Koon Yew Yin's Blog

Author: Koon Yew Yin   |   Latest post: Wed, 27 Oct 2021, 9:06 AM


Rich Malaysians must do their bit: Follow China's example - Koon Yew Yin

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I would like to share the following excerpt from Dr. Lim Teck Ghee's recent article on China's New Socialism which appeared in The Sun on 14 September

See https://www.thesundaily.my/opinion/chinas-new-socialism-a-game-changer-XF8340451

China’s ‘new’ socialism, a game changer

This recalibration of Chinese economic policy, which is aimed at strengthening the lower- and middle-income households shares of the economy, is in many ways quite unprecedented.

However, it is a battle, which even if it achieves modest results, can point the way to another model of development that is more sustainable, more accountable and balanced, and avoids the pitfalls of the “middle income trap”.

For now, two small wins can be discerned. The first – the rollback of the privatisation of public services in education, elderly care and medical care – has begun with the government emphasising the importance of inclusiveness and affordability to service providers. This important win has been a battle which the traditional left in the US, Britain and other Western countries has not been able to achieve.

The second, which focuses on “third distribution”, refers to the state’s “encouragement” to high-income groups and enterprises to give back to society some of their oversized wealth, including through voluntary gifts and charitable donations. Thus, earlier in April, internet mogul Pony Ma, the founder of Tencent H known for its social messaging apps WeChat and QQ – pledged US$7.7 billion of company money to clean energy, education and village revitalisation initiatives.

Fortune has reported that in the past eight months, five of China’s richest and most high-profile tech billionaires have pledged at least US$13 billion of their personal or corporate fortunes to charitable foundations and initiatives. This is a sum that will surely grow.

Many countries, including the United States, grappling with how to redress the entrenched rich-poor polarisation and the absence of balance and sustainability, stemming from the application of neo-liberal ideology, would do well to follow closely the Chinese progress with their “common prosperity” challenge, and perhaps even emulate the CPC reform policies now being implemented.

(from Dr Lim, The Sun article)

My comment:

I agree 100% with Dr. Lim

China's model is not only important for our government to learn from. Our private sector and the rich can also learn from China's new socialism.

If the rich of all races, especially the Malays, do this, I am sure there will be less need for the continuation of the NEP!

I have been doing my bit:

On my part I am proud to say that I have tried to practice the principle of the third distribution through my scholarship award to the young and deserving. I have given more than 300 scholarships to help financially poor students to complete their tertiary education. After my scholarship recipients graduate, they are not required to work for me nor do they need to pay back the money I spent on them. They only need to remember that when they were poor, I helped them and when they have some spare money, they should help other poor students. By this way, I hope to create more and more charity workers as time goes by. 




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  2 people like this.
stockfreak Yes. Punish the rich. Help the poor. Tax more for people like KYY. Check KYY's every post. Learn from CCP.
15/09/2021 8:23 PM
Dcmh Recycle again 300 scholarships long winded but only 3k per year hahaha
15/09/2021 8:29 PM
niet Please get your brains checked. In Malaysia doing since NEP introduced. Still 3rd world.
15/09/2021 8:31 PM
alenac In Malaysia, politicians steal rakyat money, get caught, charged in court meanwhile living happily and can still comment critically on social media and maybe even become economic advisors. In China, politicians steal money, get caught, detained in prison, after a short trial, deemed guilty, brought to the yard and shot. China used state resources efficiently in the name of socialism while over here we are democratically overblown. Wrong to compare China with Malaysia. We have more sympathy for the guilty.
15/09/2021 9:10 PM
khyeap Why you keep harping students don't thave to repay you? Tell us stories abt those sponsored graduates successfully helping others after graduation. That's more meaningful n interesting. Focus on yourself less.
16/09/2021 12:25 PM
Zuriana Self glorifying?
16/09/2021 4:09 PM
Zuriana ... By the way when you are bored, you are welcome to come to i3 and have a laugh.

The Most Important Quote by Sslee.
16/09/2021 6:33 PM
stockfreak Yes. The capital gain tax from stock market proposed by Najib is good. Please set the tax at around 50%.
16/09/2021 8:50 PM
TheGardener Ha Ha Ha Ha Ha! Malaysia gov just link asset (Property n Bank Account + local n foreign.) to income tax, I think most of Malaysian will sweat! From top to low, I think 90% of Malaysian never pay right tax!
17/09/2021 12:54 PM
Loh Kok Wai W 他是 马后炮。。。。。
17/09/2021 1:32 PM
Zuriana Even EPF, big Funds which earned A Bit here will pack and close their Bursa account and run to other stock market in ASEAN countries. Big drop for Bursa predictions will come true? Even LGE at last also said don’t chase foreign funds away from Bursa Msia last time...

Posted by stockfreak > Sep 16, 2021 8:50 PM | Report Abuse

Yes. The capital gain tax from stock market proposed by Najib is good. Please set the tax at around 50%.
17/09/2021 5:24 PM
enning22 to begin with,by example ,kyy must sell all his holding of shares, properties , etc and all donate to a special fund ,for the poor ,by the poor ,to serve the poor in malaysia. otherwise shup up.
17/09/2021 6:36 PM
treasurehunt He won't stop talking one. Instead, he would talk even more Chinese topics to keep his popularity in the heart of Chinese in i3investor. This is the way to gain more gullible believers. Investment side, he is far behind OTB... Have you ever seen OTB talk Chinese topics to gain popularity?
19/09/2021 2:27 PM
Bgt 9963 No point...la.The chinese will be the victim...and they will corrupt more...
19/09/2021 2:31 PM
treasurehunt No matter how. Malaysia Chinese businessman are partly benefited from the business policies set up by the government (Malay politicians). Don't even think about our Malaysia Chinese businessman are so good like a god without a single dependent on the government policies.
19/09/2021 2:59 PM
treasurehunt There's only one way for him to stay relevant in i3 through churning out Chinese topic articles. The content of the article whether fakes or true is irrelevant. Prime objective is to prolonging popularity in the community like what politicians do in their routines.
19/09/2021 3:11 PM
treasurehunt Sell all the assets in Malaysia and balik Great China is the best to enjoy life. Why keep complaining and living in this small patato country? Not good to health man.
20/09/2021 7:05 AM


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