Welcome to Your Week in Asia.
The world will give attention to China’s key meeting known as the third plenum, which takes place from Monday through Thursday. China is also scheduled to announce gross domestic product data for the April-June quarter and other statistics.
In Southeast Asia, the International Auto Show will start on Thursday in Indonesia, where Japanese car makers dominate the market. The Asian Development Bank will release its latest economic assessment.
Get the best of our coverage of Asia and much more by following us on X, @NikkeiAsia.
MONDAY
China’s long-awaited third plenum
Hundreds of Chinese Communist Party Central Committee members will gather for a closely watched meeting known as the third plenum. The four-day event will offer a window on how Beijing plans to address the country’s persistent property crisis, weak consumer demand and fading growth prospects. This particular meeting has a history of launching major economic initiatives — including Deng Xiaoping’s “reform and opening up” in 1978 — but many analysts are tempering expectations.
Chinese GDP and other statistics
China is scheduled to release its GDP growth rate for the second quarter and a host of other data, providing an indication of how the economy is progressing toward the official growth target of “around 5%” for 2024.
U.S. Republican National Convention
The U.S. Republican Party opens its convention, where former President Donald Trump is set to be formally nominated as the party’s candidate for the Nov. 5 election. The event, which runs through Thursday in Milwaukee, comes days after Trump was injured in a shooting at a campaign rally and as incumbent Joe Biden faces doubts about his fitness to run.
TUESDAY
Pacific Islands Leaders Meeting in Tokyo
Leaders gather in Japan’s capital for the 10th Pacific Islands Leaders Meeting. The three-day summit-level meeting has been held every three years since 1997. Climate change and fisheries will be among the topics discussed, as will concerns about the release of treated wastewater from Japan’s Fukushima Daiichi nuclear plant. As China expands its footprint in the region, Japan is looking for an increased buy-in to its Free and Open Indo-Pacific vision, following recent moves to boost its security and defense ties with its Pacific neighbors.
G7 Trade ministers’ meeting in Italy
The Group of Seven countries will hold the Trade Ministers’ Meeting in Italy on Tuesday and Wednesday. The main themes will be responding to the tensions and frictions which interfere with global trade and potential economic growth, and to streamline international trade through reform of the World Trade Organization. The session with non-member countries and business leaders will also be held to pay attention to the crisis in the Red Sea, which affects international trading routes and supply chains around the world including the Indo-Pacific region.
WEDNESDAY
ADB economic outlook
The Asian Development Bank is set to release its latest economic assessment as headwinds from the impact of China’s slowdown and high interest rates buffet regional economies. The multilateral lender’s Asian Development Outlook report will offer updated forecasts and analyze how various economies in Asia navigate these challenges.
Monetary policy: Indonesia
THURSDAY
Indonesia International Auto Show
More than 30 carmakers will take part in the GAIKINDO Indonesia International Auto Show in Jakarta hosted by The Association of Indonesia Automotive Industries. Japanese manufacturers currently hold a market share of around 90% in Southeast Asia’s largest economy. Exhibitors from Japan include Toyota Motor, Honda Motor, Mitsubishi Motors, Nissan Motor and others. Their South Korean rival Hyundai Motor, which already has an electric vehicle plant in Indonesia, as well as China’s BYD and Vietnamese VinFast, will also show off their latest models at the event.
Earnings: TSMC
FRIDAY
Japan kicks off joint military drills with Germany, France and Spain
Japan’s Air Self-Defense Force kicks off a joint military exercise with French, German and Spanish air forces, which will last until July 25. This marks Japan’s first joint exercises with the Spanish Air Force in Japan. This is a part of a two-month deployment called “Pacific Skies 2024”, conducted by the German, French and Spanish air forces with regional allies including Japan and Australia. Drills with France will take place in Ibaraki prefecture, and those with Germany and Spain will be in Hokkaido, according to Japan’s Ministry of Defense.