China-ASEAN Monitor: Malaysia-China trade expected to exceed US$100 billion this year

Photo Credit: New Straits Times

 

Economy, Investment and Trade

 

Malaysia-China trade expected to exceed US$100 billion this year
(9 December 2019) Malaysia is optimistic about achieving US$100 billion again in bilateral trade with China in 2019 after posting US$108.60 billion last year. According to a senior government official, this optimism is based on the fact that trade between the countries has already reached US$889.75 billion from January to September this year. Furthermore, Malaysia expects to welcome more high-spending Chinese tourists during Visit Malaysia Year 2020. The country welcomed 2.94 million Chinese tourists in 2018, up 29% from 2.28 million in 2017.
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Trade value at China-Vietnam border port grew 19.71%
(4 December 2019) Trade at China’s Tianpeng port on the Vietnam-Yunnan province border grew by 19.71% year-on-year in the first three quarters of 2019 reaching US$46.77 million — which also translates to a 22.86% rise in trade volume at 63,095 tonnes. According to the port authority, inbound and outbound visits through their gate also grew by 4.67% reaching 120,302 visits. Bilateral trade between China and Vietnam totalled almost US$150 billion in 2019. Chinese tourists of roughly 5 million also accounted for the largest number of Vietnam’s foreign visitors during the year.
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China greenlights 18 more Cambodian rice exporters
(9 December 2019) The Chinese government has awarded rice export licences to 18 more Cambodian rice millers, bringing the total to 44, to help the country meet its 400,000-tonne rice export quota to China in 2020. Cambodia’s rice exports to foreign markets grew by 3.4% from 497,240 in the first 11 months of 2018 to 514,149 tonnes during the same period this year. Exports to China led the way at 195,242 tonnes, followed by the EU at 174,397 tonnes, and other ASEAN countries at 69,239 tonnes.
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Chinese firm wins US$210 contract to build two MRT stations in Singapore
(10 December 2019) Singapore’s Land Transport Authority announced this week that it has awarded China Railway 11 Bureau Group with a US$210 million contract to construct two stations on the new Jurong Regional Line (JRL). The Chinese firm is expected to begin constructing the Jurong West and Bahar Junction stations in 2020 and complete them in 2026. According to a local news outlet, the 24-station JRL will be Singapore’s seventh MRT line that comes as part of the government’s plans to improve connectivity in the Jurong area and turn the Jurong area into the country’s second central business district.
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Malaysia expects more interest from Chinese property buyers in 2020
(9 December 2019) Malaysia will likely see greater interest from Chinese property shoppers next year following the government’s recent move to lower the minimum price requirement for foreign buyers on high-rise property, according to a survey conducted by Chinese property portal Juwai.com. A total of 386 Malaysian real estate agents participated in the survey, which was conducted between 6 and 21 November 2019. Based on the government’s Budget 2020, foreign property buyers will be allowed to purchase urban high-rise property that cost between US$144,120 (RM600,000) to US$240,200 (RM1,000,000) from January 1 till December 31, 2020.
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