COP 28 Summit:Amidst the discussions, the issue of fossil fuels emerged as a focal point, with a new draft text of the Global Stocktake proposing options for the phase-out of unabated coal and an orderly and just transition away from fossil fuels which might be a contentious point for India.

Italy has officially informed China that it is quitting the Belt and Road Initiative (BRI), two government sources told Reuters on Wednesday, ending months of doubt over Rome's future in the ambitious project.

While the economy is seen on track to hit the government's annual growth target of around 5% this year, Moody's expects China's annual economic growth to slow to an average 3.8 per centfrom 2026 to 2030.

Japan's economy is facing headwinds, with high inflation taking a toll on household spending and slowing global demand, including in China, adding pressure on manufacturers.