Unknown Chinese startup creates the world’s most valuable Bytedance


Independent moves: Bytedance has become among the most successful major Chinese tech companies in creating an
international base without the backing of giants Alibaba and Tencent. — Reuters

 

Building a vision: Over five years, Zhang has grown the app into one of the most popular news services anywhere, with 120 million daily users. — Bloomberg

Said to be valued at over $75 billion in new round of funding.

Bloomberg reports that when  Zhang Yiming first shopped the idea of a news aggregation app powered
by artificial intelligence six years ago, investors including Sequoia Capital were skeptical
.

Back then, the question was how a 29-year-old locally trained software engineer could outsmart the numerous news portals operated by the likes of social media behemoth Tencent Holdings. and extract profit
where even Google had failed.

Zhang, now 35, proved them wrong. Today his company, Bytedance Ltd., is on its way to a more than $75 billion valuation — a price tag that surpasses Uber Technologies. to top the world, according to CB Insights.
The latest in a long line of investors who’ve come around is Softbank Group., which is said to be planning to invest about $1.5 billion.  Bytedance now counts KKR & Co., General Atlantic and even Sequoia as
backers. Much of its lofty valuation stems from the creation of an internet experience that’s a cross between Google and Facebook.

35-Year-Old Unknown Creates the World’s Most Valuable Startup

 

News aggregation app evolves into a multi-faceted media goliath

 

WHEN Zhang Yiming first shopped the idea of a news aggregation app powered by artificial intelligence six years ago, investors including Sequoia Capital were sceptical.

Back then, the question was how a 29-year-old locally trained software engineer could outsmart the numerous news portals operated by the likes of social media behemoth Tencent Holdings Ltd and extract profit where even Google had failed.

Zhang, now 35, proved them wrong.

Today his company, Bytedance Ltd, is on its way to a more than US$75bil valuation – a price tag that surpasses Uber Technologies Inc to top the world, according to CB Insights.

The latest in a long line of investors who have come around is Softbank Group Corp, which is said to be planning to invest about US$1.5bil. Bytedance now counts KKR & Co, General Atlantic and even Sequoia as backers.

Much of its lofty valuation stems from the creation of an internet experience that’s a cross between Google and Facebook.

“The most important thing is that we are not a news business. We are more like a search business or a social media platform,” Zhang said in a 2017 interview, adding that he employs no editors or reporters.

“We are doing very innovative work. We are not a copycat of a US company, both in product and technology.”

What’s remarkable is Zhang was able to do it all without taking money from the twin suns of China’s internet: Alibaba Group Holding Ltd and Tencent.

It’s the first startup to emerge from the dwindling cohort of mobile players that hasn’t sought protection or funds from either of the two. In fact, it has often locked horns with them, in court and elsewhere. And it’s arguably more successful at engaging youthful audiences abroad.

The story of how Bytedance became a goliath begins with news site Jinri Toutiao but is tied more closely to a series of smart acquisitions and strategic expansions that propelled the company into mobile video and even beyond China. By nurturing a raft of successful apps, it has gathered a force of hundreds of millions of users and now poses a threat to China’s largest Internet operators.

The company has evolved into a multi-faceted empire spanning video service Tik Tok – known as Douyin locally – and a plethora of platforms for everything from jokes to celebrity gossip.

But as with Facebook at the same stage of its life, Bytedance now faces questions over when or even how it will start making a profit.

“The predominant issue in China’s internet is that the growth in users and the time each user spends online has slowed dramatically.

“It is becoming a zero-sum game, and costs for acquiring users and winning their time are increasing,” said Jerry Liu, an analyst with UBS.

“What Bytedance has created is a group of apps that are very good at attracting users and retaining their time, in part, leveraging the traffic from Jinri Toutiao.”

Despite its seeming isolation, it’s become the most successful major Chinese tech company in creating an international base, venturing via apps like Tik Tok into the US, South-East Asia and Japan.

Even Tencent’s WeChat had to pump the brakes on its own overseas initiative four years ago.

What Zhang perceived in 2012 was that Chinese mobile users struggled to find information they cared about on many apps.

That’s partly because of the country’s draconian screening of information. Zhang thought he could do better than incumbents such as Baidu, which enjoyed a near-monopoly on search.

The latter conflated advertising with search results, a botch that would later haunt the company via a series of medical scandals.

There was little Toutiao could do about censorship – in fact, the company’s been repeatedly excoriated by authorities for failing to filter content and been forced to clean up its services with alarming regularity.

But Zhang held fast to his early vision of delivering content that mattered to users through AI. The closest American equivalent was Facebook’s news feed.

After falling flat with the bulk of China’s venture capital stalwarts, Zhang eventually secured investment from Susquehanna International Group.

It began offering the news app in August 2012. The platform studied what users read and searched for, then referred information and articles based on those habits. The more people used it, the better the experience, and the longer people stayed.

By mid-2014, daily active users had climbed to more than 13 million.

Sequoia finally came to the table, leading a funding round of US$100mil.

“We push information, not by queries, by news recommendations,” Zhang said in the interview last year.

But it was video that really propelled Bytedance into the big leagues.

Streaming services have always been popular in China. Even during the desktop era, companies like YY Inc championed a model where people sang and danced in virtual showrooms to win online gifts from fans. Later, outfits like Kuaishou fuelled that penchant for zany showmanship.

Bytedance saw an opportunity, but made its videos much shorter: 15 seconds, to be precise.

Around September 2016, it quietly launched Douyin. The app let users shoot and edit footage, add filters and share them across platforms like the Twitter-like Weibo or WeChat.

That format appealed to shorter millennial attention spans and became an instant hit, so much so that WeChat later blocked direct access to the app.

A year after, Bytedance acquired Musical.ly for US$800mil. It saw synergy between the buzzy teen US social video app created by Chinese co-founders and Tik Tok, and is now in the process of combining them. Tik Tok and Douyin had a combined 500 million users as of July.

The challenge now is in translating buzz and viewership into dollars. The company is expanding its ad sales operations, particularly for Toutiao.

Several media buying agencies said its massive reach and the attention it draws is a natural lure for marketers. Many said Bytedance is even pulling spending away from Tencent.

Bytedance, which previously cut a deal with Cheetah Mobile to sell ad space, has brought most of its ad sales in-house, said Kenneth Tan, the chief digital officer for Mindshare China, an agency.

“From a pricing perspective, they are expensive for what they are. They definitely charge a premium,” Tan said. “But that has not been an inhibitor for the large brands.”

There’s a big caveat, however. Brands remain cautious about Bytedance’s regulatory issues, particularly given Beijing’s historic unpredictability around censorship.

This year, it had to shut down a popular joke-sharing app in April just as it appeared to take off. It also suspended Douyin and its bread-and-butter Toutiao around the same time.

That’s “a potential risk to brand collaboration,” said Sherry Pan, general manager for China at the agency Magna Global. — Bloomberg

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SST – for better or worse ?


What is Sales & Service Tax (SST) in Malaysia? – SST Malaysia

Today, the Sales and Service Tax (SST) makes a comeback on our tax radar screen to replace the three years and two months old Goods and Services Tax (GST), which was implemented on April 1, 2015.

The abolition of the GST and replaced with SST is an election promise of the Pakatan Harapan manifesto.

It has been claimed that the GST is a regressive broad-based consumption tax that has burdened the low- and middle-income households amid the rising cost of living. The multi-stage tax levied on supply chains also caused cascading cost and price effects on goods and services. That said, the Finance Minister has acknowledged that the GST is an efficient and transparent tax.

Following the implementation of the SST, the Government will come to terms that the budget spending will have to be rationalised and realigned with the lower revenue collection from the SST to keep the lower budget deficit target on track.

The expected revenue collection from SST is RM21bil compared to an average of RM42.7bil per year in 2016-17 from GST.

During the period 2010-2014, the revenue collection from the SST, averaging RM14.8bil per year (the largest amount collected on record was RM17.2bil in 2014), of which 64% was contributed by the sales tax rate of 10% while the balance 36% from the service tax of 6%.

Faced with the revenue shortfall, the Government expects cost-savings, plugging of leakages, weeding out of corruption as well as the containment of the costs of projects would help to balance the financing gap between revenue and spending.

The sales tax rate (0%, 10% and 5% as well as a specific rate for petroleum) and service tax of 6% is imposed on consumers who use certain prescribed services. The taxable threshold for SST is set at annual revenue of RM500,000, the same threshold as GST, with the exception for eateries and restaurants at RM1.5mil.

As SST is levied only at a single stage of the supply chain, that is at the manufacturers or importers level and NOT at wholesalers, retailers and final consumers, it has cut off the number of registered tax persons and establishments from 476,023 companies under GST as of 15 July to an estimated 100,405 under SST.

The smaller number of registered establishments means no more compliance cost to about 85% of traders.

The distributive traders (wholesalers and retailers) will be hassle-free from cash flow problems, as they are no longer required to submit GST output tax while waiting to claim back the GST input tax. During GST, many traders imputed refunds into their pricing because of the delay in GST refunds. This was partly blamed for the cascading cost pass-through and price increases onto consumers.

For SST, 38% of the goods and services in the Consumer Price Index (CPI) basket are taxable compared to 60% under the GST.

It is estimated that up to RM70bil will be freed up to allow consumers to spend more.


Expanded scope

The proposed service tax regime has a narrower base (43.5% of services is taxable) compared to the GST (64.8% of services is taxable).

Medical insurance for individuals, service charges from hotel, clubs and restaurants as well as household’s electricity usage between 300kWh and 600kWh are not taxable. However, the scope of the new SST has been expanded compared to the previous SST. Among them are gaming, domestic flights (excluding rural air services), IT services, insurance and takaful for individuals, more telecommunication services and preparation of food and beverage services as well as electricity supply (household usage above 600kWh).

For hospitality services, the proposed service tax lowered the registration threshold of general restaurants (not attached with hotel) from an annual revenue of RM3mil under old service tax regime to RM1.5mil, resulting in expanded coverage of more restaurants.

Private hospital services will be excluded under the new SST regime.

How does SST affect consumers?

Technically speaking, the revenue shortfall of RM23bil between SST and GST is a form of “income transfer” from the Government to households and businesses. This is equivalent to tax cuts to support consumer spending.


Will it lead to higher consumer prices?

The contentious issue is will the SST burden households more than that of the GST? It must be noted that the cost of living not only encompasses prices paid for goods and services but also housing, transportation, medical and other living expenses.

The degree of sales tax impact would depend on the cost and margin (mark-up) of businesses along the supply chain before reaching end-consumers.

The coverage and scope of tax imposed also matter.

As the price paid by consumers is embedded in the selling price, this gives rise to psychology effect that sales tax is somewhat better off than GST.

The good news to consumers is that 38% of the goods and services in the Consumer Price Index (CPI) basket are taxable compared to the 60% under the GST.

Technically speaking, monthly headline inflation, as measured by the Consumer Price Index, is likely to show a flat growth or even declines in the months ahead.

It must be noted that consumers should compare prices before GST versus the three-month tax holiday (June-August).

Generally, consumers perceived that prices should either come down or remained unchanged as the sales tax is levied on manufacturers.

On average, some items (electrical appliances and big ticket items such as cars) would be costlier when compared to GST and some may come down (new items exempted from SST).

Nevertheless, we caution that consumers may experience some price increases, as prices generally did not come as much following the removal of GST in June.

There are concerns that prices may still go up in September when the new SST kicks in as irresponsible traders may take advantage to increase prices further.

Household consumption, which got a big boost during the three-month tax holiday in June-August, could see some normalisation in spending.

The smooth implementation of the new SST, accompanied by strict enforcement of price checks and the curbing of profiteering, especially for essentials goods and services consumed by B40 income households, are crucial to keep the level of general prices stable.

Strong consumer activism with the support of The Federation of Malaysian Consumers Association and the Consumers Association Penang as well as the media must work together to help in price surveillance and protect consumers’ interest.

Credit to Lee Heng Guie – comment

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New round of China US tariffs & The Art of War on current events


 

 

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PM: Understand Malaysia’s fiscal woes


hhttps://youtu.be/Kb266n1yH8M

Video: //players.brightcove.net/4405352761001/default_default/index.html?videoId=5824411529001

Wow! China’s most impressive Guard of Honour for Tun Mahathier

 

TUN Dr Mahathir Mohamad has appealed to China for its understanding on Malaysia’s fiscal woes, as uncertainty hovers over the China-backed infrastructure projects back home.

The Prime Minister, who is on a five-day visit to China, also hoped Beijing could lend a helping hand to solve the problems plaguing Putrajaya.

“We hope to get China to understand the problem faced by Malaysia today and believe it would look sympathetically towards the problem we need to resolve.

“And perhaps help us resolve some of our internal fiscal problems,” he said.

Dr Mahathir was speaking at a joint press conference with his Chinese counterpart Li Keqiang at the Great Hall of the People here yesterday, following the official welcoming ceremony and a closed-door meeting.

While Dr Mahathir had stopped short of specifying the problem, the Pakatan Harapan government had said that the country’s debt is now above RM1 trillion.

The new administration was also critical of the “lopsided” deals with China and moved to suspend projects with Chinese investment, such as the East Coast Rail Link, the Multi-Product Pipeline and the Trans-Sabah Gas Pipeline.

During this visit, Dr Mahathir had stressed that Malaysia was not against any Chinese firms and that he welcomed Chinese businessmen to invest in Malaysia.

At the press conference, Dr Mahathir said Malaysia had much to gain from China and believes that Chinese investment could bring down the unemployment rate in the country.

“Malaysia has a policy of being friendly to every country in the world irrespective of its ideology. This is because we need to have a market for our produce,” he said while expressing hope that Malaysia would become a South-East Asian hub for new technology being developed in China.

“China has great entrepreneurs with innovative ideas in doing business that Malaysians can learn from.

“China has got a lot that will be beneficial to us. It is a big and rich market created by very dynamic people,” he said.

Asked about his views on the trade war between China and the United States, Dr Mahathir said Malaysia would support free and fair trade.

He said he did not want to see this trade war becoming a new form of colonialism.

Dr Mahathir’s trip, which ends today, is his first official visit to China since his return to helm the country.

Ministers joining him on the trip are Foreign Affairs Minister Datuk Saifuddin Abdullah, Primary Industries Minister Teresa Kok, International Trade and Industry Minister Ignatius Darell Leiking, Agriculture and Agro-based Industry Minister Datuk Salahuddin Ayub, Minister in the Prime Minister’s Department Datuk Liew Vui Keong and Entrepreneurial Development Minister Mohd Redzuan Md Yusof.

Meanwhile, Dr Mahathir also had a closed-door meeting with Chinese President Xi Jinping yesterday evening at the Diaoyutai State Guest House.

Accompanied by his wife Tun Dr Siti Hasmah Mohd Ali, he later attended a dinner hosted by Xi and his wife Peng Liyuan.

Bernama reported that Dr Mahathir gave the assurance to Xi that there would be no changes in policy towards under the new Malaysian government.

He told Xi that he was impressed with the level of development achieved by China.

“We see China as a model for development,” he said.

Credit: Beh Yuen Hui The Star

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Malaysia needs more childcare & daycare centres


https://www.thestar.com.my/news/nation/2018/08/13/malaysia-needs-more-childcare-centres-dpm-we-are-also-in-dire-need-of-qualified-workers-to-ensure-sa/

PUTRAJAYA: There is a dire need for more qualified childcare workers and registered childcare centres in the country, says Datuk Seri Dr Wan Azizah Wan Ismail.

The Deputy Prime Minister said that these shortages could adversely affect the safety and quality of care for Malaysian children.

“Data from the Welfare Department showed that up to June this year, the number of childcare workers looking after children four years and below is 16,873.

“Out of this, only 3,173 of them have the minimum qualification of a childcare course,” said Dr Wan Azizah, who is also Women, Family and Community Development Minister.
She was speaking at the launch of the National Childcare Centre Day 2018 themed “Equality” at the IOI City Mall here yesterday.

Dr Wan Azizah added that the rest of childcare workers in the country, all 13,700 or 80.19% of them, did not have the minimum qualification for the job.

She said the lack of qualified childcare workers contributed to the lack of registered childcare centres in the country.

“Calculations based on a census done by Malaysian Statistics Department showed that we need to have 38,333 registered childcare centres.

“However, the actual number at present is only 4,302,” she said.

Dr Wan Azizah said her ministry took a serious view on the safety of children at childcare centres and at the homes of childcare providers.

“We are looking at the need to improve on the Child Care Centre Act and regulations on childcare centres to fit the current needs and situation,” she said.

She added that her ministry was also studying how to utilise information and communication technology to be included in the childcare system in the country. The Star

 

GST vs SST. Which is better?


MALAYSIA’s decision to revert to the Sales and Service Tax (SST) from the Goods and Services Tax (GST) will result in a higher disposable income due to relatively lower prices it will incur in most goods and services.

Consumers will have a choice in their consumption – by paying service taxes based on their affordability and ability.

The coverage of GST was comprehensive and it covered too wide a sector. While it was able collect a sustainable sum of RM44bil for the country, it was not people-friendly.

The narrowing scope of the SST will at most, collect approximately RM23bil for the country but it will indeed relieve the people – so SST is needed by the people.

Methodology of SST

The Sales Tax Bill and the Service Tax Bill have just been passed at the Dewan Rakyat and are expected to get approval from the Dewan Negara when it convenes on August 20.

This leaves little room for businesses and entrepreneurs to get ready for the new tax regime in less than a month’s time.

Therefore, it is of utmost importance to understand the concept and mechanism of SST as stated in both the Bills.

SST comprises two legislations. The sales tax is imposed on the manufacturing sector as governed by the Sales Tax Act 2018 while service tax is imposed on selected service sectors, with one of the most notable ones being the food and beverage (F&B) service providers.

The Service Tax Act 2018 would govern the selected service providers and the details would be gazetted in the subsidiary legislation, PU(A) Service Tax Regulations 2018.

Finance Minister Lim Guan Eng has announced that the threshold for F&B providers is set at annual turnover of RM1mil.

This would mean that those who operate with less than RM1mil turnover would not charge service tax at 6%.

This translates into hawker food, cafes, take aways or food trucks being able to provide F&B at lower prices as compared to the GST regime of 6%. Consumers are deemed to be given an option to pay service tax or not, depending on their consumptions at places such as fast food outlets, restaurants or food courts.

Generally, living costs will be relatively lower in the SST era as the B40 group of consumers would certainly be relieved in their daily eating affair.

The existing GST regime sets up the threshold at RM500,000 per year, meaning that almost all restaurants, including simple mixed rice outlets, would have a GST of 6% imposed. The service tax regime would not impose service tax of 6% on service charge rendered in any restaurant or café operator.

Service charge in its true essence, represents tips or gratuity to the waiters working in the restaurant and it is entirely at the discretion of the F&B operators.

These operators may choose to charge from 5% to 15% or even free of charge. In summary, in the event service charge is imposed, it would not be subject to service tax.

SST is people friendly as the daily consumption of food and beverages would be much lower in price as compared to the GST regime. The imposition of service charge is not governed by any law and it is entirely at the discretion of the F&B operators.

In order to avoid disputes, it is advised that notice be placed outside the premises if the F&B operator is imposing a service charge ans the rate determined by them.

SST is one stage

Sales Tax is only imposed one time on the manufacturing company when a sale is made to a trading company. The subsequent sales of the goods by the trading company would have no sales tax imposed.

Business entrepreneurs must be mindful and careful in the cost management as Sales Tax – although imposed at 10% – would eventually result in a much lower pricing of goods as compared to the GST regime.

GST is operating on a value added concept with input tax available as deduction. The supply chain moving from manufacturers to distributors, dealers and to consumers would result in higher pricing as GST is imposed on final stage, comprising of value add and profit margin.

SST is a business cost

Under the GST regime, input tax is available as a credit or deduction against output tax based on tax invoice received from GST registrant suppliers.

This would mean that GST is never a business cost as deduction is available against output tax even though there is no sales generated. Sales Tax on the other hand, would be paid by the trading company purchasing goods from the manufacturing company.

It is a business cost and deduction is only available when there is a sale. This would mean that business cost would be higher as Sales Tax is part of the inventory cost and to be deducted as cost of sales when goods are sold or exported. In simple terms, no sales, no deductions.

Businessmen are urged to carefully analyse the cost and not overprice the goods for the benefits of the people and the sustainability of their businesses. The reduction of GST from 6% to nil would immediately translate a price reduction of 6%, which is a must for a businesses to adhere to.

Failure to adhere to the pricing would expose the operators to the fines and penalties on anti-profiteering governed by Price Control and Anti-Profiteering Act 2011.

As the breakdown shows, SST is well suited in the Malaysian environment, to both the business communities and the people.

Source: Dr Choong Kwai FattDubbed the Malaysian tax guru, Dr Choong Kwai Fatt is a tax specialist and advocate.

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Govt Linked Companies (GLCs) – Monsters in the house?


Politicians should not be appointed to run government-linkedv companies (GLCs) to keep graft in check, said Malaysian Anti-Corruption Commission Advisory Board Chairman Tunku Abdul Aziz Tunku Ibrahim.He  said politicians holding GLC positions might face conflicts of interest, ading to abuse of power and responsibility.

ABOUT a month before Malaysia’s  parliamentary election in May,
then-opposition leader Tun Dr Mahathir Mohamad raised concerns over the
role that government-linked companies (GLCs) were playing in the
economy, being “huge and rich” enough to be considered “monsters”.

Data support his description – GLCs account for about half of the  Benchmark Kuala Lumpur Composite Index, and they  constitute seven out of the top-10 listed firms in 2018. They are present in almost every sector, sometimes in a towering way. Globally, Malaysia ranks fifth-highest in terms of GLC influence on the economy.

Calls to do something about GLCs have   increased since the election following the  release of more damning information, although most of it relates to the GLCs’ investment arm: government-linked investment companies (GLICs).

Some experts have proposed the formation of an independent body with
operational oversight for GLICs, after institutional autonomy is established and internal managerial reforms are introduced. Unlike most GLCs, GLICs are not publicly listed and face little scrutiny. The same applies to the various funds at the constituent state level, which need to be looked at too.

For GLCs, the answer is less straightforward. PM Tun Mahathir claims that GLCs have lost track of their original function. Before the Malaysian government decides on what to do, it needs to examine the role GLCs should play – as opposed to the role they currently play – and to examine their impact on the economy.

In Malaysia, GLCs were uniquely tasked to assist in the government’s affirmative action program to improve the absolute and relative position of bumiputras. The intention was to help create a new class of bumiputra entrepreneurs – first through the GLCs themselves, and then through a process of divestment.

Given the amounts of money involved and the cost of the distortions introduced, the benefits to bumiputra were unjustifiably small and unequally distributed. The approach of using GLCs as instruments of affirmative action failed because it led to a rise in state dependence, widespread complacency and even corruption, as Tun Mahathir himself recognised in his memoirs, A Doctor in the House, and again more
recently. There is also empirical evidence that GLCs have been crowding out private investment, a concern raised in the New Economic Model as early as 2011.

Additionally, the new government has correctly highlighted the need to include certain off-balance-sheet items and contingent liabilities, such as government guarantees and public-private partnership lease payments, in any complete assessment of debt outstanding. The use of offshoot companies and special purpose vehicles (SPVs) in the deliberate reconfiguration of certain obligations mean that traditional debt calculations underestimate Malaysia’s actual debt.

All these factors combine to place new impetus on reconsidering the extent of government involvement in business. Divestment will not solve  Malaysia’s debt problem, but it can help if there are good reasons to pursue it. So how should the government proceed?

It is important to recognise at the outset, that there is a legitimate role for government in business – providing public goods, addressing market failures or promoting social advancement. And like in most other countries, there are good and bad GLCs in Malaysia. If a GLC is not crowding out private enterprise, operates efficiently and performs a social function effectively, then there is no reason to consider  divestment. But a GLC that crowds out private investment in a sector with no public or social function, or one that is inefficiently run, should be a candidate for divestment. In this regard, one has to carefully study why GLCs should be present in retail, construction or property development, for instance.

In assessing performance, one needs to separate results that arise from true efficiency, versus preferential treatment that generates artificial rent for the GLC. The latter is a drain on public resources and a tax on consumers. Divestment in this case, will likely provide more than a one-off financial injection to government coffers – it will provide
ongoing benefits through fiscal savings or better allocation of public resources.

The divestment process should be carefully managed to ensure that public assets are disposed at fair market value, and does not concentrate market power or wealth in the hands of a few. This has allegedly happened with privatisation efforts in the past.

The new government has committed itself to addressing corruption and improving the management of public resources. As part of this process, one must re-examine just how much government is involved in business. This is one of the many tasks that the Council of Eminent Persons is undertaking in the first 100 days of the new government.

To be done correctly, would require a careful study of GLCs and their impacts. This could then rejuvenate the private sector while enabling  good GLCs to thrive, and fortify Malaysia’s fiscal position in the process. This is what Malaysians should expect – and indeed demand – of the “New Malaysia”.

Jayant Menon is Lead Economist in the Economic Research and Regional Cooperation Department at the Asian Development Bank. This is an abridged version of an item that first appeared on the East Asia Forum.

Jayant Menon The Sundaily

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