"I expect however more Chinese investment into LNG so that China can have access to gas supply on its east coast in particular, [helping] China in its efforts to clean up carbon emissions and to clean up the atmosphere in China around major cities."
Crucially though, Barnett is expecting larger amounts of Chinese investment into agriculture and food production following the signing of the China-Australia Free Trade Agreement.
According to professional services firm Deloitte, Australia's agribusiness is one of the five leading sectors that have the potential to take over from mining as a key driver of growth in the Australian economy over time.
The Western Australian government has spent over 300 million Australian dollars (222 million U.S. dollars) expanding irrigation channels and raising dam heights for increased water holdings for agriculture.
"I think it's interesting that probably the most famous irrigation project in Australia is the Ord River scheme in the north of Western Australia," Barnett said.
"The interesting thing is that a Chinese private company has won the right to develop the agricultural land [around the project] ."
Barnett said this example of bilateral cooperation around the Ord River shows the door is open for Chinese investment into Australia's agriculture, food production and food processing sectors.
According to him, Western Australia's location, vast natural resources and stable political and economic environment make it competitive with Australia's other states for international investment.
Barnett said the state's natural resources and 12,500 km coastline give the state an advantage when it comes to international investment.
"We're on the Indian Ocean side [of Australia], so we've got a growing relationship with India and Africa," Barnett said. "And of course, Perth is in the same time zone as the major cities of Asia, including China."
"So I think location, natural resources, stable political and economic environment are our advantages."
Since the decline of the Australian mining and resource boom and the slowing Chinese economy, WA has taken a hit in resources based revenues.
However, this evolution is not new and part of a normal cyclical event, Barnett said, adding, "Western Australia as a mining based economy is used to cycles."
