Welcome to your week in Asia.
The leaders of the two major powers – India and Russia – are scheduled to meet on Monday in New Delhi for their annual summit while in Japan, Prime Minister Fumio Kishida’s political speech to Parliament will be closely watched. Japanese billionaire Yusaku Maezawa will become, on Wednesday, the latest wealthy magnate to fly into space.
The latter part of the week will see two important events on both sides of the Atlantic. Although not many Asian countries were invited to the democracy summit convened by US President Joe Biden, the inclusion of Southeast Asian countries in the G7 foreign ministers meeting to be hosted by the United Kingdom shows the country’s intent to engage more with Southeast Asian countries. Area.
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Monday
Putin Modi summit
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin will hold their annual summit in New Delhi, where they will discuss ways to enhance bilateral relations and exchange views on regional and international issues. The first “two + two” dialogue between India and Russia, involving the Ministers of Foreign Affairs and Defense, will be held on the same day.
India has created a two-plus-two mechanism with only three other countries: its quadripartite partners, the United States, Japan and Australia.
US Department of Commerce reports on foreign application risks
The US Commerce Secretary is set to present a report recommending additional executive and legislative actions to address risks posed by communications software and financial technology applications, such as TikTok and WeChat. This was requested by the White House to combat threats from China and other countries.
backgroundIn June, the White House rescinded three executive orders by the Trump administration that specifically targeted TikTok, WeChat, and eight other China-related apps. I issued a new order to review the security concerns posed by these apps.
Japanese Prime Minister’s policy speech
Japanese Prime Minister Fumio Kishida will deliver a political speech before the Japanese parliament, which is reconvening in an extraordinary 12-day session. His focus will be passing an additional spending program of about $320 billion, the largest ever, to stimulate the economy. The speech is also expected to emphasize the need for a more robust economic security system and stronger military capabilities.
Adjustment of the stock market index in Hong Kong
Chinese e-commerce giant JD.com and gaming company NetEase will be included in Hong Kong’s benchmark Hang Seng Index, which is down more than 20% from its peak in February. Also joining the index will be China Resources Beer and Natural Gas, distributor ENN Energy Holdings. Meanwhile, the embattled real estate developer China Evergrande Group, whose shares have fallen more than 90% from its July peak due to the debt crisis, will be removed.
Tuesday
UK Citizenship Pathway for Hong Kong Youth?
In a debate from Tuesday to Wednesday, British lawmakers in the House of Commons can vote on whether to extend eligibility for British citizenship to Hong Kongers born after 1997. The proposed additional clause of the Citizenship and Borders Bill, if chosen for debate and adoption, would make those from Hong Kongers who have at least one parent with British National Overseas (BNO) status are eligible to apply independently for the new immigration route launched earlier this year for BNO status holders in Hong Kong and their families. If the amendment and the broader bill are approved, it will be debated in the House of Lords, and will become law once approved by both houses.
background: BNO status was granted to residents of Hong Kong prior to the territory’s return to Chinese rule in 1997. In 2020, the UK announced a new immigration route and pathway to citizenship for BNO status holders and their families in Hong Kong – an estimated total of 5.2 million people – in response to a law The comprehensive national security imposed by Beijing on the former British colony.
The new visa program was launched in January of this year. BNO passport holders are allowed to work and study in the UK for up to five years, and apply for permanent residence and British citizenship after that. However, under the current scheme, people born after 1997 must be accompanied by a parent with BNO status to move to the UK
Australian monetary policy decision
Wednesday
Founder Zozo Maezawa travels to space
Japanese billionaire businessman Yusaku Maezawa and his crew will travel to the International Space Station aboard a Russian Soyuz rocket, making Maezawa and his crew the first Japanese space tourist to the International Space Station. The 12-day trip aims to prepare Maezawa for a trip around the moon as part of SpaceX’s first civilian lunar mission in 2023.
Weibo listings in Hong Kong
Weibo, the Chinese equivalent of Twitter, with an average of 566 million monthly users, starts trading in Hong Kong at HK$272.8 and is set to raise $193 million. The Nasdaq-listed company, in which Sina Corp owns 44.4% and Alibaba 29.6%, filed a draft prospectus on the Hong Kong Stock Exchange last month. It is part of a series of Chinese companies making secondary listings in Hong Kong as US regulators tighten scrutiny of Chinese concerns. Weibo’s current market capitalization is around $7.37 billion.
Japan revised Q3 gross domestic product
Japan will release revised GDP data from July to September which is expected to confirm an obstacle to the country’s economic recovery. Preliminary data released on November 15 showed that the economy shrank 0.8% from the previous quarter and contracted by 3% year-on-year.
Indian central bank policy meeting
Thursday
Chinese economic data
China reported producer prices for November, which rose in October due to higher commodity prices. However, recent economic activity points to easing headwinds, with the official manufacturing purchasing managers index (PMI) returning to a growth trajectory at 50.1 which is the first in three months after raw material prices tumbled and the energy crisis eased. The November CPI will be released on the same day.
summit for democracy
US President Joe Biden kicked off the two-day virtual “Democracy Summit” he promised on his campaign trail. Participants will be encouraged to announce initiatives to combat authoritarianism, combat corruption, and promote human rights.
With 111 countries and territories participating, the invitation list has been criticized for being political. Pakistan and Taiwan will attend, but not Sri Lanka or Hong Kong. Of the ten member countries of the Association of Southeast Asian Nations, only Indonesia, Malaysia and the Philippines have received invitations.
Friday
The United Kingdom hosts the G-7-ASEAN Summit
British Foreign Secretary Liz Truss will host her counterparts from the Group of Seven and ASEAN countries for the G7 Foreign Ministers and Development meeting in Liverpool from Friday to Sunday. The invitation of ASEAN countries is a sign of the UK government’s policy “slant” towards the Indo-Pacific region, as it seeks to increase engagement with the region.
Ministers will discuss global health, post-pandemic economic resilience, and human rights. Truss said she wants to build a “global freedom network” to promote values such as freedom, democracy and enterprise.
Bright Scholar is holding an extraordinary shareholder meeting on divestment
US-listed China Bright Scholar Education Holdings is holding an extraordinary shareholder meeting, to consider plans to divest the business in response to more Chinese government scrutiny and restrictions on private school operations.
weekend
China’s 20th Anniversary as a Member of the World Trade Organization
China celebrates the 20th anniversary of its founding as a member of the World Trade Organization. Its accession helped China become the world’s second largest economy, but the ongoing shutdown of some of its markets has sparked growing complaints from trading partners.
background: China’s trade with the world has doubled nine times after 20 years in the WTO
Vote for independence in New Caledonia
New Caledonia voters will vote “oi” or “gere” for the third and final time on Sunday to “join full sovereignty and independence” from France after more than 150 years as a colony.
Voters in the mineral-rich archipelago are more likely to be seen as sticking back to Paris and rejecting independence. But the credibility of the result could be called into question if many people heed the boycott call by a pro-independence group, which argues that the vote should be delayed until the COVID-19 pandemic stops.
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