The Chinese premier is expected to seek reassurance his country's investment dollars are welcome in Australia when he visits Canberra, following past scuttled bids for assets.
Li Keqiang and his wife will arrive in the national capital late on Wednesday night and will be accompanied by a business delegation on their trip to Australia and New Zealand.
Prime Minister Malcolm Turnbull will host a special lunch for Mr Li in the Great Hall at Parliament House on Thursday before bilateral talks on Friday.
Investment ties are expected to be on the agenda.
While Chinese foreign investment continues to be a hot-button issue in Australia, there are growing concerns in Beijing that an "anti-China" sentiment could be taking hold Down Under.
Earlier this year, the Turnbull government announced it was setting up a new body to flag public and private assets off-limits to overseas buyers.
This followed the controversial last-minute veto last year of the sale of NSW power company Ausgrid to Chinese interests on national interest grounds.
The Northern Territory government's leasing of the Port of Darwin to Chinese interests also proved a contentious move and raised eyebrows in Washington DC.
Mr Turnbull flagged that the leaders will announce the next stage of the China-Australia free trade agreement.
Cattle producers are hopeful there could be greater access for Australian chilled beef to the Chinese market.
The leaders are also expected to discuss the progress of the China-led Regional Comprehensive Economic Partnership (RCEP) negotiations that includes south-east Asian countries, India and Japan, but excludes the US.
Since the US withdrawal killed off the controversial Trans-Pacific Partnership agreement the free trade movement has turned to RCEP for hope.
Tensions in the South China Sea, the North Korea nuclear threat and US President Donald Trump will be among some of the strategic issues canvassed in the leaders' meeting.
"At our annual leaders' meeting, we will speak frankly and constructively about maintaining peace and stability in the Asia-Pacific region," Mr Turnbull said in a statement.
Mr Turnbull is likely to inquire about the legal fate of the 14 Crown employees arrested and detained for five months without charge.
China may seek progress on an extradition treaty, which is facing parliamentary delays in Australia, in order to bolster its efforts to crack down on corrupt officials who have fled.
It won't be all work and no play for the leaders.
Mr Li and Mr Turnbull will watch the Sydney Swans take on Port Adelaide on the weekend.
The AFL will stage a match between Port and the Gold Coast in Shanghai in May.
Mr Li last visited Australia in 2009 as vice-premier.
