It pays to learn from China

Malaysia can achieve high income nation through Belt and Road initiative, says minister

https://youtu.be/IjEEOkPW8Zc

MALACCA: Malaysia can learn from China which is skilled in attracting and profiting from the knowledge and skills of its human capital, said Datuk Seri Dr Wee Ka Siong.

The Minister in the Prime Minister’s Department said China was creating an innovative economy and not just a high-income one driven by strong domestic consumption.

“China’s leadership is building on ambitious growth targets based on equality, efficiency and evaluation. We need to emulate this trait,” he said. Dr Wee was speaking at the opening ceremony of the 8th World Chinese Economic Summit (WCES)

WCES is organised by the Asian Strategy and Leadership Institute (Asli) with the aim of promoting global and regional dialogue on the emergence of China as the world’s largest economy and bringing together the global Chinese diaspora.

Dr Wee said that Malaysia, through its participation in China’s Belt and Road initiative, would be able to achieve its aim of becoming a high-income economy by 2020.

Movers and shakers: Dr Wee (centre) flanked by former Taiwan President Ma Ying-jeou (Wee’s right) and WCES founder and patron and Country Heights Group of Companies founder Tan Sri Lee Kim Yew cutting ribbons at the opening ceremony of the 8th WCES in Malacca. Also joining them are (from left) WCES co-chairmain Datuk Seri David Yeat, Asli CEO Tan Sri Michael Yeoh, Asli and Sunway Group chairman Tan Sri Jeffrey Cheah, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, former Indonesian President Susilo Bambang Yudhoyono, Malacca Chief Minister Datuk Seri Idris Haron, former Australian Prime Minister Kevin Rudd, former Pakistani Prime Minister Shaukat Aziz, former Thai Deputy Prime Minister Dr Surakiart Sathirathai, Quest International University Perak chief operating officer Nicholas Goh, Mah Sing Group marketing and innovation general manager Lily Lee and Star Media Group Bhd editor-in-chief Datuk Leanne Goh.

“China can appeal to a variety of demographics within Malaysia. By utilising the diversity and skills of the multi-ethnic Malaysian workforce, China can further capitalise on business ventures in the region.

“This can include leveraging on the country’s Mandarin-speaking citizens in order to effortlessly conduct business, or using Malaysia’s large Muslim population to expand investment into the Middle East,” Dr Wee said.

One of the projects that came into the picture as an effect of Belt and Road was the Melaka Gateway that attracted an investment of RM43bil from China.

China’s southern province of Guangdong, which has established a friendly state and province relationship with Malacca, has expressed its interest in investing RM8bil in an energy project in the state that will create between 5,000 and 20,000 jobs for the locals, Dr Wee said.

On e-commerce, which currently contri­butes 16% to the GDP, he said that only 55% of local consumers use the Internet for shopping.

The appointment of Chinese Internet billionaire Jack Ma of Alibaba Group as the Government’s digital economy adviser will help tap the vast potential of that market.

The e-commerce market (excluding e-services) in Malaysia for this year was expected to reach US$991.1mil (RM4.3bil) in revenue, while the global e-commerce industry was projected to surpass US$3.5 trillion (RM15.3 trillion) within the next five years, said Dr Wee.

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It pays to learn from China

Malaysia can achieve high income nation through Belt and Road initiative, says minister

https://youtu.be/IjEEOkPW8Zc

MALACCA: Malaysia can learn from China which is skilled in attracting and profiting from the knowledge and skills of its human capital, said Datuk Seri Dr Wee Ka Siong.

The Minister in the Prime Minister’s Department said China was creating an innovative economy and not just a high-income one driven by strong domestic consumption.

“China’s leadership is building on ambitious growth targets based on equality, efficiency and evaluation. We need to emulate this trait,” he said. Dr Wee was speaking at the opening ceremony of the 8th World Chinese Economic Summit (WCES)

WCES is organised by the Asian Strategy and Leadership Institute (Asli) with the aim of promoting global and regional dialogue on the emergence of China as the world’s largest economy and bringing together the global Chinese diaspora.

Dr Wee said that Malaysia, through its participation in China’s Belt and Road initiative, would be able to achieve its aim of becoming a high-income economy by 2020.

Movers and shakers: Dr Wee (centre) flanked by former Taiwan President Ma Ying-jeou (Wee’s right) and WCES founder and patron and Country Heights Group of Companies founder Tan Sri Lee Kim Yew cutting ribbons at the opening ceremony of the 8th WCES in Malacca. Also joining them are (from left) WCES co-chairmain Datuk Seri David Yeat, Asli CEO Tan Sri Michael Yeoh, Asli and Sunway Group chairman Tan Sri Jeffrey Cheah, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, former Indonesian President Susilo Bambang Yudhoyono, Malacca Chief Minister Datuk Seri Idris Haron, former Australian Prime Minister Kevin Rudd, former Pakistani Prime Minister Shaukat Aziz, former Thai Deputy Prime Minister Dr Surakiart Sathirathai, Quest International University Perak chief operating officer Nicholas Goh, Mah Sing Group marketing and innovation general manager Lily Lee and Star Media Group Bhd editor-in-chief Datuk Leanne Goh.

“China can appeal to a variety of demographics within Malaysia. By utilising the diversity and skills of the multi-ethnic Malaysian workforce, China can further capitalise on business ventures in the region.

“This can include leveraging on the country’s Mandarin-speaking citizens in order to effortlessly conduct business, or using Malaysia’s large Muslim population to expand investment into the Middle East,” Dr Wee said.

One of the projects that came into the picture as an effect of Belt and Road was the Melaka Gateway that attracted an investment of RM43bil from China.

China’s southern province of Guangdong, which has established a friendly state and province relationship with Malacca, has expressed its interest in investing RM8bil in an energy project in the state that will create between 5,000 and 20,000 jobs for the locals, Dr Wee said.

On e-commerce, which currently contri­butes 16% to the GDP, he said that only 55% of local consumers use the Internet for shopping.

The appointment of Chinese Internet billionaire Jack Ma of Alibaba Group as the Government’s digital economy adviser will help tap the vast potential of that market.

The e-commerce market (excluding e-services) in Malaysia for this year was expected to reach US$991.1mil (RM4.3bil) in revenue, while the global e-commerce industry was projected to surpass US$3.5 trillion (RM15.3 trillion) within the next five years, said Dr Wee.

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Liberty, Equality and Fraternity in the 21st century of China's One Belt One Road strategy

 

Mass migration: The mega-trend of global migration, which is already happening legally in the form of migrant workers and illegally in the form of economic and political refugees, especially into Europe, is going to disrupt the current order. – AFP

A VERY wise Latin American statesman remarked at the Emerging Markets Forum in Paris this month, quoting the Nobel Laureate writer Octavio La Paz that after the French Revolution, the 19th century was all about the search for liberty, the 20th century about equality and the 21st century should be about fraternity.

The concept of liberty and individual freedom was sparked by the French Revolution but it became embodied in the American constitution that individual freedom was almost absolute in its right. Before then, rights were communal and determined by the state, or at least by an elite. With the rise of American might, the primacy of individual rights became widespread, because it appealed to the individual ego and the right for self determination. But man does not exist alone – he lives in a community in which rights come with responsibility – self-respect must also be tempered with respect for others.

The 20th century was a flowering of the capitalist spirit, that individual greed can lead to public good. This drove unprecedented prosperity, unfortunately unequally shared. The saving grace was the narrowing of income and wealth differences between the rich nations and the developing economies, but in almost every country, income and wealth gaps widened. This has reached the stage where views are increasingly polarised, with huge gaps in understanding between genders, generations and geo-political powers. Gandhi was the one who rightly pointed out that the world has enough for all our needs, but not our greed.

The global financial crisis of the 21st century exposed all the flaws of the dominant thinking, that the American Dream is sustainable. It was already doubtful that it could be sustainable for a few, but if the population of the world reaches 10 billion by 2050, we will be so crowded and in each other’s face and space that how to achieve fraternity without war will be the question of the century.

The World in 2050

The Emerging Markets Forum in Paris was the occasion for a book launch on “The World in 2050”, a study by various leaders, such as former German Chancellor Horst Kohler, former IMF managing director Michel Camdessus and former presidents and ministers of several emerging markets. The book, edited by former World Bank director Harinder Kohli, tried to think through the major issues of the 21st century. The major theme was essentially demographic and geographic – by 2050, the largest populated nation will be India, but the third largest could be Nigeria, with Africa emerging as the third largest continent by population and growth.

The study is timely because there are already signs that the borders that were delineated by the former colonial powers in Africa and the Middle East are already breaking down as failed states, arising from bad governance, exploding population and climate change stresses leading to civil strife, outright war and now mass migration.

This mega-trend of global migration, which is already happening legally in the form of migrant workers and illegally in the form of economic and political refugees, especially into Europe, is going to disrupt the current order. Can Europe absorb over a million migrants a year without major changes in culture, living standards and law and order?

How would these new migrants, including families that will follow, be accommodated, given already high levels of unemployment and shortage of housing in many European cities? Without proper accommodation and social acceptance, will there be more terrorist outbreaks and civil strife that disturbs the comfortable lives of Europeans today?

Even as Grexit (the possibility of Greece exiting the eurozone) has quietened down, Brexit (the possibility of Britain exiting the European Union) is becoming a looming nightmare. Whether Britain leaves or not is going to be an expression of how the British people feel about fraternity with Europe. All economic logic seems to suggest that Britain should stay. Germany needs Britain to maintain the balance of power within Europe, because British level-headed diplomacy is a useful counterweight to the more romantic (and less fiscally disciplined) southern members, such as France, Italy and Spain. There is genuine worry that the refugee crisis will make the stoic British more isolationist, preferring fraternity within the British isles.

From an Asian perspective, the stability and prosperity of Europe is an important anchor to global peace and stability. Europe is not only a major trading partner but her moderation and common sense is often a useful counterweight to American exceptionalism, whose mistaken invasion into Iraq triggered the breakdown in the Middle East order. Perhaps the status quo in the Middle East was always fragile, made more fragile by growing population, low oil prices and climate stress.

The borders of the Middle East and Africa were the legacies of the Great Game in the 19th century, when former colonial powers carved up these areas into territories that ignored tribal or geographic realities.

Today, these borders are being ignored by non-state players, and peace and order will not return till we find a solution to creating jobs in situ for the growing youth that are increasingly armed and willing to fight for their rights. Throughout history, it has always been the unemployed and disaffected youth that has led to revolution or war.

China’s One Belt One Road strategy can best be understood as a building of roads, rails and ports to link Eurasia together, creating new trade routes over old historical paths. For the first time, this will be a linking of roads and rail between China and India, and through central Asia, almost into the heart of eurozone, north to Russia and south to Africa. The investment in the infrastructure and in jobs for the young is the best hope to avoid massive social upheaval. This is the 21st Century Great Game - whether to live in fraternity or fratricide.


By Andrew Sheng writes on global issues from an Asian perspective.
 


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