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China’s US$7.8b RQFII cap to Malaysia
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China will grant a 50 billion yuan (US$7.8 billion) quota to Malaysia under the Renminbi Qualified Foreign Institutional Investor program, Premier Li Keqiang said in Kuala Lumpur yesterday.
Li, who is paying his first official visit to the Southeast Asian country as premier, pledged several other moves to strengthen financial cooperation with Malaysia when addressing a bilateral high-level economic forum.
He called for joint efforts from both China and Malaysia to stabilize the financial market and boost investment and trade cooperation to tackle global financial instability and other economic woes.
Li hoped that China’s development and growing internal demand could unleash business opportunities for Malaysian enterprises.
In the next five years, Li noted, China is expected to import foreign goods totaling US$10 trillion.
“A waterfront pavilion gets the moonlight first,” he quoted a Chinese saying, vowing that China will open wider its economy to Malaysia.
China and Malaysia are complementary in economy, Li said, adding that China welcomes Malaysian companies to invest and develop on its soil, which will promote two-way investment and the development of both economies.
Noting that China will expand trade in services with the Association of Southeast Asian Nations in an upgrade of their free trade agreement, Li said Malaysia has advantages in this area.
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