And I want to add that when Malaysia decided to establish diplomatic ties with China, China was a very different country than it is today. Back then, it was a very bold and momentous decision for Malaysia to make.

In what ways do you think China and Malaysia can join hands in fighting against the ongoing world economic crisis and promoting regional prosperity?

There are several ways in which we can work together in terms of trying to deal with the effects of global recession. One is for both countries to ensure that there is enough domestic demand. If China, for example, can ensure that domestic demand remains high in its country, it will help the Malaysian economy and the regional economies because it can generate demand for some of our products. And we have seen in the last four months some of the figures have slightly increased, which is due to renewed demand from China. Second, the purchase of important products such as palm oil from Malaysia will certainly help the Malaysian economy and ensure that the price of such products stays at a reasonably high level. Third, it will be important that we have some sort of understanding that we both support open trade, we don't embark on protectionism and we encourage investment flows between our two countries.

There is a growing economic view that if we address the global imbalances which caused this global financial crisis, that will mean a reduction in demand for exports in many importing countries that suffer from trade deficits. That could have severe implications for countries like Malaysia, which has benefited from the export development model, and China as well. What are your views on the issue in the long term?

There are indications that it will take a few more years before our demand is back at the same level it was prior to the financial crisis. For example, the U.S. banking system is still dysfunctional, and they are talking about an additional $75 billion to re-capitalize the banks. So we have to look at different modalities, looking in terms of how we can leverage on Malaysia's opportunities to attract foreign investment. Some investors may not have the needed technologies, so our classical way of encouraging foreign investment will be inviting them to invest in specific areas. We have to take a fresh look at the situation and I am coming up with a new economic model for Malaysia. We will try to transform Malaysia from a high middle-income country to a high-income country, so we do need a new economic model for this.

Some people say Malaysia will become the center of finance for Islamic nations, could you please tell us more about that? And also, you mentioned a new economic model and transforming Malaysia from a high middle-income to a high-income country. What criteria do you have for this goal?

Malaysia is already the most advanced economy among Islamic countries around the world, because we have the whole range of Islamic products in this country. We are the leader in terms of Islamic finance-for example, more than 60 percent of Islamic bonds are issued in Malaysia, which is a good indication of our strength. The Central Bank of Malaysia has also set up institutions to develop our capacities and offer opportunities for others to learn, for instance, Islamic banking and Islamic finance. We have the necessary legislation in place, and that is one of the reasons I announced part of the liberalization in financial services. We will create giant Islamic banks in Malaysia. I have been told it has aroused great interest for Islamic countries to establish new banking licenses in Malaysia. I think the future looks good in this regard.