The looming Asian century, in which countries like China and India are expected to dominate global events, comes with its share of issues and opportunities, according to Prime Minister Julia Gillard.

Ms Gillard admitted that glitches may arise as nations from the region become aware of their newly-discovered political and economic muscles, thus underscoring the need for a closer study of the role Australia could play out as the world shifts its focus from America and Europe to Asia-Pacific.

In the upcoming review titled "Australia in the Asian Century" that she commissioned, Ms Gillard expressed optimism that the white paper will provide a glimpse on how the country will play a major role in a world where Asians are projected to wield more power and influence.

As these countries continue to amass enormous wealth, Ms Gillard said the major review to be headed by former Treasury chief Ken Henry should offer a better picture on how Australia could capitalise on the ongoing Asian economic expansion.

In a Thursday report by The West Australian, the Prime Minister said that once the review has been completed, Australia will get a clearer picture on how it will implement financial market reform that would be in synch with the growth engulfing much of Asia.

The new Ken Henry review, Ms Gillard added, will allow Australia to fine tune its overall policies that would refocus the federal government's agenda on major issues such as educational investments and environment-friendly energy initiatives.

Also, the more Asians get richer, the more they look for quality services that Australia offers, Ms Gillard said.

"They'll look to countries like Australia for tertiary education and for technical skills," the Prime Minister was quoted by the publication as saying.

In preparing for the emergence of new global powers, Trade Minister Craig Emerson added that Australia only proves that it is not bothered at all by the new reality projected to dictate new policies in the years ahead.

The Henry review, Emerson stressed, will define Australia's role in the so-called Asian century.

"With the rise of economic power comes broader responsibility ... and we're indicating to China we want to deepen the relationship," Emerson was quoted by the Herald Sun as saying as the Trade Minister alluded to the greater influence that China will flex in the decades ahead.

He noted too that apart from China and India, Henry's review, which is set to be completed by the middle part of 2012, will also map the course that Australia will take as it pursues its trade relations with Japan, South Korea and the countries comprising the Association of South East Asian Nations (ASEAN).