As the world’s second-largest economy, China will continue to be the stabilizer of global economic growth in 2023, a Malaysian business leader has said.
China’s gross domestic product grew 4.5 percent year on year in the first quarter of 2023, data from the National Bureau of Statistics showed.
The data illustrates that China’s economy has made a good start in the first quarter and shown a positive trend, which is a piece of exciting news for the market, Low Kian Chuan, president of the Associated Chinese Chambers of Commerce and Industry of Malaysia, told Xinhua in a recent interview.
“We believe that China’s economy is able to continue this trend and enhance its resilience and stability, thus bringing revitalization to Malaysia and even the entire Asia-Pacific region,” he said.
Noting that the Associated Chinese Chambers of Commerce and Industry of Malaysia has organized merchants to participate in China International Import Expo (CIIE) for five consecutive years, Low said that by holding a series of major international exhibitions such as CIIE, China International Fair for Trade in Services, China Import and Export Fair, and establishing pilot free trade zones, China has created many platforms for its expansion of opening-up, while providing new opportunities for deepening regional cooperation.
“China’s high-level opening-up will help form new advantages for international cooperation and competition. The more open an industry is, the more vigorous it is. The accelerated opening of market access will make it easier to improve corporate competitiveness and technological innovation, thereby achieving high-quality economic development,” Low added.
China’s reopening will help support ASEAN’s economic and business prospects, especially the tourism and service sectors as well as the aviation industry, Low said.
In 2022, two-way trade between Malaysia and China reached a record high of 203.6 billion U.S. dollars, up by 15.3 percent year on year. China has been Malaysia’s largest trading partner for 14 consecutive years.
Looking forward to the deepening of economic and trade cooperation between the two countries, Low said that “Malaysia and China can expand their cooperation in potential emerging industries, such as the digital economy, food production, renewable energy, electric vehicle, green development, e-commerce, and cybersecurity.”
“China’s continuous expansion of opening-up is a much-needed catalyst for its trading partners. It is only by promoting trade and investment liberalization and facilitation, as well as pushing towards a more open, inclusive and balanced economic globalization that economy can be developed and benefits can be shared,” Low said.
