Despite a renewed emphasis on improving relations with traditional allies in Asia, US policy towards China is unlikely to change dramatically under President-elect Joe Biden’s administration, a new report by Moody’s Investors Service published on Wednesday shows.

The latest report from Moody’s Investors Service says that policy measures taken by the Asean-5 economies – Malaysia (A3 stable), the Philippines (Baa2 stable), Indonesia (Baa2 stable), Vietnam (Ba3 negative) and Thailand (Baa1 stable) – may reduce some of the negative effects of the Covid-19 outbreak, but will not offset the rising recession or credit risks for most sectors.