Thursday, 29 Oct 2020 01:57 PM MYT
Although full details of the plan will only be unveiled in 2021 at the National People's Congress, or the country’s annual parliament meeting typically held in March, economists believe that aside from technological innovation, the 14th Five-Year Plan would focus on economic self reliance and a cleaner environment.
According to Peck, Malaysia’s exports to China have now risen substantially to 15.5 per cent from only three per cent 20 years ago, making China the largest export destination for Malaysia. Meanwhile, MIDF Amanah Investment Bank Bhd Research economist Mazlina Abdul Rahman noted that supply chain security is highly anticipated to be addressed in China’s 14th Five-Year Plan, as the US has been pressuring China for the past few years on trade-related issues.
“Hence, China is likely to accelerate measures at least to ensure future technological prowess, which will continue to increase its demand for semiconductor,” she said, adding that the economic giant has now emerged as the world’s largest semiconductor importer, with its spending on this segment growing by more than double over the past decade.
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