China, Malaysia launch joint industrial park

China and Malaysia launched a second joint industrial park on Tuesday, elevating economic ties to a new high.

Jia Qinglin, chairman of China's top advisory body, together with Malaysia's Prime Minister Najib Razak, attended the ground-breaking ceremony.

Najib proposed the establishment of the park after the two countries decided to develop a similar estate last year in Qinzhou, a port city in South China's Guangxi Zhuang autonomous region.

Analysts said the pattern of joint development of industrial parks in the two countries will deepen China-Malaysia cooperation and may become a model for China's cooperation with neighboring countries.

"Now the world is beginning to recognize that Chinese innovation and domestic demand will prove just as potent a force in the global economy. On economic cooperation and diplomatic cooperation, I am proud to say that Malaysia is ahead of the curve," said Najib while addressing the ceremony,

According to Najib, the park has already attracted investment commitments worth 10.5 billion ringgit ($3.4 billion), while creating 8,500 jobs.

Establishing twin industrial parks is an innovative pattern of cooperation between China and the Association of Southeast Asian Nations after their free trade agreement came into force in 2010, said Luo Yongkun, a researcher of Southeast Asian studies with the China Institutes of Contemporary International Relations.

"The parks will serve as a platform for the two countries to connect their advantageous industries, and expand cooperation from trade and investment to more sectors," Luo said.

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