In recent years, when Chinese President Hu Jintao or Premier Wen Jiabao visited Europe Countries or the United States, they would sign valuable trade cooperation and procurement agreements with the countries they visited. Would Hu bring Malaysia a big gift this time?

China is the world's second largest economic power and its foreign exchange reserve has reached US$2.132 trillion. The Chinese market is large and it has a lot of money. When the world economy was troubled by the global financial tsunami, many countries wished to catch the train of Chinese economic development. As the most friendly country to China in the region, Malaysia would like to have a piece of the action, too. As for how large the piece will be and whether it is able to meet the Chinese investment requirements, it all depends on the condition of Malaysia.

Other than using 4 trillion yuan to stimulate the economy, China's current world investment strategy entirely focuses on its domestic needs. For example, it spent a huge amount of money to buy energy companies, including those as far as Africa, in order to meet its huge demand for gasoline. It purchased a large number of minerals and commodities for national development while Chinese Sovereign Wealth Fund and banks also purchased assets in Europe countries and the United States. Does Malaysia as well have world-class assets for China to invest?

For China, there are a lot of investment opportunities and stock exchanges around the world are looking for Chinese companies to be listed. Malaysia must offer favourable conditions in order to compete with other countries.

Malaysia's biggest obstacle in attracting foreign investment is, the market is not open enough. Take the financial industry as an example, Bank of China resumed its operation in Kuala Lumpur in Dec 2000 but it can only open a branch in Penang 50 years later. This time, it is indeed a good news to allow Industrial and Commercial Bank of China (ICBC) to open four branches in Malaysia as it can trengthen Malaysia-China trade and economic ties. However, it is not fast enough.

The government should open up more areas for foreign investment, including selling the stake of government-related companies like Sime Darby. We must remove artificial barriers to investment, put aside political scruples and improve asset management in order to fight for Chinese capital. It will not going to work by relying only on friendship.

The national economy is currently in a plight. Other than dwindling oil resources, continue falling exports and budget deficits over the past 13 years, the economic restructuring has also encountered a bottleneck. Therefore, the country is in great need of a strong country to help us solve the economic problems.

Among the countries which are friendly to Malaysia, only China is broad-minded, sincere and willing to reach out a helping hand at the moment. The United States and Europe countries are busy with their own affairs while Australia is not so close with Malaysia and Japan is having ulterior motives. Only China is a true friend.

China has a huge market which can help to boost national export while its huge capital can help to improve the country's economic growth. China also has superior techniques which can help Malaysia to enhance Malaysian manufactured goods and primary products.

Based on the strategic needs, China pays attention to our region. This is a chance for the country and the government should grab the opportunity to share prosperity with China. Do not hesitate because of political ideology. Only by this, we can achieve Prime Minister Datuk Seri Najib Tun Razak's dream of becoming a “high-income country”. (By LIM SUE GOAN/ Translated by SOONG PHUI JEE/ Sin Chew Daily)