China and ASEAN Quarterly Q3 2025

We are proud to share with you the latest edition of our China & ASEAN Quarterly magazine, where we shine the spotlight on domestic retail sectors across key economies in the region. Uncertainty towards the global financial markets have simmered down but remains elevated. During times like this, we draw confidence from these internal sources of growth.

Greater attention is now being paid towards emerging Asia with global investors moving away from developed markets like the US, wherein investment returns are currently far from ideal. For us, the renewed focus towards this region is what it deserves. The correct time to invest in Asian assets was yesterday, although those just jumping in now will still find cheap and undervalued gems to add to their portfolios. Government bonds issued within ASEAN are an excellent example, and we explain why as you read through this issue.

This magazine also sheds light on efforts to boost consumption as policymakers combat threats unique to each economy. For instance, the Chinese government is looking to reverse an emerging population decline as well as price deflation – scenarios likely to create long-term economic scars. We also assess the initial impact of cash handouts in Thailand on household spending and efforts in the Philippines to re-energise international tourism.

Despite these concerns, we stand firm in our view that the Chinese and ASEAN markets will remain the world’s growth leaders. Economic activity continues to be upbeat here, in contrast to a slowing US economy and stagnation across Europe. We at Lundgreen’s Capital maintain strategic positions regarding investments in this region.

Together with our Founding CEO Peter Lundgreen and our on-the-ground contributors, we are happy to share our deep insight into these markets to assist in forming your investment decisions. Of course, we welcome any feedback that you may have.

Melissa Luz Lopez
Chief Economist for ASEAN