Malaysia recognizes China's full market economy status

Malaysia announced in Beijing Saturday 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 make the recognition followingNew Zealand and Singapore.

On his visit to China as prime minister of Malaysia, Badawi told Hu Jintao that China has developed into a full market economy,posing great potentials in bilateral economic cooperation and trade.

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

The two sides also agreed to strengthen cooperation 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 20.1 billion US dollars last year.

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

Source: Xinhua