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    Yesterday

    Xi Jinping and Vladimir Putin in Beijing earlier this year. In China, Russia and many parts of the Global South there is suspicion that the rules-based order is really a liberal order crafted after the Second World War, largely to suit the purposes of Western powers.

    Australia should focus on rules, not ‘rules-based order’, in Asia

    Support for the transition from a US-led world to a multipolar world is gaining traction.

    • Anthony Milner
    caption

    Multinationals sound alarm over weak demand in China

    Weak demand in China has been a feature of half-year earnings across much of the global consumer goods sector.

    • Edward White and Thomas Hale

    This Month

    Lucy Liu, co-founder of Airwallex, can sleep “even if the world is on fire”.

    No such thing as work-life balance, says Airwallex’s Lucy Liu

    The co-founder of the payment platform says she would plan her whole year in advance if it was possible.

    • Jessica Sier
    Chinese flock to Nanjing Road shopping district in Shanghai. But consumption remains persistently low.

    Inside China’s vicious deflationary cycle

    Despair at the faltering economy has rippled throughout China’s major cities and out into its regions.

    • Jessica Sier
    China

    Bad news for Australia: China’s steel crisis is set to deepen

    Prices are tumbling, profits are dwindling, and there’s little relief on offer from a government focused on retooling China’s economy for the long term.

    • Updated
    • Hallie Gu
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    In Japan, protections are in place for existing homeowners, with caps to prevent sudden increases.

    Is Japan ready for a ‘world with interest?’

    An entire generation has grown up knowing nothing but yields near zero and mortgage rates that seemed to get cheaper by the year.

    • Gearoid Reidy
    Goods for export in Qingdao in eastern China’s Shandong province.

    China’s exports slow in warning sign for economy

    Exports rose 7 per cent in July in dollar terms from a year earlier, falling short of economists’ median forecast of a 9.5 per cent gain.

    • Yujing Liu
    Nobel Peace laureate Muhammad Yunus .

    Bangladesh protesters back Nobel laureate for government role

    Protesters have called for Nobel Peace Prize winner Muhammad Yunus to be named chief adviser of a new interim government after PM Sheikh Hasina fled the country.

    • John Reed, Benjamin Parkin and Lucy Fisher
    Tanking. Monitors display the Nikkei 225 Stock Average figure outside a securities firm in Tokyo on Monday.

    Why global investors find it so easy to sell Japan

    It is easier to sell Japan into a rout than any other Asian market, and unusually attractive to take profits from it right now because the gains this year have been so good.

    • Leo Lewis
    In Dhaka, a man films a burning shopping centre on his phone as he runs past. Protesters are demanding the resignation of Prime Minister Sheikh Hasina and her government.

    Bangladesh protesters to march on government after deadly clashes

    At least 91 people were killed and hundreds injured on Sunday in a wave of violence in the country of 170 million, as police fired tear gas and rubber bullets.

    • Ruma Paul
    Electric vehicles bound for shipment to Europe at the Port of Taicang, in China.

    Shouldn’t the world thank China for producing too much stuff?

    If trade policy were about consumers, the US and EU would thank China for its cheap EVs, batteries and solar panels and its contribution to lowering carbon emissions.

    • Gary Hufbauer
    The DMZ in South Korea.

    On the front line of North Korea’s nuclear threat

    The possibility of another Trump presidency has global leaders nervous about Kim Jong-un’s erratic behaviour. Would a second mandate tame or embolden “little rocket man”.

    • Updated
    • Jessica Sier

    July

    The third consecutive contraction in manufacturing activity showed  there’s still uncertainty about the strength of the recovery.

    China factory activity shrinks for third straight month

    The official PMI index hit 49.4. The gauge has stayed below the 50-mark separating growth from contraction for all but three months since April 2023.

    • Updated
    • Shinjini Datta and Zhu Lin
    Penny Wong at the DMZ in South Korea.

    Wong calls on China to rein in North Korea

    The foreign minister acknowledged that countries all around Asia are beefing up their defence capabilities in response to China’s dramatic military expansion.

    • Staff reporters

    China’s low-tech manufacturers hanging on by their fingernails

    China is shifting more to high-tech and EV manufacturing as its clothing, toy and furniture factories struggle against anaemic orders, trade restrictions and competition.

    • William Langley
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    In tougher job market, aspiring bankers skip class to ‘stack’ internships

    Goldman Sachs had 31.5 per cent more internship applications in Singapore this year, and graduate recruitment is now so competitive that “internships are where you can get the foot in the door”.

    • Bernadette Toh
    Giorgia Meloni with Chinese Premier Li Qiang in Beijing.

    Meloni vows to ‘relaunch’ cooperation with China

    Italy was the only Group of Seven country to join the massive Belt and Road Initiative, but it withdrew last year under US pressure over Beijing’s economic reach.

    • Giselda Vagnoni and Laurie Chen
    Foreign ministers at the Quad meeting in Tokyo on Monday. From left: India’s S.  Jaishankar, Japan’s Yoko Kamikawa, Australia’s Penny Wong, and US Secretary of State Anthony Blinken.

    Quad expands maritime coverage to combat China aggression

    Quad member countries will expand their maritime data sharing program as China’s aggression in critical waterways ramps up.

    • Staff reporters
    Domino’s Pizza boss Don Meij has been determined to crack Japan.

    How the Domino’s Japanese dream died

    The pizza business failed to recognise that Japan’s explosive growth in lockdown was due to its convenient delivery service rather than a shift in consumer taste.

    • Staff
    Former US president Donald Trump is positioning himself as a pro-crypto candidate.

    Australians welcome Trump’s pro-crypto stand

    Crypto traders say Donald Trump’s pledges to end the “persecution” of the industry and sack SEC chairman Gary Gensler are a good start.

    • Updated
    • Staff reporters