China is the largest source of international students for Australia, accounting for around one-quarter of international students in Australia and one-third of international students at Australian universities, according to the Australian Embassy in Beijing.

Of the 120,000 Chinese students who studied or are studying in Australia this year, almost half are at universities, said Iain Watt, Minister-Counselor in Education at the Australian Embassy during a press conference for the 2011 Australia China Alumni of the Year event held in Beijing on Saturday.

There are also some 50,000 Chinese students undertaking an Australian qualification here in China, Watt said, adding that the academic relationship between Australia and China is about people and it is the links between people that will build an even stronger and mutually-beneficial relationship in the future.

"Chinese students are often better than local students and most of them work hard," said Australian Ambassador Frances Adamson.

However, 25 years ago, there were almost no Chinese students in Australia, said Simon Chung, who graduated from University of Wollonggong in Australia in 1990 with a bachelor's degree in Mathematics and has received this years' top award, the CPA Australia (Australian Society of Certified Practicing Accountants) China Alumni of the Year Award.

"I consider my time in Australia to have fundamentally shaped who I am," said Chung, who currently is the chief operating officer of ChinaSoft International Limited in Hong Kong.

After graduation, Chung worked in Australia for five years, which he said marked a major turning point in his career.

In addition to Chung, eight Chinese alumni from Australian Universities won various honors during the event.

First launched in 2009, the annual Australia China Alumni of the Year awards, organized by the Australia China Alumni Association, aims to recognize those who have made outstanding achievements in their field, said Adward Smith, the founder of the association.

Every year, the association jury selects nine winners from about 150 candidates, said Smith.