Welcome to Asia Week.
The world will be watching China’s Third Plenary Session, a key meeting of the Communist Party of China, which runs from Monday to Thursday. China is also due to release statistics including its gross domestic product (GDP) for the April-June quarter.
In Southeast Asia, the international auto show opens on Thursday in Indonesia, a market dominated by Japanese automakers, and the Asian Development Bank is set to release its latest economic assessment.
X, Follow @NikkeiAsia for our latest Asia updates and more.
Monday
China’s eagerly awaited third plenary session
Hundreds of members of the Communist Party of China’s Central Committee are gathering for its highly-anticipated third plenary session. The four-day meeting will provide an opportunity to see how Beijing plans to tackle a protracted real estate crisis, weak consumer demand and a weakening growth outlook. The forum has a history of announcing major economic policies such as Deng Xiaoping’s “reform and opening up” in 1978, but many analysts are keeping expectations in check.
China’s GDP and other statistics
China is due to release second-quarter GDP growth and a host of other data that will provide an indication of how well the economy is progressing towards its official 2024 growth target of around 5 percent.
United States Republican National Convention
The US Republican Party is holding its convention where former President Donald Trump will be formally nominated as the party’s candidate for the Nov. 5 election. The event, which runs until Thursday in Milwaukee, comes just days after Trump was wounded in a shooting at a campaign rally and incumbent Joe Biden questioned his fitness to run.
Tuesday
Pacific Islands Leaders’ Meeting in Tokyo
Leaders are gathering in the Japanese capital for the 10th Pacific Islands Leaders’ Meeting, a three-day summit held every three years since 1997. Topics include climate change, fisheries and concerns over Japan’s release of treated wastewater from the Fukushima Daiichi nuclear power plant. As China expands its influence in the region, Japan is seeking further support for its Free and Open Indo-Pacific vision, following recent moves to strengthen security and defense ties with its Pacific neighbours.
G7 Trade Ministers Meeting in Italy
The Group of Seven (G7) trade ministers will meet in Italy on Tuesday and Wednesday. Key themes include addressing tensions and frictions that are impeding global trade and potential economic growth, and streamlining international trade through reforms to the World Trade Organization (WTO). A session with non-member countries and business leaders will also be held to take note of the Red Sea crisis that is affecting international trade 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 regional economies face headwinds from a Chinese economic slowdown and high interest rates. The multilateral lender’s Asia Development Outlook report will provide its latest forecasts and analyze how various Asian economies will weather these challenges.
Monetary policy: Indonesia
Thursday
Indonesia International Auto Show
More than 30 automakers are taking part in the GAIKINDO Indonesia International Auto Show in Jakarta, organized by the Indonesian Automotive Industry Association. Japanese manufacturers currently hold about 90% of the market share in Southeast Asia’s largest economy. Japanese exhibitors include Toyota Motor Corp., Honda Motor Co., Mitsubishi Motors Corp. and Nissan Motor Co. South Korean rival Hyundai Motor Co., which already has an electric car factory in Indonesia, China’s BYD and Vietnam’s VinFast are also showing off their latest models at the event.
Revenue: TSMC
Friday
Japan begins joint military exercises with Germany, France and Spain
The Japan Air Self-Defense Force has begun joint military exercises with the air forces of France, Germany and Spain, which will continue until July 25. This is Japan’s first joint exercise with the Spanish Air Force. It is part of a two-month rollout called “Pacific Skies 2024,” in which the air forces of Germany, France and Spain will conduct exercises together with regional allies including Japan and Australia. According to the Ministry of Defense, the exercises with France will take place in Ibaraki Prefecture, while those with Germany and Spain will take place in Hokkaido.
