Hugo Williamson, managing director of the Risk Resolution Group, an international risk consultancy, said China is increasingly challenging the US' traditionally strong trade and diplomatic relationships in Asia. "People talk of 'Chindonesia', a reflection of the importance of trade between the two countries," he said.

The increasing weight of China in every market is a global trend, but growing Chinese, as well as Indian, demand is making an especially big impact in Indonesia. Nick Cashmore of the Jakarta office of CLSA, an investment bank, has coined a new term to describe this symbiotic relationship: "Chindonesia".

Truth may be the first casualty of war, but truth can also emerge after a crisis. And in this context, let us talk about "Chindonesia", a shorthand for China, India and Indonesia, because these three Asian countries could become the backbone of Asia's economic revival.