A prolonged photo. Political leaders deal with challenges internal and external. Investment is being reviewed to attract investment and provide jobs. How long are you willing to wait before you take legal action . We are patient. The worlds top investors shared perspectives in a turbulent year. China iy like wish america had better industrial policy. All the Central Banks around the world are moving towards lower rates. The headlines, the trade war has put americans on their heels as far as investing in china. Juliette while hong kong has suffered political unrest for months financial leaders have faced the economic future. Mediumterm outlook for hong kong in the region continues to be positive. Juliette it is all straight ahead on this special edition of bloomberg best. Hello and welcome. I am juliette saly. On this special edition of bloomberg best, we will look back at 2019 in asia by revisiting some of the years most interesting interviews with newsmakers, policymakers and leading figures in business and finance. Lets begin with an exclusive conversation with a powerful figure at the center of the chinese economy. The pboc governor had never conducted an interview with foreign media until he set down just prior to the meeting of finance ministers. Their discussion of Economic Policy began on the topic of trade negotiations between china and the u. S. Chinas position is that we would like to end negotiation of we would like to in negotiation of good faith and mutual respect. You know that we have three positions. One is that we should, if we have a deal, we should remove all the additional tariffs since the trade war. The second is we are going to increase purchase from the united states, that the amount should be realistic. And the third one is that the text of the agreement should be balanced in terms of responsibility on both sides. That is our three positions. At this point we have to come up with some idea of overcoming the difficulty ahead of us. They do not like a trade war. We do not like a trade war. I hope we can solve our differences. Some of the small and mediumsize banks are facing stress and pressure around liquidity issues. What are the broader impacts for the Financial Sector from that . From that . The overall liquidity level for the economy is plenty. We have plenty of overall liquidity. I would say that the smaller bank is temporary, given they have cuts and also given our market activities to channel liquidity to Smaller Banks and some nonfinancial institutions, that the funding problem will be Getting Better soon. The government has taken a number of steps to open the Financial Sector in china. What areas could benefit further from opening up measures . Basically the financial opening in china, security firms, commercial banks, to enter in china is very good news for china. It will enhance our service to our people and make the financial industry more competitive. At the same time, they will have tremendous opportunities in china. They might have a comparative advantage in manufacturing as the u. S. , u. K. , and europe. They have a comparative advantage in financial services. If we trade off each other, we will be both benefit. Could be trade make it harder for u. S. Banks particularly to take advantage and benefit from some of the measures to open up the Financial Sector here . I hope not. I hope not. I hope we can treat everybody fairly equally and minimize the negative impact of the trade war, but you see, this is not a unilateral game. If i can decide, i certainly dont want to have a negative impact, but this is a two body game and it is up to other people to decide actively in goodwill. Juliette still ahead on the year in conversation in asia, Global Investors assess the impact of the trade war and nobody is happy. To have a major trade war would be very bad for both countries. I would rather not do a deal then do a bad deal. Juliette up next, asia Central Banks had a hectic year. We will hear from some of the leaders in the regions Monetary Policy. Tremendous expectations in terms of Central Banks. Tremendous Unrealistic Expectations placed on the banks. Juliette this is bloomberg. Juliette this is bloomberg best. We are revisiting the years top interviews in asia. We heard from many of asias Top Central Bank officials about the role of Monetary Policy during a Global Economic slowdown. In june, the boj governor told Kathleen Hays that even after years of massive stimulus, the boj still has policy ammunition left to counter a downturn. The economy as a whole is doing well, but there is suffering so that local banks faced with this trend, so we degrading trend. We might have either of the two potential risks, but at this moment, the situation is sustainable, but we have to carefully monitor the situation. If we continue our control, and even if we expand our strengthen the monetary easing further in case of need. So you say you are willing to take on the rising costs of this stimulus if you need to do so to stimulate the economy and keep inflation going . Yes, but at the same time to avoid that side effect. You may combine various monetary tools to reduce that potential side effect. It sounds like an interesting recipe. So many central bankers are saying they have ammunition and can do more. China has made that clear admits amidst the trade war. Chairman powell said we can do it if we had two. Mario draghi last week. Could cut the negative rate further or buy more bonds, if we need to do so. You talk to people in markets. The boj cant do more. You mentioned this earlier. Maybe we could do something else. We have these four tools, may be something else. Do you still have the capacity to do something big, something new . I think so. What would it be . First, for those options. First, reducing the negative Interest Rate and increasing the amount of purchase and further committing to continue to increase the Monetary Base and so on and so forth. So those four options, i think we can still utilize if necessary and how to use and how these could be combined and so on, that, as i said, depends on the economic price and financial conditions, but, yes, like mario draghi, i think we can do these things. Juliette in 2019, the Monetary Authority of singapore responded to a Third Quarter economic slump by easing for the first time in three years, but it was smaller than expected. In an exclusive interview, mas managing director said he thought it was unfair to for Central Banks to shoulder the burden alone. Because of what they did fabulously during the Global Financial crisis and subsequently holding up the Global Economy and Financial System, there are tremendous Unrealistic Expectations placed on Central Banks. Every rough patch that we run into Monetary Policy will get us out of it, i think that is wrong and i think it is wrong for Central Banks to feed that expectation. It cant be that every slow down, every risk or threat on the horizon has to be addressed by the loosening of Monetary Policy. I think policy has a strong role fiscal policy has a strong role to play. That has not been sufficiently addressed, partly because too much weight has been placed on Monetary Policy. I think we need a better balance between the two, otherwise it is exceedingly unfair on the central bank community. Speaking about the Global Economy, lets talk about the possibility of a looming global recession. Singapore escaped a technical recession, but not to the extent that some people expected. What are some of the optimism that you see in 2020. You always want to keep some powder dry and not deplete all your policy buffers. Lets see how the data comes out we have both monetary and fiscal policy buffers. Lets see how the data comes out over the next two quarters. The assessment to be made is whether this is bottoming out and whether we will see a modest recovery next year. If that is the case, then we are in pretty good shape, but if things were to take a turn for the worse, i think you need some buffer, some ammunition. We are keeping some powder dry. If necessary, we are prepared to use it, and there is still space. Speaking of space, what policy tools have not been used . When you take a look at Central Banks and what theyre saying now, they are willing to cut rates, ready to go to negative, ready for qe. For singapore, how might qe look like . We have a fair amount of policies based on the monetary front without having to think about qe. Juliette meanwhile, the reserve bank of new zealand surprised investors with a 50 basis point rate cut to allow record low 1 in august within surprised again by not cutting rates at its november meeting. The bank said it is ready to cut further to support the economy. In another bloomberg exclusive, the Bank Governor explained his reasoning to Kathleen Hays. The first thing to note is an Interest Rate of 1 and a very low, flat yield curve is highly stimulative for the economy. The Exchange Rate has been below measures of fair value, also adding to the stimulatory nature. It has been that way for last year or so. Real wages are rising. Employment is that maximum level, so people have jobs, incomes, spending, and the real confidence comes down to the government entering the fray as well. Are you planning on a stimulus from the government . Very much so. They have made a very clear statement they are feeling suitably cashed out. There are significant demands on consumption, but a lot of Government Investment plan. The challenge there is always the lags. I assume you expected some market reaction. Im wondering if it was more than you expected. Was that a bit of an, ok, or was it a surprise . One of the biggest debates around, once we landed on the decision was how do you communicate this so it doesnt confuse and create unwanted efforts . Any central bankers desire is to deliver a message which leaves conditions broadly in the same space they were. That is what happened. There are just different shades of loose stimulatory levels for the Exchange Rates and Interest Rates. The Important Message to give to the market is these Interest Rates are low for a prolonged period. Our Business Community has been saying Monetary Policy is well down the list of things i worry about. The best you can do is tell me you will be there, so that is the message. Juliette much more to come as we replay the top interviews from bloombergs coverage of asia in 2019. Later on, conversation with heads of state. Indonesias president says he is determined to enact economic reforms. You will see many sectors removed from the negative investment list to create more jobs. Juliette still ahead, after the u. S. Clamps down on huawei, the ceo spoke frankly and exclusively to bloomberg. If we were behind, trump would not make so many efforts to attack us. Juliette this is bloomberg. Juliette you are watching a special edition of bloomberg best, highlighting conversations from the year 2019 on business, finance, and politics in asia. I am juliette saly. Chinese telecoms giant huawei was a focal point of u. S. China tensions this year. The Trump Administration put the company on a blacklist in may, citing security concerns. Just days after this, the ceo denied that the company had ever stolen intellectual property and said washington was targeting huawei because of its success. He spoke exclusively at the companys headquarters in shenzhen. The u. S. Has never bought products from us. Even if the u. S. Was to buy our products in the future, i may not sell to them. There is no need for negotiation. I will ignore trump. If he calls me, i may not answer. I see his tweets and i think they are laughable because they are selfcontradictory. The list of companies that supply huawei with components and software is growing. So i guess the question is, for how long can huawei survive without the supplies of components and software . The u. S. Manages its own companies. The u. S. Is not the international police. They cannot manage the whole world. The rest of the world decides whether they work with us based on their own business positions and interests. If some companies dont want to work with us, it is like a hole in the airplane. We are working to fix the hole, but the airplane is still able to fly. Of the chips we have been using, half are from u. S. Companies and half we produce ourselves. If the u. S. Imposes further restrictions on us, we will reduce our purchases from the u. S. And use more of our own chips. If American Companies have permission from washington to sell to us, we will continue to buy from them. What exactly have you put in place in terms of contingencies . We might have contingency plans for the core of the airplane, the engine and fuel tank, but we may not have a plan for the wings. We need to review the situation all over again and fix those problems. You can come back to interview us into two or three years to see if we still exist. If we are gone in two or three years, please remember to bring a flower and put it on our grave. About having a two your lead in terms of 5g, does your 5g lead get eroded . Definitely. Rs fly fast, of course they will catch up, but we will fly fast again once the holes are fixed. How much damage do you expect in the consumer part of the business, so smart phones and laptops, which depend on u. S. Chips, but also u. S. Software . We might miss our expected growth target, but we are still growing. Being able to grow in the toughest battle environment, that reflects how great we are. And you have bragging rights earlier this year as you overtook apple as the number two smartphone maker. You saw sales jump by about 50 smartphone sales jump by about 50 and you have that goal of becoming the number one smartphone maker in the world. Does that goal now have to be shelved . We can become bigger or smaller. We are not a public company. We are not only pursuing growth or profit. It is good enough for us just to survive. There have been calls by some in china for beijing to retaliate against apple. Is that an action that china should be looking at taking . That will not happen first of all, and second of all, if that happens, i will be the first to protest. Apple is the worlds leading company. If there was no apple, there would be no mobile internet. If there was no apple to help show us the world, we would not see the beauty of this world. Apple is my teacher. It is advancing in front of us. As a student, why should i oppose my teacher . I would never do that. The critics of huawei will say that you got to where you are through intellectual property theft and government support. What is your response to that . The u. S. Has not developed the technology, so from where should i steal it . It is more likely they steal our technology. Now we are leading the u. S. If we were behind, trump would not need to make so many efforts to attack us. He attacks us because we are more advanced than him. Juliette plenty more to talk about as we look back. Malaysia has harsh words for Goldman Sachs as the nation seeks compensation in the 1mdb scandal. Made a hugeachs killing on this. Later, thoughts on the financial fallout from hong kongs ongoing crisis of civil unrest. We have not seen an outflow from the hong kong dollar since april this year. Juliette this is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Juliette welcome back. I am juliette saly. This is a special edition of bloomberg best, wrapping up 2019 in asia by playing back the years top interviews a number of asia political leaders spoke to bloomberg about their economic programs, trade strategies, and topics important to investors. Lets begin with indonesian president joko widodo. In an exclusive interview in his hometown, the man known as jokowi told the bloomberg editorinchief John Micklethwait how he plans to use his second term in office to introduce a wide range of reforms. We compete against other countries in attracting investment to create jobs. Complaints to investors on labor law are always expressed to me, especially from the laborintensive sector. They also express the need to simplify licensing. We will work on these two as soon as possible. I will talk with labor unions on how to revise the labor laws without causing a loss to workers. This is for new workers, so industries can expand, investors can invest, create jobs, and so indonesian children can work in available sectors. Is that your priority . Will you introduce the law before the end of this year . Yes. Priority is labor law, but i have to talk to the labor unions. We will also propose 74 laws under the omnibus law so licensing can be simplified. Negative investment lists will be reviewed to attract investment and provide jobs. You also have this negative investment list which you have also said that you would fully open up, 25 sectors such as telecoms or education, but that has not happened yet. Do you have a timetable to open up those sectors where you can fully buy companies in indonesia . Still in process. We will see the revision in the end of this year. For education, we will provide room for Foreign Universities to set up universities in special economic zones. Foreign hospitals with the latest technology will also be allowed, but in special economic zones. Also, in the technology sector, we will provide room. We will see in the yearend. You will see many sectors removed from the negative investment list to create more jobs. Biggest thing in the Global Economy which hurt indonesia and the world is the u. S. China dispute. I suppose that is a dispute where people in Southeast Asia have to decide whose side they are on. Whose side do you feel as if you are on . Indonesia is in the middle. Want to get opportunities we want to get opportunities because the trade war not good for all countries, but indonesia wants to take opportunities so the trade war does not negatively impact our country. We have good relations with the u. S. And china. The most important thing is our National Interest comes first. Juliette the government of malaysia spent much of 2019 dealing with the legal, financial, and political fallout from the scandal involving state Investment Firm 1mdb. Among their objectives, to recover billions of dollars from Goldman Sachs for the banks role in the affair. The Prime Minister and his likely successor both spoke excessively with bloombergs Haslinda Amin about their efforts to prosecute the scandal and get compensation from goldman. Haslinda we hear from our sources that goldman tried to reach a settlement, but you referred them to the ag. Is there truth in that . Yes, it is true. Everything has to be done properly, according to the law. So if the ag was in charge when it comes to government prosecution of any case. Haslinda did goldman offer a settlement amount . Well, they did offer some little compensation. [laughter] can you clarify . Let me give you a figure. 1 billion more or less, or on the nose . They offered a billion ringgit, but the total amount is about 6. 5 billion u. S. Dollars. Haslinda how did they come up with that figure, 6. 5 billion u. S. . In terms of fees, goldman made 600 million u. S. No. Im talking about the total amount, not just Goldman Sachs. Goldman sachs took 10 commission, in addition to hefty Interest Rate of 6 . That is not usual for governments. Governments normally get less than 3 . But this 10 extra that goes to Goldman Sachs means that we get 90 of the money raised, but we pay interest on 100 . That is what it means. I think Goldman Sachs made quite a huge killing on this case. Haslinda . You have said you are waiting haslinda you have said you are waiting for a response from goldman. What was the query . We wanted to settle it outside of court if possible, but it seems that they are not willing to offer a reasonable sum of money. Haslinda and for you, what is the reasonable sum . We went to get our 10 back, at least. Haslinda when will you take legal action . That depends upon the ag. He will try to extradite things as much as possible. Haslinda how long are you willing to wait for you take legal action . We are very patient. [laughter] we cant hurry the court. We cant say please expedite this matter. That would mean interfering with the law. We cant do that. It is so huge. And as remarked, one of the biggest financial fiascoes, scandal, involving the government in modern times. So i think morning to be done. I think more needs to be done. So, they are doing that. I am not privy to all the reports. I am kept informed partly what is done. Haslinda you said before that investigations should be expanded to include the project eroc, the Railway Project with china. Are you not satisfied with how corruption is being dealt with or investigated . Well, i have strong views on this. I cannot deny the fact that something has been done. The project has been renegotiated. But now that we have new evidence in court to suggest that this was part of the 1mdb deal, then certainly, you can reopen some aspects of this terms of agreement, understanding, to ensure that it is really clean and transparente to recover 7 billion from goldman, on top of the assets overseas. Is that the amount you have come to as well . Do you share that figure . I said in the review in singapore, quite strong in front of the Goldman Sachs chief, but i think the figure is to be left to the authorities to decide and compute. But certainly, i am more willing to share the amounts of the amount must be really substantial. Not only the losses, but the negative effects in the burden we have to shoulder all these years. We should pursue this vigorously. Juliette australias Prime Minister, scott morrison, has had a challenging tight rope to walk in 2019, as a Major Trading partner with china, and a staunch political ally of the u. S. And he insists that australia doesnt have to choose sides in their trade dispute. It an exclusive interview before the g20 summit in june, he told bloomberg that he takes a broader view of the showdown between the two superpowers. It is important for both to come to the table, recognize that there is some genuine issues. We cant deny those. They have to be acknowledged. That is why i sought to do that again today. And we are looking on them to put that broader Global Economic interest to the fore, which is what the g20 is all about, by the way. It is not the g2, it is the g20. And for those two nations to create a context for global perspective of which they will be key beneficiaries. They will benefit more than any by the Global Economy being stronger. Haidi what does australia do in all of this . There are lots of concerns that at some point, and it is already happening depending on who you speak to, being forced to to choose between our strongest and most powerful traditional ally and our greatest trading partner. How do you deal with that pressure . Not sitting back and letting Collateral Damage happen . I reject the pressure. I reject the requirement to participate in this in a binary way. I think it is a false framework and it is not helpful. It is driven by a demand to see every issue in terms of conflict rather than resolution, and i think austria and my government is going to be very positive in rejecting that dynamic because i dont think it is helpful. I dont think it is a helpful analytical framework. Juliette still to come in this special edition of bloomberg best, what some of the biggest names in finance and investing were saying about asia in 2019. There are going to be many opportunities in china to buy good stocks. Juliette this is bloomberg. Juliette this is bloomberg best. I am juliette saly. Were looking back at 2019 in business, finance and politics in asia, through the years best interviews. Leaders in finance from around the world had plenty to say about asian economy and markets this year. Lets start with jamie dimon, who spoke exclusively with Stephen Engle in may at the j. P. Morgan global china summit. He explained why investors were hanging on every twist and turn in trade negotiations. We are not just afraid of the direct effect, the reversal of global trade. It can slow down Global Growth, a lot of economies around the and her a lot of economies around the world. It could. I mean, the imf is already projecting Global Growth to be at the rate of the Global Financial crisis and that is with a china deal. Do you think it would be worse than that . I think the World Economy is actually doing ok. China is growing at 6. 5 . That is 1 trillion of growth. America is growing almost 3 . That is half 1 trillion of growth. Yes, growth has slowed down, but it is still active. One fly in the ointment would be this, if this goes south, i think that could change Global Growth. Do you feel that the hawks are getting a louder voice in the white house, and also here, too, pushback from the comments coming from donald trump. In that sense, do you hang tough or do you haggle for a less than ideal deal . I think both sides should do what is in their own best interest. And you know, so hang tough. I think there are serious issues. I think they need to be seriously resolved. I think they have made a lot of progress in doing that. I think it is good for both the chinese and the americans. Neither side has to do something, i think it is a terrible error to say, well, it is because we are doing better in the economy. Just get the proper trade deal done. I think we should do the proper trade deal. I would rather not do a deal than do a bad deal. I think it is a bad idea for america and for china. And remember, japan and europe also have a vested interest in this. We are not really coordinating with them, but they would certainly like to see a proper trade deal done between china and america, then they can support it. You think they can overcome their big differences . That is getting a verifiable timetable for implementation of their pledges, as well as reversing of the forced to Technology Transfers and some of the other big issues on intellectual property . I do think theres anything that cant be resolved. China has already opened up a lot of its industries. I think they had 100 protected industries and we have like 25. They have been doing that anyway. They need reform for bond markets and agrimarkets, for transparency, rule of law. They need that too, so i dont expect that chinese to do something that is not in their selfinterest. Americans should not go out of proportion. While you dont want really unfair competition, lets not blow it completely out of proportion. A country like china is allowed to have industrial policy. I wish america had better industrial policy. So lets let them work it out. To have a major trade war would be very bad for both countries. Everybody understands that. I think, i certainly hope that they do. Certainly, the u. S. Ceos i have talked to understand it. Chinese ceos i have talked to understand. What weve got is, there is a resetting of this relationship, which makes sense. After 30 years of incredible growth in china, there needs to be resetting. There are certain things on the trade side that need to be addressed. Do i think this will devolve into, as a betting man, into a full trade war . I do not. There is too much self interest in keeping this thing on the rails. Some people have said to me if it does not happen by g20, which is late june i am not sure about the exact timing of when we need some form of resolution, but clearly, the negotiators need to come to the table and figure this out. Not everything, that will take decades to get done, but we need to get the train back on the tracks. What are the Global Economic implications if we get a fullblown trade war . As in, trump pulls the trigger on additional tariffs on 300 million worth of chinese goods . I cant predict exactly what will happen if that 250 billion tariff number kicks in, but the bottom line is the two largest economies in the world dont serve themselves well by engaging in a fullblown trade war. The u. S. Runs a surplus in services, china runs a surplus in goods. There needs to be more adjustment, more transparency, particularly about technology transfer, and we need to get this thing back on the tracks. Globally with the fed leading, all the Central Banks around the world are moving towards lower and lower rates. And i dont think china can escape that phenomenon. And as you know, they have already given up on the currency. They have decided to break that magic level, and now we are at a situation where the sky is the limit, really. So i think we are going to see lower rates in china and elsewhere. It is liberalizing its Financial System further. This is a step in the right direction. Yes, it is a step in the right direction, but, believe me, it is going to take a long time before china gives up control of its Interest Rates and its Exchange Rate. So i dont think we can expect a truly liberalized market for a long time to come. Mark, looking at chinese stocks, they have done better than the s p all year long. Given that the given high waiting in the msci, well, do you think the risk of a slowdown in the economy would play a big role in how investors look at china . I think there are two aspects here. One is the index, which chinas index weighting is going up. Stepbystep, the msci and other index providers are increasing the weighting of chinese stocks, which means it is of dollars of billions of dollars of etf and index funds have to go into china. There are no two ways about it. The other side is, dont forget, china is still growing at 5 , 6 , 7 , whatever number. This is tremendous growth. So there are going to be many opportunities in china to buy good stocks that are yielding high dividends and growing at a good pace. To what extent do the events and hong kong feed into how you look at the china story . Are you focused on those protests in hong kong . Is there a potential opportunity given the valuations are looking attractive to some in that market, or is there a potential that this is a Systemic Risk . You know, i think that is mainly an internal issue within china. What i focus on, the larger narrative, which has been happening for well over a decade, is opening up agenda of the china renminbi and local Capital Markets to the rest of the world. And i think if you want to call that making hong kong less important as an entryway in and out of china. Our offices are in shanghai, and we do that because i think, going forward, shenzhen, shanghai, and beijing to a lesser extent, are really important cities in their own right for the Capital Markets in china. Are you still seeing demand in terms of inflows into your china etfs from, for example, u. S. Investors . Ok. Let me say it, no. Let me be very clear, the headlines, the trade war, everything going on has basically put americans on their heels as far as investing in china. There are certainly investments that have been allocated for a while, but there was a lot of wait and see. But given that u. S. Equity market performance, why bother with that risk . So i o think in , it is a very interesting opportunity like i was saying before, but absolutely, sentiment is horrible and interest is low. Juliette welcome back to this special edition of bloomberg best, summing up the year in conversation with a focus on asia. Lets wrap up the program with a look at the protests in hong kong. Their political roots are deep and complex. The Financial Impact is already hit tourism, retail spending, and gdp, but what about their longterm economic effects . Yvonne man spoke exclusively with howard lee, deputy chief executive of the hong kong Monetary Authority about investor activity in these uncertain times. What they are doing is they are looking at the fundamentals of hong kong, including what we can have under the one countrytwo system, our independent judiciary, our commonlaw system. Have you seen a visible outflow of capital, and do you see pickups if these protests drag on further . So far, outflows in the past few months, hong kong has probably the most transparent system in the world, because we offer the currency system. If we have any outflows of the hong kong dollar, we announce it almost on a realtime basis. And you can see it on your bloomberg terminal. So we have not seen any outflows from the hong kong dollar since april this year. So the turnover unrest, there is no outflow on the hong kong dollar in the past few months. If you also look at other metrics, say for example the hong kong dollar deposit, it is actually pretty stable in the past few months. Would a weaker Economy Force you to tweak your peg, and how are you viewing this situation right now . Absolutely not. If you remember the pact, it was introduced 36 years ago. In these 36 year period, we went through a lot of different cycles. The pact has proven that it will survive. The benefit is clearly visible, and there is confidence in the Exchange Rate. It is very strong among hong kong residents and also international investors. We see no need to do changes. Juliette for another view of Hong Kong Financial future, i spoke excessively with ocbc bank ceo, samuel tsien. He told me that he has seen little evidence that capital is Living Hong Kong for other hand like here in singapore. Actually, the amount of capital and wealth flow into singapore from hong kong is not noticeably at. Noticeable yet. There are inquiries. I think there are interests, but we do not see any significant noticeable flow from ho into singapore at this stage. Juliette so you would not be looking at changing your Business Strategy in hong kong . No. We still think that hong kong is an event, and that event, it does come and it will go out a certain point in time. But i think after the event, all parties, all stakeholders will probably engage each other more, and then rebuild hong kong. That will take maybe a couple of years, one to two years time to rebuild hong kong, but our deleted outlook for Hong Kong Immediate term outlook for hong kong and the region continues to be positive. Juliette that wraps up our special edition of bloomberg best. We hope you have enjoyed these conversations from bloomberg televisions coverage of business, finance and politics in asia during 2019. We look forward to bringing you more news, analysis and interviews in the year ahead. Thanks for watching. I am juliette saly. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your local xfinity store today. Taylor im taylor riggs in for emily chang and this is the best of bloomberg technology. Where we bring you all of our top interviews from this week in tech. Coming up, teslas turnaround. At least one analyst says it looks incredible. We hear about a guest who raised his price target to 370. Plus, 2020 picks. Covering all of tech in the new years with one of wall streets most watched analysts