China ASEAN Visit: Cash for Vietnam, Cambodia, Not Malaysia

Chinese President Xi Jinping visited Vietnam, Malaysia, and Cambodia in April 2025. The tour showed China’s renewed push in ASEAN. Each country signed deals, but the outcomes were very different. Vietnam and Cambodia secured quick, tangible benefits. Malaysia got high-level agreements but no immediate cash.

Vietnam signed deals in railway development and industrial cooperation. These directly support its strong manufacturing and export sectors. China also agreed to import more Vietnamese agricultural products. These actions will bring clear financial benefits to Hanoi in the near term.

Cambodia gained support in water management and infrastructure. China committed funds to these sectors. The Cambodian government can now act fast on these projects. Beijing continues to reward Phnom Penh’s consistent alignment with Chinese regional goals.

30 MOUs between China and Malaysia but mostly revival talks

Malaysia signed over 30 memorandum of understanding (MOU) with China. These focused on digital economy, artificial intelligence, green tech, and cultural exchange. Xi and Prime Minister Anwar Ibrahim also discussed linking the ECRL with regional trade routes. However, this project began during Najib Razak’s time. The talk now is more about revival than expansion.

Najib’s administration brought in fast investments from China. Billions flowed into rail, ports, and energy projects. These created jobs and supported growth. In contrast, Anwar’s visit produced no firm investment figures. The MoUs contain potential, but nothing concrete. They do not address the country’s immediate financial needs.

Anwar faces rising pressure. His government spends more than before. It must fund subsidies, salary hikes, and rising debt repayments. The cost of living has gone up. FDI from China and the United States has dropped compared to ten years ago. Malaysia needs new capital to ease budget stress and rebuild confidence.

Instead, the government got strategic promises without a financial backbone. There is no direct injection into the economy. The optics of high-tech cooperation sound promising. But they will not solve urgent budget problems. Anwar needed liquidity. Xi offered vision.

Malaysia gained prestige from this visit. But prestige does not balance books. Without follow-up action, the deals will not deliver. The government must turn these words into outcomes. Time is running out.