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An said Geely has already established a strong supply chain network for the production and development of new energy vehicles.

And, the transition away from manufacturing to services (which are officially called the tertiary industry) continues. "The economic structure was optimized. In the first three quarters, the value added of the tertiary industry accounted for 54.0 percent of GDP, 0.6 percentage point higher than that of the same period last year," the NBS said in its summary.

And Elon Musk's SpaceX and Jeff Bezos's Blue Origin are also in the race to send tourists into space.

And the company continues to expand its footprint in the West. Last year, Logicor invested 80 million euros in the completion of four new sites in Italy, Finland, Germany and Romania. Eight further projects are under way in Germany, Finland, the UK and Poland with a total projected cost of 79 million euros.

Analysts said ASEAN's focus on regional cooperation implies the leaders' acknowledgment that they need to go beyond providing fiscal stimulus to their domestic economies.