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A more developed China will bring more opportunities for Malaysia and other Asian countries to enhance their prosperity, Malaysia's Second Finance Minister Djamaludin Jarjis said in Bali on Saturday.
His made the remarks during a bilateral meeting with Chinese Finance Minister Jin Renqing on the sidelines of the fifth Asia-Europe Finance Ministers' meeting held on the Indonesian resort island of Bali.
While congratulating China's great success in overcoming the SARS outbreaks, Jarjis said the economy in China remains prosperous and promising.
"Now we have to wait before getting a place to play golf in Malaysia because many from Shanghai have already booked our place," he joked when explaining how prosperity in China can benefit Malaysia.
Meanwhile, Jin Renqing disclosed that China's bilateral trade with Malaysia has increased to some US$14 billion in 2002, with the balance of trade showing a deficit of US$4 billion on the Chinese side.
"Malaysia is China's biggest trade partner among ASEAN countries," Jin said, referring to the ten-member Association of Southeast Asian Nations, which groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The minister said prosperity in the region will also greatly benefit China, describing ASEAN-China cooperation as a "win-win game."
Commenting on the issue of currencies, both ministers said they will continue to peg yuan and ringgit to the US dollar to ensure economic stability in their respective countries.
Jin Renqing said stability of China's economy is crucial for global economy, so the country will not easily change the conversion rate of its currency.
Similarly, Jarjis said a stable ringgit proved to be very helpful for Malaysia to escape the Asian financial crisis, asserting that his country would continue to peg ringgit to the dollar.
(Xinhua News Agency July 6, 2003)
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