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Agreements with values of over 12.8 billion RMB inked at China-Malaysia Business Dialogue in Shenzhen

The Fourth Belt and Road China-Malaysia Business Dialogue was held in Shenzhen, China on December 15. Over 200 outstanding entrepreneurs from China and Malaysia attended the event. Twelve practical cooperation agreements were signed at the meeting, with a total contract value of 12.85 billion RMB.

The theme of the Dialogue was "Silk Road Integration, Win-Win Cooperation: Consensus and Innovation in Business Communities of Chinese and Malaysian" with three sub-themes: "China-Malaysia Innovation and Technology Cooperation and Exchange", "China-Malaysia Cultural Tourism Exchange and Cooperation" and "Shared Future of Government Procurement Market". It also featured exchanges and negotiations, and on-site inspections for businesses, enabling trade and economic cooperation between China and Malaysia.

Zhao Shitong, Assistant-minister of the International Department of the Central Committee of the Communist Party of China, gave a speech at the meeting. He said that in recent years, Shenzhen has continuously intensified efforts to ameliorate the business environment. The city achieved remarkable results in promoting high-quality economic and social development and high-level opening-up. It has been rated as the city with the best business environment for three consecutive years and ranks first in the country for its nurturing environment for small and medium-sized enterprises. He hoped that the participants will make good use of the Dialogue as a platform for establishing connections, business negotiation, and implementation of more projects.

Twelve cooperation agreements between Chinese and Malaysian enterprises, including UnionPay International and Malaysian PayNet, were signed at the meeting. The recent implementation of mutual visa exemption between China and Malaysia has led to a boom in cross-border travel between the two countries. Cross-border payment has become a concern for Chinese tourists. UnionPay International said that almost 95% of merchants' POS terminals in Malaysia are now equipped to accept UnionPay cards. In October this year, PayNet - the national QR code payment standard operator in Malaysia - announced that it would allow all of its merchants, numbered over 1.8 million, to accept UnionPay. Chinese tourists to Malaysia can now use the Cloud QuickPass App or the applications of domestic banks accessible to the "Cloud QuickPass" to scan the QR code of merchants for payment.

In addition, Shenzhen Baohengtong Group has partnered with the Shenzhen Live Streaming Association and Malaysia BW&CNLIVESDN.BHD to jointly work on the project of creating a China-ASEAN cross-border e-commerce cloud warehouse (the ASEAN Cloud Warehouse). According to the agreement signed by the three companies, the ASEAN Cloud Warehouse will be used first in the Shenzhen free trade zones.

Shenzhen RMi Biotechnology signed a cooperation agreement with Malaysia's logistics company Agility. According to the agreement, RMi's core intellectual property, the international patent for MMUNOASSAYOFGALECTIN-3, a biomarker of heart failure, as well as its series of cardiovascular disease detection and inflammation detection products, are authorized to be used and sold by Agility in Malaysia. It marked a breakthrough for Shenzhen's technology enterprises in exporting internationally patented products.

Editor: Steven, Monica, Rofel, Bai Xinyi, James

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