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Apr 9, 2024
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it will go abroad, according to janet yellen. so she made that warning about flooding the market with cheaper subsidized goods under xi jinping's industrial mandate. but again, what is beijing going to do when consumer confidence and consumer spending and the domestic economy is sputtering? again, there will be a lot of debate on this going forward as it is an election year here in the u.s. and donald trump threatening further tariffs on chinese goods if he were to come back to the white house. you asked about the chinese response. in a commentary friday, they blasted yellen's xenophobic narrative of china's excess capacity. they said it smacks of creating a pretext of rolling out more protectionist policies to shield u.s. companies. he also heard from the vice finance minister who pushed back saying the current production capacity is far from meeting market demand. he was talking about green tech energy products like batteries and ev's, which i believe peter elstrom is here to talk about after me. paul: he is and we will get to
it will go abroad, according to janet yellen. so she made that warning about flooding the market with cheaper subsidized goods under xi jinping's industrial mandate. but again, what is beijing going to do when consumer confidence and consumer spending and the domestic economy is sputtering? again, there will be a lot of debate on this going forward as it is an election year here in the u.s. and donald trump threatening further tariffs on chinese goods if he were to come back to the white house....
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Apr 8, 2024
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paul: bloomberg's chris with janet yellen in china. chinese developers says china construction is winding up a petition in hong kong. petition involves a financial obligation of more than 200 dollars. loretta chen joins us from hong kong. we are learning more about the company saying it will oppose it, so where do we had from here? loretta: good morning. they used to be a major developer in china, their facing trouble including a petition from china construction bank. we are seeing these petitions piling up in the past year for developers. the most high-profile case we've seen is china evergrande which was liquidated. creditors are emboldened by the move of the hong kong court to liquidate and the risk of these companies getting a liquidation order is higher than ever. so what they were noting was that developers that have the most assets, sure mall has a lot of projects. hong kong and overseas. that makes it an easy target for creditors because they can -- the banks secure lending so they claim assets. on the other hand, two weeks ago
paul: bloomberg's chris with janet yellen in china. chinese developers says china construction is winding up a petition in hong kong. petition involves a financial obligation of more than 200 dollars. loretta chen joins us from hong kong. we are learning more about the company saying it will oppose it, so where do we had from here? loretta: good morning. they used to be a major developer in china, their facing trouble including a petition from china construction bank. we are seeing these...
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Apr 4, 2024
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treasure secretary janet yellen is visiting china for the first time in nine months. during a stop in alaska she emphasized the need for continued cooperation. >> it's important to both of us that we don't want to decouple or economies. we want to continue. we think we can both benefit from trade and investment but that it needs to be a level playing field. paul: for more, let's bring in our asia got and -- government and economy correspondent rebecca. we don't have many details on the agenda for yellen but what are some of the issues she's expected to raise? >> i think overcapacity is expected to one of the big ticket if not the big ticket item. kicking off that visit visiting the southern chinese province and it's that province which is such an important hub when it comes to many of these new energy industries that are in question. the u.s. is concerned that china is relying on exports of these sectors to try and boost its economy as an alternative source of growth and that these sectors and industries have been heavily supported by state subsidies and also of this
treasure secretary janet yellen is visiting china for the first time in nine months. during a stop in alaska she emphasized the need for continued cooperation. >> it's important to both of us that we don't want to decouple or economies. we want to continue. we think we can both benefit from trade and investment but that it needs to be a level playing field. paul: for more, let's bring in our asia got and -- government and economy correspondent rebecca. we don't have many details on the...
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Apr 5, 2024
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yellen spoke about it in georgia last week. it was a statement that preceded the trip. she spoke about it to reporters during the trip. senior treasury officials speaking with reporters. it is clearly the number one issue that the treasury wishes to address with senior chinese officials when she is here in guangzhou and beijing. it is absolutely her top priority. paul: what is a successful visit going to look like? christopher: that will be very difficult to judge, to be honest. they have made it clear they don't expect any deliverables. you will not see any memorandum of understanding. i think the goal is for incremental progress in convincing the chinese government from the treasury side that the overcapacity that they view as fueled by excessive state subsidies is not good for global markets. they are going to get blowback not only from the u.s. but several other countries. and they are getting blowback from other countries already. but it also won't be positive for the chinese economy that is by its own standards struggling at the moment. i don't think we are going
yellen spoke about it in georgia last week. it was a statement that preceded the trip. she spoke about it to reporters during the trip. senior treasury officials speaking with reporters. it is clearly the number one issue that the treasury wishes to address with senior chinese officials when she is here in guangzhou and beijing. it is absolutely her top priority. paul: what is a successful visit going to look like? christopher: that will be very difficult to judge, to be honest. they have made...
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Apr 3, 2024
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paul: so we've got janet yellen heading back to china this week. is that going to move the needle on any of the issues? jill: we will see. what janet yellen is really concerned about is industrial overcapacity in china. this idea that by providing subsidies to its companies, the chinese government is contributing to an unfair economic advantage that a lot of chinese companies have the world over. janet yellen has made appearances at companies in the u.s.. a solar panel company in georgia. they had to shut down because of imports from china being so cheap. i bet that's going to be her major point of contention as she heads to china this week. i think that would be interesting. she's obviously made a previous visit to china. i'm not sure how much that will move the needle on those discussions. the fact that it is ramping up as another point of contention that the u.s. has on china. haidi: our news desk editor there. some of the other stories we are tracking when it comes to these major economies. china has dethroned the u.s. to become the top alignme
paul: so we've got janet yellen heading back to china this week. is that going to move the needle on any of the issues? jill: we will see. what janet yellen is really concerned about is industrial overcapacity in china. this idea that by providing subsidies to its companies, the chinese government is contributing to an unfair economic advantage that a lot of chinese companies have the world over. janet yellen has made appearances at companies in the u.s.. a solar panel company in georgia. they...
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Apr 18, 2024
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they appear to have come away with it with a kind of implicit green light from janet yellen to be able to intervene in the currency market if they feel the need. the commentary that came out of japan and south korea, this is a serious concern. make no mistake. syria's he said really carefully. it gives you a sense that both authorities and south korea and japan are really vexed by this and ready to move and don't feel that there will be anything to hold them back now. it's no surprise for me that you see some gains for the juan at the start of the trading session. we have more of the strength and recovery in the yen as well overnight. annabelle: beyond the fed and what we see in currency markets, another big focus for investors is what we are getting out of earnings. not a grout -- great outlook coming through from the company. do you see that casting a shadow today? paul: it will be important for the asian chipmakers. they will be paying a lot of attention to that. we saw weakness in the magnificent seven u.s. stocks overnight. nvidia particularly. there will be a little bit of weight
they appear to have come away with it with a kind of implicit green light from janet yellen to be able to intervene in the currency market if they feel the need. the commentary that came out of japan and south korea, this is a serious concern. make no mistake. syria's he said really carefully. it gives you a sense that both authorities and south korea and japan are really vexed by this and ready to move and don't feel that there will be anything to hold them back now. it's no surprise for me...
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Apr 15, 2024
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also be delivered by janet yellen on a recent trip. how effective do you think this messaging will be? >> we believe it is getting urgent. there are some very serious imbalances in the relationship. we have impressed upon the chinese leadership is something must change. it is a bit lazy and. >> what are you hearing on the ground from your membership? is it concerns? using worries about the deterioration of this relationship? >> the major concern is the state of the domestic economy. there is a low level of consumption growth. if you are not selling at home, you need to go abroad. we just collected data from her 1800 members. 36% are indicating the nursing overcapacity. 50% of our numbers are seeing decreasing markets. there is enough quicksand curious given the businesses that you speak to, what is the level of commitment to putting new capital to work inside china in terms of expanding operations on the ground? given these geopolitical and high tension situations? >> they are not running for the years but it depends very much on what
also be delivered by janet yellen on a recent trip. how effective do you think this messaging will be? >> we believe it is getting urgent. there are some very serious imbalances in the relationship. we have impressed upon the chinese leadership is something must change. it is a bit lazy and. >> what are you hearing on the ground from your membership? is it concerns? using worries about the deterioration of this relationship? >> the major concern is the state of the domestic...
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Apr 22, 2024
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. >> starting where we started with janet yellen meeting with her counterparts from south korea japan do you think because the u.s. need south korea and japan and the philippines as partners against china you almost have a little leeway if you wanted to intervene? >> not so much and so far as i guessed china but really it is more about economic operation between the philippines, u.s., and japan and korea. not so much about propping up the currency but even if we hold off on reducing interest rates we expect the philippine economy to stay below 67% this year. >> what is the growth outlook for the philippines if we continuously see a stronger dollar and potentially the fed hold rates into next year, which is what one fed governor said yesterday? >> our revenue increases with higher foreign-exchange u.s. dollar, we have [indiscernible] a strong bpo indices. paul: that is the finance secretary of the philippines's beginning with bloomberg exclusively. here are some stocks to watch. ai related stocks. nvidia tumbled by the most in four years friday and that led to a broad selloff in u.s. t
. >> starting where we started with janet yellen meeting with her counterparts from south korea japan do you think because the u.s. need south korea and japan and the philippines as partners against china you almost have a little leeway if you wanted to intervene? >> not so much and so far as i guessed china but really it is more about economic operation between the philippines, u.s., and japan and korea. not so much about propping up the currency but even if we hold off on reducing...
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Apr 29, 2024
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janet yellen, antony blinken. the level of engagement being more frequent is welcome to. it did you see the fundamental relationship improving? >> i do not. it is good to have communication and interactions between senior officials and residents, but i think the journey is out as to whether there could be real cooperation where there are some differences between the united states and china at can actually be addressed. secretary of state blinken talked about the fentanyl prices in the united states, and president xi jinping told blinken that china would take actions. i think we have seen some small elections, but they have not really done enough, and there was a major report that came out of the select committee on the chinese communist party just a few weeks ago listing all of the things that china is doing in the area of fentanyl, so that is one example. there is a lot of friction between the united states and china over a growing number of issues, and yet both countries want to try to maintain a fragile stability and see if they can through dialogue manage the risks an
janet yellen, antony blinken. the level of engagement being more frequent is welcome to. it did you see the fundamental relationship improving? >> i do not. it is good to have communication and interactions between senior officials and residents, but i think the journey is out as to whether there could be real cooperation where there are some differences between the united states and china at can actually be addressed. secretary of state blinken talked about the fentanyl prices in the...
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Apr 30, 2024
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on the one hand you have the ongoing high-level engagement, yellen, blinken. but at the same time these evergreen areas of tension continue to lay out. rebecca: yes. the tesla, tiktok story is an excellent encapsulation of that. it is a tale of two tech companies when we see tiktok facing this ban bill. it took quite some time to finally get to a framework where u.s. lawmakers felt comfortable actually moving on that legislation. this is effectively years in the works. versus firms like tesla, with that baidu partnership now announced. and what essentially we are seeing is that as we see increasing obstacles and challenges, it bit more trade friction when it comes to physical trades and access to strategic technologies. but the data is equally moving along these lines of the fragmented world and becoming increasingly disparate and separate. with the u.s. of course taking on some of those qualities of restricting internet access, which china has long been criticized for. paul: as haidi mentioned we have chinese president xi jinping paying on his way to europe.
on the one hand you have the ongoing high-level engagement, yellen, blinken. but at the same time these evergreen areas of tension continue to lay out. rebecca: yes. the tesla, tiktok story is an excellent encapsulation of that. it is a tale of two tech companies when we see tiktok facing this ban bill. it took quite some time to finally get to a framework where u.s. lawmakers felt comfortable actually moving on that legislation. this is effectively years in the works. versus firms like tesla,...
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Apr 24, 2024
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the chinese ministry calling the criticism from secretary yellen economic coercion. there is going to be a lot of these to work out and going to be some tough conversations i expect. >> we also got this report from the wall street journal that washington is preparing reports that would sever china from the world financial system. i imagine that would make for an interesting conversation if it is correct rate john: this is an ongoing issue. there is a lot of concern in washington and the west, especially europe, about china's support for russia's war in ukraine. china's banks, the use of the yuan and rmb within russia as a payment system for imports. these are all things the u.s. and europe are taking objection to because they believe it has helped russia continue to make the advances we have seen on the battlefield and continue to prosecute the war in a way that's causing concern. that's going to be i would think a threat that's on the table, something the united states is going to be considering as a way to try to get china not to do these sorts of things, to cut of
the chinese ministry calling the criticism from secretary yellen economic coercion. there is going to be a lot of these to work out and going to be some tough conversations i expect. >> we also got this report from the wall street journal that washington is preparing reports that would sever china from the world financial system. i imagine that would make for an interesting conversation if it is correct rate john: this is an ongoing issue. there is a lot of concern in washington and the...
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Apr 17, 2024
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when yellen came to china earlier this month, she warned that if chinese banks are soon to be helping russia's war machine, they could face sanctions. that is certainly something beijing will be careful to avoid. haidi: jenni marsh there. china's position in the south pacific could hinge on elections today. polls opened and results are being closely monitored. our government reporter ben westcott joins us now for more. what are we expecting and why are there so many international eyes on this election? benn: polls opened this morning but we are not expecting a result today. votes have to be counted from across all the different islands, more than 90. lawmakers need to meet in the capital where they will hammer out who exactly will be the prime minister. the current prime minister has moved his country a lot closer to the chinese government. it was under him that the solomon islands switched ignition from taiwan to china, diplomatic recognition. then in 2022 he famously announced that the solomon islands signed a security pact with china, which threw up alarm bells and lead to a massiv
when yellen came to china earlier this month, she warned that if chinese banks are soon to be helping russia's war machine, they could face sanctions. that is certainly something beijing will be careful to avoid. haidi: jenni marsh there. china's position in the south pacific could hinge on elections today. polls opened and results are being closely monitored. our government reporter ben westcott joins us now for more. what are we expecting and why are there so many international eyes on this...
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Apr 16, 2024
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factory from germany, for instance, german chancellor olaf scholz in beijing this week, but also janet yellen recently visiting the country. hui shan: right. this is getting a ton of questions, one of the topics with the most discussions. a couple things you mentioned, one is we have to recognize why china is betting on the manufacturing and expection -- expansion. you have the confidence lacking. you need to reach certain levels of the targets. you want to consolidate activity in that regard. from a geopolitical point of view, the more inner tried -- intertwined you are with the rest of the world, the harder it is for other countries to decouple. from an economic point of view, it makes sense for china to do so. near-term, our view is that it will be hard to stop or slow china exports, because, you know, chinese goods are so competitive in many categories, not just ev. but over the medium, long-term, we do think more in balance, china's is deficit. at some point, the pushback and trade leaders we see are risky are rising, as you said, not only from the e.m. markets, tariffs on china steel ar
factory from germany, for instance, german chancellor olaf scholz in beijing this week, but also janet yellen recently visiting the country. hui shan: right. this is getting a ton of questions, one of the topics with the most discussions. a couple things you mentioned, one is we have to recognize why china is betting on the manufacturing and expection -- expansion. you have the confidence lacking. you need to reach certain levels of the targets. you want to consolidate activity in that regard....