I found some interesting stuff so far:
The Dragon/Phoenix pairing goes back many years and is linked to Chinese folklore. As many people know, aros are also known as dragon fish and signify power and strength in Chinese culture.
The flagtail is often referred to as Fei feng or flying Phoenix. In Chinese mythology the Phoenix is a symbol of high virtue and grace.
Therefore, the pairing of a dragon and a phoenix is a common sight in the Far East and is considered to be extremely auspicious sign, said to herald a glorious period of peace and prosperity for the people and the country.
This is reflected in the Chinese saying, "When the dragon soars and the phoenix dances, the people will enjoy happiness for years, bringing peace and tranquility to all under heaven."
More to come...