Treasurer Peter Costello expects China's economic boom to continue for some time.
I think the Chinese growth will continue to run for years yet, Mr Costello told Sky News' Sunday Business program.
I don't see any signs that it's running to an end.
Mr Costello said China was experiencing massive migration from inland areas to the coast, massive development from agriculture to industrialisation, and the emergence from socialism to a free-market economy.
All of these things are positive for economic growth, he said.
Chinese authorities appeared to be managing economic changes quite skilfully and were improving their financial systems, Mr Costello said.
Bringing China into the global trading system as a market-oriented economy would be one of the great developments of our lifetime, he said.
Strong demand in China would continue, but global supply would pick up and moderate prices.
Although the demand will continue, because supply picks up, you'll expect prices to come off somewhat, Mr Costello said.
Just as world oil prices were coming down a little, so would the prices of other energy forms and commodities.
Given the lower oil prices, airlines should now consider dropping fuel levies, he said.
Those airlines that said they had to have surcharges because the oil price was going up should now be saying they can take off their surcharges because the oil price is coming down again.