in the last 20 years," he said.

"But the fact that we've got the same product as them makes it very difficult to say that Australians can't call the same honey by the same name.

"China is undergoing an economic transformation and upgrading at present. Therefore, the development of high-end manufacturing and smart equipment has become a buzzword. But as a matter of fact, traditional industries, which are closely related to people's daily lives, should also undergo upgrading and there will be room for their development," he said.

"China has maintained its growth resilience and gained reform momentum. The authorities have undertaken a host of policy and regulatory measures aimed at reducing macroeconomic imbalances and limiting financial risks without notable impact on growth," said John Litwack, World Bank Lead Economist for China.

"China has the fiscal space and so it is appropriate that it consider using it, with due caution, to counter global economic headwinds," Goldberg said.