Zheng Heng Dynamic

The business of Zhengheng group at home and abroad involves banking, real estate, investment, network, human resources, science and technology, cultural innovation and business travel industry and other fields.While actively investing in the industrial layout, Zhengheng group is also vigorously introducing the advanced management mode of developed countries and promoting the industrial upgrading of Cambodia. In this process, it reconstructs the business model and organizational model, creates an industrial cluster with Zhengheng characteristics, and is committed to becoming an international first-class comprehensive development led by strategy, driven by innovation and promoted by value enterprise groups.
 

Financial Observation: Chinese-funded Enterprises Supporting Cambodia’s Economic Rebound during the Pandemic

Release time:2020-05-03 Reading volume:427 Source:By Mao Pengfei from Xinhua News Agency

Hit by the COVID-19, the tourism industry comes to a halt, European and North American clothing orders are canceled, and air traffic drops sharply...Cambodia’s economic development is faced with quite a few challenges. In response to difficulties, the Chinese-funded enterprises continue to invest in Cambodia and guarantee its production, and work with the Cambodians to tide over the crisis, drive and build a strong foundation for Cambodia’s economic rebound.
 

According to the Chinese Embassy to Cambodia, the Chinese-Cambodian bilateral trade volume in the first quarter this year amounted to USD 2.03 billion with a year-on-year growth of 1.7%. The Cambodian official statistics reveal that Cambodia exported 122,000 tons of rice to China in the first 4 months this year, generating a
 

Wang Wentian, the Chinese Ambassador in Cambodia, said during his interview with the Xinhua News that the unsmooth transnational flow of personnel and supplies due to the pandemic had made it difficult for the supply chain to function normally and increased the difficulty in economic cooperation. Despite of that, the long-term good fundamentals of Chinese-Cambodian economic and trade cooperation have not changed, but manifested strong resilience. Under the premise of regular pandemic prevention and control, the Chinese-Cambodian economic and trade cooperation has been flexibly, steadily and actively advanced.
 

On April 9, the second round of negotiation for the Chinese-Cambodian Free Trade Agreement was held in a video conference. Both parties reached extensive consensus on the contents, and completed the discussions on the cooperation of Belt and Road Initiative, investment cooperation, economic and technical cooperation, E-commerce and selected legal issues. The two countries agreed to accelerate the negotiation through a wide range of forms, including video conference.
 

Meanwhile, the key projects of the Belt and Road Initiative and people-benefiting projects jointly launched by China and Cambodia have been practically advanced during the pandemic. The Phnom Penh-Sihanoukville Port Expressway has taken shaped, and upon completion, it will connect the capital economic circle and Cambodia’s largest deep water port, enhance Cambodia’s logistics efficiency and shorten the transportation time; with the main body construction completed, the China-aided National Stadium of Cambodia has started its decoration phase and it will serve as the main venue for the 2023 Southeast Asian Games; the China-aided hospital building in Tboung Khmum Province has been erected; Huawei has deepened 5G cooperation with Cambodia’s Ministry of Posts and Telecommunications and completed network testing with 5 local carriers, and will help Cambodia build the 5G network as soon as possible. 
 

As pointed out by Wang Wentian, Cambodia is still a market that is worthy of continuous investment by the Chinese investors, “It’s convinced that with further control and improvement of the pandemic, the Chinese-Cambodian economic and trade cooperation is expected to get back on track first and show stronger vitality.”
 

In Preah Sihanouk, the construction of Sihanoukville Port Coal Power Plant jointly developed by China Huadian Hong Kong Company Limited and Cambodia International Investment Development Group Co., Ltd. has been smoothly unfolded. According to Xie Yiming, vice general manager of the project company, about 100 Cambodian employees have been recruited for construction. In the second half of the year, the total number of workers during the peak construction period is expected to exceed 2,000 with the entry of more participation units, which will further drive the employment of Cambodia and propel local economic and social development.
 

Despite of the impact brought by the pandemic, China’s investment in Cambodia’s energy, transportation, telecommunication facilities, sports and public health will not only directly promote economic development, but also continuously improve the local business environment and lay a foundation for economic rebound.

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