In April 2025, President Xi Jinping undertook high-level state visits to Vietnam, Malaysia, and Cambodia, reaffirming China’s commitment to openness and its dual strategy of “attracting foreign investment” and “going global”. These visits highlighted China’s determination to stabilize its foreign trade and economy while advancing a broader strategic vision of achieving development and stability through coordinated domestic and international efforts. Central to the tour was the strengthening of economic and political ties with ASEAN nations, particularly Vietnam, Malaysia, and Cambodia, which are key nodes in the Belt and Road Initiative (BRI). These countries hold strategic geographic importance and possess significant economic complementarities with China.

In Vietnam, President Xi’s visit resulted in the signing of 45 agreements, focusing on supply chain enhancement, infrastructure development, and technological cooperation. These agreements aim to deepen bilateral economic ties while countering external pressures, such as U.S. tariffs. By fostering complementary industrial chain cooperation, the two countries are working to mitigate external market risks and enhance the region’s economic resilience. Malaysia, meanwhile, agreed with China to build a high-level strategic China-Malaysia community with a shared future. This partnership spans areas such as strategic alignment, development integration, and multilateral collaboration. The “Two Countries, Twin Parks” initiative, which links industrial parks in both nations, exemplifies efficient resource allocation and promotes deeper regional economic integration.

In Cambodia, President Xi and Prime Minister Hun Manet announced the elevation of their bilateral relationship to a “China-Cambodia Community with a Shared Future in the New Era”. The two countries signed 37 agreements covering trade, education, public health, and defense. These initiatives reflect a shared vision for long-term stability and development and include significant investments in public services and infrastructure. Such measures are expected to enhance Cambodia’s governance capacity and social stability while consolidating its role as a stable partner in the BRI framework. President Xi’s overarching vision of a “community with a shared future” emphasizes mutual respect, win-win cooperation, and shared prosperity through regional collaboration. While this vision aligns with the development priorities of Southeast Asian nations and offers an alternative to U.S. influence in the region, it faces challenges, including the complex geopolitical dynamics of Southeast Asia, such as South China Sea disputes and concerns over China’s economic dominance.

At the same time, Hong Kong Chief Executive John Lee led efforts to deepen integration between Hong Kong and mainland Chinese cities by visiting Zhejiang province. As a vital component of China’s “dual circulation” strategy, Hong Kong plays a key role in bridging the domestic economy and international markets. Lee’s visit began at Zhejiang University’s International Innovation Center, where he emphasized Hong Kong’s importance within the global innovation network and explored opportunities for collaboration in research commercialization and industrial upgrading. Initiatives such as the "Top Talent Pass Scheme" have already facilitated the migration of over 4,000 Zhejiang University graduates to work in Hong Kong, strengthening the city’s innovation ecosystem and generating knowledge spillovers that benefit the Greater Bay Area.

In addition to fostering innovation, John Lee met with Hong Kong residents and businesses in Zhejiang, encouraging them to utilize Hong Kong’s unique position as a connector between China and the world. By leveraging its international financial system and legal framework, Hong Kong continues to attract foreign investment, injecting new vitality into the mainland economy. The collaboration between Hong Kong and Zhejiang underscores their complementary advantages and provides fresh momentum for the economic integration of the Greater Bay Area.

These initiatives highlight China’s coordinated approach to political and economic stabilization through internal and external strategies. President Xi’s visit to Southeast Asia reduced geopolitical tensions by fostering cooperation in infrastructure, trade, and security, while John Lee’s Zhejiang visit improved resource allocation between cities. Hong Kong’s evolving role from a “one-way intermediary” to a “value chain integrator” is particularly significant. For example, Zhejiang photovoltaic companies have used Hong Kong’s financial platform to expand globally, promoting the internationalization of the RMB and the adoption of green technologies worldwide. This approach not only strengthens China’s resilience against global economic uncertainties but also provides a pathway for emerging economies to address the “middle-income trap.”

Looking to the future, China’s multidimensional strategy may offer a new model for global governance and cooperation. Amid escalating geopolitical tensions, China’s synergy between domestic and international policies stabilizes its economy while revitalizing globalization. This strategy provides valuable lessons for emerging markets, demonstrating that coordinated efforts between domestic and international priorities are essential for achieving stability and growth in an era of global challenges.

By Dr. Bankee Kwan

Member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) and the Permanent Honorary President and Past President of Federation of Hong Kong-Shanghai Associations

Dr. Philip Wong

Member of Royal Institution of Chartered Surveyors (MRICS)

Fellow of the Chartered Institution of Highways and Transportation (FCIHT)

The views do not necessarily reflect those of Orange News.

Photo: Xinhua