KUALA LUMPUR, March 12 ― China’s move to tighten its capital outflows will “indirectly” affect Malaysia’s economy, Second Finance Minister Datuk Seri Johari Abdul Ghani said today.
The Asian giant is Malaysia’s biggest trade partner, contributing 16 per cent or RM1.5 trillion according to Johari.
“When it affects China’s domestic economy, in a way, Malaysia will be affected indirectly.
“Our total trade with China is 16 per cent, about RM1.5 trillion. If the domestic economy in China is affected, to a certain extent it will affect us,” he was quoted by news portal Malaysiakini as telling reporters here today.
Johari was reported to have commented on the Chinese government restricting its citizens from converting its yuan into foreign currencies to buy property overseas.
Malaysia has been among the countries attracting a flood of mainland Chinese investors recently, with the Forest City real estate project in Johor drawing reportedly 90 per cent of buyers from there.
