Cambodian scholars: China-Cambodia cross-border payment system is accelerating its improvement, and Alipay is becoming more widespread

How Will the RCEP Upgrade Enhance Trade Facilitation Between China and Cambodia?

Southern Finance, 21st Century Business Herald Reporter Yang Yulai, reporting from Haikou, Hainan

“Alipay is now becoming increasingly common in Cambodia.” During the “Joint Response to Change, Promote Development—2026 RCEP Regional Development Media Think Tank Forum” held from May 8 to 9 and jointly organized by China Daily and the China (Hainan) Reform and Development Research Institute, Cheng Jinlong, President of the Asian Vision Research Institute of Cambodia, was interviewed by a Southern Finance reporter. He said that China and Cambodia have signed a cooperation agreement on promoting the facilitation of cross-border payments, advancing cooperation on Renminbi payment and the application of digital payment platforms. With the continued deepening of China-Cambodia economic and trade exchanges, cross-border payment interconnectivity is becoming an important part of regional cooperation.

During the forum, several experts and scholars discussed coordinated development between RCEP and Hainan Free Trade Port. Cheng Jinlong believes that RCEP is not only of great significance for promoting cooperation on the China-Cambodia free trade agreement, but will also further support the construction of the China-ASEAN Free Trade Area Version 3.0, enhance regional economic resilience, and improve member countries’ ability to respond to external supply chain shocks.

He mentioned that, currently, RCEP member countries are considering conducting further review of the agreement next year. Relevant arrangements are expected to be further improved in terms of technology, laws, regulations, supervision, and institutional frameworks, so as to drive this large-scale regional trade cooperation mechanism toward higher quality, greater attractiveness, and stronger resilience.

On the specific level of cooperation, Cheng Jinlong specifically noted that Cambodia is leveraging the important platform of Hainan Free Trade Port to strengthen connectivity with the Chinese market. On the one hand, Cambodia’s agricultural products are entering the Chinese market faster through Hainan; on the other hand, Chinese electronic products are also entering the Cambodian market more conveniently with the help of Hainan Free Trade Port.

Meanwhile, the influence of China’s new energy vehicle industry in Cambodia’s market is continuously increasing. Cheng Jinlong said that by 2025, Cambodian consumers’ demand for Chinese electric vehicles will grow significantly. Compared with 2020, the purchase volume of Chinese electric vehicles is estimated to increase by 30% to 40%.

At the policy level, Cambodia will continue to increase support for the new energy vehicle industry in 2026. Starting from April 1, the import tariffs on all pure electric vehicles (including complete vehicle imports and local assembly) have been reduced from 35% to 0%. At the same time, key components and facilities such as motors, lithium batteries, charging piles, and supporting solar power generation systems are also eligible for “zero tariffs.”

Chinese new energy vehicle brands are accelerating their rollout in the Cambodian market. In 2025, BYD’s passenger vehicle plant began construction in the Sihanoukville Economic Zone, with a planned annual capacity of 10,000 units. In October of the same year, XPeng Motors officially entered the Cambodian market, offering sales of smart electric vehicles and related services.