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New Delhi: <keyword id="20845764" type="General" weightage="100" keywordseo="Indias-startup-ecosystem" source="keywords">India's startup ecosystem</keyword> experienced a surge in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> (VC) funding during the first seven months of 2024, raising a total of USD 6.3 billion through 672 deals. This marks a 42.1 per cent year-on-year (YoY) increase in funding value, despite a modest 1.2 per cent rise in deal volume, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. The uptick in funding underscores investor confidence in India's <keyword id="21354516" type="General" weightage="20" keywordseo="startup-landscape" source="keywords">startup landscape</keyword>, even as global market conditions remain cautious. An analysis of GlobalData's Deals Database reveals that during the same period in 2023, India saw 664 VC deals with a disclosed funding value of USD 4.4 billion. Aurojyoti Bose, Lead Analyst at GlobalData, commented on the findings and said, "The massive jump in funding value, despite a modest 1.2 per cent growth in deal volume, can be attributed to some of the big-ticket deals announced during the review period. This also proves that even though VC investors remain cautious there is no dearth of money for promising startups." Some of the most notable <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> deals in India during January-July 2024 include USD 665 million raised by Zepto, USD 300 million by Meesho, USD 216 million by PharmEasy, USD 150 million by Radiance, USD 148 million by Kogta Financial, and USD 120 million by Rapido. India continues to stand out as a key player in the Asia-Pacific (APAC) region for VC funding, trailing only China. It is also among the top five global markets in terms of both VC deal volume and value. During the January-July 2024 period, India accounted for 7 per cent of the total VC deals announced worldwide, while its share of the disclosed funding value was 4.3 per cent. Bose concluded, "Despite global economic uncertainties, India remains a pivotal market for VC activity, driven by a robust pipeline of promising startups that continue to attract significant capital. This trend reinforces India's position as a critical player in the global venture ecosystem, demonstrating resilience and growth even amid cautious investment sentiment."

First 7 months of FY25 see significant surge in VC funding to India's startups: GlobalData

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

<ul class="summary-list"><li>China launched an intercontinental ballistic missile into the Pacific Ocean on Wednesday.</li><li>China's defense ministry said the launch was a "routine" and part of annual training.</li></ul>China said it successfully launched an intercontinental ballistic missile (ICBM) into the Pacific Ocean on Wednesday in a move likely to fuel concerns among its neighbors.The Chinese defense ministry said the missile, carrying a "dummy warhead" was launched at 8:44 a.m. local time and fell into "expected areas" in the Pacific Ocean.An <a target="_blank" class="" href="https://www.47news.jp/11536482.html">update from Japan's 47news</a> said the missile landed south of Hawaii.China called it a "routine" test that was part of its annual training plan. An analyst <a target="_blank" class="" href="https://www.france24.com/en/live-news/20240925-china-launches-intercontinental-missile-into-pacific-in-rare-test">told AFP</a> that such test fires have not happened outside Chinese airspace in years.The last publicly known time China fired an ICBM in the Pacific was in <a target="_blank" class="" href="https://www.nytimes.com/1980/05/19/archives/china-calls-its-icbm-test-a-success-problems-in-missile-development.html">May 1980</a>.China said "relevant countries" had received prior notification. However, Japanese government spokesperson Yoshimasa Hayashi told reporters that there was "no notice from the Chinese side in advance."The test comes amid rising tensions in the region and concerns over China's nuclear arsenal.A 2023 <a target="_blank" rel="" href="https://media.defense.gov/2023/Oct/19/2003323409/-1/-1/1/2023-MILITARY-AND-SECURITY-DEVELOPMENTS-INVOLVING-THE-PEOPLES-REPUBLIC-OF-CHINA.PDF">Pentagon report</a> estimated that China's arsenal of operational nuclear warheads had increased to about 500. The Pentagon said it expects China to have more than 1,000 operational nuclear warheads by 2030."China is expanding its nuclear arsenal faster than any other country," Hans M Kristensen, a Stockholm International Peace Research Institute (SIPRI) expert on weapons of mass destruction, said in <a target="_blank" class="" href="https://www.businessinsider.com/china-now-fastest-growing-nuclear-arsenal-in-the-world-report-2024-6">June</a>.In July, China <a target="_blank" class="" href="https://www.businessinsider.com/chinese-us-tensions-high-after-xi-halts-nuclear-arms-talks-2024-7">pressed</a> pause on arms control and nuclear proliferation talks with the US, blaming the suspension on US arms sales to Taiwan.Taiwan's independence has been a decadeslong grievance for Beijing. The island declared its independence from the mainland in 1949.<a target="_blank" rel="" href="https://www.businessinsider.com/ray-dalio-us-china-relations-red-lines-chips-taiwan-2023-10">China</a> claims that Taiwan is part of its territory and has threatened to attack it if it doesn't cede control."China aims to signal its growing military capabilities as the United States deepens its security ties with allies and partners in Asia," Ali Wyne, senior research and advocacy advisor at the Crisis Group, told BI."The timing of the test is notable, occurring shortly before the 75th anniversary of the People's Republic of China's (PRC's) founding and ahead of a phone call that US President Joe Biden and his counterpart Xi Jinping are expected to have in the coming weeks.""Amid ongoing turbulence within the top echelons of the PLA's Rocket Force, China may also be trying to telegraph that its military readiness continues to improve."

China carried out its first known test of an ICBM in the Pacific Ocean for more than four decades

<ul class="summary-list"><li>Netflix added over 5 million subscribers in the third quarter, beating analyst expectations.</li><li>At 19%, Asia Pacific had the largest revenue growth rate of all regions this quarter.</li></ul>Netflix showed investors once again that it is the <a target="_blank" class="" href="https://www.businessinsider.com/netflix-profit-cash-burn-debt-turnaround-2024-10">king of streaming.</a>In its <a target="_blank" class="" href="https://www.businessinsider.com/netflix-new-subscriber-numbers-beat-expectations-2024-10">third-quarter results released Thursday,</a> the entertainment giant added over 5 million new subscribers and beat analyst expectations for a third straight quarter. It reported revenue of $9.8 billion, a 15% increase year over year, and profit growth of 41% year over year.The <a target="_blank" class="" href="https://www.businessinsider.com/netflix-password-sharing-crackdown-worked-how-to-increase-subscription-streaming-2024-1#:~:text=It%20could%20have%20more%20tricks%20to%20lure%20subscribers.&amp;text=Netflix%20added%20almost%2030%20million,in%20the%20end%20Netflix%20prevailed.">crackdown on passwords</a> and growth in advertising-based subscriptions contributed to Netflix's success this quarter. Company executives and industry experts say growth in Asia had a role to play as well."You've got Japan. You've got Korea. You've got Thailand. You've got India," Gregory Peters, the co-CEO of Netflix, said in the earnings call. "This represents, again, that decade-plus investment in those creative communities, working with local storytellers there and making sure that they have the capability to tell their stories in a compelling way."In a shareholder letter on Thursday, Netflix wrote that Asia Pacific had the largest revenue growth rate of all regions, at 19%, compared to the same period last year. Revenue growth in North America and Europe, Middle East, and Africa was tied at 16% each.<h2 id="2fa86f36-dc86-4e43-b871-a1699220d7a2">'Persistence in Asia'</h2>Some industry experts who reacted to <a target="_blank" href="https://www.businessinsider.com/netflix-questions-from-wall-street-growth-ads-future-earnings-2024-10">Netflix's earnings</a> also pointed to its local content creation strategy."One of the main things about Netflix is just what they have done internationally," Ben Silverman, the chairman and co-CEO of Propagate Content, said in a CNBC interview on Thursday.Instead of just re-expressing content from the US, Netflix has also commissioned content in local languages for local markets, Silverman said.Netflix's greatest success story in the region has been the South Korean production "Squid Game." The first season of the game show-style drama, which was released in 2021 and follows a group of debt-riddled contestants competing in deadly games for cash, has been watched 265 million times globally to date. It's also amassed 2.2 billion hours of watch time, making it the streamer's most-watched show of all time, <a target="_blank" class="" href="https://www.netflix.com/tudum/top10/most-popular/tv-non-english">according to Netflix data</a>.In addition to "Squid Game," the Korean drama "All of Us Are Dead" is also on the list of Netflix's 10 most-watched non-English language shows. The rest of the shows on the list are European and Mexican productions, three of which are different seasons of the Spanish hit "Money Heist."Last week, the Japanese manga series "Dan Da Dan" charted among the 10 most-watched shows in the US, <a target="_blank" class="" href="https://www.netflix.com/tudum/top10/united-states/tv">Netflix data shows</a>.The variety of original content available of Netflix, and early investments in Japan and Korea, are playing a role in its growth, Dhivya T, the lead analyst of content and platform insights at Media Partners Asia, told Business Insider."Netflix's edge may be in its consistency and persistence in Asia," the analyst said.Netflix appears committed to experimenting with different approaches to local content to meet local market needs, whether it's high-budget originals, licensing free TV dramas, or post-theatrical movies, the analyst said."Beyond content, lower pricing and a concerted crackdown on password sharing has also helped boost Netflix's sub growth in Asia's emerging markets over the past year," she added.Netflix rose 5% in after-hours trading on Thursday. The company's stock is up 46% this year.

Netflix just had a blockbuster quarter, and its Asia strategy had a big role to play in it

The <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword> in <keyword id="119132" type="General" weightage="20" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries, <keyword id="82981" type="General" weightage="20" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings said on Wednesday. In its report titled '<keyword id="156416" type="General" weightage="20" keywordseo="apac" source="Orion">APAC</keyword> Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop. "Economic growth in APAC will generally remain strong in 2024, especially in emerging markets (EMs), supporting sector outlooks across the region. We expect real GDP to expand by, or above, 5 per cent in India, Indonesia, the Philippines and Vietnam, and China's performance will still be strong by most other countries' standards," Fitch said. The <keyword id="6356076" type="General" weightage="20" keywordseo="indian-economy" source="Orion">Indian economy</keyword> grew 7.2 per cent in 2022-23 fiscal year. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters, respectively. Fitch had last month said it expects India to be among the world's fastest-growing large sovereigns, with resilient GDP growth of 6.9 per cent this fiscal, followed by 6.5 per cent in 2024-25. "Robust regional economic growth - particularly in Asia's large emerging markets - should offset headwinds from slowing growth in China, weak global demand and high interest rates, helping to support performance across sectors in APAC in 2024," Fitch Ratings Senior Director Duncan Innes-Ker said. Fitch said headwinds from slower Chinese growth, weak global demand and higher interest burdens following the rise in interest rates over 2022-23 will weigh on performance for many sectors. But the bulk of Fitch's APAC sector outlooks for 2024 remain neutral. "Sino-US tensions have eased recently, but we expect relations to remain challenging, which will lead companies to pursue further supply-chain diversification to limit exposure to geopolitical risks," Fitch said.

Growth in Asia Pacific emerging markets to remain strong in 2024: Fitch

<ul class="summary-list"><li>The US Army quickly deployed assets to Alaska's Aleutian Islands amid Russia and China's Pacific naval drills.</li><li>The 11th Airborne Division led the event, which included long-range artillery and counter fire radars.</li></ul>The US Army rapidly deployed weapons and soldiers out to the far tip of Alaska in a sudden show of force.The force projection event, which began this week in the North Pacific, sends a message to American adversaries at a time when key rivals Russia and China are conducting joint naval drills in the Pacific.In an exclusive interview with Business Insider, the <a target="_blank" class="" href="https://www.businessinsider.com/why-us-army-is-training-soldiers-to-fight-in-arctic-2024-3">Army's 11th Airborne Division</a> commander Maj. Gen. Joseph Hilbert said that the event demonstrates US Army Pacific's ability to move assets adeptly and with little notice into even the most remote locations."The Army looks at us to be Arctic experts," Hilbert said, and as a part of US Army Pacific,"we've got to be ready to operate in the region as a part of the land power there."<div type="image" title="A US Army Q-53 Radar is parked on a sandy shore overlooking the ocean and a grey sky." height="1882" width="3347" msid="113351825" hostid="261" sizebytes="359986"></div>For the event, the 11th Airborne Division pulled together a range of capabilities from across the US Army, including a <a target="_blank" class="" href="https://www.businessinsider.com/us-army-looking-to-build-hundreds-more-himars-launchers-2022-9">High Mobility Artillery Rocket System</a> platoon from Joint Base Lewis-McChord in Washington, communications equipment from Hawaii, and a target acquisition radar and an infantry security force from the 11th Airborne Division. The number of soldiers deployed was around 130 for this exercise.The Alaska Air National Guard and the Air Force transported the various weapons and assets."Bringing these forces together," Hilbert explained, "demonstrates to any adversary that we can deploy anywhere with little notice. We can suddenly create a dilemma," he said, "and we can do that with significant firepower, and we can do it as a joint force."<div type="image" title="A US Army soldier stands in front of a communications system truck parked on a road near green fields against a blue sky." height="4764" width="7147" msid="113351840" hostid="261" sizebytes="1178728"></div>Hilbert said the deployment of the HIMARS speaks to the importance of <a target="_blank" class="" href="https://www.businessinsider.com/west-new-permissions-mean-ukraine-can-actually-fight-experts-2024-7">long-range fires</a> in force projection and deterrence, something that's also been evident in the war in Ukraine.The exercise, which will continue into next week, is also highly visible to US friends and foes alike. There is a lot of discussion around the need to <a target="_blank" class="" href="https://www.businessinsider.com/russian-electronic-warfare-shows-us-needs-for-future-wars-2024-5">conceal the signatures of forces and weapons</a> and hide them within the electromagnetic spectrum. That wasn't done here, as the event was purposefully overt. The Army wasn't hiding this.The intended aim was to show that these capabilities are readily deployable, even in unexpected places. It's also a signal of readiness to US allies and partners, Hilbert said.<div type="image" title="A US Army soldier standing and holding a gun with other soldiers and an American flag in the background." height="3875" width="5824" msid="113351832" hostid="261" sizebytes="1633898"></div>The Army exercise is being carried out in the Aleutian Islands, an island chain extending from Alaska's southernmost edge out into the Bering Sea and Northern Pacific Ocean. More specifically, the exercise is being held on Shemya Island.Alaska is a large, complex, and challenging environment that requires soldiers to <a target="_blank" class="" href="https://www.businessinsider.com/us-army-breeding-new-kind-of-arctic-warrior-freezing-alaska-2024-2">develop various Arctic warfare skills</a>. 11th Airborne Division soldiers previously told BI that the difficulties of fighting in the unforgiving Arctic prompt them to <a target="_blank" class="" href="https://www.businessinsider.com/us-army-lost-arctic-fighting-skills-training-regain-them-alaska-2024-2">adapt and innovate in real time</a>. Soldiers regularly train and carry out exercises across the state and in the broader region, remaining flexible for different situations.US Army Pacific has made combat in the Arctic a major priority, and 11th Airborne forces work with the larger network — both USARPAC and US Pacific allies and partners — to maintain readiness.<div type="image" title="A US Army soldier attaches an atenna to the top of a Light Mobile Terrain Vehicle against a grey sky." height="2160" width="3840" msid="113351835" hostid="261" sizebytes="126860"></div>At the US Army Pacific's Joint Pacific Multinational Readiness exercise in Alaska in February, USARPAC commander Gen. Charles A. Flynn told BI that amid <a target="_blank" class="" href="https://www.businessinsider.com/us-army-training-to-counter-aggressive-insidious-china-top-general-2024-2">an increase in "aggressive, insidious" moves from China</a> and other adversaries in the Indo-Pacific region, US allies and partners were working closer with the US Army on strengthening ground forces and their connections.The latest exercise comes amid Russia's largest naval drills since the Cold War, stretching across the Pacific, Mediterranean Sea, and Arctic Ocean to test combat readiness. The large exercise involves over 400 ships, submarines, and support vessels, along with air assets and well over 90,000 troops, the Kremlin said earlier this week.<div type="image" title="Two US Army Q-53 radar systems sit on a tarmac waiting to be loaded into plane against a grey sky." height="4024" width="6048" msid="113351836" hostid="261" sizebytes="626028"></div>Prior to the launch of the drills, Russian President Vladimir Putin accused the US of provoking "an arms race" and "disregarding the security interests of its European and Asian allies" by engaging in military action in the Indo-Pacific region."This lays the groundwork for a dangerous crisis in Europe, as well as in the Asia-Pacific Region," he added, painting his exercise as a challenge to the US. <a target="_blank" class="" href="https://www.businessinsider.com/us-army-dilemma-china-missile-force-top-pacific-general-2024-2">China</a>, another US rival, joined these exercises as Beijing and Moscow increasingly partner to confront the US-led world order.The timing of USARPAC's force projection demonstration is "not a coincidence," Hilbert said, pointing to the Army and larger joint force's goal of showing the strength and flexibility of US capabilities in the region."This is a capability that USARPAC has that we could use anywhere, and this was the right time to use this capability," the 11th Airborne commander said.

The US Army put on a sudden show of force out on the far edge of Alaska to send the message it can as Russia and China drill in the Pacific

<ul><li>The metaverse market size reached a value of $22.79 billion in 2021. </li><li>Companies across the globe, including those in non-tech sectors, are now increasingly investing in the technology. </li><li><keyword id="68550" type="General" weightage="20" keywordseo="asia-pacific" source="Orion">Asia-Pacific</keyword> and <keyword id="6378080" type="General" weightage="80" keywordseo="north-america" source="Orion">North America</keyword> together held 50 per cent metaverse market share in 2021.</li></ul> The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent. The metaverse market size reached a value of $22.79 billion in 2021, according to <keyword id="1670029" type="General" weightage="80" keywordseo="globaldata" source="Orion">GlobalData</keyword>, a leading data and analytics company. Companies across the globe, including those in non-tech sectors, are now increasingly investing in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams. "As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts," said <keyword id="6414691" type="General" weightage="80" keywordseo="deepak-agarwal" source="Orion">Deepak Agarwal</keyword>, Project Manager at GlobalData. "In the non-blockchain world, <keyword id="2092059" type="General" weightage="80" keywordseo="travis-scott" source="Orion">Travis Scott</keyword> in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show," <keyword id="12857" type="General" weightage="80" keywordseo="agrawal" source="Orion">Agrawal</keyword> added. Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse. Asia-Pacific and North America together held 50 per cent metaverse market share in 2021. "The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the <keyword id="71713" type="General" weightage="20" keywordseo="asia-pacific-region" source="Orion">Asia-Pacific region</keyword> are fuelling the metaverse market growth," said the report. Companies in these regions are focusing on <keyword id="6355684" type="General" weightage="50" keywordseo="blockchain" source="Orion">Blockchain</keyword>, machine learning, AR and VR, adtech, payment platforms, enterprise applications, gaming, data governance and others. "The metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content. Although it is in the early stages of development, it has the potential to be the next mega-theme in digital media," said <keyword id="781" type="General" weightage="80" keywordseo="agarwal" source="Orion">Agarwal</keyword>. Furthermore, the large-scale adoption of next-gen technologies. including AR and VR will accentuate the adoption of metaverse by most of the stakeholders involved, the report mentioned. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-reports-2756-fresh-covid-cases-21-deaths/articleshow/94737352.cms">India reports 2,756 fresh Covid cases, 21 deaths</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/us-issues-four-travel-advisories-for-india-this-year-maintains-same-level-since-march-28/articleshow/94737253.cms">US issues four travel advisories for India this year; maintains same level since March 28</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/govt-to-kick-off-fy24-budget-making-exercise-on-monday/articleshow/94737174.cms">Govt to kick off FY24 Budget making exercise on Monday</a>

Global metaverse market likely to reach $996 bn in 2030

<ul class="summary-list"><li>Marielle Descalsota has spent over $30,000 on <keyword id="19916662" type="General" weightage="20" keywordseo="travel" source="keywords">travel</keyword> in the last two years.</li><li><keyword id="20123716" type="General" weightage="20" keywordseo="Timor-Leste" source="keywords">Timor-Leste</keyword> is one of the most <keyword id="20094370" type="General" weightage="20" keywordseo="expensive" source="keywords">expensive</keyword> countries she's traveled to.</li></ul>I graduated from college two years ago and set a goal for myself to visit <a target="_blank" class="" href="https://www.businessinsider.com/relocate-chiang-mai-thailand-affordable-quality-of-life-best-city-2024-7">at least 50 countries</a> before I turn 30. Even while maintaining a full-time job throughout most of my travels, I've already managed to tick 20 off the list. I've traveled to six countries in Europe and <a target="_blank" href="https://www.businessinsider.com/southeast-asia-travel-mistakes-packing-weather-clothing-traditions-medicine-2024-4">14 across Asia</a>. I spent about a quarter of my salary over the past two years on travel expenses, which have added up to over $30,000. I've managed to stay on a tight <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> even in upscale destinations like <a target="_blank" href="https://www.businessinsider.com/budget-trip-maldives-cheap-hotel-flights-travel-guide-2024-1">the Maldives</a> — where I spent less than $1,000 on a five-day trip — and backpacked on a few dollars a day in cities like <a target="_blank" href="https://www.businessinsider.com/sleeper-train-overnight-thailand-bangkok-chiang-mai-review-tickets-guide-2022-8">Bangkok</a> and <a target="_blank" href="https://www.businessinsider.com/backpacking-things-to-know-hotels-budget-asia-malaysia-singapore-2022-5">Kuala Lumpur</a>. But on a recent trip to Timor-Leste in May — a country in the South Pacific only slightly larger in size than the state of Connecticut — I found budgeting more difficult than ever. The country comprises half of Timor Island — which it shares with Indonesia — and is known for its unspoiled waters and vibrant coral reefs. It's one of the <a target="_blank" href="https://ceoworld.biz/2024/01/15/revealed-here-are-the-least-visited-countries-in-the-world-2024/">world's least-visited countries</a>, making airfare and hotel rates more expensive than many countries in <keyword id="19915288" type="General" weightage="20" keywordseo="Asia" source="keywords">Asia</keyword>. Timor-Leste is on the United Nations' list of the world's <a target="_blank" href="https://unctad.org/topic/least-developed-countries/list">least-developed countries</a>. It's also one of the more expensive countries in the region, due to high trade costs, <a target="_blank" href="https://development.asia/policy-brief/increasing-timor-lestes-global-competitiveness#:~:text=Goods%20and%20services%20in%20Timor,developing%20countries%20in%20the%20Pacific.">according to Development Asia</a>. In addition to the centavo, which is only minted in coins, the country <a target="_blank" href="https://taxsummaries.pwc.com/timor-leste">uses the US dollar</a>, too — a stronger currency than what's used in nearby countries, including Indonesia and Australia. Here's a breakdown of what I spent in Timor-Leste. <div type="image" title="The view of a statue on an island from an airplane seat" height="2259" width="3012" msid="111973343" hostid="261"></div><h2>Cost of return plane tickets from Bali to Dili: $500</h2>Getting to Timor-Leste isn't easy. When I was traveling, Bali, Indonesia, and Darwin, Australia, were the only cities with flights to Dili, the capital, where the country's only international airport is located. Only two airlines — the Indonesian <a target="_blank" href="https://www.businessinsider.com/airasia-best-airline-in-the-world-low-cost-budget-2023-7">low-cost carrier</a> Citilink and the local airline Aero Dili — fly between Bali and Dili. The flight from Bali is less than two hours long — while there are no direct flights from the US to Bali, stopovers through bigger airports like Singapore and Tokyo are often used. I booked a return ticket with Citilink about three weeks before departure for $500 — which was around $100 cheaper than Aero Dili. This included a front-row seat reservation and a 44-lb checked bag allowance. <div type="image" title="Mountains on the horizon of Timor-Leste" height="2218" width="2957" msid="111973340" hostid="261"></div><h2>Cost of hotel stay for three nights: $500</h2>Timor-Leste only has a handful of three-star hotels and no luxury accommodations. While <a target="_blank" class="" href="https://affiliate.insider.com?h=d8a8d663cf225f9f1af6c2c8b57fcbf5a32c449e75ec22631b46dca219696226&amp;postID=668750ec5c62a271edc8447d&amp;postSlug=least-visited-countries-timor-leste-flights-hotel-budget-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.hilton.com%2Fen%2Fhotels%2Fdiltshi-hilton-dili-palm-springs%2F">Hilton</a> plans to open a hotel in Dili's business district later this year, there were no international hotel chains when I visited. Many travelers stay in <a target="_blank" href="https://www.businessinsider.com/remote-ireland-island-great-blasket-hotel-job-caretaker-guest-house-2024-1">guesthouses</a> by the beach, which only have basic amenities such as fans and mosquito nets. I booked an entry-level room for three nights at Timor Plaza Hotel &amp; Apartments for around $500, including tax. While the room itself was basic — and had its fair share of critters — the hotel had a stunning view of Atauro, one of Timor Leste's two offshore islands. It was also located above a small mall, which made eating out easy. <div type="image" title="Woman riding on a scooter in Timor-Leste." height="3024" width="4032" msid="111973344" hostid="261"></div><h2>Cost of transportation: $90</h2><a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-ride-hailing-app-video-2024-6">Ride-hailing services</a> weren't available in Timor-Leste, and taxi services are limited to the city center. I was quoted $20 per hour to rent a car, and I wasn't willing to pay $200 for a day. Fortunately, I met a local guide who charged $30 per day to tour me around Dili on a scooter. I found it an inexpensive and efficient way to travel from the gorgeous white-sand beaches to the beautiful tropical mountains. <div type="image" title="A sandwich with sausage and a cup of iced Timorese coffee" height="2263" width="3017" msid="111973342" hostid="261"></div><h2>Cost of food: $180</h2>Food in Dili is surprisingly international. Despite only a handful of international food chains — including <a target="_blank" href="https://www.businessinsider.com/review-cheapest-cheeseburgers-fast-food-mcdonalds-wendys-burger-king-2024-6">Burger King</a> and Gloria Jean's Coffee — operating in Timor Leste, Western food like burgers are ubiquitous. I ate mostly local Timorese food and Indonesian fare. I had set a daily budget of around $60 for meals, drinks, and snacks for my guide and me. While a plate of nasi goreng — Indonesian fried rice — costs around $3 to $4 in Bali, I paid around $15 for the dish in Dili. At a local café, I paid $8 for a small plate of jackfruit, carrots, lettuce, and tortillas. <div type="image" title="A Timorese woman weaving cloth in a market" height="1818" width="2424" msid="111973345" hostid="261"></div><h2>Miscellaneous costs: $415</h2>Before my trip, I spent $15 on an eSIM and $20 on <a target="_blank" href="https://www.businessinsider.com/personal-finance/travel-insurance/best-travel-insurance-companies">travel insurance</a>. When I arrived in Timor-Leste, I had to pay $30 for the visa-on-arrival, which allowed me to stay in the country for 30 days. Souvenirs in Timor-Leste are expensive. I purchased a small handmade bag and sarong from the local Tais market — a type of weave indigenous to the country — for around $70. I snagged a handmade belt at another shop for $30. I bought several bags of Timorese coffee — the country's second-biggest export — for $50. I didn't expect to find Western makeup products in Timor-Leste, so I bought a few items when I did find them at a local grocery for $70, although at a substantial markup compared to what they cost on retailers like <a target="_blank" href="https://www.businessinsider.com/amazon-original-book-business-booming-2024-6">Amazon</a>. I didn't spend much on sightseeing as most of my time was spent swimming at the beach and exploring the tropical mountains. For activities, I spent $30 on a massage at a traditional Chinese spa and $50 on a half-day scuba diving trip at the coast. I budgeted about $50 for tips. While traveling to Timor-Leste was expensive, the stunning views were worth it. I'd do it again in a heartbeat. Correction: July 25, 2024 — An earlier version of this story misstated the size of Timor-Leste. It's slightly larger than the state of Connecticut, not smaller.

I spent 3 nights in Asia's least visited country. It also turned out to be the most expensive.

<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword> is well positioned to be a driver of greater wealth, according to a <keyword id="22444977" type="General" weightage="20" keywordseo="global-wealth" source="keywords">global wealth</keyword> report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="153" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). In 2023, India generated roughly $590 billion in new <keyword id="22367734" type="General" weightage="20" keywordseo="financial-wealth" source="keywords">financial wealth</keyword>, marking its largest increase in the history. India will add about $730 billion annually to the overall growth of the region through 2028. The report says <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> and India are positioned to drive global <keyword id="20231223" type="General" weightage="20" keywordseo="wealth-creation" source="keywords">wealth creation</keyword>, "Notably, China and India are positioned to drive wealth creation, having collectively generated $588 billion in financial wealth in 2023. India is expected to add about $730 billion annually to the overall growth by 2028," said Yashraj Erande, India Leader Financial Services, BCG. Financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China. However, the report anticipates a significant increase through 2028, with the Asian region likely to contribute nearly 30% of new financial wealth by 2028. The report also observed that global net wealth registered a growth of 4.3% in 2023, following a decline of 4% in 2022. Much of this growth was due to a rebound in the financial market, as financial wealth, a subset of global net wealth, rose by almost 7% after a 4% decline in 2022. Looking ahead, the report estimates that $92 trillion of financial wealth will be created over the next five years. It also noted that Generative AI (GenAI) will play a crucial role in the digital transformation of <keyword id="21006652" type="General" weightage="20" keywordseo="wealth-managers" source="keywords">wealth managers</keyword>, with use cases along the entire value chain. "The financial wealth market has seen an uptick in the last year since its slump in 2022. The trajectory has been fairly well but not as good as it was between 2014-2021. For the wealth creation market to go back to its previous era the condition should continue to be favourable" added Erande. The report also highlighted that financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for over 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%. "Wealth creation resumed in 2023--but even so, wealth managers cannot afford to stand still. To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience," said Michael Kahlich, a managing director and partner at BCG and a co-author of the report. The report stated that the most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world's seventh-largest booking centre and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028. Hong Kong's anticipated rise to become the top global financial hub was stalled by a temporary but significant slowdown in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong's rise over the long term. Switzerland remains the largest booking centre worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms. However, Switzerland and other European cross-border booking centres, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. This shift is occurring mostly because of a stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets.

India and China to drive new wealth creation globally, Asia to contribute 30% of new wealth, says BCG report

<ul class="summary-list"><li>The aircraft carrier USS Theodore Roosevelt is on its way to the Middle East after exercises in Asia.</li><li>Its departure will leave the US Navy without a carrier in the Western Pacific region unless another can be tasked to the area.</li></ul>Ongoing conflicts in the Middle East are drawing the US military's focus and risk leaving the US Navy without any aircraft carriers operating in the Western Pacific, which is home to a major US rival and longtime foes.The only US carrier in the area is <a target="_blank" href="https://www.defense.gov/News/Releases/Release/Article/3814264/statement-from-pentagon-press-secretary-maj-gen-pat-ryder-on-the-eisenhower-car/">on its way to the Middle East</a> following a series of military drills in the Pacific. Meanwhile, China continues to demonstrate its ambitions with a growing fleet of carriers while American adversaries stir unease.Late last month, the <a target="_blank" href="https://www.businessinsider.com/us-aircraft-carrier-south-korea-north-korea-russia-putin-kim-2024-6">USS Theodore Roosevelt Carrier Strike Group arrived in South Korea</a> for a joint exercise with its host nation and Japan. While the exercise was pre-planned, it came at a tense time in the region, just days after Russian President Vladimir Putin and North Korean leader Kim Jong Un signed <a target="_blank" href="https://www.businessinsider.com/russia-north-korea-have-put-south-korea-in-a-predicament-2024-7">a historic defense pact</a> that has had far-reaching geopolitical reverberations.When the Roosevelt and the other elements of the strike group arrived, the <a target="_blank" href="https://www.facebook.com/ilovenavy/">South Korean navy said</a> that the presence of the Nimitz-class nuclear-powered carrier and the other US warships "demonstrates the strong combined defense posture of the South Korea-US alliance and their firm resolve to respond to the escalating threats from North Korea."After the exercise wrapped up, the Roosevelt strike group set sail for Middle Eastern waters, where it will take over the defense of commercial shipping lanes in the Red Sea and Gulf of Aden. After USS Gerald R. Ford and the Dwight D. Eisenhower, the Roosevelt is the third aircraft carrier that has been sent to respond to the <a target="_blank" href="https://www.businessinsider.com/us-navy-third-carrier-strike-group-react-middle-east-conflict-2024-6">fighting in the Middle East</a> ignited by the Israel-Hamas war.<div type="image" title="A US Navy aircraft sits on the deck of the USS Theodore Roosevelt aircraft carrier with a few sailors standing nearby as a red light shines on them while the sun sets." height="3531" width="5296" msid="111522959" hostid="261" sizebytes="947116"></div>The steady movement of the Roosevelt out of the Western Pacific and the departure of USS Ronald Reagan before that risks leaving an aircraft carrier-shaped hole in the US Navy's presence in the region at a time when Russia and North Korea are creating new headaches for US ally South Korea and <a target="_blank" href="https://www.businessinsider.com/why-china-wants-to-build-aircraft-carriers-2024-6">China is increasingly conducting its own carrier operations</a> and flexing its muscles against another US ally, the Philippines.Business Insider was unable to reach the Pentagon for comment on carrier movements or US force posture in the Western Pacific. The USNI News fleet tracker <a target="_blank" href="https://news.usni.org/2024/07/01/usni-news-fleet-and-marine-tracker-july-1-2024">indicated</a> on July 1 that USS Carl Vinson was in the Eastern Pacific around Hawaii for the big Rim of the Pacific (RIMPAC) naval exercise while the Roosevelt appeared to be working its way toward the South China Sea. USS Carl Vinson is available for necessary tasking, but it lacks the presence provided by a forward-deployed carrier.On July 2, the Roosevelt strike group was in the Philippine Sea, according to imagery and information from what is known as DVIDS, or the Defense Visual Information Distribution Service.<div type="image" title="The Theodore Roosevelt aircraft carrier." height="3320" width="5000" msid="111522961" hostid="261" sizebytes="1500744"></div>As the Roosevelt travels to keep up the seeminglty endless fight against the Houthis, China's navy has been active. The aircraft carrier Shandong and a Chinese amphibious assault ship conducted an exercise in the South China Sea earlier this week.The Shandong is one of two Chinese Soviet-style carriers. The warship features a ski-jump-style ramp like its predecessor, Liaoning. <a target="_blank" href="https://www.businessinsider.com/chinas-newest-aircraft-carrier-seen-with-aircraft-mock-ups-images-2024-4">China's newest carrier</a>, Fujian, has a catapult launch system similar to the one on the US Navy's new Ford-class carriers.China's carriers — the speed at which they're building and fielding them, as well as how and where they're operating them — demonstrate a focus in Beijing on <a target="_blank" href="https://www.businessinsider.com/chinas-new-aircraft-carrier-more-to-learn-to-match-us-2024-5">building a carrier fleet capable of projecting military power</a> in the region and potentially globally.Lately, China has also ramped up altercations with the Philippines in contested waters in the South China Sea. Just late last month, Chinese personnel armed with <a target="_blank" href="https://www.businessinsider.com/philippines-soldiers-bare-hands-fight-armed-china-coast-guard-swords-2024-6">machetes and spears</a> attacked Filipino navy personnel in disputed waters. The Coast Guard, however, has taken charge in this spat, as opposed to the navy.

Demands in the Middle East risk leaving an aircraft carrier-sized hole in US naval power in the Western Pacific

Above-normal rainfall is expected during the 2024 southwest <keyword id="6358301" type="General" weightage="20" keywordseo="monsoon" source="Orion">monsoon</keyword> season over most parts of <keyword id="19897710" type="General" weightage="20" keywordseo="south-Asia" source="keywords">south Asia</keyword>, the South Asian <keyword id="21481676" type="General" weightage="20" keywordseo="climate-outlook" source="keywords">Climate Outlook</keyword> Forum said on Tuesday. The forecast follows the prediction of above-normal rain in the monsoon season in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on the back of favourable <keyword id="20146476" type="General" weightage="20" keywordseo="La-Nina" source="keywords">La Nina</keyword> conditions, expected to set in by August-September. "Above normal rainfall is most likely during the 2024 southwest monsoon season (June-September) over most parts of south Asia, except some areas over northern, eastern, and northeastern parts of the region, where below-normal rainfall is most likely," the South Asian Climate Outlook Forum (SASCOF) said. Above-normal maximum and minimum temperatures are predicted over most parts of south Asia during the season, except a few areas over the southeastern part of the region where normal temperatures are most likely. This regional climate outlook for the 2024 southwest monsoon season has been developed by all nine National Meteorological and Hydrological Services (NMHSs) of south Asia with support from international experts at the 28th session of SASCOF-28, conducted online. SASCOF said moderate <keyword id="19949878" type="General" weightage="20" keywordseo="El-Nino" source="keywords">El Nino</keyword> conditions are prevailing at present. ENSO (El Nino-Southern Oscillation) neutral conditions are expected in the first half of the monsoon season. Thereafter, La Nina conditions may set in by the second half. El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India. La Nina conditions -- the antithesis of El Nino -- are the dominant factor in the likelihood of "above-normal" rainfall during the monsoon season, DS Pai, a senior scientist at the India Meteorological Department (IMD), told PTI. Positive Indian Ocean Dipole conditions, favourable for the Indian monsoon, are predicted in the later part of the season. Additionally, the snow cover in the northern hemisphere is low. The northern hemisphere winter and spring snow cover extent generally have an inverse relationship with the subsequent southwest <keyword id="20575709" type="General" weightage="20" keywordseo="monsoon-rainfall" source="keywords">monsoon rainfall</keyword> over south Asia. Earlier this month, the IMD said the seasonal rainfall in India will be on the higher side of 'above-normal' and pegged it at 106 per cent of the long-period average (87 cm). SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank">Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a>

Above-normal monsoon rainfall predicted in south Asia

<ul class="summary-list"><li>Donald Trump might have upended the veepstakes tradition when he picked JD Vance as his running mate.</li><li>Vance, who holds remarkably similar political views to Trump, isn't going to "balance the ticket."</li></ul>Former President <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-luck-classified-documents-assassination-debate-2024-7">Donald Trump</a> upended the election tradition of "<a target="_blank" class="" href="https://www.businessinsider.com/trump-flipped-script-jd-vance-not-aimed-balancing-president-ticket-2024-7">balancing the ticket</a>" when he picked Ohio Sen. <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> as his running mate. But the MAGA pair is unlikely to disrupt the calculus for an Asia that's already preparing for the possibility of his victory in November, experts say.Vance, a former Trump critic turned MAGA stalwart, has voiced foreign policy views in lockstep with Trump. Both men <a target="_blank" class="" href="https://www.businessinsider.com/where-does-trump-vance-stand-on-china-tariffs-inflation-taxes-2024-7">support wide tariffs on China</a> and have <a target="_blank" class="" href="https://www.businessinsider.com/trumps-running-mate-jd-vance-ukraine-worst-nightmare-analysis-2024-7">criticized US aid to Ukraine</a>.Yet three experts on the Asia-Pacific told Business Insider that regional leaders — having learned from Trump's shock win in 2016 and his subsequent unpredictability — are already laying the groundwork for a scenario where he wins.<h2 id="d60358f2-bcd9-4253-90a1-8c07028ce812">Asia won't be surprised by a Trump-Vance administration</h2>"It would be quite irresponsible if they didn't already countenance this, and I think, to be honest, we will not see the overreactions that we saw earlier or in parts of Europe," said <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://dr.ntu.edu.sg/cris/rp/rp00194">Dylan Loh</a>, assistant professor of public policy and international studies at Singapore's Nanyang Technological University (NTU).Trump previously <a target="_blank" class="" href="https://www.businessinsider.com/trump-tpp-trans-pacific-partnership-what-it-means-2017-1">reneged on deals</a> he felt were disadvantageous to the US and pressured allies like <a target="_blank" class="" href="https://foreignpolicy.com/2019/11/15/trump-asks-tokyo-quadruple-payments-us-troops-japan/">Japan</a> and <a target="_blank" class="" href="https://www.businessinsider.com/trump-thaad-south-korea-2017-4">South Korea</a> to support US defense costs.But Loh believes regional stability will prevail."I think Trump's tenure has shown that fears of abandonment or ignorance of politics in Asia are overblown," he said.The most prominent US-aligned governments in Japan, South Korea, Taiwan, and the Philippines have been hedging their bets and working carefully to make their economies and supply chains more resilient, said <a target="_blank" class="" href="https://discovery.nus.edu.sg/2380-ja-ian-chong">Chong Ja Ian</a>, a political science professor at the National University of Singapore."Other Southeast Asian states seem to believe they can weather another Trump administration, perhaps by freezing on the efforts of the northeast Asian US allies and partners plus the Philippines," he said.It's not just economics. The Philippines, for example, <a target="_blank" class="" href="https://www.cnbc.com/2024/07/09/japan-and-the-philippines-sign-landmark-defense-deal-to-counter-china-.html">inked a new defense pact with Japan</a> in July as it grapples with the threat of an increasingly belligerent China in the South China Sea. This comes as the Philippines signs maritime agreements with key NATO countries <a target="_blank" class="" href="https://ipdefenseforum.com/2024/04/philippines-u-k-strengthen-ties-to-boost-maritime-security-cooperation/">like the UK</a> and <a target="_blank" class="" href="https://newsinfo.inquirer.net/1692751/ph-france-sign-agreement-strengthening-maritime-industry">France</a>.<h2 id="d23ca00c-37ca-4167-bbb6-cebb083b0d0f">US-China relations won't change much, whether it's Trump or Biden at the wheel</h2>Even though Trump started the US-China trade war, experts say that China won't be too bothered if he returns to the White House.This, NTU's Loh said, is because President Joe Biden hasn't really deviated from Trump's hawkish stance against the Asian giant.For one, the Biden administration has <a target="_blank" class="" href="https://www.businessinsider.com/china-tariffs-trade-restrictions-budget-deficit-biden-trump-stephen-roach-2024-7">kept most of Trump's China tariffs in place</a>. In fact, Biden introduced some of his own when he announced a <a target="_blank" class="" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">100% tariff on Chinese electric vehicles</a> in May."For China, any preferences for either Trump or Biden is going to be marginal," Loh said."I think it is quite clear that regardless of whether a Democrat or a Republican is in office, the general bipartisan mood of seeing China as a threat or a strategic competitor will not abate," he added.<a target="_blank" class="" href="https://www.rsis.edu.sg/profile/kevin-chen-xian-an/">Kevin Chen</a>, a research fellow at NTU's S. Rajaratnam School of International Studies, told BI that China may even prefer to have Trump back in power due to the turmoil he'll bring to the US' foreign ties."Given how Mr Trump would likely alienate US allies and partners with his policies, Beijing may prefer that he retake the White House to give them more opportunities to spread their influence," Chen explained.That said, most Asia-Pacific countries will shy away from appearing to take sides or expressing relief if either candidate wins."There's a joke in Japanese diplomatic circles that the outcome of a US presidential election is like opening a Christmas present, except that they must express that 'this is exactly what I wanted' regardless of the result," Chen said.

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