马尾少女希希
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Hong Manai didn't expect that
China's countermeasures came so quickly.
China suddenly suspended new preferential loans to Cambodia, which directly doused cold water on the Cambodian side and made many people begin to speculate about the next steps in Cambodia's relationship.
The people in the Phnom Penh Ministry of Finance are probably flipping through the accounts overnight. Which of the more than 2,000 kilometers of roads built and the dozens of substations constructed in the past decade did not benefit from China's low-interest loans?
You might ask, aren't China and Cambodia "iron brothers"? Why the sudden cold shoulder?
I think, even among brothers, rules must be followed. China's loan interest rate to Cambodia has been kept at around 2.7% for many years, which is more than half cheaper than the international market. But while the Hong Manai government was using this money for infrastructure, they also allowed U.S. military ships to dock near the Chinese-aided Navy base in Yunrang. Who wouldn't find this annoying?
What’s even more puzzling is the Dechong Funan Canal project. The Chinese side provided technology and funding, and just when the project was about to get on track, the Cambodian side suddenly changed its tune and insisted on "highlighting sovereignty," cutting Chinese investment to only 10%. This operation is like opening a restaurant together: you provide the stove and I provide the rice, but suddenly they turn around and change the business license to sole proprietorship.
In fact, China has long been quietly transforming. No longer just lending money but promoting direct investment by enterprises. The Sihanoukville Economic Special Zone now has over 200 Chinese companies settled, creating jobs for more than 30,000 people. Renminbi settlement has also been rolled out in local banks, helping Cambodia reduce its dependence on the U.S. dollar. This kind of cooperation is more solid than simply borrowing money.
However, some people mistakenly think they can eat Chinese food while handing chopsticks to the U.S. Unbeknownst to them, the "Zuo Zhuan" has long said: "The auxiliary wheel depends on the main wheel; when the lips are gone, the teeth are cold." If a small country plays with fire between big countries, it can easily get burned.
Recently, there was an interesting detail: In 2025, Cambodia will trial visa exemptions for Chinese tourists, and in the first 11 months, the bilateral trade volume surged to $17.6 billion. This shows they are clear in their minds—if they really fall out with China, the tourism and manufacturing industries will suffer immediately.
Therefore, this suspension of loans is not a breakdown in relations but a necessary "calibration." China is using actions to tell Phnom Penh: Friends can be made, but trust cannot be overdrawn; cooperation can be diverse, but the bottom line cannot be vague.
True partners do not always greet each other with smiles but dare to lend a hand when the other party goes astray. This "cold loan" may just be to avoid a bigger rift in the future.
What do you think, dear readers? Feel free to discuss in the comments.
China's countermeasures came so quickly.
China suddenly suspended new preferential loans to Cambodia, which directly doused cold water on the Cambodian side and made many people begin to speculate about the next steps in Cambodia's relationship.
The people in the Phnom Penh Ministry of Finance are probably flipping through the accounts overnight. Which of the more than 2,000 kilometers of roads built and the dozens of substations constructed in the past decade did not benefit from China's low-interest loans?
You might ask, aren't China and Cambodia "iron brothers"? Why the sudden cold shoulder?
I think, even among brothers, rules must be followed. China's loan interest rate to Cambodia has been kept at around 2.7% for many years, which is more than half cheaper than the international market. But while the Hong Manai government was using this money for infrastructure, they also allowed U.S. military ships to dock near the Chinese-aided Navy base in Yunrang. Who wouldn't find this annoying?
What’s even more puzzling is the Dechong Funan Canal project. The Chinese side provided technology and funding, and just when the project was about to get on track, the Cambodian side suddenly changed its tune and insisted on "highlighting sovereignty," cutting Chinese investment to only 10%. This operation is like opening a restaurant together: you provide the stove and I provide the rice, but suddenly they turn around and change the business license to sole proprietorship.
In fact, China has long been quietly transforming. No longer just lending money but promoting direct investment by enterprises. The Sihanoukville Economic Special Zone now has over 200 Chinese companies settled, creating jobs for more than 30,000 people. Renminbi settlement has also been rolled out in local banks, helping Cambodia reduce its dependence on the U.S. dollar. This kind of cooperation is more solid than simply borrowing money.
However, some people mistakenly think they can eat Chinese food while handing chopsticks to the U.S. Unbeknownst to them, the "Zuo Zhuan" has long said: "The auxiliary wheel depends on the main wheel; when the lips are gone, the teeth are cold." If a small country plays with fire between big countries, it can easily get burned.
Recently, there was an interesting detail: In 2025, Cambodia will trial visa exemptions for Chinese tourists, and in the first 11 months, the bilateral trade volume surged to $17.6 billion. This shows they are clear in their minds—if they really fall out with China, the tourism and manufacturing industries will suffer immediately.
Therefore, this suspension of loans is not a breakdown in relations but a necessary "calibration." China is using actions to tell Phnom Penh: Friends can be made, but trust cannot be overdrawn; cooperation can be diverse, but the bottom line cannot be vague.
True partners do not always greet each other with smiles but dare to lend a hand when the other party goes astray. This "cold loan" may just be to avoid a bigger rift in the future.
What do you think, dear readers? Feel free to discuss in the comments.
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