A Review of Regulatory Frameworks for Biobanking in Southeast Asia.

Southeast Asian countries are at the forefront of public health pressures due to a confluence of factors such as population growth, urbanization, environmental pollution, and infectious diseases (re)emergence. Therefore, the ability to be able to conduct research addressing local and regional needs is of paramount importance. As such, biobanking activities, the standardized collection of biological samples, and associated data, developed over the past few decades supporting ongoing biomedical and clinical research, as well as surveillance are of critical importance. However, the regulatory landscape of biobanking is not widely understood and reported, which this narrative review aims to address for the ASEAN member states. It is evident that there are specific regulatory arrangements within each ASEAN member state, which though may be sufficient for the current level of operations, are unlikely to support a regional sharing of biological samples, data, and eventually benefits from the conducted research. Additionally, legacy and often-overlapping regulatory frameworks exist, which raise the need of an eventual consolidation under a single framework. Thus, this field requires further study as well as the creation of viable, practical proposals that would allow for biobanking harmonization and thus the exchange of biological samples and data to be achieved regionally, if not further afield.

Governing AI in Southeast Asia: ASEAN's way forward.

Despite the rapid development of AI, ASEAN has not been able to devise a regional governance framework to address relevant existing and future challenges. This is concerning, considering the potential of AI to accelerate GDP among ASEAN member states in the coming years. This qualitative inquiry discusses AI governance in Southeast Asia in the past 5 years and what regulatory policies ASEAN can explore to better modulate its use among its member states. It considers the unique political landscape of the region, defined by the adoption of unique norms such as non-interference and priority over dialog, commonly termed the ASEAN Way. The following measures are concluded as potential regional governance frameworks: (1) Elevation of the topic's importance in ASEAN's intra and inter-regional forums to formulate collective regional agreements on AI, (2) adoption of AI governance measures in the field of education, specifically, reskilling and upskilling strategies to respond to future transformation of the working landscape, and (3) establishment of an ASEAN working group to bridge knowledge gaps among member states, caused by the disparity of AI-readiness in the region.

Outbreak preparedness and response strategies in ASEAN member states: a scoping review.

Objectives: The 21st century has witnessed significant disease outbreaks with severe impact in Association of Southeast Asian Nations (ASEAN) countries, including SARS, H1N1, H5N1, and COVID-19. This review aimed to compile and analyze outbreak preparedness and response strategies, highlighting the success of coordinated multi-sectoral approaches and policy responses within the ASEAN region. Methods: The protocol for this review was registered on the Open Science Framework and PROSPERO. A systematic analysis of publications from the 2002-2022 period was conducted following PRISMA guidelines on 4522 records retrieved from PubMed, CINAHL, Web of Science, and Scopus. The titles and abstracts were screened, and 229 articles were selected for full-text screening. Finally, 34 articles were included in this review. Results: Four preparedness pillars were identified: governance and stewardship, disease detection, disease prevention, and health care management. The pillars were crucial in preparing for and responding to the COVID-19 pandemic. Coordinated responses among the ASEAN countries and local and international stakeholders were reported. Conclusions: The findings emphasize that understanding the transmission dynamics of infectious diseases is paramount for effective disease prevention, surveillance, and timely response efforts to prevent the next pandemic. A well-coordinated multi-country and multi-agency policy response and understanding the different disease management models are crucial in addressing future outbreaks in the region. Future post-pandemic publications will shed more light on lessons learned and preparedness and response plans for future pandemics.

The impact of ASEAN economic community, firm characteristics and macroeconomics on firm performance and firm value: An investigation of Shariah-compliant firms in Indonesia.

The ASEAN Economic Community (AEC) presents both opportunities and challenges to Shariah-compliant firms (SCF) that have particular rules concerning business activities and financial ratios following Islamic principles. The SCF has to maintain the ratio of interest-based debt to total assets as well as non-permissible income, where these restrictions may impact both firm performance and firm value, particularly in the AEC era. Therefore, the SCF has to utilize internal factors to strengthen the firm while also considering the external factor of macroeconomics. The purpose of this paper is to examine the internal factors-firm age, size and efficiency (FASE), financial leverage, foreign ownership- and macroeconomics affecting financial performance and firm value of SCFs, including the effects both pre- and post-AEC. This study applies structural equation modelling-partial least square (SEM-PLS) to analyze 103 non-financial firms that were continuously listed on the Islamic Shariah Stock Index (ISSI) from 2011 to 2020. The results showed that FASE and macroeconomics had a significant positive influence on firm performance. Moreover, financial leverage, foreign ownership and the AEC participation showed a negative effect on firm performance. In addition, there was a positive relationship between FASE and firm value, as well as firm performance and firm value of SCFs. Finally, the findings from this study may help stakeholders determine policies that involve both internal and macroeconomic situations, as well as the potential effect of the AEC on the enhancement of firm performance and firm value.

The driving forces behind renewable energy consumption: A comprehensive analysis of key determinants and environmental concerns in ASEAN countries.

Renewable energy consumption is a crucial solution to addressing pressing environmental issues, particularly climate change and air pollution. Investigating the factors that drive its adoption is highly significant, as it provides policymakers and stakeholders with valuable insights to accelerate the transition to renewable energy sources. Through this approach, we can minimise the negative consequences of our reliance on fossil fuels, thereby protecting the integrity of the environment. Therefore, the primary goal of this study is to thoroughly investigate the main factors that influence renewable energy consumption and environmental change in six specifically chosen ASEAN countries. The stationarity of the 1990-2019 data was tested using panel data techniques such as Levin, Lin, and Chu (LLC), Im Pesaran (IPS), and the Shin W-stat test. According to the stationarity tests, after the first order, all variables exhibit stationarity. Additionally, Pedroni's co-integration test result confirmed that there was a long-term relationship among the variables. Different methods, such as dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), and pooled ordinary least squares (POLS), are used for cointegration estimating. The results suggest that there is a positive co-integration between renewable energy use and GDP in six ASEAN countries, indicating a long-term relationship. The positive relationship between GDP and renewable energy use suggests that economic growth is the primary driving force behind ASEAN's renewable energy adoption. However, factors like carbon emissions, population density, and foreign direct investment (FDI) negatively impact the demand for renewable energy. The limited availability of renewable energy in certain ASEAN countries may discourage foreign direct investment (FDI) due to the inverse relationship between FDI and renewable energy use. The studies also revealed that carbon emissions, which contribute to environmental pollution, do not motivate industries to invest in renewable energy. This finding would challenge the Environmental Kuznets Curve (EKC) hypothesis. According to the EKC, there is a significant transition towards renewable energy as a response to environmental degradation. However, it is worth noting that several ASEAN countries have experienced economic growth while also experiencing higher levels of carbon emissions. Given that economic expansion might not be environmentally beneficial, this research has implications for ASEAN energy policies. The ASEAN region faces a challenge in investing in renewable energy due to the excessive dependence on fossil fuels. Therefore, an in-depth evaluation of the main factor behind ASEAN's environmental concerns, which promotes the adoption of renewable energy, can greatly influence policy decisions, particularly in attaining net zero emissions. Policymakers can utilise this comprehensive analysis to establish informed objectives for policies related to renewable energy and develop strategic plans, i.e. reforming fuel subsidies. The goal is to encourage the development of environmentally friendly and sustainable energy plans for the future in the ASEAN region.

Assessing the impact of macroeconomic uncertainties on bank stability: Insights from ASEAN-8 countries.

This research examines the effect of economic uncertainties on bank stability in ASEAN-8 countries. We use estimations with fixed effects for a panel dataset of bank stability, bank characteristics, banking system characteristics, and macroeconomic uncertainties from 2010 to 2020. Geopolitical risk (GPR), economic policy uncertainty (EPU), climate policy uncertainty (CPU), world pandemic uncertainty (WPU), global supply chain pressure (GSCP), and monetary policy uncertainty (MPU) are used as proxies for economic uncertainty (MU) in this research. We find that although an increase in macroeconomic uncertainties weakens bank stability, GPR is positively related to bank stability. An alternative measurement of bank stability, endogenous tests, and quantile regression corroborate our primary findings. Further analyses focus on the heterogeneous influence of macroeconomic uncertainties on bank stability with diversified bank specifics and the country's financial openness. Our paper supplies deep insights for bank managers and macro policymakers in the ASEAN region relevant to the effect of macroeconomic uncertainties on bank stability. Most crucially, experimental results from this research enrich a wealth of knowledge about the regional banking industry's stability; they are the basis for the establishment of bank strategies and macroprudential policies geared to managing the increased macro-unpredictability.

Spillover impacts of financial development and globalization on environmental quality in ASEAN countries.

In the globalization era, the economic policy of a specific country might be influenced by the development of neighboring countries. Thus, this study aims to probe the direct and spillover effects of financial development, economic growth, and globalization on environmental sustainability in ASEAN countries during the period of 1992-2021. By applying three spatial regression models, the results are summarized: (1) There are positive spillover effects of financial development in neighboring countries on ecological footprint in a particular country; (2) Economic growth has a positive impact on ecological deficits in both the host country and neighboring countries in the short-run; (3) The expansion of globalization in neighboring countries has a negative spillover effect on the ecological footprint in a particular country and vice versa. Based on these findings, the study recommends that when a country formulates its economic policies, it is necessary to calculate the impact of that policy on neighboring countries and vice versa. Encouraging economic growth and expanding the money supply ought to go hand in hand with fostering greater integration. This integration is essential to counterbalance the potential adverse effects of these macroeconomic variables on environmental quality and ecological balance.

Urbanization and renewable energy consumption in the emerging ASEAN markets: A comparison between short and long-run effects.

The emerging markets in the ASEAN region, such as Indonesia, Malaysia, the Philippines, Thailand and Vietnam, have put great effort into achieving dual objectives: (i) supporting economic growth and (ii) combating environmental degradation simultaneously. These objectively depend on the fast urbanization taking place in these countries. While increased energy consumption from urbanization supports economic growth, urbanization is a key driver of environmental degradation. This paper examines a potential link between urbanization and renewable energy consumption, primarily ignored in current literature, particularly in the ASEAN-5 countries. Findings from this paper indicate that, despite the adverse effect of urbanization on renewable energy consumption in the short run, a positive effect is found in the long run for these emerging ASEAN markets, except Malaysia. The Philippines appears to balance well between urbanization and renewable energy consumption in the short and long run. Policy implications have emerged based on the findings of this paper.

Gender in Health: Addressing Transgender-Related Stigma and Health Disparities in Southeast Asia.

This paper advocates for robust regional research to gain a comprehensive understanding of the specific healthcare requirements of transgender populations, particularly in Association of Southeast Asian Nations (ASEAN), where empirical data is limited. It underscores the importance of acknowledging and mitigating gender minority stress, addressing the pervasive stigma surrounding transgender individuals, ensuring equal access to healthcare, reforming policies to protect the rights of transgender individuals, and promoting supportive community organizations. Through the adoption of these measures, ASEAN can move toward improving the pressing issue of transgender health disparities, thereby safeguarding the well-being of transgender individuals within their region.

Historical institutionalism and institutional design: divergent pathways to regime complexes in Asia and Europe.

Why and how do pathways to regime complexes diverge? Building on insights from the literatures on institutional design and historical institutionalism, we argue that early institutional design choices produce long-term variation in the pace, density, and composition of institutional layers within a regime complex. In a first step, we argue that if an institution becomes focal, this increases the exit costs for member-states to leave. Additional institutional layers become a more likely outcome. In a second step, we argue that depending on the focal organization's formal or informal design, variegated sovereignty costs inform the additional layering pathways. If a focal organization is formal, sovereignty costs are high for member-states. Consequently, creating additional institutional layers becomes cumbersome, leading to a slow pace of "negotiated layering" and a regime complex characterized by low density and composed of formal and informal institutions. In contrast, low sovereignty costs associated with informal focal organizations enable a rapid process of "breakout layering" resulting in a high density of mostly informal institutions. We develop our argument by examining the evolution of security institutions in Europe and Asia through diplomatic cables, treaty texts, personal memoirs, and policy memos.

Exotic Animal Practice in Southeast Asia.

The number of exotic animal practitioners in Southeast Asia (SEA) has increased over the last 30 years to match the increase in ownership of exotic pets. Fortunately, veterinary health care has advanced due to the leaders in the field educating other practitioners and promoting exotic animal practice. Continuing education opportunities are available for exotic medicine in SEA. In Thailand and Singapore, there is a niche of clients with high spending power that has transcended to increased demand for exotic health care. This has led to the establishment of exotic-only specialist hospitals and more access to advanced imaging for exotic pets.

Practical applications of teledentistry during the Covid-19 pandemic in ASEAN member states - a systematic review.

OBJECTIVE: The objective of this review is to determine the utilisation and adoption of teledentistry based solutions and technologies during the Covid-19 Pandemic in the Asean region. BACKGROUND: Teledentistry is a branch of telemedicine that has rapidly advanced in the last few years and has the potential to provide solutions to oral health problems of patients and locations that do not have prompt and immediate access to a dentist or dental services. The Covid-19 has increased the adaption of all digital health technologies and teledentistry is no exception. METHODOLOGY: The study utilized online databases such as Pubmed (Medline), Scopus (Embase) and CINAHL for the purpose of document search. Newcastle Ottawa (NOS) scale was used to determine the quality of the studies included in our systematic review. PRISMA guidelines were used as the criteria for reporting items in the systematic review. RESULTS: A total of 1297 documents were found after applying the search criteria and the keywords for the selected study. After applying the Prisma guidelines, removal of duplicates and irrelevant entries, 10 studies that were conducted during the Covid-19 pandemic were selected, fitting the inclusion criteria. All the studies included were evaluated for quality and risk of bias through the Newcastle Ottawa scale. Only high-quality studies were included for the final review. CONCLUSION: Teledentistry is a cost-effective solution to screen, diagnose and treat dental patients from a distance. Teledentistry also has the potential to continue seamless continuation of dental education to dental students, during disruptive and non-disruptive periods. ASEAN countries should fully utilise the potential of teledentistry, however sound and effective legislation would be the key first step to achieving that potential.

Landscaping analysis of immunization progress and program structures in selected middle income Southeast Asian countries.

This study examined the performance and structures of national immunization program in five middle-income Southeast Asian countries - Malaysia, Thailand, Philippines, Viet Nam, and Myanmar, and analyzed how the different structures relate to the difference in program performance to identify effective strategies in the study countries that facilitated good immunization performance. Data were derived from published literature, and WHO/UNICEF/Gavi databases, with 2010 as the baseline year. UMICs Malaysia and Thailand maintained ≥90 % coverage from 2010 to 2020 and even during the COVID-19 pandemic in 2021. LMICs Viet Nam and donor-supported Myanmar also achieved 80-90 % coverage for most routine vaccines in 2020. The Philippines have not reached ≥90 % coverage since 2010, with the maximum only 72 % (MCV1 and Polio3) in 2020. All study countries prioritize immunization and increased government financing since 2010 by minimum 91 % in Malaysia and 1897 % in Myanmar. However, Myanmar still largely depended on donor support with government financing only 32 % of immunization costs in 2021. The Philippines funds 100 % of immunization costs and ensures sustainable financing for the NIP through earmarked "sin tax" revenues from alcohol and tobacco. Donor support influenced new vaccine introductions among the study countries, with Gavi countries Myanmar and Viet Nam introducing more new vaccines, compared to Gavi-ineligible Malaysia and Thailand. The Philippines reported vaccine stock-outs every year amounting to 28 stock-outs events from 2010 to 2019, compared to only 1-4 stockouts in the other study countries. Donor support, innovative financing, and domestic vaccine manufacturing all play an important role in the efficient delivery of immunization services as demonstrated by the several new vaccine introductions and high immunization rates in Myanmar though Gavi and UNICEF support, additional annual $1.2 billion budget for health and immunization from "sin taxes" in the Philippines, and lack of stockouts for vaccines sourced at affordable prices from domestic manufacturers in Viet Nam.

Predictive Factors Associated with Survival in Female Gastric Cancer Patients in Southeast Asia.

Introduction: Association of Southeast Asian Nations (ASEAN) countries have high Helicobacter pylori infections, and gastric cancer (GC) is a leading fatal cancer in this region, especially in female patients. This study aimed to compare clinical manifestations, histopathological subtypes, and prognostic factors associated with the overall survival rate of female GC patients in this important region. Methods: This retrospective cohort study was conducted between 2007 and 2022 at a tertiary care center in Thailand. All clinical information, endoscopic findings, and histological types were extensively reviewed. Furthermore, all qualified studies in ASEAN published in PubMed and Scopus between 2000 and 2022 were extracted and thoroughly analyzed. Young female GC patients are defined as those ≤50 years of age. Results: A total of 98 Thai female GC patients were included, with a mean age of 58.99 ± 14 years; 70.4% were elderly women. The common presenting symptoms were weight loss (69.4%) and dyspepsia (68.4%). Younger female GC patients had significantly more common diffuse-type GC than elderly female GC patients (82.8% vs. 53.6%, p-value = 0.007). Moreover, elderly female GC patients demonstrated significantly better survival than younger female GC patients (44.8% vs. 20.7%, odds ratio = 3.49; 95% confidence interval: 1.20-10.14, p-value = 0.022). Furthermore, a total of 1,491 female GC patients from ASEAN were reviewed and included in this study, aged 15 to 93 years. The top three countries with the highest proportion of female GC from ASEAN were Indonesia (66.7%), Thailand (44.9%), and Singapore (38.4%). Conclusion: GC in women is not uncommon in ASEAN and presents at an advanced stage with a grave prognosis. This study showed that ASEAN countries with the highest disease burden were Indonesia, Thailand, and Singapore. Overall, survival rates for female GC patients in ASEAN countries were relatively low, highlighting the need for proactive measures such as intensive H. pylori eradication and the development of early detection methods for GC.

International promotion of Japanese aging-related health services and products: Perspective of an international agency.

Asia is at a critical juncture of health development. The population is aging and shrinking. At the same time, the economy is developing rapidly. These two factors, which necessitate a new paradigm of health development: departing from dependence on Official Development Assistance (ODA) and transitioning towards a model with more involvement of industries (private sector), academia, and health care providers, the so-called public-private partnership (PPP) model. The Economic Research Institute for ASEAN and East Asia (ERIA) is studying the potential for broader application of the new concept for collaboration between Asian countries and Japan. In this article, the authors attempt to introduce the complete picture of a new health ecosystem advocated by Japan. We first look at the impacts of population aging and shrinking, followed by introducing two new approaches; regional and country-specific, with the involvement of ERIA. Then, the outcomes of the projects and Japanese technology, services and products relevant to the older population are introduced. Finally, based on the various projects and products, we focus more closely on the new health development model, the PPP model. We start from the theory and move to examine a tool for implementation, which is the formulation of a dialogue forum named the MEX (Medical Excellence X, where X can be substituted by the acronym of any participating country) project. The experience of these projects and case studies will benefit all ASEAN member countries and beyond. ERIA finds that the facilitation works of the Institute catalyze the progress. ERIA will remain committed to helping the endeavors initiated by Japan for the benefit of all.

An empirical investigation of the nexus among renewable energy, financial openness, economic growth, and environmental degradation in selected ASEAN economies.

This study investigates the relationship between economic growth, renewable energy consumption, financial openness, and environmental degradation in selected ASEAN (Association of Southeast Asian Nations) countries (Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) from 1996 to 2018. We aim to analyze how macroeconomic situation, energy-related factors, and financial determinants contribute to environmental deprivation in selected countries whose growth has recently been substantial. To address this issue, we employ second-generation panel data regression models and quantiles with fixed-effects estimators. Initially, the cointegration analysis supports a long-run association between the variables of our interest. Empirical findings confirm the environmental Kuznets curve hypothesis, but it seems valid only for Singapore. Moreover, results highlight the ecological role of renewable energy for ASEAN countries to achieve Sustainable Development Goals, such as transitioning to a low-carbon economy and reducing air pollution. On the contrary, financial openness is a cause that positively influences CO2 emissions. This research offers practical policy recommendations for many countries, including the ASEAN economies, to attain sustainable development.

A transboundary agenda for nature-based solutions across sectors, scales and disciplines: Insights from carbon projects in Southeast Asia.

Nature-based Solutions (NbS) are integral to efforts to keep global warming below 2°C in accordance with the United Nations' 2015 Paris Agreement on Climate Change. Yet the transboundary governance dimensions of NbS remain unclear and largely undocumented. In Southeast Asia, NbS have emphasised the conservation and/ or sustainable commodification of carbon sinks found in terrestrial and mangrove forests, seagrass meadows, peatlands and agricultural soils. Mostly project-driven and fixed-term, these "solutions" have often failed to meet their social and ecological objectives. Increasingly, they have added to cross-border problems of: (1) displaced carbon emissions; and (2) economic migration and societal dispossession. This perspective paper delineates a transboundary governance research agenda to mitigate these trade-offs and enhance the co-benefits of NbS in carbon sinks. Building on NbS literature, it identifies cross-sector, multi-scalar and interdisciplinary pathways to improve transboundary cooperation, inclusion and equity in carbon sink governance in varying Southeast Asian contexts.

Exploring the impact of public investment on income, energy consumption, and CO2 emissions in ASEAN: new insights from a panel cointegration approach.

Policy adjustments can help strike a balance between economic growth and environmental sustainability, which has increasingly been the heart to nations and regions throughout the World. This paper examines how public investment affects economic growth, energy consumption, and CO2 emissions in eight ASEAN countries: Cambodia, Myanmar, Malaysia, Indonesia, the Philippines, Singapore, Thailand, and Vietnam. Extension of a Cobb-Douglas production function and application of panel cointegration techniques reveal bidirectional Granger causation between public investment and both private development and CO2 emissions from 1980 to 2019. Public investment Granger causes energy usage, the opposite does not hold statistically. More findings from pooled mean group estimations show a mean-reversion dynamic that corrects disequilibria by 14% yearly. State investment crowds in private sector growth, energy use, and carbon footprint. It also finds an inverted U-shaped relationship between public investment and energy consumption, and a U-shaped relationship between public investment and CO2 emissions, indicating complex regional interactions. It is suggested the implementation of public investment policies that enrich green infrastructure projects to foster growth while minimizing environmental impacts, and encourage a strategic approach to public investment for prioritizing environmental sustainability and thus, achieving Sustainable Development Goals 7 to 9 and 11 to 13 in this region.

Measuring health equity in the ASEAN region: conceptual framework and assessment of data availability.

BACKGROUND: Existing research on health equity falls short of identifying a comprehensive set of indicators for measurement across health systems. Health systems in the ASEAN region, in particular, lack a standardised framework to assess health equity. This paper proposes a comprehensive framework to measure health equity in the ASEAN region and highlights current gaps in data availability according to its indicator components. METHODS: A comprehensive literature review was undertaken to map out a core set of indicators to evaluate health equity at the health system level. Secondary data collection was subsequently conducted to assess current data availability for ASEAN states in key global health databases, national health accounts, and policy documents. RESULTS: A robust framework to measure health equity was developed comprising 195 indicators across Health System Inputs and Processes, Outputs, Outcomes, and Contextual Factors. Total indicator data availability equated to 72.9% (1423/1950). Across the ASEAN region, the Inputs and Processes sub-component of Health Financing had complete data availability for all indicators (160/160, 100%), while Access to Essential Medicine had the least data available (6/30, 20%). Under Outputs and Outcomes, Coverage of Selected Interventions (161/270, 59.63%) and Population Health (350/350, 100%) respectively had the most data available, while other indicator sub-components had little to none (≤ 38%). 72.145% (384/530) of data is available for all Contextual Factors. Out of the 10 ASEAN countries, the Philippines had the highest data availability overall at 77.44% (151/195), while Brunei Darussalam and Vietnam had the lowest data availability at 67.18% (131/195). CONCLUSIONS: The data availability gaps highlighted in this study underscore the need for a standardised framework to guide data collection and benchmarking of health equity in ASEAN. There is a need to prioritise regular data collection for overlooked indicator areas and in countries with low levels of data availability. The application of this indicator framework and resulting data availability analysis could be conducted beyond ASEAN to enable cross-regional benchmarking of health equity.

The dynamic causality between Chinese and ASEAN stock markets.

COVID-19 has caused severe shocks to the Chinese and ASEAN stock markets. This paper investigates the relationship between the Chinese and ASEAN stock markets using the bootstrap rolling-window causality test. The results show that there is a bidirectional Granger causality relationship between the Chinese and ASEAN stock markets with time-varying characteristics. Before the COVID-19 outbreak, the interaction between the Chinese and ASEAN stock markets was mainly positive. After the COVID-19 outbreak, during the off-peak period, the interaction between the Chinese and ASEAN stock markets was positive or negative at different periods; during the peak period of the epidemic, the ASEAN stock markets had negative impacts on the Chinese stock market. In addition, the relationship between the Chinese and ASEAN stock markets was enhanced during COVID-19. According to the interaction mechanism, economic and political factors would affect the relationship between the Chinese and ASEAN stock markets, but major events such as COVID-19 have a greater impact. Therefore, macroeconomic policy should play a positive role in the stock market.