Step 1: Understanding the Concept:
This involves understanding the diplomatic norms of ASEAN and the economic shift in China.
Step 2: Detailed Explanation:
Statement I: The 'ASEAN Way' is a unique style of diplomacy that prioritizes consensus, informality, and non-interference in the internal affairs of member states. This is a correct description.
Statement II: In 1978, leader Deng Xiaoping introduced the 'Open Door Policy' to modernize China's economy by opening it to foreign investment and trade. This is also a correct historical fact.
Step 3: Final Answer:
Both Statement I and Statement II are correct.