BEIJING — Aug. 20, 2018: Prime Minister Tun Dr. Mahathir Mohamad today asked Beijing to be more sympathetic towards Malaysia’s fiscal situation and expressed the hope that China would be able to help resolve it.
Mahathir, who is on a five-day official visit to China, met his Chinese counterpart Li Keqiang and emphasised that Malaysia-China bilateral ties needed to be further strengthened.
In this respect, China’s innovation and technological advancement can contribute to the development of Malaysia, reported Bernama.
Li agreed that there is a need to boost the good bilateral ties to a new level through the opening up of new areas and dimensions in cooperation.
China is ready to increase imports of competitive goods from Malaysia, especially palm oil and other agricultural products.
On the current trade war between the United States and China, Mahathir underlined that free trade should be the way forward for all countries but cautioned that free trade alone is not enough as it must be something that also benefits small and poor countries.
Li feels that trade friction, in the short term, will result in countries looking for alternatives but thought that global trade and the economic environment would worsen if the situation prolonged.
Both leaders witnessed the signing of five documents between the countries at the Great Hall of the People. These are the extension agreement on bilateral currency swap arrangement, protocol on inspection and quarantine requirements for the export of frozen durian, the memorand of understanding on the development and promotion of Malaysia palm oil biofuel, on collaboration in rubberised bitumen road technology and rubber tapping automation and mechanisation and on accounting and audit regulatory cooperation.