Books in the Trends in Southeast Asia series

The United States launched a new Free and Open Indo-Pacific (FOIP) strategy in late 2017 after reluctantly concluding that its patient effort to engage and socialize China to the rules-based order since 1972 had failed.

The Malaysian National Higher Education Fund Corporation (PTPTN) was set up in 1997. Since then, it has accumulated a massive debt amounting to RM40 billion in principal plus RM13 billion in interest. All these are guaranteed by the Malaysian government. It is now the biggest provider of student loans in the country and continues to play a very important role in catalysing socio-economic mobility, especially among the ethnic Malays which is the majority community in the country. However, the business model employed by PTPTN is irrational and unsustainable. It borrows from the financial market at, on average, 4 to 5 per cent, and lends to students at 1 per cent. No serious effort has been made to revamp this model, and all public discussions around it have been driven by political populism. The biggest challenge is the low repayment rate. This problem has been ignored because Malaysian politicians of all colours have wanted to maintain popularity. Collecting debt is certainly not popular. PTPTN, under a new leadership since mid-2018, gathered and developed ideas on how to reform their organization. These ideas have been presented to various levels of government, including to the Cabinet in early 2020. PTPTN must be reformed to avoid its debt from inflating further. Whether the Malaysian government has the much-needed political will to push through the reforms is a question yet to be answered.

There is greater recognition in Washington of the importance of Southeast Asia. Located in the middle of Indo-Pacific, it will be a contested zone between China and the US and its allies. The US will step up its public diplomacy to better promote its own narrative in Southeast Asia.

China's policy towards its diaspora is primarily governed by its national interests and foreign policy imperatives. In general, since the establishment of the People's Republic of China in 1949, the Chinese government has treated the diaspora as an asset, rather than a liability.

American Indo-Pacific policy will be driven by its China policy, regardless of whether there is a second-term Donald Trump administration or a first-term Joe Biden administration. This book reflects on this issue.

There are at least 80-100 business associations in Malaysia today, representing over 600,000 firms. In February to April 2020, a range of chamber leaders and officers were interviewed to record their experiences of the recent Pakatan Harapan administration, and any future lessons for business associations in post GE-14 Malaysia.

Malaysia established the Digital Free Trade Zone (DFTZ) to facilitate the development of e-commerce and the country's small and medium enterprises' (SMEs') exports. The data revealed thus far indicates an increasing number of SMEs coming on board the DFTZ e-commerce platforms.