China Hopes For Bilateral Trade With Malaysia To Grow Further

From Saraswathi Muniappan BOAO, (Hainan, China) March 28 (Bernama) -- China is hopeful that bilateral trade with Malaysia will grow further, Prime Minister Najib Razak said, Friday. "The bilateral trade is expanding about eight per cent annually at present and China's President, Xi Jinping hopes this figure can be enhanced," he added. Najib said this after a bilateral meeting with Xi here, Friday. The meeting is the fourth for both leaders. Among others, both countries have set a bilateral trade target of US$160 billion by 2017. Last year, total trade between Malaysia and China stood at US$102 billion. During the 45-minute meeting, Najib said he thanked Xi for choosing the Bank of China as the Reminbi clearing bank for Malaysia, which will further boost bilateral trade between both countries. "It will also allow us to use the Reminbi and the Ringgit in two-way trade," he added. An announcement on the Reminbi facility will be made next month. Najib, who is here on a two-day working visit said China had reiterated its interest in Malaysia’s high-speed rail project. "I informed them that the project will be done through international tender and the best package, chosen," he added. Najib had arrived earlier Friday to attend the BOAO Forum for Asia 2015 (BFA). This is the Najib's fifth official visit to China as the Prime Minister but his first appearance at the Forum, which is modelled after the annual World Economic Forum in Davos, Switzerland. The BFA has a fixed address in Boao, a town located next to the eastern coastal city of Qionghai in Hainan, China. Held since 2002, this year's BFA theme is,"Asia's New Future: Towards a Community of Common Destiny". Najib, who is also the Finance Minister, is scheduled to deliver a speech at the Opening Plenary Session of the BFA on Saturday. The session will be officiated by Xi. (photoBernama) -- BERNAMA