The frugal trend that began in China during the economic disruption of the pandemic and deepened amid the crisis in the property market is intensifying as Gen Z shuns government calls to spend, spend, spend and doubles down on saving.

China's economy grew 5% last year, matching the government's target, but in a lopsided fashion, with many people complaining of worsening living standards as Beijing struggles to transfer its industrial and export gains to consumers.

Asian stocks were a mixed batch in volatile trade on Tuesday after U.S. President Donald Trump did not impose steep tariffs on China in his first day in office, as feared, although he still raised the possibility of future tariffs. 

Oil prices were little changed in Asian trading on Tuesday as investors took stock of President Donald Trump's plans to apply new tariffs later than expected while boosting oil and gas production in the U.S.

The dollar pared some overnight losses on Tuesday after U.S. President Donald Trump suggested the United States could impose tariffs on Canada and Mexico in the near future, challenging suggestions his policies would be more gradual.

South Korea pledged on Monday a record amount of financing support for exporters to mitigate any negative impact from changes in U.S. trade policies as Donald Trump was poised to be sworn in for his second presidency.