China-ASEAN Observation: High-Quality Development, a New Window of Economic Opportunity for the Developing Country

BEIJING, Feb. 25, 2025 /PRNewswire/ -- As we all know there are several events happened in the recent years that undermined the growth of the world economy, if I mentioned a few: The Pandemic and conflicts in different parts of the world. Consequently, several reports indicated a world economy with slow and low growth, inflation and several other challenges that post stresses on human lives. In 2023, most of the reports indicate the world economic growth with the rate around 3.0 %, which was considered to be below average rate in between 2000-2019. Additionally, they also indicated a low and moderate growth of the world economy for 2024 and the upcoming 2025.

For me, besides chaos and conflicts which are caused by selfish behavior and negative propaganda, the existing world economic structure that focuses on quantitatively mass production without thinking of the environmental sustainability and shared development will cost the world economic growth in much longer term. Therefore, to achieve sustainable economic prosperity for humanity with peace and development, I believe that the world needs new economic momentum that focuses on inclusiveness and sustainability for human generation in long term.

A Chinese proverb from a wiseman states that "A journey of a thousand miles begins with a single step".  The new innovative factor, including but not limited to, the information technology, big data and artificial intelligent, will be served as the new important economic momentum to foster the Green development, not for only China alone, but also other countries around the world, especially the developing countries.

So far, China has been playing a very important role with big credibility in leading the modernization, other initiatives with its own characteristic, Chinese Characteristic, and helping other developing countries to be more developed in many possible ways. We never forget how China were helping others during the pandemics by sending out millions of vaccine and medical equipment to those needed helps, the financial aids and technical assistant during the hard time while the developing resources were scarce, and the investment of the Chinese government and its People that contributes a lot in our national economy. Thus, The High-Quality Development is another new hope for the developing countries around the world for their people in the long-term run.

With the strong friendship the framework of the Ironclad Friendship, Diamond Hexagon Cooperation Framework and the Cambodia-China Community of Shared Future in the New Era, Cambodia under the leadership of the Cambodian People's Party led by Samdech Akka Moha Sena Padei Techo HUN Sen Chairman of the CPP and Samdech Moha Borvor Thipadei HUN Manet Prime Minister, has been a supporter and a part of numerous Chinese initiatives, including Belt and Road Initiative, the Regional Comprehensive Economic Partnership, Mekong-Lanchang Cooperation, the Global Civilization Initiative (GCI), the Global Security Initiative (GSI), the Global Development Initiative (GDI) and so on. For Party relations, between the Parties, the CPC and CPP, we have initiated important initiatives and projects that benefit people in many practical ways. Particularly, The Youth House for China-Cambodia Friendship, where I am currently the member of the Committee of Public Communication, is also one of the biggest initiatives which was born from the fruitful cooperation between the CPC and the CPP.

Economically, China has been the top investor in Cambodia for years, with total investment of about $ 3 billion by 2023, in which Chinese investment represented 66% of the in-flow Foreign Direct Investment in Cambodia in 2023. Remarkably, China invested in mega infrastructure projects in Cambodia, the projects that are crucially important to the country economy, including the bridges, roads, expressways, hydropower plants, special economic zones, airports, ports and many more.

The current Royal Government of Cambodia, under the leadership of Samdech Moha Borvor Thipadei HUN Manet, introduce the new national agenda, namely the Pentagonal Strategy - Phase I, which focus on 5 key priorities: People, Road, Water, Electricity, and Technology. Besides Peace and Stability, Economic growth and investment are marked as the important aspects for the national agenda. The MSMEs becomes more and more important for the country's economy. Samdech Thipadei HUN Manet pointed out precisely that the world needs new innovation to be developed, and so does Cambodia, as it needs a lot of innovation and technology to unleash its economic potentials. Therefore, I strongly believe that the Hight-quality Development, with innovation and win-win strategy, will help the developing countries and small countries like Cambodia to gain its economic momentum for their people and the humankind as a whole.

(This article is a contribution from Fai Mesa, invited by China-ASEAN Observation. Fai Mesa is a member of the Committee of Public Communication of Youth House for Cambodia-China Friendship. The views expressed are solely those of the author and do not necessarily reflect the views of China-ASEAN Observation.)

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Established by China Center for International Communication Development (CCICD) in 2024, China-ASEAN Observation is a dedicated content platform focusing on various aspects of China-ASEAN relations, including economic and trade cooperation, cultural exchanges, and regional developments. The platform gathers insights from experts and scholars across China and ASEAN, offering analytical articles that provide perspectives on key topics such as the current state and future prospects of China-ASEAN cooperation, the development of a shared future community, high-level exchanges, regional peace and stability, economic and trade trends, the South China Sea, technology, and cultural tourism. In addition to commentary, the platform incorporates data visualizations, infographics, and illustrations to present information in a diversified manner.
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source: China-ASEAN Observation