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"FedEx values our business in China. Our relationship with Huawei Technologies and our relationships with all of our customers in China are important to us," the company said in a statement posted on its website on Saturday.

"Especially against economic uncertainties, a strong and unique brand proposition will give companies unparalleled pricing power. This would put them in an advantageous position even amid trade disputes," Deng said.

"Definitely China will be a better driver for a socio-economic development in the region," Cayetano told a news conference at the end of the series of ASEAN and related foreign ministers' meetings that kicked off Saturday.

"Even though we are starting to branch out to bigger areas, at a core, we are still a small, close-knit community - the majority have gone to school with each other. People who grow up here have become teachers, families know each other," he said.

"Fast-growing internet technologies not only accelerate development of new internet businesses but also result in many new problems, such as whether we can pay using digital currency and how to prevent privacy infringement while collecting personal information," he said.