Prime Minister Malcolm Turnbull, who last month criticised Chinese military deployments in the South China Sea, will lead 1,000 business leaders to China next week in hopes of building on a free trade agreement (FTA) between the two countries.

He will hold talks with both President Xi Jinping and Premier Li Keqiang in Beijing, hoping to capitalise on China’s transition from an export-based economy to a major consumer spender, his office said on Friday.

The trade visit – the largest ever by an Australian leader – comes amid a slowing of growth in the Chinese economy, which is crucial for Australian jobs.

The FTA came into force in December, cutting tariffs across many economic sectors.

“The China-Australia FTA has opened up even more opportunities for trade and engagement between our two countries,” Turnbull’s office said in a statement.

“As China continues its transition towards a more consumer-led and services-based economy, more and more Australian businesses are finding new markets and new opportunities in China.”

Fifteen Australian chief executives will sit down with their Chinese counterparts for a business roundtable, which will report to the prime minister.

Queensland premier Annastacia Palaszczuk and Tasmanian leader Will Hodgman will also be involved in trade and investment talks.

Meanwhile, it is unclear if the South China Sea would be on the agenda, but China’s assertiveness in its claims to most of the waters has raised concerns in the West and among China’s neighbours.

Western capitals have criticised China for militarising the South China Sea with the deployment of advanced weaponry there. China argues the United States is militarising the region with its frequent patrols.

Turnbull last month called China’s military deployments “counterproductive”, an unusually forceful rebuke.

– with other agencies