For decades, China has been the dominant force in hydropower development across the Mekong subregion, financing, and constructing massive dam projects that have transformed Southeast Asia’s economic and environmental landscape. Many analysts have framed this expansion as a meticulously orchestrated strategy to extend Beijing’s economic and geopolitical influence. But this narrative obscures a more complex reality—one in which China’s dam-building in the Mekong has been shaped by trial and error, reactive policy shifts driven by external shocks, local resistance, and intensifying geopolitical competition.