Substantial trade linkage notwithstanding, Asean’s near-term outlook is not particularly vulnerable to the ongoing slowdown in China . Asia faces many macro risks, but a slowing China in not at the top of the list. Global inflation threat is a non-China factor Chinese tourists have been largely non-existent since 2020, hence there is no additional downside. Asean’s trade with China is a global demand beta that can withstand a domestic demand slowdown. US interest rates, global capital flows, and food/fuel prices matter more for Asean. Full commentary and analysis available here.