Prime Minister Tony Abbott and China's president Xi Jinping are set to announce "something rather special" on trade.
It's widely expected the leaders will sign a free trade deal after Mr Xi addresses the federal parliament on Monday afternoon.
This comes after Mr Abbott announced China would host the G20 summit in 2016.
China is Australia's number-one trading partner by a country mile, with the two-way flow of goods and services exceeding $150 billion last year.
Trade between the countries was worth just a quarter of that amount a decade ago.
Mr Abbott hailed the "absolutely extraordinary" way China had peacefully lifted hundred of millions of people out of poverty and into the middle class.
The advance had been one not just for the people of China but for their trading partners around the world, he said after the G20 leaders' meeting finished on Sunday.
"We hope very much that we will be able to announce something rather special (with China) in the next few days," he said.
Trade Minister Andrew Robb, who has done much of the heavy lifting on the deal over the past year, says Australian manufacturers, farmers, miners and the service sector should be very happy with the agreement.
Manufacturers in particular hope a more accessible Chinese market will help boost their exports and make the domestic market more competitive.
But Labor wants Mr Abbott to make the full free trade agreement public immediately after its signing.
Mr Xi will become just the second Chinese leader in history to address Australia's parliament, an honour bestowed only to his predecessor Hu Jintao in 2003.
Since then, China's economy has exploded and its unquenchable demand for resources delivered Australia year on year growth through the boom years.
Unsurprisingly all stops have been pulled out for Mr Xi's visit to Canberra.
Apart from both houses of parliament being recalled especially for his speech, lunch and dinner will be held in Mr Xi's honour and he will join Mr Abbott for private talks.
He'll also meet cabinet ministers and Opposition Leader Bill Shorten and the Governor-General Sir Peter Cosgrove will hold a ceremonial welcome.
The visit won't be entirely without controversy: Falun Dafa practitioners are expected to protest against persecution of the spiritual practice in China outside Parliament House and elsewhere in Canberra.
