In this paper, we first proposed the regional physical capital, and the regional physical capital of the importance of risk sharing. The ten countries of East Asia face the risk into international capital markets, regional physical capital, and international trade of these three risk sharing channels, and use of GDP variance decomposition method to measure the three channels risk sharing situation. The empirical results show that¡G1.East Asia regional physical capital to absorb the impact of GDP for very large. 2.International capital markets played a very small role. 3.The increasing integration of the international trade market will reduce the risk sharing. 4.The East Asian region can not spread the risks as high as 80%, but this phenomenon after the Asian financial crisis has gradually reduced its risk can not be assessed, there have been similar OECD countries only 60% of the standard. This study also explains the international trade market will result in reducing the risk of trade of the reasons for risk sharing: 1. Importers and exporters through the credit agreement will be the number of commodity prices and the sale and purchase agreement has been through pre-determined, so risk can not be assessed the situation. 2. Trade flows do not contribute to cross-country consumption smoothing, is that central bank attempt to neutralize the impact of foreign capital inflows on domestic credit market.