China’s 'Third Plenum’ Meeting, ADB Economic Outlook, Indonesia Auto Show

Welcome to your week in Asia.

The world will focus on China’s key meeting, the Third Plenum, which will take place from Monday to Thursday. China is also scheduled to announce GDP data and other statistics for the April-June quarter.

In Southeast Asia, the international auto show opens Thursday in Indonesia, where Japanese carmakers dominate the market. The Asian Development Bank will release its latest economic assessment.

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Monday

China’s long-awaited Third Plenum

Hundreds of members of the Central Committee of the Chinese Communist Party will gather for a closely watched meeting known as the Third Plenum. The four-day event will provide a window into how Beijing plans to address the country’s persistent asset crisis, weak consumer demand and dim growth prospects. This particular gathering 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 and other data for the second quarter, giving an indication of how the economy is progressing toward the official growth target of „around 5%” for 2024.

American Republican National Convention

The Republican Party of America opens its convention, where former President Donald Trump will be formally nominated as the party’s nominee for the November 5 election. The event, which runs through Thursday in Milwaukee, comes days after Trump was injured in a shooting at a campaign rally, and incumbent Joe Biden is facing doubts about his fitness to run.

tuesday

Pacific Island Leaders Meeting in Tokyo

Leaders gathered in the Japanese capital for the 10th Pacific Islands Leaders’ Meeting. A three-day summit-level meeting has been held every three years since 1997. Topics discussed include climate change and fisheries, as well as concerns over the release of treated wastewater from Japan’s Fukushima Daiichi nuclear power plant. As China expands its footprint in the region, Japan expects more buy-in for its free and open Indo-Pacific vision, following recent moves to boost its defense and security ties with its Pacific neighbors.

G7 trade ministers meeting in Italy

The Group of Seven will hold a meeting of trade ministers in Italy on Tuesday and Wednesday. Key themes include responding to tensions and frictions that interfere with global trade and potential economic growth, and streamlining international trade through reform of the World Trade Organization. A session with non-member countries and business leaders will also be held to focus on the crisis in the Red Sea 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, which is expected to insulate regional economies from the impact of China’s slowdown and higher interest rates. The multilateral lender’s Asia Growth Outlook report will provide updated forecasts and analyze how Asia’s various economies are navigating these challenges.

Monetary Policy: Indonesia

Thursday

Indonesia International Auto Show

More than 30 car makers will participate in the GAIKINDO Indonesia International Auto Show organized by the Indonesia Automotive Industries Association in Jakarta. Japanese manufacturers currently have about 90% market share 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, already has an electric vehicle plant in Indonesia, as well as China’s BYD and Vietnam’s Vinfast, which will showcase their latest models at the event.

Revenue: TSMC

Friday

Japan has started joint military exercises with Germany, France and Spain

Japan’s Air Defense Force will begin joint military exercises with the French, German and Spanish air forces, which will last until July 25. This marks Japan’s first joint exercise with the Spanish Air Force in Japan. It is 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. The exercises with France will take place in Ibaraki Prefecture, while the exercises with Germany and Spain will take place in Hokkaido, Japan’s defense ministry said.