One of the matters on the table for Papua New Guinea's prime minister James Marape during his visit to Beijing is establishing for both countries to trade in their own currencies.

Currently, PNG requires American dollars but as its access to the China market grows, Port Moresby is hoping a common currency arrangement can be made.

These days PNG is exporting about 13 billion kina, or about $US3.5 billion, of goods to China annually, with exports exceeding imports.

China buys minerals and gas from PNG but Marape has endeavoured to raise interest in food, tourism and carbon credits.

RNZ Pacific PNG correspondent Scott Waide said a common currency settlement arrangement would be highly significant.

"Now that [common currency] needs central bank arrangement," Waide said.

"How that's going to turn out with the global pressures on the US currency and the BRICS situation, this will be an interesting arrangement between Papua New Guinea and China - trading in our own currencies."

The prime minister's office said PNG is preparing for the China Development Bank to open a branch in PNG, while Port Moresby has also signed up to become a member of the China controlled Asia Infrastructure Investment Bank.

There have also memorandums signed, including an agreement on more student scholarships for study at Chinese universities, an aid grant of 50 million kina, and the approval of bio-security clearance for coffee and cocoa exports.

Since the establishment of diplomatic ties 47 years ago, China-Papua New Guinea relations have developed rapidly and are at the forefront of development and cooperation between China and Pacific Island countries, Chinese Premier Li Qiang said on Monday.

China is ready to continue to consolidate mutual political trust with Papua New Guinea, further synergise development strategies and expand cooperation in infrastructure, special economic zones, and processing industries involving agriculture, forestry and fishery, he noted.

- RNZ