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And such a shift may start with HarmonyOS. While most foreign media outlets framed the new system as Huawei's attempt to cope with Washington's ban on using Google's Android in its overseas smartphones, the Shenzhen-based company said the move means far more than that.

Analysts said that Ant Financial's tightened relationships with the consortium will help it reduce repeated investments in technologies as well as training costs for dealing with merchants and customers in overseas markets.

Andrews said that due to the nature of the virus it would take some time for the impact of the lockdowns to be reflected in the data.

Andrew Tilton, managing director of global investment research at Goldman Sachs, said the mainland had performed well last year. A credit-growth slowdown normally held the economy back, but GDP continued to grow despite the deleveraging.

And Lucio Blanco Pitlo III, research fellow at the Asia-Pacific Pathways to Progress Foundation, a Manila-based foreign policy think tank, said China and the US have "important security and economic roles" in Southeast Asia. As such, it is unlikely for any of the ASEAN countries to take sides.