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Minilateral solutions to the geoeconomic challenges facing Japan and Australia

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Minilateral solutions to the geoeconomic challenges facing Japan and Australia

Abstract

Japan and Australia, as major middle powers in the Indo-Pacific region, are interested in using minilateralism to enhance regional cooperation in the economic-security nexus and prevent coercive economic practices by countries like China. They aim to diversify trade relationships and strengthen rules-based economic order through initiatives such as CPTPP and RCEP. However, direct retaliation is not feasible, so proactive measures to increase regional resilience are necessary. While bilateral partnerships are important, they may not provide enough leverage against China, and multilateral arrangements can be slow and easily disrupted by competition. Minilateral initiatives offer a more flexible and effective way to address these challenges.

In the Indo-Pacific region, Japan and Australia are key players in promoting minilateralism as a means to enhance regional cooperation. Both countries are focusing on the nexus between economics and security, using economic tools like trade and investment to pursue security-related goals. Japan and Australia are particularly interested in preventing coercive economic practices from major powers, such as China, that could disrupt the regional economic order.

Both Japan and Australia have experienced coercive economic actions from China in the past, prompting the need for alternative strategies to protect themselves and the region. A proactive approach involves building resilience in the region, diversifying trade relationships, and strengthening the rules-based economic order. Both countries have been actively engaging with the region through bilateral partnerships and participation in multilateral institutions like the CPTPP, RCEP, and IPEF.

While bilateral partnerships have their limitations, and multilateral arrangements can be slow-moving, minilateral initiatives offer a more agile and focused approach to addressing challenges in the region. Japan and Australia’s common interest in enhancing regional cooperation through minilateralism reflects their commitment to promoting a stable and prosperous Indo-Pacific region.

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Business

News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000

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Asian markets showed mixed trends amid China’s stimulus measures and disappointing inflation data. Meanwhile, Indian equities remained stable, with mutual fund inflows rising. Bitcoin surged following Trump’s presidential win.


Business Hook Daily News Podcast

Good evening! Welcome to Business Hook’s daily news podcast. I’m Avni Raja, and today is November 11, 2024. Let’s dive into the day’s top business stories.

Market Reactions and Economic Data

Asian markets experienced a mixed session as investors digested new economic data and stimulus measures from China. The Chinese government announced a $1.4 trillion package targeting local government debt, although analysts deemed it underwhelming. October’s inflation rate of 0.3% fell short of estimates and declined for the second month in a row. As a result, the CSI 300 saw a slight gain, while Hong Kong’s Hang Seng dropped over 1.5%. In India, the Sensex closed below 74,500, and the Nifty ended above 24,100, with a majority of Nifty stocks declining.

Mutual Fund Inflows and Upcoming IPOs

There’s encouraging news in the mutual fund sector, with October seeing net inflows of 2.4 lakh crore rupees, reversing the previous month’s outflows. Record equity inflows have risen to nearly 42,000 crore rupees, reflecting robust domestic investor confidence. In the IPO space, LG Electronics prepares to raise $1.5 billion by listing its Indian arm, with banks like Axis Capital involved in the process, potentially leading to an IPO as early as 2025.

Cryptocurrency Surge

In cryptocurrency news, Bitcoin has achieved new highs, surpassing $82,000. This surge is attributed to Donald Trump’s recent presidential victory, which has favored cryptocurrencies compared to more cautious Democratic approaches. Experts speculate that Bitcoin could surpass $90,000 soon. That’s all for today’s wrap-up. Join us again tomorrow, and check out the Business Hook YouTube channel for more updates.

Source : News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000

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China

China’s Import-Export Trends 2024-25: A Thorough Analysis of the Initial 10 Months

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China’s foreign trade statistics for October 2024 show exports surged 11.2% from last year, significantly boosting the trade surplus to RMB 679.1 billion. However, weak domestic demand led to a 1.2% month-on-month decline in imports and exports.


The recently released foreign trade statistics for October and the first 10 months of 2024 reveal significant trends in China’s import-export activities for 2024-25. We will explore these trends by examining the trading structure, methods, partners, products, and sectors involved.

On November 7, 2024, the General Administration of Customs (GAC) released statistics showing that China’s goods exports in October far exceeded expectations. Exports increased by 11.2 percent year-on-year in RMB terms and 12.7 percent in dollar terms, marking the largest expansion since March 2023.

In the first 10 months of 2024, the total value of China’s goods trade reached 36.02 trillion RMB (US$5.05 trillion), reflecting a 5.2 percent year-on-year increase. This includes 20.8 trillion RMB (US$2.89 trillion) in exports (up 6.7 percent) and 15.22 trillion RMB (US$2.09 trillion) in imports (up 3.2 percent). Notably, the trade surplus expanded by 17.6 percent, reaching 5.58 trillion RMB (US$770 billion).

In October, China’s total import and export value reached RMB 3.7 trillion (US$520 billion), marking a 4.6 percent year-on-year increase, which is nearly 4 percentage points higher than the growth rate in September. Exports amounted to RMB 2.19 trillion (US$305 billion), reflecting an 11.2 percent increase, while imports totaled RMB 1.51 trillion (US$210 billion), a 3.7 percent decline. The trade surplus for October was RMB 679.1 billion (US$95 billion).

The double-digit growth in exports for October can be attributed to various factors:

The strong performance in export growth and trade surplus in October indicates that foreign trade continues to contribute significantly to economic growth. Coupled with unexpected counter-cyclical policy measures domestically, this will further enhance market confidence in achieving annual economic targets.

However, it is important to note that imports and exports saw a month-on-month decline of 1.2 percent in October. This decline is primarily due to weak domestic demand, cautious import decisions by market participants, low prices for bulk commodities, and the impact of a higher comparison base from last year.


This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in ChinaHong KongVietnamSingapore, and India . Readers may write to info@dezshira.com for more support.

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Business

Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape

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Henry Keswick, 86, a key figure in Jardine Matheson, passed away as the U.S. awaited election results, amid heightened tensions in U.S.-China relations during Trump’s presidency.


Henry Keswick’s Legacy

HONG KONG — The world turned its attention to the U.S. presidential election as news broke of Henry Keswick’s passing at the age of 86. A fourth-generation member of the British conglomerate Jardine Matheson, Keswick had a profound influence on the company, which has deep roots in Asia.

Navigating Challenges

Keswick’s leadership spanned significant challenges, including a strained relationship between the U.S. and China, particularly as Donald Trump prepared for his return to the White House. Under his stewardship, Jardine Matheson navigated a complex landscape in retail and real estate that dovetailed with geopolitical shifts.

A Lasting Impact

His contributions to Jardine Matheson and the broader business community have left an indelible mark. As companies reposition themselves amidst evolving international dynamics, Keswick’s legacy will undoubtedly continue to shape the future of the conglomerate he led.

Source : Henry Keswick, the Jardines scion who razed then restored China business

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