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"China is one of the world's largest markets for animal-based meat products, and potentially for plant-based meat," said Ethan Brown, CEO and founder of Beyond Meat.

"China has the fiscal space and so it is appropriate that it consider using it, with due caution, to counter global economic headwinds," Goldberg said.

"China and Australia have no historical grievances and enjoy mutually beneficial cooperation," he said, adding that strengthening bilateral cooperation is in line with the fundamental interests of both countries.

"But we see that as an investment in the longer term. We are building our own type of intellectual property protection around it, so that we also have a sustainable profit model for the long term. I think in five to 10 years from now, bio-based will be the mainstream."

"But the government is able to cope with the challenge of revenue loss by reducing unnecessary spending," Shi added.