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Apart from direct trade, China has been helping develop infrastructure and improve connectivity within ASEAN member states. A large number of industrial parks between China and ASEAN countries have also contributed to trade and investment cooperation activities, while the recently signed RCEP, which aims to cut tariffs, further open markets and lower barriers to liberalize trade and investment, is set to boost trade and investment and further integrate the regional market, he said.

Ant Group announced later Tuesday night that the listing of the Hong Kong shares will also be halted.

Another factor is that three of China's internet giants - Baidu Inc, Alibaba Group Holding and Tencent Holdings, or BAT - are building a digital ecosystem with benefits beyond them. One in five top Chinese startups was founded by BAT employees or former BAT employees, according to the report.

Another example: market research and customer surveys can become proxies for customers – something that’s especially dangerous when you’re inventing and designing products. “Fifty-five percent of beta testers report being satisfied with this feature. That is up from 47% in the first survey.” That’s hard to interpret and could unintentionally mislead.

Apart from China, countries severely affected by the COVID-19 outbreak include South Korea and Japan, raising concerns about trade prospects in Asia and around the world.