Marcos' first State of the Nation Address, Jokowi visits East Asia, U.S.-Japan economic dialogue

Welcome to Your Week in Asia.

Indonesian President Joko "Jokowi" Widodo will visit three East Asian countries this week to meet leaders in China, Japan and South Korea. On Friday, Japan and the U.S. are set to hold their first economic "two-plus-two" dialogue to coordinate security strategies and deepen semiconductor cooperation.

Separately, U.S. President Joe Biden said on July 20 that he is likely to have a call with Chinese President Xi Jinping in the next 10 days.

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This is an adapted version of Nikkei Asia’s Your Week in Asia newsletter - a briefing of the most important business, economic and political events happening across Asia this week.?Register to our full selection of newsletters.

MONDAY

Marcos's first State of the Nation address

The Philippines' new president, Ferdinand Marcos Jr., delivers his first State of the Nation address before lawmakers. In his speech, Marcos is expected to detail his economic and infrastructure road map at a time when a soaring inflation is complicating the country's recovery from the pandemic.

Taiwan starts week of military drills

Taiwan starts a week of annual military exercises, which will take place against a backdrop of increasing Chinese military activity, including warplane sorties near the island. The "Han Huang" exercises will this year include repelling an invading force at a major harbor in Taipei.

China consumer products expo in Hainan

The China International Consumer Product Expo 2022 kicks off with some 1,600 brands from 61 countries jostling to win a share of the country's household spending, which has been subdued by sporadic COVID-19 lockdowns in recent months. In its second installment, the weeklong fair will be held on tropical Hainan Island, which China is promoting as a duty-free destination backed by its free trade port.

TUESDAY

Jokowi arrives in Beijing

Indonesian President Joko Widodo will begin a swing through East Asia, meeting his Chinese counterpart, Xi Jinping, in Beijing, before heading for Tokyo on Wednesday to meet Japanese Prime Minister Fumio Kishida. His last stop will be Seoul, where he will be received by South Korean President Yoon Suk-yeol on Thursday. Indonesia currently holds the G-20 presidency and Widodo will seek to lay the groundwork for the summit to be hosted in Bali in November.

IMF World Economic Outlook update

The IMF will update its global economic outlook, which IMF Managing Director Kristalina Georgieva says "has darkened significantly," citing the war in Ukraine and persistent inflation as two of the biggest causes for the downgrade. The fund's most recent update in April forecast 3.6% growth worldwide in 2022.

India 5G auction

India holds its first-ever auction of 5G spectrum. The government plans to auction 72 gigahertz of spectrum, worth 4.3 trillion rupees ($50.1 billion), valid for 20 years. The auction is expected to draw aggressive bidding by India's top telecom company, Reliance Industries' Jio, as it looks to expand its lead over rivals Airtel and Vodafone.

South Korea releases Q2 GDP

WEDNESDAY

Company earnings: SK Hynix , LG Display

THURSDAY

Company earnings: Nissan, Samsung

FRIDAY

Japan-U.S. economic dialogue

Foreign and economic ministers from Japan and the U.S. meet for an economically focused "two-plus-two" dialogue. The agenda will likely include the Indo-Pacific Economic Framework for Prosperity and looming concerns over a global economic downturn. The?framework was established?in January to deepen cooperation on supply chains and tech development. The two allies are also expected to discuss in detail their response to China's strategic rise.

Company earnings: Sony, LG Electronics

WEEKEND

Airbnb shuts down in China

Airbnb pulls out of China, ending a six-year venture, with the second half of the year complicated by the country's strict mobility restrictions due to COVID-19. The U.S. home-sharing provider is among a number of foreign internet companies, including LinkedIn and Yahoo, that have ceased operations in China as the country tightens regulations.

RELATED ARTICLES

• Just weeks in, Marcos faces doubts over mixed economic agenda
• Marcos vs Duterte: Will the Philippines see two dynasties clash?
• Taiwan's ex-defense chief calls for sweeping military reforms
• Joko Widodo to meet Xi Jinping in China next week
• G-20 finance chiefs fail to reach consensus on global inflation
• Indian telecom players protest push for pricey 5G spectrum auction
• BOJ's Kuroda blames yen's weakness on the dollar's strength
• Kishida emerges from Abe's shadow, but markets await policy details
• Japan, U.S. to align on human rights, infrastructure at 2-plus-2

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