Expert: China to lead U-shaped recovery of regional economy

"Regional cooperation and integration should continue among the ASEAN+3 countries as a counterweight against the rise of protectionism globally. The region should affirm its strong commitment to the rules-based multilateral trading system, which is under stress," Doi said.

ASEAN became China's largest goods trading partner in April this year. As China becomes more advanced in manufacturing and services, some labor-intensive manufacturing activities will be relocated to ASEAN member states with lower wages such as Vietnam, Laos, Cambodia and Myanmar.

China can work with other ASEAN+3 countries to boost trade and investment by strengthening regional trade integration, said Doi. "China can continue to work closely with ASEAN to conclude and ratify the Regional Comprehensive Economic Partnership to enlarge trade and investment among regional economies, adhering to the rulesbased trade policies and support multilateral trade mechanism against the strong wave of anti-globalization."

"On a brighter note, the ASEAN+3 economies remain fundamentally strong and resilient," Doi said. The strong fundamentals and policy buffers have made the regional economies more resilient to volatility shocks, including large capital outflows from the region in the past few months.

Premier Li Keqiang on April 14 proposed opening a "fast-track lane" for essential personnel on urgent visits in the fields of commerce, logistics, production and technological services among the countries in the region, according to a report from Xinhua News Agency.

Li also pointed out that ASEAN+3 countries need to leverage their strengths in economic complementarity and strong business ties to further ease tariffs, eliminate barriers, boost the flow of trade and investment, and keep markets open to each other, the report said.

"As beneficiaries and supporters of trade and investment liberalization, Asian economies will continue to play the role of a global growth engine during and after the pandemic. We applaud the strong signals sent out by the Special ASEAN +3 Summit in April, that relevant countries would take measures to enhance regional economic stability and resilience, promote regional trade development, and make good use of the Regional Financial Arrangement," said Zhou Xiaochuan, vice-chairman of the Boao Forum for Asia and former governor of the People's Bank of China, the central bank.