Welcome to China-ASEAN Business Council Website!
ENGLISH | 中文版
  Home > China-ASEAN Business Council > Activities > Text

China and Malaysia Forge Ahead with Deepened Economic and Trade Cooperation

Post Time:2022-11-07 08:31:00

China and Malaysia share close economic and trade ties and high complementarity in their industries. As of 2021, China has been Malaysia's largest trading partner for 13 consecutive years, and Malaysia is also China's second largest trading partner in ASEAN.

From January to September 2022, bilateral trade between China and Malaysia witnessed a year-on-year increase of 21.1%, of which, China's exports to Malaysia rose by 29.9% year-on-year and its imports from Malaysia grew by 14.5% year-on-year.

In the first half of 2022, China emerged as the largest source of FDI in Malaysia with a share of 55.61%, totaling 48.6 billion Ringgit.

From January to August 2022, Chinese enterprises' non-financial direct investment in countries along the Belt and Road increased by 8.2% year-on-year, with Malaysia ranking third among the top 10.

Mr. Xu Ningning, Executive President of China-ASEAN Business Council and Chairman of RCEP Industry Cooperation Committee, said that the above figures fully demonstrate the close economic and trade relations and strong development vitality between China and Malaysia.

In 2021, the bilateral trade volume amounted to USD 176.8 billion, a year-on-year increase of 34.5%, faster than the average growth rate of China's trade with ASEAN countries that year. China's exports to Malaysia reached USD 78.77 billion, up by 39.9% and its imports from Malaysia totaled USD 98.06 billion, up by 30.4%, making Malaysia the top source of imports to China among all ASEAN countries. China’s trade deficit with Malaysia amounted to USD 19.32 billion, and Malaysia was the largest source of deficit for China among the 10 ASEAN countries.

By the end of 2021, China's direct investment in Malaysia stood at USD 10 billion and Malaysia's direct investment in China totaled nearly USD 8 billion. In 2021, Malaysia ranked third in terms of China's investment in ASEAN countries, ASEAN countries' investment in China, and the amount of new construction contracts signed between China and ASEAN.

As Malaysia’s economy grew by 8.9% in the second quarter of 2022, Bank Negara Malaysia (BNM) forecast that the country’s economic growth in 2022 will be higher than the expected 5.3-6.3%.

On March 18, 2022, the RCEP agreement officially took effect in Malaysia. In an interview, Mr. Xu Ningning said that RCEP is conducive to optimizing the industrial and supply chains of China and Malaysia and providing more space for economic and trade cooperation between the two countries. He gave the following suggestions for Chinese enterprises to develop trade and investment with Malaysia:

First, be well acquainted with the timetables for the opening of goods and service markets between the two sides as stimulated in the agreement.

Second, build new industrial and supply chains with Malaysian enterprises under the RCEP, and enhance cooperation with the third party to explore new markets.

Third, in addition to collaboration with Chinese businesses in Malaysia, strengthen cooperation with Malaysian people and enterprises

Fourth, focus on developing digital economy, green economy, biopharmacy and other areas, especially the cross-border e-commerce.

Mr. Xu Ningning noted, China-ASEAN Business Council and RCEP Industry Cooperation Committee are facilitating Chinese and Malaysian enterprises to seize RCEP opportunities.


History of Friendship 


2006.jpg

In 2006, the then Minister-Counselor for Commercial Affairs and the then Minister-Counselor for Political Affairs of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning, Executive President of China-ASEAN Business Council.


2007.jpg

In 2007, the Reception on the Occasion of the 40th Anniversary of the Establishment of the Association of Southeast Asian Nations was held in Beijing. China’s then Foreign Minister Yang Jiechi and Ambassadors of 10 ASEAN embassies in China attended the reception. In the picture were Mr. Xu Ningning and the then Malaysian Ambassador to China.


2010.jpg

In 2010, the then Minister-Counselor for Economic Affairs and the then Commercial Counselor of the Embassy of Malaysia in China, the Chairman and the Secretary General of Malaysian Chamber of Commerce and Industry in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. They discussed feasible partnerships and exchanged views on advancing China-Malaysia economic and trade development and the construction of the China-ASEAN Free Trade Area.


2010 2.jpg

In 2010, the then Malaysian Ambassador to China met with Mr. Xu Ningning at the Embassy of Malaysia in China to discuss collaborative measures to advance China-Malaysia economic and trade cooperation.


2010 3.jpg

In 2010, the then Commercial Counselor and the then Deputy Commercial Counselor of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. The two sides discussed matters concerning China-Malaysia economic and trade cooperation.


2012.jpg

In 2012, at the office of China-ASEAN Business Council, Mr. Xu Ningning had a meeting with the then Minister-Counselor of the Embassy of Malaysia in China and Malaysian entrepreneurs.


2012 2.jpg

In 2012, the then Minister-Counselor of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. The two sides had communications on the cooperation between Chinese and Malaysian enterprises.


2013.jpg

In 2013, the then Malaysian Ambassador to China and President of Malaysia-China Business Council had a friendly talk with Mr. Xu Ningning surrounding China-Malaysia economic and trade cooperation and a partnership between Malaysia-China Business Council and China-ASEAN Business Council. The Ambassador was accompanied by the then Minister-Counselor of Commercial Affairs of the Embassy of Malaysia in China.


2013 2.jpg

In 2013, the then Commercial Counselor of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. The two sides had friendly talks about enhancing the cooperation between Chinese and Malaysian SMEs and between the Embassy of Malaysia in China and China-ASEAN Business Council.


2015.jpg

In 2015, the then Malaysian Ambassador to China and then Commercial Counselor of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. The two sides had discussions on fostering new development in China-Malaysia cooperation.


2016.jpg

In 2016, Beijing, the then Minister Counselor for Commercial Affairs of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. During the visit, the two sides agreed to achieve new development in China-Malaysia economic and trade cooperation.


2018.jpg

In 2018, at the Opening Ceremony of the 15th CAEXPO, Mr. Xu Ningning had friendly communications with the then Malaysian Ambassador to China, now the President of Malaysia -China Friendship Association.

2019.jpg

In 2019, Beijing, the Commercial Counselor of the Embassy of Malaysia in China visited China-ASEAN Business Council and met with Mr. Xu Ningning. The two sides had discussions on the new developments in China-Malaysia economic and trade cooperation that year, and negotiated to further deepen the bilateral cooperation jointly.


2019 2.jpg

In 2019, at the Embassy of Malaysia in Beijing, China, the Malaysian Ambassador to China met with Mr. Xu Ningning and the two sides had talks on enhancing China-Malaysia economic and trade cooperation.


2019 3.jpg

2019 4.jpg

In 2019, at the Gala Dinner on the 45th anniversary of Establishment of Diplomatic Relations between China and Malaysia, Mr. Xu Ningning was invited to deliver remarks with the Malaysian Ambassador to China to talk about enhancing economic and trade cooperation between the two countries.


2020.png

In November 2020, Mr. Xu Ningning talked with the Malaysian ambassador to China about enhancing economic and trade cooperation between the two countries amid the battle against the pandemic, and presented anti-pandemic materials to the Embassy of Malaysia in China.


2021.jpg

In 2021, Mr. Xu Ningning had talks with the Commercial Minister of the Embassy of Malaysia in China about such topics as China-Malaysia economic situation and trade cooperation, RCEP regional industrial cooperation and so forth.


2022.png

In June 2022, the Malaysian Ambassador to China met with Mr. Xu Ningning to talk about jointly boosting China-Malaysia trade and investment cooperation.



Previous:RCEP Regional Financial Banking Cooperation Conference kicked off
Next:Enhance China-Philippines economic and trade cooperation

AboutUs | Contact | Job | Copyright
Copyright © 2009-2017 China ASEAN Business Council All Right Reserved.
Technical Support: BuFeng Info
京ICP备18010848号-1