Premier Li Keqiang has announced on Monday, Nov. 23, the granting of 50 billion yuan ($7.8 billion) quota to Malaysia under the Renminbi Qualified Foreign Institutional Investor (RQFII) program, the Xinhua News Agency reported.
Li, who is on his first official visit to the Southeast Asian country as a premier, also vowed to undertake several measures to strengthen financial cooperation with Malaysia when addressing a bilateral high-level economic forum.
The premier also urged both China and Malaysia to stabilize the financial market and boost investment and trade cooperation in order to address global financial instability and other economic woes.
The Chinese leader expressed hope that China's development and growing internal demand could provide business opportunities for Malaysian enterprises, noting that in the next five years, China is expected to import foreign goods worth $10 trillion.
"A waterfront pavilion gets the moonlight first," Li said, quoting a Chinese saying, as he vowed that China will open its economy wider to Malaysia.
Li said that the two countries are complementary in economy, adding that Malaysian companies are welcomed to invest and develop on Chinese soil, which will promote two-way investment and the development of both economies.
According to Li, Malaysia has advantages in the area of trade, noting that China will expand trade in services with the Association of Southeast Asian Nations (ASEAN) in an upgrade of their free trade agreement (FTA). He said that the expansive agreement will raise the level of bilateral trade between the two countries.
In addition, the premier said that China is willing to join efforts with Malaysia and other countries to combat terrorism, among other global challenges, as China supports the need to create a safe environment for economic development.
China has been Malaysia's largest trading partner for seven consecutive years, and Malaysia is currently China's top trading partner in ASEAN, with annual bilateral trade volume reaching $100 billion, the report said.