Worries about a slowing Chinese economy and the negative impacts for Australia are unfounded, says the head of ANZ.
Chief executive Mike Smith, who is leading the bank's push into Asia, says China's economy is growing at more than double the pace of Australia's.
"GDP growth of seven per cent is like adding Switzerland every year," he told a business function in Melbourne.
"Am I worried about China? No, not at all."
China's growth - above 10 per cent in 2010 - is crucial to Australia's economy, as it is a major consumer of local exports, particularly iron ore.
"China is good for Australia ... business is getting on as usual," Mr Smith said.
"People tend to forget that the slowdown is policy driven, this is very deliberate and they are trying to slow it down."
Anxiety over China's economy heightened last week when it announced a re-introduction of tariffs on Australian coal imports.
Mr Smith that was an unusual move that smacked of protectionism.
It could also be gamesmanship related to the ongoing negotiations for a free trade agreement between the two countries, he said.
Mr Smith's view was backed by Wesfarmers group commercial director Ian McLeod, who noted Indonesia - Australia's biggest coal competitor - had not had those tariffs imposed on its exports.
Indonesia has a free trade deal with China, he added.
Wesfarmers owns Coles supermarkets and other retailers, but also owns coal mining operations.
But Mr McLeod said Australia could not continue to have a heavy dependence on its natural resources.
He pointed to New Zealand's annual milk production of 20 billion litres - more than double Australia's nine billion litres - because it had taken advantage of its trade agreement with China.
Australia is the world's sixth highest cost producer, and has to improve productivity if it wants to successfully export its products, he said.
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