Welcome to your week in Asia.
All eyes are on the first virtual summit between the leaders of the world’s two largest economies to be held Tuesday morning, Asian time. The meeting comes as tensions rise in Taiwan, as the two sides seek to cooperate on topics such as climate change.
More and more Asian destinations are becoming available to vaccinated travelers. They can fly to the Langkawi Islands in Malaysia as well as between Singapore and South Korea, starting this week.
In China, a group of tech companies, including e-commerce giants Alibaba and JD.com, will release results. These could shed light on the impact of Beijing’s tightening grip on the sector.
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China Economic Data
China will release data for October on house prices, industrial production and retail sales. This is due to the financial fallout, after a slowdown in growth and a series of defaults by Chinese developers.
Opening of a South Korea-Singapore traffic lane
Asia will have a major travel corridor from Monday, with South Korea and Singapore connected by a reciprocal “vaccinated travel route.” People fully vaccinated against COVID-19 will be allowed to travel between the two countries without quarantine upon arrival. This adds to a growing trend of easing borders in Asia as vaccination rates rise, allowing more economic activity in the region.
Langkawi opens up to foreign tourists
Malaysia begins welcoming international tourists to the leisure paradise island of Langkawi, the first influx since the border was closed in March 2020. Fully vaccinated tourists from all but 11 countries are allowed to enter the island by air. They will be subject to frequent testing but not quarantine.
US Secretary of Commerce and sales representative in Asia
US Secretary of Commerce Gina Raimondo and Trade Representative Katherine Tai will both arrive in Tokyo to begin consultations with Japan on global steel and aluminum overcapacity.
Raimondo is also due to visit Singapore and Malaysia later this week on his first official visit to Asia. Tai will travel to Seoul on Thursday, concluding his trip to Asia at the US-India Trade Policy Forum in New Delhi next week.
Opening of the Beijing Stock Exchange
Eighty-one companies will debut on the Beijing Stock Exchange. The Third China Stock Exchange was established to support the fundraising activities of small and medium enterprises without having to travel abroad. The stock exchange, originally an over-the-counter market for SMEs, will adopt a simpler listing process like the ChiNext market in Shenzhen and the STAR market in Shanghai.
Thailand’s GDP and Economic Outlook
Thailand’s economy has likely slowed down considerably due to the COVID-19 delta strain outbreaks and subsequent business closures. The economy grew 7.5% in the second quarter year-on-year. In contrast, economists expect a contraction for the three months through September.
Thailand’s economic planning agency will also release its outlook for 2022, with an expected improvement from this year. Bangkok is hoping the recent reopening of tourism for vaccinated travelers without any quarantine requirements will help a recovery.
Japan Q3 GDP
Biden-Xi Virtual Summit
US President Joe Biden and Chinese President Xi Jinping will meet online for the first time. This signals an offer by the two countries to ease tensions, which have escalated since US President Donald Trump imposed tariffs on Chinese imports in 2018.
Will Macau‘s leader show his hand on gaming licenses?
Macau’s chief executive Ho Iat-seng’s annual political speech will be closely watched, with the city’s casino operating concessions set to expire next June. The city, the world’s largest gaming hub, concluded a public consultation last month on overhauling its gaming law.
Observers wonder if there is enough time left to formalize and pass amendments to the law and launch a tender for new concessions or if Ho will have to extend existing licenses by at least six months.
Company Profits: NetEase and Sea Limited
Company profits: iQiyi, Baidu, Bilibili, Joyy
Shares of Indian digital payment provider Paytm are expected to be listed on the country’s major stock exchanges, BSE and NSE. The initial public offering of $ 2.5 billion by the Ant Group-backed startup, India’s largest, was oversubscribed 1.89 times when the three-day offer closed on November 10.
Paytm, which claims 333 million users, offers services such as payments, online shopping and gaming, insurance, loans, wealth management, and deposit collection.
Company Profits: Alibaba, JD.com, Vipshop, Full Truck Alliance
Central Bank Policy Meetings: Indonesia, Philippines and Turkey
Canton the auto show opens
The 19th Guangzhou International Auto Show will kick off in the southern Chinese city. It will last 10 days and comes as demand for electric vehicles increases.