Australia missing out on China free trade agreement

"The Australian people don't need or have to, the United States hasn't asked us to, China certainly hasn't asked us to, and I believe the relationship with China and the United States will continue to grow, because economically they do need each other."

"Should China's rate of economic growth slow by even a third, that is, on average 6.6 percent, rather than the average of 9.9 percent over the last 30 years...it would still be the largest economy by 2030 in that it would have outstripped the United States."

"I think there's so much at stake for all of us that it's in our interest to ensure the relationships remain strong," she said.

Bishop also professed to be optimistic about China's economic performance and its integration into the international community, with relationships built on mutual trust and understanding.

"I firmly believe that the best days of the China-Australia relationship lie ahead," she said.