Sydney (CNN) -- Kevin Rudd and Tony Abbott, the two men vying to be Australia's prime minister in the September 7 national election, offer contrasting views on China, the country that looms largest on Australia's economic and strategic horizon. 

Rudd, the Chinese-speaking incumbent prime minister in the Labor-led government, says the China resources boom is over and Australia needs to prepare for that transition, given how important China has become as a trade partner in the past decade. 

China is a key destination for Australian resources such as iron ore, coal and LNG. But in recent months, even China's breakneck economic pace has hit some speed bumps. 

On the broader geopolitical front, Rudd wants China and the United States to carve out a new Asia-Pacific "strategic road-map" that will enhance trade, investment and security in the region. 

READ MORE: Rudd: Better second time around? 

The Opposition's view on China 

Abbott, who has led the opposition Liberal Party since 2009, wants the Australia-China relationship to move from one based on shared interests to one of "shared values." 

But he notes that Australia's friendship with China is more recent than that with Japan, and less developed than that with the United States. 

In a major policy speech to a business audience in Beijing last year, Abbott said he believed it would take time before Australia's ties with China approached "the warmth that we take for granted with America." Still, he believes it is an effort worth making. 

Like his mentor, former Australian prime minister John Howard, Abbott is a rock-solid supporter of Australia's military alliance with the United States, and believes that it is possible to be friends both with Washington and Beijing. Howard, he said, "understood that you could make a new friend without losing an old one." 
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Tony Abbott Kevin Rudd Chinese China is a key destination for Australian resources carve out a new Asia-Pacific "strategic road-map" to move from one based on shared interests to one of "shared values." China Yes No John Howard former Australian prime minister Yes enhance trade, investment and security Beijing since 2009 September 7 prime minister Japan it would take time before Australia's ties with China approached "the warmth that we take for granted with America." understood that you could make a new friend without losing an old one."