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As China develops its own technologies around medicine and electronics, those companies would want to protect their intellectual property. "The judicial system of IP in China is not mature, but it will get more mature as its own IP feels threatened."

Approval ratings for Moon and his Democratic Party took a serious blow in February when the first major outbreak outside China hit South Korea, which was already reeling from a stagnant economy and a series of domestic political scandals.

As China accelerates the establishment of a dual-circulation development pattern which takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, ASEAN is set to benefit, Ong said.

Artificial intelligence will create greater value for society and boost efficiency, and though its increasing use will pose challenges for employment, society can solve such issues, said Ren Zhengfei, founder and CEO of Huawei, on Thursday.

Apple’s earnings report on Tuesday afternoon will be closely watched as a gauge of the company’s momentum in the smartphone and tablet markets.