WEALTH can be created through cooperation and collaboration between countries without “taking away from someone else”, said Dr Lee Boon Chye.

The deputy health minister said nations should “stay connected” to ensure mutual benefit and shared prosperity.

“The relationship between nations need not be a zero-sum game. We can create wealth through cooperation without taking away from someone else.

“Wealth is created when we add value to each other’s products through cooperation and collaboration. Wealth can be created without impoverishing others,” he said in his keynote address at the 11th World Chinese Economic Forum (WCEF) in Hangzhou, China, today.

He said populist nationalism, unilateralism and protectionism have reached a tipping point, and if not curbed, will threaten growth, especially in newly emerging economies.

“We should stay connected and united to uphold multilateralism, to maintain cooperation via international institutions.

“This serves to constrain opportunistic and predatory behaviour by superpower states to maintain their political and economic hegemonies.”

Dr Lee said China’s Belt and Road Initiative has provided many opportunities for Beijing and Putrajaya to deepen and broaden cooperation.

The friendship between the countries has strengthened over the years, expanding from the government sector to business and people-to-people relations, he said.

“Bilateral trade between China and Malaysia has reached US$100 billion (RM415 billion), and China has been Malaysia’s biggest trading partner for 10 consecutive years, accounting for more than 20% of Malaysia’s trade volume.”

He said Chinese foreign direct investment in Malaysia’s manufacturing sector has more than quadrupled over the last five years, and is the industry’s largest FDI source for three straight years.

WCEF, themed “Realising the Vision of Shared Development for a Better World”, is co-hosted by the International Strategy Institute and China Council for the Promotion of International Trade, and organised by the China Chamber of International Commerce. – Bernama, December 12, 2019.