CAEXPO adds imagination to high-quality regional cooperation

 

An aerial photo taken on September 15, 2025 shows the Nanning International Convention and Exhibition Center, the venue for the 22nd China-ASEAN Expo (CAEXPO) in Nanning, South China's Guangxi Zhuang Autonomous Region. Photo: VCG

On Wednesday, the 22nd China-ASEAN Expo (CAEXPO) and the China-ASEAN Business and Investment Summit kicked off in Nanning, South China's Guangxi Zhuang Autonomous Region. With about 3,200 companies from 60 countries participating, this grand event, themed "Digital Intelligence and Innovation empower Development - Leveraging ASEAN-China FTA 3.0 new opportunities for an even closer ASEAN-China community with a shared future," features a high concentration of AI, business, innovation, and financial elements. It is not only an important platform for economic cooperation in the Asia-Pacific region but also a vivid practice of China and ASEAN countries upholding multilateral trade and building a community with a shared future. It sends a strong signal to the world of unity, cooperation, and common development.

In 2021, President Xi Jinping proposed the joint building of a peaceful, safe and secure, prosperous, beautiful and amicable home, charting the course for China-ASEAN cooperation. Today, China and ASEAN have become a model of regional cooperation marked by mutual support and shared destiny. The data speaks for itself. From January to August this year, trade between China and ASEAN reached $686.78 billion, an 8.6 percent year-on-year increase. As of July, two-way investment between the two sides exceeded $450 billion. The effect of visa-free policies has been significant - from January to August, the number of trips between China and ASEAN exceeded 25 million, up 11.2 percent year on year, truly deepening "hard connectivity" of infrastructure, "soft connectivity" of rules and standards and "heart-to-heart connectivity" between the people.

"The speech script is right in my glasses - you can't see it, but I can." At the opening ceremony, Chen Gang, secretary of the Communist Party of China Committee of the Guangxi Zhuang Autonomous Region, showcased a pair of smart glasses, one of the latest achievements of the China-ASEAN Artificial Intelligence Innovation Cooperation Center. This year's CAEXPO highlights AI empowerment and innovation. The 10,000-square-meter pavilions for artificial intelligence and new-quality productive forces not only witness the implementation of China-ASEAN bilateral agreements but also sketch out a blueprint for upgrading cross-border industrial chains. Through the platform of the CAEXPO, China and neighboring countries "share in real time" the fruits of high-tech development and provide inclusive AI benefit-sharing programs, injecting imagination into high-quality regional cooperation.

How popular is the CAEXPO? Just look at its "spin-offs." Two months before the event, the "AI for All: China-ASEAN" competition, dubbed "AI Super League" by the media, was already trending. From Nanning in Guangxi to Bangkok in Thailand and Kuala Lumpur in Malaysia, AI companies from China and ASEAN countries have been exploring new paths of cooperation. Coinciding with the CAEXPO's opening, high-level meetings such as the China-ASEAN Ministerial Roundtable on Construction and the China-ASEAN Meteorological Forum are also being held. From enabling "low-latency transmission" of meteorological data to jointly advancing "better housing" initiatives and the preservation of urban-rural historical culture, the CAEXPO and its "derivative platforms" continue to enrich and expand the connotations of the China-ASEAN "Nanning Channel."

How close is the cooperation between China and ASEAN? The results of their collaboration are the most convincing evidence. Over the past decade, high-quality Belt and Road cooperation has deepened, resulting in a consensus and documents for building a community with a shared future between China and eight ASEAN countries, including Laos and Cambodia. Emerging fields such as the digital economy and green economy have become new growth points for cooperation. Meanwhile, iconic connectivity projects like the China-Laos Railway and the Jakarta-Bandung High-Speed Railway have brought the construction of the China-ASEAN community with a shared future even closer. 

China and ASEAN countries are both part of the Global South, sharing a common pursuit of a better life and the goals of achieving Chinese modernization and modernization in Southeast Asian countries. This has led to a harmonious resonance in the process of expanding opening-up and promoting higher-quality cooperation. 

In the context of unilateralism and protectionism continuously impacting global supply chains, the convening of the CAEXPO has set a model for multilateral cooperation, openness, inclusiveness, and mutual benefit. This model is especially significant as it emerges in the Asia-Pacific region, which has a massive economy and the strongest growth vitality, providing encouragement for multilateral governance and the process of economic globalization. 

As one of the key activities of the CAEXPO, the ASEAN Plus Three (Japan-China-Republic of Korea) Industrial Chain and Supply Chain Partnering Conference will kick off on September 18 in Nanning, effectively promoting the complementary relationship between the resource industries of China, Japan, South Korea, and ASEAN, ensuring the security of supply chains, and injecting new vitality into regional economic integration.

The impressive achievements of China-ASEAN cooperation serve as the best evidence of the relationship being "the most successful and dynamic model of regional cooperation in the Asia-Pacific." With the comprehensive completion of the negotiations for the China-ASEAN Free Trade Area 3.0, this year's CAEXPO will empower a new future for China-ASEAN cooperation through AI empowerment and innovation, marking a new starting point for high-quality bilateral cooperation

by Global Times editorial

SAFEGUARDING DATA IN M’SIA’S NEW ERA OF E-INVOICING

Vast potential: Digitalisation boosts growth and efficiency, but adopting strong cybersecurity measures and secure software can protect data, systems and customers. Image: Blake Wisz / Unsplashed

AS THE roll out for Malaysia’s e-invoicing mandate draws near, small businesses around the country are embarking on their digital transformation journeys.

In doing so, they unlock numerous benefits such as increased efficiency and productivity and improved customer engagement, while becoming more competitive and resilient.

This digital shift however, can also introduce significant data and security risks.

Understanding these risks is crucial to protect businesses, their data and their customers.

Data breaches and other online crimes, including hacking and financial fraud, can have disastrous effects on businesses, such as the exposure of sensitive customer information, intellectual property theft and the disruption of business operations.

These breaches in security can result in significant losses for companies, sometimes amounting to millions of ringgit.

Additionally, small businesses, often the targets of cyber-attacks because they are seen as more vulnerable, may lose valuable consumer trust and potential opportunities.

Ahead of the phased mandate launch in August, business owners can ensure they are fully prepared by understanding the key advantages and risks of e-invoicing, and take proactive measures to safeguard their business.

Security first: Cyber threats are increasingly complex and widespread. Small businesses can protect sensitive data by choosing reputable software with strong security.

Security benefits and e-invoicing considerations

Despite the risks, the shift towards e-invoicing is certain to offer businesses numerous immediate and tangible benefits.

Enhanced efficiency, reduced errors and improved transparency in financial transactions make e-invoicing more secure than manual handling and traditional invoicing practices.

With oversight from the Malaysia Digital Economy Corporation (MDEC), e-invoicing is tracked through the Peppol framework and verified in real-time, providing an additional layer of security and accountability.

Verification through Peppol ensures that invoices are authentic, preventing fraud and alterations.

This standardised network facilitates the secure and efficient exchange of electronic documents, protecting them from cyberattacks and potential data breaches.

Choose a reputable software provider

As Malaysian businesses look to adopt solutions that will enable them to comply with the upcoming mandate, prioritising reputable software providers to ensure data, privacy and security protection cannot be overstated.

In today’s digital landscape, cyber threats are pervasive and increasingly sophisticated, targeting vulnerabilities in businesses of all sizes.

By choosing established software providers known for robust security measures, small businesses can protect sensitive customer information and internal data from breaches and theft.

Reliable software providers offer regular updates, advanced encryption and compliance with regulatory standards, ensuring that businesses remain resilient against evolving cyber threats.

Additionally, this proactive approach fosters customer trust, as clients are more likely to engage with businesses that prioritise their privacy and data security.

Xero, for example, adheres to stringent security standards and compliance requirements to effectively safeguard user data.

By incorporating multi-factor authentication (MFA), user accounts and financial data remain secure and protected while Xero’s encryption protocols prevent unauthorised data access, safeguarding it from cyber threats.

With a global presence, including in countries such as the United Kingdom, United States, Singapore, Australia and New Zealand, Xero maintains a high level of cybersecurity features and compliance measures to meet regional and international standards.

The accounting platform currently supports many local businesses in streamlining processes and improving data security.

Additional precautions

In addition to leveraging the security features of cloud accounting software like Xero, Malaysian businesses can take extra precautions to safeguard their accounting data. This includes:

> Paying attention to security notices: staying informed about security alerts and notices from software providers to promptly address emerging threats.

> Reporting unusual activity: encouraging employees to report any suspicious or unusual activity related to accounting data to prevent potential security breaches.

> Deploying antivirus and anti-malware solutions: installing reputable antivirus and anti-malware software on their devices to protect against potentially malicious software.

There is no question that digitalisation presents enormous opportunities for growth and efficiency for small businesses, but with that, come some critical security risks.

By adopting cybersecurity measures and choosing software with robust protection features, small businesses can safeguard their data, systems and customers.

Proactive security management not only protects against financial losses and reputational damage but also builds trust with customers, fostering long-term business success.

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E-invoicing system set to go

PETALING JAYA: With two days to go, most of the 5,000 companies under Phase 1 of the e-invoicing rollout are raring to go and looking at a smooth takeoff, say stakeholders.

Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer-general Datuk Koong Lin Loong said these companies, with an annual turnover of RM100mil and above, should not face any major hiccups when transitioning to e-invoicing on Thursday.

“They will be able to cope with the transition as these companies have the resources to do so,” he said when contacted yesterday about worries some businesses have expressed about beginning the e-invoicing process.

Asked if accounting firms acting for these companies are facing pressure in switching to e-invoicing, Koong, who is a practising auditor and licensed tax agent, said that it is unlikely.

ALSO READ: How e-invoicing affects you

“There is some misunderstanding that e-invoicing is like the Goods and Services Tax (GST), which required some companies to change their entire accounting system.

This is not the case with e-invoicing because companies are already generating invoices through email and their existing computing systems. The only difference is that their invoices will now be digitised and linked to the Inland Revenue Board (LHDN),” he added.

Koong also said that it is quite normal for businesses to express worries whenever a new system is introduced, like mobile phone and QR code payments, for instance.

ALSO READ:‘There’s time for smaller companies to learn the new system’

“There would have been a lot of complaints prior to the Covid-19 pandemic (in 2020) if businesses had been asked if ewallets could be used to make payments. They were practically non-existent.

“But nowadays such payments are widely accepted even among smaller businesses and hawkers,” he said.

Experts say the pandemic greatly sped up digital payments globally, as, for a few years, people were living mostly online.

ALSO READ:LHDN announces six-month grace period for einvoicing implementation

When it comes to e-invoicing, the driving force is efficiency in collecting taxes and stopping leakages to increase the government’s tax revenue. To further ensure a smooth transition, Koong said the LHDN has announced some flexibility and relaxation of e-invoicing regulations.

For instance, there will be no prosecution action under Section 120 of the Income Tax Act 1967 for non-compliance with e-invoicing rules, provided the business complies with consolidated e-invoicing requirements.

This means the supplier can gather all statements or bills issued and then issue a consolidated einvoice as proof of the supplier’s income, according to einvoicemalaysia.my.

ALSO READ:Are you ready for e-invoicing starting Aug 1?

Koong added that the LHDN is planning to roll out an e-invoicing mobile app and e-POS (electronic point-of-sale) system by the end of this year, free of charge for businesses to download.

Phase 2 of the e-invoicing system will be implemented on Jan 1, 2025, for companies with a turnover of below RM100mil and up to RM25mil, while full implementation under Phase 3 will begin on July 1, 2025, for businesses with an annual turnover of above RM150,000.

Malay Chamber of Commerce Malaysia secretary-general Ahmad Yazid Othman said most Phase 1 companies are ready, although some may still be facing some difficulties, especially smaller businesses that serve the larger companies under the Aug 1 rollout.

He added that companies are expecting to run into teething problems just as they did when the GST was first implemented in April 2015.

ALSO READ:The e-invoicing dilemma

“The LHDN has given its assurance of some flexibility and relaxation of regulations during the initial implementation period, and this is most welcome.

“We hope that companies will not delay implementing e-invoicing with these assurances, which will at the same time motivate other companies to speed up the transition process when their turn comes,” he said.

Ahmad Yazid, who is also a senior fellow with the Malay Economic Action Council, said the experience gained from Phase 1 of the e-invoicing process will be helpful for both the LHDN and businesses to better prepare for the coming phases next year.

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Scammers getting smarter now and so should we

 

 

Scammers keep getting bolder and bolder with their extortion methods. From impersonating landlords to illegal debt collection tactics, there is no shortage of ways scammers will try to separate you from your money. Be aware of these five red flags when getting on the phone, checking your email, or using social media. This can help you avoid getting trapped in a conversation with a scammer in the first place.

 

Whether it’s through email, text, phone calls or direct messages, scams seem to be everywhere on the internet. Not all scams are obvious and many specifically target small business owners. Learn how to recognize a scam, protect your business and know what to do if you become a victim of a scam.

Being forearmed with knowledge is key to not falling prey to well-trained scammers

 Arm yourself with knowledge to identify a swindler

RIGHT before my eyes, I witnessed my friend falling for a classic Macau scam over the phone.

The call from a “government official” had him hooked. Frantically, I gestured to my friend to end the call but he was like a man possessed.

Someone on the other end of the line, claiming to be a government official, informed my worried friend that he had been implicated in a crime of sorts and the only way to escape the consequences was to transfer his money into a “safe account”.

After 45 minutes on the phone, he sent RM5,000 to one such bank account, and this happened on his pay day!

Recalling the incident, my friend said the caller was so convincing and believable that it was hard to cut the line.

This incident came to mind when the long arm of the law finally caught up with Tedy Teow, the founder of MBI (Mobility Beyond Imagination) well-known for its superlative money-making scheme.

He was detained in Thailand about a week ago and is believed to be wanted for questioning over several money-laundering cases in a few countries.

From what I could tell, the news failed to generate much interest on the ground, especially in Penang where the scheme used to have a large number of followers.

It could be that many of his victims were resigned to the fact that their money was as good as gone, even though Teow got arrested.

I have many acquaintances who put money into MBI. A few earned some returns. Most did not.

Now, it is “successful” Macau scams that are dominating the chatter in coffeeshops, offices, watering holes and messaging groups.

Indeed, teachers, engineers, doctors and even a politician were among the prized scalps of these so-called officers from banks or government and law enforcement agencies.

In May, a businessman from Port Dickson with a net worth of over Rm100mil lost a record Rm21mil in one such scam after he allegedly revealed his bank Transaction Authorisation Code (TAC) numbers to a “bank official”.

A sizeable number of scam victims were retirees who lost their hard-earned savings.

As pointed out in one news report, these scammers actually go through a month-long boot camp conducted by professional trainers before they are sent out for con jobs.

Psychology, negotiation skills, the art of persuasion, they learn it all.

They go through gauntlets of role-playing, with one being the “victim” and the other the scam caller, all under the watchful eyes of the trainers.

It has become challenging these days for lawmen to outfox the syndicates which have members even sitting for exams before being certified competent enough to man scam call centres.

And now we hear of increasing cases of dubious bank transfers: money being unknowingly transferred out of savings and fixed deposit accounts after victims were said to have downloaded phone apps.

Protect yourself by not downloading apps from dubious sites!

Then there are the online lovers to whom the lonely give their money even though they have never met face to face.

For those not in the know, this actually happens gradually.

First, the amounts asked for are small. These are quickly returned with a small but appreciable profit. Only after trust is established will the scammer ask for the big amounts.

The situation has never been more urgent as there are still victims who fall prey to such tactics almost on a daily basis.

If you get a call from a scammer, stay calm and rightfully hesitate when asked to reveal your personal banking and user login details.

In the course of a true fraud investigation, government and law enforcement agencies will not transfer calls among themselves. Bank Negara will not transfer your calls to Bukit Aman and vice versa, and never call back the number that was given.

Remember, the police will never threaten to arrest you over the phone; they prefer to do it face to face.

And if it’s a pre-recorded message, just hang up.

Most importantly, if you are a law-abiding citizen who has done nothing wrong, there is indeed nothing to fear. 

By TAN SIN CHOW

sctan@star.com.my

              

 

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https://youtu.be/YsuhuxDTjIA

Rerating of property sector justified

“We do not anticipate any new dramatic tightening policies, as this would derail the recovery of the property sector.” TA Securities Research

PETALING JAYA: Budget 2022 will likely contain elements that make home ownership and financing more accessible, according to TA Securities Research.

“Following the full reopening of all economic sectors this month, we expect that better market sentiment along with stronger recovery in economic and business activity to contribute to better developers’ sales prospects ahead, which will eventually translate into stronger earnings going forward,” said the research unit.

TA Securities Research maintained its “overweight” rating on the property sector, and said a rerating is justified, considering developers’ encouraging sales growth and attractive valuations.

“We do not anticipate any new dramatic tightening policies, as this would derail the recovery of the property sector,” it said.

Taking a cue from the recently announced 12th Malaysia Plan (12MP), it also opined that Budget 2022 would primarily focus on ensuring adequate, quality, and affordable housing, improving the living standard of poor households and monitoring and evaluating efforts as well as achieving urban sustainability.

It is anticipated that the focus of Budget 2022 would be to ease the burden of the B40 and M40 as their livelihood was largely affected by the Covid-19 pandemic.

Also, Budget 2022 should be primarily helpful to low-to-middle-income earners as well as to first-time home owners.

TA Securities Research is also hopeful for more measures to ease the burden of property owners by extending the real property gains tax (RPGT) exemptions along with lower RPGT rates.

Based on its channel checks, it said property developers’ wish lists and expectations for Budget 2022 include promoting homeownership among the low-to-middle income group, reiterating and broadening existing public housing schemes, making home ownership and financing easier, extending the Home Ownership Campaign to 2022, and a tax relief for mortgage interest.

Property developers are hoped for incentives such as a relaxation of requirements for the Malaysia My Second Home (MM2H) programme.

Despite the fact that the MM2H programme only accounts for a fraction of the overall number of homebuyers in Malaysia, it can nonetheless contribute to reducing the overhang of unsold properties.

“We note the recent adjustments to the MM2H programme criteria for new applicants could be extremely stringent, discouraging foreigners from settling and working in Malaysia,” said TA Securities Research.

Additional incentives are needed to promote green development in Malaysia and to encourage developers to adopt accredited green certification tools during the construction and operation phases of development projects.

The government should grant additional tax incentives to developers of green-certified buildings, allowing them to claim income tax deductions equal to the additional capital expenditure required to obtain green certification.

On top of that, the government may consider offering stamp duty exemptions to purchasers who acquire properties that have been certified as environmentally friendly in order to stimulate demand.

“This is primarily to address the higher cost of green building construction in comparison to conventional buildings, which may deter potential buyers from making the investment,” said TA Securities Research.

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Malaysia Government Budget

 

Malaysia's Budget 2022 to focus on tourism, retail, and SMEs

 

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Budget 2022 - Kementerian Kewangan

 

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Finance minister puts Malaysia's economic recovery post ...

 

  Summary Forecast Stats Download

 

Government Budget in Malaysia increased to -3.20 percent of GDP in 2020 from -3.40 percent of GDP in 2019. source: Ministry of Finance Malaysia

Malaysia Government Budget

 

Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.

 

Compare Government Budget by Country

Malaysia	Last	Unit	Reference	Previous	Highest	Lowest
Government Budget	-3.20	percent of GDP	Dec/20	-3.40	2.40	-6.70

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While young adults all over the world are renting homes, successful Malaysians and Singaporeans prefer to own homes instead of cars, as soon as they get their first pay cheque.

Instead of blowing their cash on pricey gadgets, young Malaysians are saving up for their first home.

 

 

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Digital way to declare and pay income tax

e-Filing counter facilities are no longer available since last year following the new norm SOP.

 LET’S Click HASiL is a convenient programme for taxpayers to declare their income and pay taxes to the the Inland Revenue Board (IRB).

What is Let’s Click HASiL

Let’s Click HASiL enables taxpayers to submit their income tax return or make payment through the convenience of the easy, accurate and secure MyTax app.

MyTax is the primary access to ezHASiL services such as e-Filing, e-Register, ByrHASiL and other services accessible to all taxpayers with a single sign-on.

Taxpayers can file their return form electronically while ensuring the details are accurate.

Additionally, the programme also provides advice to taxpayers through virtual briefings held in accordance with new norm SOP set by the government.

Submission deadline

The Let’s Click HASiL programme runs from March 1 to June 30,2021.

For individuals without business income, they have until April 30 to submit their BE Form.

People who receive income from business have until June 30 to submit their B Form.

However, e-BE submission via e-Filing allows taxpayers to submit the form by May 15 – an extended period compared to paper submission by April 30, while the deadline for e-B is July 15.

 

Tax refund

For individuals without business income, their employer would have made monthly tax deduction off the monthly salary, reducing the burden of employees as they don’t have to pay a lump sum for their annual income tax.

You are eligible to receive a tax refund if you have paid excess monthly tax deduction than the actual tax levied. The income tax imposed can be reduced through tax reliefs and tax rebates.

The e-Filing service gives taxpayers the advantage of receiving their tax refunds within 30 working days as opposed to 90 days for form submissions by post or hand delivery.

ezHASiL simplified taxation

ezHASiL enables taxpayers to manage their taxation online through e-Filing, e-Register, e-Update, e-Ledger and ByrHASiL without having to visit IRB branches physically.

e-Filing counter facilities are no longer available since last year following the new norm SOP.

The e-Filing system can be accessed via the IRB’s official website at www.hasil.gov.my > MyTax > ezHasil Services > e-Filing.

First-time users are required to obtain the PIN number by filling in the feedback form on the website.

Once you have the PIN number, you can start your e-Filing, make payments using ByrHASiL, access payment review through e-Ledger or update personal details via e-Update.

Declare and pay your income tax at mytax.hasil.gov.my. Let us all do our part to ensure prosperity for the country.

Inquiries can be made through the Customer Feedback Form or call the HASiL Care Line (03-8911 1000). Visit www.hasil.gov.my for further information.

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