Im chain lee director and the senior fellow of the john l. China center at brookings. Its my pleasure to welcome you to this important event on chinas longterm Economic Outlook and its global implications. This event is unusual in present day washington for at least three reasons. First, as it has been widely perceived, people here have been preoccupied with Current Issues and the immediate challenges. As the year 2020 has barely begun, there are already several pressing geopolitical dilemmas on which our policymakers must focus. As we cross into the new decade, it will be important to look ahead toward chinas economic progress and the challenges it will present, both for china and for the world. Chinas Rapid Economic Development has arguably been and will continue to be the most consequential global story of the 21st century, and its ramifications ramifications surely go far beyond the economic domain. It is important to note that traditionally and perhaps even today, china tends to t
Production capacity of chinas immense. The logistics capability of chinas superb and its hard to replicate that anywhere in the world. Nejra and her lagarde enter lagarde. The german deputy finance minister tells us there should be progress on a Banking Union by december. Think its a question whether we will have something definitively agreed in the next two or three weeks. I think the key thing is that there will be progress soon. We aim to see first results in december. Nejra new pickup line. Entice newooks to buyers as he unveils a cyber truck in los angeles. We are live from the event. Manus a warm welcome to beijing. We are wrapping up a couple of days of great conversation. For me, the defining moment was Henry Kissinger when he sat on that stage yesterday and said we are on the foothills of a new cold war. If things are left unchecked, this could be as bad as world war i. The phrase that really caught my mind was, this is a minor crisis but needs to be mastered. Those are the wo
Canes ruled the mornings around here, i remember each time i cohosted he would introduce me as reverend Jim Bob Cramer from the church of what is happening now. It was fun back then seemed like everyone was running their own personal hedge fund. There was an understanding a stock could be here today and gone tomorrow and everyone was fine with it those days, those days are long over if you recommend a stock for trade if you say buy it today for the Analyst Meeting and sell it tomorrow, there were always be Youtube Video kicking around that shows you like the stock but never gave the sell call so weve gone well beyond that. Tonight were taking it to the next level where i introduce you to the concept of suitability. Basically, what stocks fit you and what investments are right for you and your age and temperament. I heard of the concept of suitability when i was at training for Goldman Sachs that helped small constitutions and individuals. I built individual stocks for myself and others
For our audience worldwide, this is bloomberg surveillance on tv and radio. Your equity market on the s p 500 slightly positive. 3 . Cpi thursday, ppi friday. Tom inflation is the key dynamic. It was an odd weekend. It is in the zeitgeist, bloomberg reports bond prices up in china and yields down. In the inflation reports, is this tinge of deflation to come in asset prices worldwide . The theme of the weekend was deflation, beginning of deflationary worries into that key inflation report. Jonathan quite a ride in the bond market last week. Taking back a move from friday session. Lots of fed speak out there in the mix. Over the weekend, maybe another Interest Rate hike in the Federal Reserve. Tom it is going to go by the data. Job support, what do you think . Cut that way, cut that way job report . Jonathan still wages are hot. I think the narrative sticks, Jeff Rosenberg at blackrock talked about it that ultimately where payrolls growth goes, we will eventually follow. The fed says, we
Us treasury secretary janet yellen called the downgrade arbitrary and said Economic Conditions had improved under the biden administration. The news of the downgrade came after the close of trade on wall street but in asia investors have been pulling out of equities in reaction. Lets look at markets now in asia. Japan is currently down by over 2 . Hong kong not that far behind. This was off the back of yesterday, and most of this week we have seen the sharemarket, certainly wall street and asia having a strong session but this is certainly spooked sentiment. Lets discuss this with tom stevenson, whos an Investment Director at fidelity. Good morning. Janet woody allen saying this is arbitrary. I have her statement janet yellen and she said she strongly disagrees and says it is based on outdated data. That is based on outdated data. That is riuht. Is based on outdated data. That is right it is based on outdated data. That is right. It seems is based on outdated data. That is right. It s