Malaysia's economy is recovering steadily, cooperation with China is highly anticipated

      In terms of foreign trade, according to the report of the Ministry of International Trade and Industry of Malaysia, from January to November this year, Malaysia's trade volume increased by 29.9% year-on-year, of which exports increased by 27.2%, imports increased by 33.3%, and the trade surplus increased by 2.5%. 6%. Among them, as of November, the trade volume between Malaysia and China has maintained double-digit growth for 24 consecutive months.

      Affected by factors such as the spillover effect of the Fed's interest rate hikes, Malaysia is also facing severe inflation. In the third quarter of this year, the country's consumer price index (CPI) rose by 4.5% year-on-year. The ringgit continued to fall against the US dollar, reaching its lowest level since the 1998 Asian financial crisis in September.

      Looking ahead to 2023, some institutions worry that factors such as slowing world economic growth and reduced external demand will pose challenges to Malaysia's economic recovery.

     According to the latest report from S&P Global Market Intelligence, the Malaysian Manufacturing Purchasing Managers Index (PMI) fell to 47.9 in November from 48.7 in October.

     Bank Negara Malaysia (central bank) Governor Noor Shamsia Muhd Yunus recently stated that the slowdown in world economic growth will bring external shocks, but Malaysia will still maintain its growth momentum, and GDP growth is expected to increase in 2023. The rate will be between 4% and 5%.

     Analysts pointed out that China is an important trading partner of Malaysia, and China-Malaysia economic and trade cooperation will continue to play an important role in Malaysia's economic development and transformation.

     According to the report of the Malaysian Investment Development Authority, in the first three quarters of this year, Malaysia approved a total of 130.7 billion ringgit foreign direct investment (1 US dollar equals 4.43 ringgit), and the investment from China reached 49.2 billion ringgit, accounting for Highest.

     Malaysian Transport Minister Lu Zhaofu said that the economic and trade prosperity between Malaysia and China is inseparable from the active participation and dedication of Chinese-funded enterprises. Under the "Belt and Road" initiative, a large number of high-end, sophisticated and cutting-edge Chinese-funded enterprises have entered Malaysia, injecting vitality and hope into the prosperity and development of Malaysia.

     Lu Zhaofu said that Malaysia encourages and welcomes more high-tech, energy-saving and environmentally-friendly Chinese-funded enterprises to Malaysia to help Malaysia realize economic transformation and industrial upgrading. It is expected that Chinese enterprises will continue to help Malaysia's economic development in terms of technology transfer and job creation.