HONG KONG/SYDNEY (Reuters) - Fears of a global recession are on the rise as the U.S.-China trade war re-escalated in May, sending investors to the safety of U.S Treasuries, the Japanese yen and gold.

But in Asia, investors are exploring new sanctuaries, from Chinese consumer stocks to Thai government bonds, some of which have thrived despite their economies’ exposure to tariff threats.

READ MORE: How fund managers are playing the recession risk

While not all investors or analysts are predicting a global recession, several shared their thoughts on where they would take shelter in Asia if a sharp downturn occurred, and why: