Market status affirmed
(China Daily)
Updated: 2004-05-31 08:56

Malaysia announced on Saturday in Beijing that it recognizes the full market economy status of China, according to a joint communique issued after a meeting between Chinese President Hu Jintao and Malaysian Prime Minister Abdullah Ahmad Badawi.

Malaysia is the third country to recognize full market status for China and follows New Zealand and Singapore.

Badawi said China has developed into a full market economy, posing great potential for bilateral economic co-operation and trade.

The joint communique says the two sides will "increase two-way trade to a significant level by 2010." They agree to resolve any arising trade disputes in the spirit of mutual understanding and co-operation in accordance with the relevant principles of the World Trade Organization.

The two sides also agreed to strengthen co-operation in infrastructure construction, agriculture, transportation, energy and finance.

China and Malaysia established full diplomatic relations 30 years ago. Their bilateral trade grew about 126 times over the period to US$20.1 billion last year.

There are very good reasons for Malaysia and China to be doing much more business with each other not only in the future but right now, said the prime minister on Friday at a business seminar.

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