KUALA LUMPUR, March 22 — Chinese businesses appear more optimistic about the economic outlook for 2018 compared to the first half of last year, a survey showed.

According to the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Survey Report on the Economic Situation in Malaysia conducted in the second half of 2017, optimistic respondents increased 6 percentage points from 49 per cent in the previous survey.

The survey polled 390 respondents of Chinese businessmen, who were also members of ACCCIM, across all sectors and industries in the second-half of last year.

ACCIM president Tan Sri Ter Leong Yap said the business community also expressed optimism for 2019 and 2020 as well.

“The general outlook for the coming years is also encouraging, with percentage increasing to 63 per cent in 2019, and 71 per cent in 2020,” he said at the media conference for the survey report today.

The survey also included the Employment Insurance System (EIS), with findings showing that most respondents were aware of the government’s need to implement the EIS on January 1, 2018.

However, Ter said some business people were unaware of the objectives and benefits of the scheme.

“Therefore, ACCCIM is prepared to work with Social Security Organisation (Socso) to educate and explain the system to both the employers and employees,” he added.

In addition, other key concerns were the development of the Fourth Industrial Revolution (IR 4.0) and Digital Free Trade Zone (DFTZ), jointly developed by Malaysia and the Alibaba group.

Based on the survey result, most respondents are positive about the development of the latest information and communication technology, and kept pace with the developments.

However, some businesses were relatively ignorant about IR 4.0 with half of the respondents having difficulty understanding how IR 4.0 will impact future business models.

The commerce committee believed that there is an absence of a platform for the business community to gain a deeper insight into the impact and benefits of IR 4.0.

ACCCIM and Malaysia Digital Economy Corporation (MDEC) will cooperate to organise activities relating to dthe igital economy to ensure its members can access the latest business information. — Bernama