Indonesia immune to ‘the chills’ When China sneezes — ranging from a sharp devaluation of its currency or protectionist measures to defend local industries — Singapore, Taiwan, Vietnam, South Korea and Malaysia would be first to feel the chill, according to analysis from Natixis SA. By contrast, Indonesia, India and the Philippines are rather more immune, based on trade, tourism and investment links that were collated by the French Bank’s Hong Kong-based economists Alicia Garcia Herrero and Trinh Nguyen. For those with the largest exposure to China, trade ties are the biggest link. Tourism is another important factor linking the fortunes of Asia’s smaller economies to their regional giant. In 2015, the number of Chinese outbound tourists climbed 14.5% to 35.4m, according to the China Outbound Tourism Research Institute. They spent US$235bn (S$315bn) in 2015, Natixis said, and most Chinese tourists prefer to holiday in Asia with 60% of the trips to the region.