China's growth essential for Malaysia's economic health: experts
This aerial photo taken on Oct. 23, 2022 shows a view of the Dongfang Lingang Industrial Park in south China's Hainan Province. (Xinhua/Pu Xiaoxu)
Malaysia not only depends on China for tourism arrivals and the export of its commodities and manufactured goods, but the country also seeks greater market access and deeper economic cooperation and investments from China to sustain its own growth, Malaysian experts have said.
KUALA LUMPUR, Feb. 16 (Xinhua) -- China's continued economic growth, especially in the face of easing pandemic restrictions, will have a positive impact on Malaysia and the wider region, experts have said.
They said that Malaysia not only depends on China for tourism arrivals and the export of its commodities and manufactured goods, but the country also seeks greater market access and deeper economic cooperation and investments from China to sustain its own growth.
The link between Malaysia's prosperity and China's growth could be clearly seen as China remains Malaysia's largest trading partner for 14 consecutive years (2009-2022) with a 17.1 percent share of total trade in 2022, Low Kian Chuan, president of the Associated Chinese Chambers of Commerce and Industry of Malaysia, told Xinhua in a recent interview.
Low also said accelerated growth of the Chinese economy will help support the economic and business prospects of the Association of Southeast Asian Nations (ASEAN), especially the tourism and service sectors as well as the aviation industry, thanks to the expected revival of Chinese tourist arrivals.
"It is expected that China consumers' pent-up demand in regional economies will help support ASEAN economies' domestic activities. China's business travelers and investors are expected to make rounds in the ASEAN to keep abreast of business and investment opportunities," he said.
Technicians work on the massive Chinese-made tunnel boring machine (TBM) at the construction site of the Genting tunnel of the East Coast Rail Link near Bentong in Pahang state, Malaysia on April 29, 2022. (Xinhua/Zhu Wei)
Lee Pei May, political expert at the International Islamic University Malaysia, pointed out that a large influx of tourists is fundamental to reviving the dampened aviation and hospitality industries in Malaysia. "Of course, trade with and investment from China too made an important contribution to Malaysia's economic growth," she added.
For his part, Policy and Economic Affairs Center of Malaysia Foundation Chief Executive Officer Zokhri Idris said Malaysia depends on China's supply and value chain, as this is an enabler of its economic recovery, highlighting great initiatives taken by China to promote trade.
"China's (economic) recovery will establish a positive causal effect on ASEAN economies. We have seen it in the Malaysia trajectory and we will also see a similar pattern with other ASEAN countries especially Singapore, The Philippines, Vietnam and Cambodia which depend extensively on China," he said.