China and ASEAN Quarterly Q1 2026

Dear reader,

As we extend our wishes for prosperity this New Year, we evaluate major economic and social trends in the region in our newest China and ASEAN Quarterly magazine.

The cover features a now-iconic symbol of the Year of the Fire Horse: a horse plush toy that mistakenly wears a frown instead of a smile. We look beyond human error and take this as a grand metaphor. The past few months have been particularly challenging for the Chinese and Southeast Asian markets as they are hounded by a mix of economic, governance, and geopolitical issues that stand in the way of growth and profitability.

Our articles provide deep insight into outstanding issues in the region. We see that Thailand’s quest for faster economic growth relies heavily on the restoration of political stability; meanwhile, the Philippine central bank is trying to do the heavy lifting to rekindle investor confidence in a corruption-stricken nation. China, the largest economy in the region, is increasingly looking inward as it navigates shifts in global trade. A self-sufficiency mantra may sound attractive at a time of protectionism, but it is not as easy as it sounds.

Some missteps have been made, but there is a way out. Like the plush toy, it is never too late for the region to turn the frown around – and for most of these economies, this demands credible governance reforms to win back the market’s favour.

We hope that this magazine becomes useful in calibrating your investment decisions. As always, we welcome any feedback that you may have.

Have a prosperous year,

Melissa Luz Lopez
Chief Economist for ASEAN