Tengku Zafrul pointed out that a slower-growing China would have profound implications for its trading partners like Asean.
Speaking at the China Conference: Southeast Asia, an annual flagship conference organised by the South China Morning Post today, the minister said the risks included"a slowdown in China’s economic growth and the contagion risk of potential global banking”.
He said China-Asean bilateral trade bucked the negative trend caused by the Covid-19 pandemic, jumping to US$975.3 billion in 2022 from US$641.5 billion in 2019. "While a full-blown meltdown like that of 2008 may well be avoided given that banks are in a better shape now than they were then, there remains contagion risk which may hamper global economic growth, including in Asia as well.
Against this backdrop, Tengku Zafrul said Asean countries must work together to reposition themselves as stable, investor friendly, committed to environmental, social and corporate governance, and a competitive economic force in Asia. "This includes implementing multilateral trade pacts and frameworks like the Regional Comprehensive Economic Partnership , removing impediments to trade and encouraging digital trade.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tengku Zafrul: Delay in border reopening key factor affecting Malaysia’s competitiveness rankingKUALA LUMPUR, March 28 ― The delay in reopening international borders is the main factor for the decline in Malaysia’s overall ranking in the 2022 International Institute...
Read more »
Delay in border reopening key factor affecting Malaysia's competitiveness ranking - Tengku ZafrulKUALA LUMPUR: The delay in reopening international borders is the main factor for the decline in Malaysia’s overall ranking in the 2022 International Institute for Management Development (IMD) World Competitiveness Ranking (WCR), according to Tengku Datuk Seri Zafrul Abdul Aziz.
Read more »
Tengku Zafrul: Malaysia able to maintain leadership position in halal products and servicesKUALA LUMPUR, March 28 — Malaysia could maintain its leadership position in halal products and services that meet the highest quality standards as Malaysia has the right...
Read more »
Delay in border reopening key factor affecting Malaysia's competitiveness ranking - Tengku ZafrulKUALA LUMPUR: The delay in reopening international borders is the main factor for the decline in Malaysia’s overall ranking in the 2022 International Institute for Management Development (IMD) World Competitiveness Ranking (WCR), according to Tengku Datuk Seri Zafrul Abdul Aziz.
Read more »
Sabah records RM11.5bil investments in 2022: ZafrulPETALING JAYA: Sabah recorded investments worth RM11.5 billion in various sectors in 2022 involving 89 projects which could generate 4,566 jobs, said international trade and industry minister Tengku Zafrul Aziz.
Read more »
Right ingredients to grow halal networkMalaysia is poised to maintain its lead position in halal products and services that meet global quality standards, says International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Read more »