Good morning. This hearing will now come to order. I am pleased to welcome our distinguished panels of Witnesses Today on the economic subcommittee focusing on a very important topic and i think theres a lot of bipartisan interest in and that is the economic geostrategic challenge with the rise of china poses for the United States not just today but in the future. The calmness party led peoples republic of china through unfair treatment practices and intellectual property theft market manipulation and very prominently in my view not reciprocal treatment not just in the economic realm but in many realms has been a force in the Global Economy that undercuts the resiliency of the u. S. Economy. Its been one of the worlds fastestgrowing economies averaging close to 10 growth from 1979 to 2015. In 2014 china overtook the United States as the Worlds Largest country in reducing power according to the International Monetary fund. I believe there is a strong bipartisan interest and hopefully we
The former California Attorney general because the first africanamerican woman and first south Asian American woman on the ticket. Big revamp. They will exit all noneuropean Corporate Banking activity, and they forecast longlost loanloss provisions at 3 billion euros for the year. We will speak with the cfo of abn amro. Let me get to some of the breaking news we are getting here from the u. K. We have u. K. Gdp numbers coming through. We are looking for the month of june and for the quarterly figure. We have seen a rebound in the month of june at a. 7 . That was 8. 7 . That was ahead of the estimates. Thats the rebound for june. A rebound was expected. Quarter coming in at 20. 4 . That was with an estimate of around 21 . If you look at the year on your number, its similar. Its the extent of the losses that we saw in terms of Economic Activity in the Second Quarter. We look at things for a year on your number. Officially what we already knew because of the u. K. In the session. Saw the
Preclear a virus levels. The man tasked with ending the fighting in yemen tells the Un Security Council is a real risk of a prolonged escalation in violence. Targeting a replica of a u. S. Aircraft carrier iran simulates war games as tensions rise with washington. And im a wellings of the sports news as for more coaching of of these cases place the Major League Baseball season in doubt and 500000. Joins an elite club as hes team in the test series against the west indies. It is the trial thats put one nations resolve to stamp out corruption to the ultimate test now a court in malaysia has convicted former Prime Minister on a string of charges and says. Consent to 12 years in prison but he wont go straight to jail and says that he will appeal the trial was one of 5 that budget was facing linked to a scandal surrounding a States Investment fund aljazeera for a slow he reports from kuala lumpur. Was guilty on all 7 counts and sentenced to prison for a maximum of 12 years and a fine of 500
Good morning. This hearing will now come to order. I am pleased to welcome our distinguished panels of Witnesses Today on the economic subcommittee focusing on a very important topic and i think theres a lot of bipartisan interest in and that is the economic geostrategic challenge with the rise of china poses for the United States not just today but in the future. The calmness party led peoples republic of china through unfair treatment practices and intellectual property theft market manipulation and very prominently in my view not reciprocal treatment not just in the economic realm but in many realms has been a force in the Global Economy that undercuts the resiliency of the u. S. Economy. Its been one of the worlds fastestgrowing economies averaging close to 10 growth from 1979 to 2015. In 2014 china overtook the United States as the Worlds Largest country in reducing power according to the International Monetary fund. I believe there is a strong bipartisan interest and hopefully we
I have a brief Opening Statement here before i take your questions. Yesterday, secretary of the treasury, donald regan, sent to the congress a request to raise the debt ceiling to 985 billion. This represents a dramatic jump of 50 billion over the previous debt ceiling. The administration took this action with great regret because it is clear that the massive deficits our government runs is one of the root causes of our profound economic problems. And it, for too many years, this process has come too easily for us. We have lived beyond our means and then financed our extravagance on the backs of the American People. The clear message i received in the Election Campaign is that we must gain control of this inflationary monster. Let me briefly review for the American People what we have already done. Within moments of taking the oath of office, i placed a freeze on the hiring of civilian employees in the federal government. Two days later, i issued an order to cut down on government trav