Wed, 18 May 2022

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Panelists at the Friends of Silk Road Forum highlighted the positive spill-over effect of China's peaceful rise on the economic development of the region.

KUALA LUMPUR, Nov. 27 (Xinhua) -- China's development model has brought more than just prosperity to the country, as it also boosts the economic development of the region, speakers told a virtual forum in Malaysia on Friday.

The virtually-held Friends of Silk Road Forum on "the World Significance of China's Development" organized by the Malaysia-China Friendship Association, brought together several panelists who highlighted the positive spill-over effect of China's peaceful rise as an economic power.

In the welcoming remarks, President of Malaysia-China Friendship Association Abdul Majid Ahmad Khan said, China has, within the space of 40 years, brought about so much prosperity and stability.

"Today China is an engine of regional and global growth. Its development model has provided opportunities for investment, trade, tourism, and China has become the global hub of the supply chain, manufacturing, and services in trade," the president said.

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"Malaysia and the ASEAN region have indeed gained tremendously from China's transformation as reflected in the deep and strong economic linkages within the two regions. The impact of China's successful development is not only centered on sharing prosperity but equally important (is) the contribution it has made to regional and global peace. One can say that China has emerged as a stabilizing factor in the current state of global affairs," he said.

Malaysian scholar Bunn Nagara said China has achieved success through its own unique developmental model, which has not only proven to be effective but is widely studied by both developing and developed countries, including Malaysia.

"China's rise is closely studied by both developing and developed countries ... it has successfully experimented and developed models, free of the constraints imposed by outside powers.

"China's development model is specialized and its success has been spectacular. It has grown in such a way that even its rivals depend on it. Malaysia has sought to learn from China. Malaysia is pragmatic enough to learn lessons and adapt them. Each country must be free to follow the path that best benefits its people," he said.

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For his part, World Trade Centre Kuala Lumpur group Executive Director Irmohizam Ibrahim said Malaysia's relationship with China has become a great influence and recognized as the focal point within the ASEAN region for trade and investment, with the country being an early supporter of the China-proposed Belt and Road Initiative (BRI) and trade agreements.

"We also strongly believe in the spirit of 'Peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit' and we wish to keep the relationship going by expanding the possibilities worldwide.

"I am also confident that the Regional Comprehensive Economic Partnership (RCEP), which China and Malaysia together with 13 other nations have signed, will push strong energy to the economic recovery and growth for both China and Malaysia," he said.

Irmohizam also noted that China continues to benefit from having strong and effective governance, which has allowed it to weather a variety of challenges over its history.

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