Indian Prime Minister Narendra Modi will visit China for the first time in over seven years, a government source said on Wednesday, in a further sign of a diplomatic thaw with Beijing as tensions with the United States rise, Reuters reported. Modi will go to China for a summit of the multilateral Shanghai Cooperation Organisation that begins on Aug. 31, the government source, with direct knowledge of the matter, told Reuters. India's foreign ministry did not immediately respond to a request for comment. His trip will come at a time when India's relationship with the U.S.

China is a nation of savers. The Chinese government wants its people to spend more and save less. It also wants them to take on more debt, all for the sake of saving the economy from a four-year slump, the New York Times reported. The national financial regulator urged banks in March to expand consumer lending and offer more flexible repayment terms. Last month, policymakers promised to provide “innovative” financial services to boost consumption. Yet many Chinese consumers are wary. An alarming number of them are already defaulting on their debt.

South Korea will prepare measures to help companies cope with higher U.S. tariffs and expand into new markets, the Finance Ministry said on Tuesday, as it kicked off a task force to prepare the new administration's economic policy plans, Reuters reported. On the domestic front, the government will come up with measures to boost short-term demand, as well as financial support for mid- to long-term technology development to enhance market competitiveness, it said in a statement. South Korea reached a trade deal with the U.S.

U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil. He also said a "zero tariff" offer for imports of U.S. goods into India was not good enough, alleging that India was "fuelling the war" in Ukraine. Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty.

A private gauge of China’s services sector showed activity expanded at the fastest pace in more than a year in July, as demand improved during the summer travel rush, the Wall Street Journal reported. The S&P Global China general services purchasing managers index rose to 52.6 last month from June’s 50.6, according to data released Tuesday by S&P Global. A reading above 50 suggests an expansion in activity, while a reading below suggests contraction.

Australian household spending rose modestly in June as a rush for cars and electronics was offset by a slump in services, showing lower borrowing costs and higher real incomes are only slowly flowing into the broader economy, Reuters reported. Tuesday's data from the Australian Bureau of Statistics showed its monthly household spending indicator (MHSI) rose 0.5% in June, just half of the gain seen in May. Analysts had looked for an increase of around 0.8%.

The National Company Law Tribunal (NCLT) has partially allowed the application filed by the suspended promoters of Hotel Horizon, directing the exclusion of asset reconstruction company Phoenix ARC’s claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by limitation, the Economic Times of India reported. Hotel Horizon’s key asset is a prime 1.85-acre land parcel in Mumbai’s plush Juhu area, overlooking the Arabian Sea.

Japanese Prime Minister Shigeru Ishiba said on Monday he will not hesitate to hold talks with President Donald Trump to ensure an agreed cut to U.S. automobile tariffs is implemented soon, Reuters reported. In a parliament session on Monday, Ishiba drew criticism from some opposition lawmakers for not having signed an official document with the U.S. in clinching a trade deal last month. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said, defending Japan's decision to agree on a deal without creating an official document with the U.S.