Ask most of the leaders attending the G20 in Australia next week what image they have of the host country, and they will probably think of beautiful landscapes, excellent resources, a high standard of living, good food and a successful economy which has continuously grown for over two decades - something unprecedented in the developed world.

One thing they might not know however is that Australia is also, like Hong Kong, Singapore, London or New York, an important center for the finance and services sectors. Granted, it is smaller than the others just mentioned. But according to The Economist Intelligence Unit in 2013, it ranked seventh in the world for quality and attractiveness of business environment. Another assessment, by Government Metrics International, ranked it fourth for regulatory accountability and the rule of law. While Hong Kong remains at the world's best ranked financial development index level, Australia comes in a highly respectable fifth. And in terms of investment funds, Australia's assets rank third in the world.

Services matter to the Australian economy, despite the dominance of mining and resources in people's perceptions in recent years. In 2013, almost 9 percent of Australian GDP came from finance and insurance, a little over 1 percent less than mining, but catching up fast. Professional services exports grew faster than any other sector in 2013, increasing nearly 20 percent from 2012 to 2013.

All of this would probably be news to most Australians, let alone partners in places like the Chinese mainland or Hong Kong. And yet, for the future, the services sector, and in particular finance, is going to be increasingly important. It is this area that will need the best support from any free trade agreement which may be signed between China and Australia, when President Xi Jinping visits next week. While there will be commentary on how significant the deal might be for agribusiness and investment, the real issue for the long term is how well it places Australia with its biggest trading partner in terms of being a provider of services.

Hong Kong has a tactical importance here. The fact that John Tsang, financial secretary of the Special Administrative Region, will be coming not only to events around the G20 in Brisbane, but also to Sydney and other centers in Australia, demonstrates this. It also gives an opportunity to address a related problem - the relatively low profile of Hong Kong amongst Australians. In 2013 there were 9,700 Hong Kong students studying in Australian universities - nowhere near the numbers of mainland students, but still an important cohort, and one that is probably much more diverse and mature in terms of career choices and globalization than their compatriots from the mainland. There are strong, well-established business links and a wide and highly active Hong Kong-linked community across Australia. This has been the case for many decades. Despite this, the visibility of this important group is lower than it should be.

There needs to be a greater understanding of what Hong Kong is; what it offers and how this can bring a competitive advantage for Australia. Just as Australia has a perception challenge in presenting itself as a knowledge economy with strong creative industries, excellent ideas and a world-class legal and institutional base, so Hong Kong has to raise its profile in Australia, show how it is unique, and give Australians a better idea of its culture, identity and attractions. Having Hong Kong's financial secretary visit Australia is an excellent first step. More visits like this, not only for global summits, would be advantageous.

Developing a better understanding of Hong Kong's cultural and lifestyle attributes would also be good.

It is common knowledge that enhanced mutual understanding, and not just a focus on making money, is at the heart of good, mutually beneficial business partnerships.

Hong Kong and Australia need to work hard at becoming better friends. And the key to that, is knowing more about each other.

The author is executive director of China Studies Center and professor of Chinese Politics at the University of Sydney; team leader of the Europe China Research and Advice Network (ECRAN) funded by the European Union; and associate fellow at Chatham House, London.

(HK Edition 11/14/2014 page10)