China and Malaysia formally established diplomatic relations on May 31, 1974. Since the establishment of diplomatic ties, the bilateral relations have developed smoothly on the whole. In 1999, the two countries signed a Joint Statement on the Framework for Future Bilateral Cooperation. In 2004, the leaders of the two countries reached a consensus on developing China-Malaysia strategic cooperation. In 2013, the two countries established a comprehensive strategic partnership. The two countries have signed more than 10 economic and trade cooperation agreements, including the Agreement on the Avoidance of Double Taxation, Trade Agreement, Investment Protection Agreement, Maritime Transport Agreement and Civil Air Transport Agreement. China has been Malaysia's largest trading partner for 13 consecutive years. The two countries have achieved remarkable results in financial cooperation, and exchanges and cooperation in fields such as agriculture, science and technology, education, culture and military affairs have developed smoothly.

Malaysia's credit reference market adopts a multi-regulatory model. The central bank and the Ministry of Finance jointly undertake the regulatory responsibilities for the credit reference industry and rating industry. Malaysia has relatively sound credit reference legislation, and has issued regulatory laws such as the Credit Reporting Agencies Act, Central Bank of Malaysia Act and Banking and Financial Institutions Act.