Winemakers, currently selling more than $200 million worth of goods to China each year despite tariffs between 14 and 30 per cent, will also see tariffs eliminated over four years. Tariffs on horticultural products, seafood and other goods accounting for 93 per cent of Australian exports by value will also be reduced to zero by 2019. Shock tariffs recently imposed on Australian coal will be removed over two years. The Abbott government has given ground on labour, agreeing to a new case-by-case mechanism for Chinese investors to apply to bring in workers at Australian wage rates in areas of skills shortages. Private Chinese investors will have the foreign investment review threshold increased to a billion dollars, in line with Australia's other FTAs. But the government has held its ground on all investments from politically sensitive state-owned enterprises, which will continue to be subject to automatic foreign investment review.

This and other outstanding questions, most notably Australian sugar, will be reviewed within three years. Barring last-minute accidents, Mr Xi will sign the agreement with Prime Minister Tony Abbott on Monday afternoon after giving a historic speech to a joint sitting of the Australian Parliament. Mr Xi will sketch his vision of what he recently called his "Asia-Pacific Dream", emphasising peace, prosperity and collaboration. He faces a tall challenge in attempting to rival the democratic and pluralistic principles and commitments that US President Barack Obama outlined for rapturous students at Queensland University at the weekend, before flying out on Sunday night. Mr Xi's two-year tenure has been marked by oppression and an anti-corruption crusade at home, and confrontation abroad, but his global standing has been recently buoyed by a landmark climate change commitment with Mr Obama and a territorial truce, of sorts, with Japan's Prime Minister Shinzo Abe.

The FTA will highlight economic opportunities that the US cannot match, with China already buying nine times the value of Australian goods exports as the US. Sources close to the deal say benefits are almost certain to exceed the $US18 billion over 10 years identified in an earlier feasibility study. The access offered to China's service sector market place, in particular, is so unexpectedly extensive that government officials say the implications are potentially global. "China has sent a powerful signal that it is prepared to open and do business with a developed economy," said a source close to negotiations. Industry representatives briefed on Sunday told Fairfax they were "shocked" at the breadth and depth of Chinese concessions. Subject to surprises in the fine print, health and aged care providers will be able to operate directly in China, leapfrogging providers from Japan, the US and Europe that had been queuing to service the vast, rapidly ageing but previously impenetrable market.

Tourism and hospitality firms will be able to open hotels, law firms will be able to service clients directly from special Shanghai-zone headquarters and Australian universities will be able to market directly to Chinese students. Australia's giant financial services companies, including ANZ and IAG, have received a boost with what appears to be preferential access not enjoyed by competitors in the US and Europe. Engineers, architects and dozens of other services sectors have made substantial inroads into what had always been a lucrative but exceedingly difficult market. "It looks on the face of it that we've got a sensationally good deal here for the Australian services sector," chief executive of the Australian Services Roundtable Ian Birks said. "It's so far beyond what anyone expected that it looks to me to be more than just a trade deal with Australia but a statement by the Chinese government to the world," he said, speculating on whether Mr Xi had used this bilateral deal with Australia to kick-start a much-delayed wave of services-oriented economic reform.