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	Your Week in Asia July 11, 2022

	Sydney Energy Forum, Biden in Middle East, China GDP Welcome to Your Week in Asia.   U.S. President Joe Biden will travel to the Middle East this week. He will make a special stop in Saudi Arabia to try to repair ties with the kingdom amid rising oil prices at home. His Treasury Secretary Janet Yellen will be in Asia too, visiting Japan and South Korea as well as meeting G-20 finance ministers in Bali, Indonesia, to push for a price cap on Russian oil.   On Friday, China's second quarter GDP data will be closely watched as it gauges the damage the country's zero-COVID policy has caused to the country's economy.   Get the best of our coverage of Asia and much more by following us on Twitter @NikkeiAsia.   MONDAY   Pacific Islands Forum Leaders' meeting Leaders of the 18-member Pacific Islands Forum will meet in Fiji Monday through Thursday to discuss issues including climate change, China's influence and COVID recovery. Australian Prime Minister Anthony Albanese and his New Zealand counterpart Jacinda Ardern will both attend. ABC Australia previously reported that China, the U.S. and other dialogue partners of the forum were excluded from the meetings this time in case geopolitical tensions between the big powers cause distraction.   TUESDAY   Australia, International Energy Agency host Indo-Pacific energy forum The Quad grouping of the U.S., Japan, India and Australia expand their quadrilateral cooperation into the field of energy, with their energy ministers to meet on the sidelines of the two-day Sydney Energy Forum that begins Tuesday.   Energy security has come under the spotlight after Russian President Vladimir Putin declared that Moscow will nationalize the Sakhalin-2 gas project, in which Japanese trading houses have invested heavily.   U.S. Treasury Secretary comes to Asia U.S. Treasury Secretary Janet Yellen arrives in Tokyo to start her first visit to the Indo-Pacific region in her current position. She will be in Japan for two days before flying to Bali, Indonesia, for the G20 Finance Ministers and Central Bank Governors meeting. South Korea will be her last stop where she will be discussing supply chains and imposing costs on Russia.   Yellen cancelled a public event during the trip in Yokohama, Japan, out of deference following the assassination of former Prime Minister Shinzo Abe, Reuters reported.   WEDNESDAY   Biden visits Middle East U.S. President Joe Biden embarks on a four-day tour of the Middle East stopping in Israel, the West Bank and Saudi Arabia.   His visit to Saudi Arabia, where he will meet with Crown Prince Mohammed bin Salman, will be a break from a campaign promise to ostracize the kingdom, following the 2018 murder of Washington Post journalist Jamal Khashoggi. The president will request that the Saudis pump more oil to ease price pressure at gas stations.   Meanwhile, the visit comes as Israel and the United Arab Emirates explore deeper ties after normalizing relations in 2020. The fact that Biden will fly directly from Israel to Saudi Arabia would have been unthinkable only a few years ago.   China releases trade data   Monetary policy announcements: New Zealand, South Korea   THURSDAY   Singapore announces Q2 GDP   Company earnings: Fast Retailing, TSMC, Largan Precision   FRIDAY   China economic data China's second quarter GDP numbers will provide a crucial pulse-check on the world's second largest economy in the aftermath of sweeping COVID-19 lockdowns in Shanghai and other cities that hurt industrial production and consumption. A poll by Nikkei shows growth projection slowed on average by 1.4% on a quarterly basis. It comes on the back of global recession risks and Beijing's insistence on its zero-COVID policy.   G-20 finance ministers meet in Bali Finance ministers and central bank governors from the Group of 20 major economies convene for two days in Bali, an island in Indonesia. Amid Russia's invasion of Ukraine and rising global inflation, the ministers will discuss topics from digital economy to energy transition.
	Related articles China's Pacific island-hopping reveals new front line of geopolitics Foreign Minister Wang Yi's 7-nation tour challenges traditional partnerships Australia runs diplomatic Pacific island blitz in China's wake Foreign minister travels to three islands in less than two weeks in office China GDP seen up 4.1% in 2022 as zero-COVID bites: Nikkei survey Shanghai lockdown hit growth, while fear of more restrictions dampens consumption G-20 ministers debate food, energy prices as global divide worsens Russia's invasion of Ukraine casts pall over international cooperation Do not expect Biden's Saudi Arabia visit to work miracles U.S. leverage undermined by policy U-turns and Riyadh's cozy ties with Russia South Korea inflation hit nearly 24-year high in June CPI climbed 6%, heaping pressure on President Yoon and big manufacturers Uniqlo reboots aggressive expansion, seeing a return to normality China lockdowns, Ukraine war, rising costs could make it hard to keep prices low TSMC struggles to keep new hires, warns of power supply risks Taiwan chip titan spent $1bn on green initiatives last year, its own report shows Taiwan lens maker Largan takes hit from Huawei sanctions Key supplier to smartphone industry squeezed by soaring PC chip demand
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