本研究以經濟民族主義作為理論框架，探討馬來西亞納吉與馬哈迪兩任首相任內馬中經濟關係的互動，研究時間聚焦於2013年至2020年間馬來西亞兩任首相納吉與馬哈迪2.0執政時期的政策演變與調整。研究架構採用學者Thomas Fetzer提出的經濟民族主義三種視角分析：政治意識形態演進與實踐、政治話語與合法性建構，以及日常實踐與消費活動，進一步比較兩任首相中馬中經濟關係。
首先在納吉執政時期（2009至2018年），馬來西亞透過積極的與中國一帶一路倡議合作，透過東海岸鐵路計畫（East Coast Rail Link, ECRL）、馬中關丹產業園區等七大重要建設項目，展現出馬來西亞經濟民族主義的適應性。納吉政府對於推動新經濟模型（New Economic Model, NEM）與「1Malaysia」的政策過程中，成功的將外資投資包裝成服務國家現代化與民族發展的戰略工具，並同時維持Bumiputera政策的核心地位，以確保馬來裔族群利益優先地位。
在馬哈迪2.0執政時期（2018至2020年），面對一個馬來西亞發展公司弊案的債務危機，其領導之希盟政府重新評估對中國一帶一路的合作狀況。透過暫停及重新談判東海岸鐵路計畫等項目及終止馬地方政府及中國公司合作森林城市等爭議建設項目，另外推動向東看學習政策2.0(Look East Policy 2.0)政策，馬哈迪展現經濟民族主義在維護國家主權與民族尊嚴前提下的策略性調整，並從全面性合作轉向選擇性合作的避險策略。
馬來西亞的經濟民族主義並非僵化的保護主義，而是具備高度適應性的政策框架，在維護其民族利益前提下，策略性的參與全球經濟整合。雖然兩任首相在具體政策執行上存在差異，仍體現出經濟民族主義再多元族群社會中，平衡族群利益及國家發展的重要功能。馬來西亞經驗向其他發展中國家在與大國經濟合作關係提供重要參考。

This study employs economic nationalism as a theoretical framework to examine Malaysia-China economic relations under Prime Ministers Najib Razak and Mahathir Mohamad from 2013 to 2020. Using Thomas Fetzer's three analytical perspectives—political ideology evolution and practice, political discourse and legitimacy construction, and everyday practices and consumption activities—the research compares both administrations' approaches to economic engagement with China.
During Najib's tenure (2009-2018), Malaysia actively embraced China's Belt and Road Initiative through seven major projects including the East Coast Rail Link (ECRL) and Malaysia-China Kuantan Industrial Park. While promoting the New Economic Model (NEM) and "1Malaysia" policy, Najib's government successfully framed foreign investment as a strategic tool for national modernization and ethnic development, while maintaining Bumiputera policy's core position to ensure Malay ethnic interests remained prioritized.
Under Mahathir 2.0 (2018-2020), facing the 1Malaysia Development Berhad debt crisis, the Pakatan Harapan government reassessed BRI cooperation. By suspending and renegotiating projects like ECRL, terminating controversial developments such as Forest City (a joint venture between local authorities and Chinese companies), and promoting the Look East Policy 2.0, Mahathir demonstrated strategic economic nationalism adjustments prioritizing national sovereignty and ethnic dignity, shifting from comprehensive to selective cooperation as a hedging strategy.
Malaysia's economic nationalism represents an adaptive policy framework rather than rigid protectionism, enabling strategic participation in global economic integration while safeguarding ethnic interests. Despite differences in policy implementation, both administrations demonstrated economic nationalism's crucial function in balancing ethnic interests with national development in multi-ethnic societies, offering valuable insights for developing countries managing economic relations with major powers.

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