Fortune magazine last month named the Chinese government as the world's largest venture capital firm. Figures from consultancy Zero2IPO Group show that government-backed venture funds raised 1.5 trillion yuan ($A300 billion) in 2015, a huge amount which in just one year tripled the amount under management to 2.2 trillion yuan ($A440 billion).

UNSW's agreement with the Chinese Ministry of Science and Technology, signed in the presence of Mr Turnbull and Chinese Premier Li Keqiang, initially will bring eight Chinese companies and an investment of $30 million to the university's Sydney campus and will set up the first Torch Innovation Precinct to be built outside China.

The Torch precincts, the product of a Chinese government program over nearly three decades, now number more than 150. They house 50,000 businesses and have 347 billion yuan ($A70 billion) invested in R & D.

Given the enormous availability of capital in China and UNSW's capacity to pitch to this research hungry audience, the university's vice-chancellor Ian Jacobs is optimistic that the deal will lead to a much larger eventual investment and the completion of a "purpose built, globally-connected, UNSW innovation precinct by 2025".

"It's easy to get to $100 million. That's when the real building begins," he said.

Global experience

The UNSW deal follows the latest $11 million boost from Baosteel to the joint research and development centre announced last month. The centre, which also involved UNSW, Monash University and the University of Wollongong, has filed 10 patents.

University of Queensland vice-chancellor Peter Hoj said the centre had given Australian researchers global industry experience.

More evidence of closer research ties emerged during Mr Turnbull's China visit with the Australian government announcing $6 million in funding, to be matched by the Chinese government, for six new joint research centres which will link Australian universities and research institutes with their Chinese counterparts.

Monash University and Soochow University will research dairy industry manufacturing, the University of Adelaide and Shanghai Jiao Tong University will work on new cereal grains, the University of Melbourne and the Chinese Agricultural University will investigate soils, Swinburne University of Technology and China's First Institute of Oceanography will develop new techniques for ocean modelling, the Australian Institute of Marine Science and China's Institute of Oceanology will explore data approaches to coastal pollution and ecosystem safety, and the University of South Australia and Central South University will research sustainable mineral processing.