Says it will guide economy during difficult global landscape
San Francisco, CA -- (SBWIRE) -- 01/04/2013 -- According to MCA president Datuk Seri Dr. Chua Soi Lek, the government will not let up its stimulating of the domestic economy by continuing its spending.
The president dated that the government would be doing so in order to handle the global economic downturn. He also noted that the government needed to bolster domestic income and consumption as it could sustain the economic situation despite the lacking exports and manufacturing woes.
As goes Malaysian so too does an array of regional economies, as each is affected, not just the Chinese.
"If the general economic condition is good, everybody stands to benefit and that includes the Chinese," he said in an interview with Bernama.
Saying the government would continue to play the role of a facilitator, he emphasized that the Economic Transformation Programme (ETP) was aimed at increasing the disposable income of Malaysians.
"If there is no ETP, our economy would be like other economies that are affected by the global economic slowdown," Dr Chua said.
In order to propelling the nation to the ability of high income nations, the government it hopes to lift the Malaysian Gross National Income per capita has found its way from $6,700 in 2009 to above $15,000 in 2020.
Dr. Chua stated that funding was a difficult issue to tackle, as many banks have become conservative and want to see proper collateral offered.
"It is especially so when there is economic uncertainty, people are more cautious," he said.
The MCA president underlined the SME Assistance Guarantee Scheme wanted to made available provided the proper finance and capital necessary for small-and-medium businesses will face (and have faced) in the way of constraints in their ability to handle on-coming financing in difficult economic landscapes.
"It's a challenge to move from a small-and-medium industry to a conglomerate or climb up the ladder of value-added chain.”
"You need the capital, expertise and experience as well as the technical know-how," he said, adding that Chinese businessmen were still successful and able to penetrate certain sectors of the economy.”
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