China is developing long-range missiles capable of striking Australian territory but already possesses the means to inflict significant economic pain in the event of a regionwide war with the United States, Australia’s Lowy Institute think tank said in a new report released on Sunday.The People’s Liberation Army’s (PLA) rapid arms buildup has eroded U.S. military primacy in the Indo-Pacific and is creating “structural pressure on regional states to accommodate Beijing’s preferences,” according to the report’s authors.A possible conflict over Taiwan, the self-ruled island claimed by Beijing but backed by U.S. security guarantees, remains the PLA’s top priority, they said. But...