马来西亚经济观察

马来西亚

经济观察

Hong Kong, October 22, 2010

马来西亚2011年预算案

Economics Analysis

Ricard Torne

ricard.torne@bbva.com.hk Richard Li

richard.li@bbva.com.hk

? 近日，马来西亚公布了其2011年预算提案这一重要的年度经济政策。促进

公共-私人投资的多项措施成为本次预算案的重点。

? 政府计划适度增加2011年公共支出并将财政赤字小幅削减至GDP的

5.4%。财政状况仍能支持经济增长。

? 鉴于银行系统的充裕流动性，国内的高储蓄率和对外贸易经常项目盈余，

筹集实现预算提案资金不成问题。

? 缺乏具体的中期财政整合计划引起了市场一定程度的担忧，但鉴于政府债

务仍处于适度水平（按OECD标准衡量），还有充足的时间制定相关计划。

? 新预算案参数和语气基本相符，市场反应积极。

? 尽管资本不断流入，但鉴于出口的放缓与央行的积极干预，货币进一步升

值空间有限。

图 1 图 2

2011年财政赤字将有所下降 MYR Bn2252001751501256%8%% GDP10% 过去十年间马来西亚私人投资处于较低水平 MYR Bn14012010080604020% GDP350% %5%0%

100755025020092010(e)2011(e)2000200120022003200420052006200720084%2%0%0RevenuesExpendituresFiscal deficit %GDP19901991199219931994199519961997199819992000200120022003200420052006200720082009GFCF PrivateGFCF PublicGFCF Private % GDP Source: BBVA Research and Ministry of Finance, Malaysia Source: BBVA Research and Ministry of Finance, Malaysia

Economic Watch

Hong Kong October 22, 2010

马来西亚公布2011年财政预算案

2010年财政结算

2010年联邦政府财政赤字估计为GDP的5.6%（2009年为7.0%），与原财政预算相符。由于运营支出增长较快（尤其是工资，供给和服务，补贴），政府支出共计2055亿马币（GDP的26.1%），高于原计划（1889亿马币）。由于经济的强劲增长（我们预计今年GDP将增长7.2%）和油价的攀升导致的财政收入的增加（增长了2.2%，而原计划中预计收入会下滑6.4%）弥补了多余的支出。

中期内削减结构性赤字任务仍然艰巨

由于市场预计未来几年石油产量会下滑（占总收入的三分之一），中期来看，如何削减赤字成为关注的焦点。政府誓言到2015年将财政赤字削减至2.5-3.0%。2010年政府支出减少至GDP的26.1%，回到了危机前的水平，但仍是亚洲财政赤字最高的国家之一。新的长期措施旨在推动今年启动的公共-私人项目发展，符合宏愿2020的发展目标（详见下文），该目标计划在未来十年内投资超过4440亿美元。目前尚不清楚这是否有助于吸引私人资本和提高生产力，并因此促进国家财政增收。收入方面，超过三分之一的财政收入来自石油行业——销售税，企业所得税，特许权使用费和出口税收入。由于预期石油产量会有所下滑，未来政府有必要发掘新的收入来源以为其的支出融资。从这点上说，开征原计划将于2011年引入的商品和服务税（消费税）将有助于达成收入目标。但这在2013年马来西亚大选前难以实现，该计划或已被推迟。

宏愿2020与2011年度预算案

近期，政府出台了被称为是宏愿2020的一系列政策以吸引国内外的私人资本，留住人才，加强公共服务的提供和提高人民生活质量，并最终使马来西亚获得更大的长期经济增长潜力，到2020年发展为一个高收入国家（人均收入15.000-20.000美元）。这些政策包含于：

? 全国6大关键领域（犯罪，贪污，教育，贫困，农村基础设施和公共运输）的政府改

革项目（GTP）。（2010年1月启动）

? 经济改革项目（ETP）。涵盖全国12个关键经济领域：金融服务（包括Islamic

Finance），商业服务，农业，信息与通信技术，棕榈油，私人医疗，电子产品，教育，石油和天然气，旅游，批发和零售，大吉隆坡经济区。（2010年3月启动） ? 第十马来西亚计划，通过作用于GTP和ETP来设立宏观经济增长目标，分配支出。

（2010年6月启动）

2011年，政府计划增加支出2.8%，达2120亿马币，同时财政赤字小幅削减0.2个百分点，至GDP的5.4%（455亿马币）。这部分是由于出台了几项包含于以上所提到的项目中的措施（尤其是一些私人/公共工程项目）。要实现第十马来西亚计划所作出的承诺，预计运营支出将增长7.0% 。由于2008年开始的经济刺激政策（总额达670亿）逐渐消失，发展支出将减少9.0%。鉴于国内外经济的强劲增长和物价的上涨，政府预计2011年财政收入将实现2.3%的增长，并估计2011 GDP增速将达5-6%（BBVA：5.0%），天然气产量会上升（6.1%，而2010年则增长了5.2%），原油产量也会增加（1.3%，2010年减少了2.6%）。

由于财政赤字和债务清偿要求的下降，2011年所需融资规模（649亿马币）将小于2010年（939亿马币）。约有57%将通过发行马来西亚政府债券来筹得资金。融资应该较为容易，因为1）银行流动性充裕，应该能够吸收发行的大多数债券；2）由于马来西亚拥有很大的经常项目盈余，而当前外债占GDP的2.3%，对外融资不成问题；3）2010年起，联邦政府债务约为52.7%，大大低于OECD占GDP95%的平均水平。 表 1 2011预算案重点 吉隆坡国际金融区（260亿马币） PAGE 2

Economic Watch

Hong Kong October 22, 2010

大吉隆坡地区公共铁路运输 （400亿马币） 增加医院/诊所/设备（150亿马币） 学校（64亿马币） 100层摩天楼“Warisan Merdeka”（50亿马币） 发展经济走廊（8.5亿马币） 低成本住房（5.68亿马币） 未来5年不上调部分公路收费标准Freeze in some toll rate hikes for the next 5 years. 部分服务业劳务税上调1%，至6% 。 将取消约300项名牌产品的进口关税 为首次购房者提供印花税优惠。 我们预计会有… 新的货物服务税 削减个人所得税 Reduction of dividend on Real Estate Investment Tax 上调酒类消费税 新政策的有效性仍存在争议

2011预算案和新政策的方向是正确的。从历史水平来看，马来西亚过去十年间的GDP增长相对缓慢（4.7%，90年代则为7.2%），私人投资平均仅为GDP的10%（90年代为25%）。外国投资者并不热衷于长期投资，FDI净值持续下滑。上述的政策旨在改善投资环境（如在2011年为公私营合作项目提供10亿马币的辅助基金），留住人才（设立专才机构）以推动长期生产力增长。2011年预算案充分表达了对硬件设施的需求，但与生产力，竞争力和劳动技能相关的其他问题仍有待解决。因此，现在评判其是否能有效鼓励投资者信心、推动长期经济增长还为时尚早。

马币走势或将取决于受出口业绩与马来西亚央行的干预

鉴于未来几年的财政赤字融资应较为容易，长期的结构性赤字近期不大可能对马来西亚货币产生实质性的影响。市场期待着在转为牛市之前能看到可进一步证明国外投资流入持续增加的证据。近期马币的走势或将取决于该国的出口表现和央行的态度。

这样一来，由于马来西亚央行似乎对马币兑美元汇率跌至3.10以下感到很不安，马币进一步升值的空间可能十分有限。回过去看，2月份马币兑美元大幅升值正是由于马来西亚央行的意外加息举动所致。自那时起，经济复苏与进一步加息的预期使马币对美元一直保持了与新加坡元对美元汇率的同步升值状态。值得注意的是，这期间外汇储备并未增加，表明马来西亚央行的干预有限。但情况在9月份发生了变化——随着马币兑美元汇率跌破3.10，马来西亚外汇储备增长了54亿美元。与此同时，马来西亚央行直到8月才对政策利率做出调整。我们认为干预反映出了大马央行对当前汇率下出口竞争力的担忧，尤其是在当前工业产出和出口双双增长放缓的情况下更是如此。除美元的进一步走软外，我们预计马币兑美元汇率会在年底回到3.10-3.15的区间。由于预计外部需求将保持稳定增长，我们对2011年马币走势保持中立。

图 3

FDI净流入下滑，加大了对未来经济可持续性图 4 的担忧 按OECD标准看，公共债务水平相对较低

INS PAGE 3

MYR Bn1260-6-12-18-24-3011223344556677889900000000000000000001-------------------ncncncncncncncncncnueueueueueueueueueuJDJDJDJDJDJDJDJDJDJNet FDI (sa; 4Q.mov.total)Source: BBVA Research and Ministry of Finance, Malaysia

Economic Watch

Hong Kong October 22, 2010

%GDP1009080706050403020100 S DAE DAAIACIDNAMINNIAESNEPSANAREIONPYATLWNHIIIOILLEIAAKOCIAVHTDHMTNPIPublic DebtSource: BBVA Research and IMF PAGE 4

Economic Watch

Hong Kong October 22, 2010

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