JASMINE, Isyi (2026) State Capitalism in East Coast Rail Link (ECRL) Renegotiation 2018-2019. Skripsi thesis, Universitas Jenderal Soedirman.

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Abstract

This study analyzes the renegotiation of the East Coast Rail Link (ECRL) project between Malaysia and China during 2018–2019 through the perspective of state capitalism. The ECRL is a strategic infrastructure project under China’s Belt and Road Initiative (BRI) that connects the East Coast and West Coast of Peninsular Malaysia. Following the political transition in Malaysia after the 2018 general election, the newly elected Pakatan Harapan government suspended and renegotiated the project due to concerns regarding high project costs, fiscal burdens, transparency issues, and the potential risk of debt dependency. This research aims to examine the bargaining strategies employed by Malaysia and China during the renegotiation process, analyze the domestic and external factors influencing the negotiations, and interpret the process through the theoretical framework of state capitalism. This study employs a qualitative case study method using secondary data obtained from government documents, official statements, academic journals, policy reports, and credible media sources. The analysis is conducted using the concept of state capitalism, particularly the models of wholly owned state-owned enterprises (SOEs) and the state as a majority investor. The findings demonstrate that the ECRL renegotiation represented direct competition between two models of state capitalism. Malaysia, through Malaysia Rail Link (MRL), sought to reduce project costs, maintain fiscal sustainability, and strengthen domestic political legitimacy. Meanwhile, China, through China Communications Construction Company (CCCC), aimed to preserve the continuity of the project as part of the BRI and maintain its strategic and economic influence in Southeast Asia. The renegotiation resulted in a reduction of project costs from RM65.5 billion to RM44 billion, route adjustments, and the establishment of a 50:50 joint venture between MRL and CCCC. Despite the competition of interests, both countries ultimately achieved a pragmatic win-win solution that maintained long-term bilateral economic relations while protecting their respective national interests.

Item Type:	Thesis (Skripsi)
Nomor Inventaris:	F26102
Uncontrolled Keywords:	State Capitalism, ECRL, Belt and Road Initiative, Malaysia-China Relations, Strategic Infrastructure, Renegotiation.
Subjects:	C > C300 China C > C69 Capitalism I > I240 International relations
Divisions:	Fakultas Ilmu Sosial dan Ilmu Politik > S1 Ilmu Hubungan Internasional
Depositing User:	Mrs Isyi Zahrotal Jasmine
Date Deposited:	12 May 2026 04:18
Last Modified:	12 May 2026 04:18
URI:	http://repository.unsoed.ac.id:443/id/eprint/41089

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