Great piece here at RGE on the impacts on Asia.

However, given the exposure of Asian economies to exports and to global liquidity, Asia is unlikely to lead the global economic recovery, being reliant instead on resumption of demand from the U.S. Even so, solid macro fundamentals and a greater capacity to take fiscal and monetary measures will help Asian emerging economies recover faster and stronger, as compared to others. Those countries able to take on more aggressive fiscal and monetary responses, will outperform – but some of the recent responses including those of China risk exacerbating, not reducing overcapacities and domestic imbalances.