to guarantee people's , toy political life guarantee their right of participation. people's political conservative consultation is the basis of people's purchase a andent a national issues strengthens people's ,onsolidated party function

strength and 13 bill that members, to manage the nation , form a leading of central committee about the legal management of the based on scientific and system, promote , givenment based on law

legal system information, make just inan realize the supremevel status of law and the constitution. each different level must follow legal and democratic ideas. >> that was xi jinping continuing his remarks at the 19th communist party congress meeting, and essentially talking partyleadership, how leadership has become more perfect, in his word. we are hearing more

anticorruption drive continuing, that it has gained the kind of momentum that xi jinping has sought with those reforms. we have our correspondent tom mackenzie. he has been wallowing events from tiananmen square. as those remarks continue, we heard about the fx reform. we heard about the promise to lower entry barriers for foreign businesses, and now we are starting to hear the leadership , of course, a lot of speculation that when it comes to leadership, there is only one man in charge for a, and it will be xi jinping. >> absolutely, and that really is front and center of all of this, his role, his increased power base over the party, his role afterwards when things wrap up on tuesday. we will see then just how much

further he has entrenched his power in the party. it is not clear yet that we have a nominee for a successor to 2022,ver post 20/-- post and there is speculation he may try to hang on past that or in a different role, but we had a few nuggets that were noteworthy. on reforms of the yuan and the interest rate regime. we heard from the governor a few days ago leading up to this congress that he was reemphasizing the need for a greater role in the market of the yuan, and it has been a lot of conversation around liberalization and if the market is going to have a greater role over the exchange rate on the back of his party congress, so

interesting to hear from the president on that. also, as you say, interesting to hear him say they were pushed to lower barriers for foreign businesses. this has been a long time for european businesses and u.s. businesses, remaining very sealed off to investments, like pharmaceuticals, logistics, like banking sector. interesting he highlighted that as well. thisere always exists unspoken tension that takes place in china between the private sector and state owned enterprises, and that takes me to a phrase that we keep hearing him mentioning on and on and on ,ince he started that speech which essentially means opening up and reforming the economy. he's talking about the fact that we also need to strengthen the state sector in china. does that in any way in your view indicate that he might the taking a step back from reforms?

>> it certainly does not deviate from what we have heard from many in terms of outlining the reform process should be viewed through the prism of what the communist party sees as the priority for the party and for the chinese nation. not take the same shape or flavor as many in the west would expect. the fact that he said we need to see a strengthening of the state sector, not a breaking up of the state sector, not an abolishing of some parts of it, not freeing so thatof these sectors enterprises can play a greater role, but building stronger state owned enterprises, and that ties in and continues with what we've seen the last few years in terms of him trying to of some of these

state enterprises and trying to pressure private companies to in the state sector. alibaba is one example in that. >> absolutely. tom, great work. at this point in time, i want to bring in the head of economic strategy at national australia bank. it is more a political event than economic one, but in a broad sense, we are looking at china over the next five or 10 years. we seem to forget that they are internationalize the currency from trade to investment. where are they in that process? the likes ofgiven s&p having downgraded china's

sovereign rating, we're moving backwards rather than forwards in that sense, so a real test will be the willingness of foreign investors to want to own china's government bonds in particular, as part of the move toward the internationalization ultimately and .ssuming proper status with the imf did earlier this year is fairly meaningless, reservey in terms of managers and how they want to distribute their portfolio. part of the perceptions of the credit worthiness of financial assets in china ties very much into the degree of corporate leverage and the extent to which that is effectively underwritten by the central government. if that commitment to deleveraging is something where

we really see more tangible actions and it does mean potentially less credit availability to state owned enterprises, that is meaningful because from the macro level, that will impede the process of maintaining a 7% growth rate, for example, indefinitely, and the other thing i think is this excess capacity. the more it happens, the more it creates demand for higher quality commodities. interplay between deleveraging and taking out those willcity, and be really important for how china interacts with the rest of the world from a financial asset point of view. >> that the thing is, what is more important to foreign investors when it comes to the yuan? the fact that xi jinping is saying they're going to direct

efforts in china or the u.s. saying china is not a currency manipulator? >> for all the issues of trade, and when you look at the size of the trade surplus, it's not just in china but the other four countries mentioned in the treasury or, so you have japan, south korea, germany, switzerland, south korea, that are, but you look at the size of the u.s. external deficits, basically, it is very easy to take some sympathy with the u.s. side, that this does not represent a level playing field. i think you would be hard-pressed to say that is the case. trade surpluses and deficits are kind of the byproduct of investment and savings and balances. that goes into what we call capital accounts. to some extent, of -- altering currency, if you devalue or revalue the chinese

currency 25 percent tomorrow, i guarantee that will not eliminate the trade deficit. it is not that irrelevant, frankly. >> there is so much to discuss. looking forward to having you again on the program. at the moment, we have to take you back to beijing where the chinese president is continuing his address there, outlining his vision for the country over the five maybe even longer. have a listen. >> people's education, .piritual, cultural creation and promote good cultural .ehavior

start from young generations. for people, moral level, to promote the , strengthening ideological and moral .onstruction when people have ideas, the nation has a future. >> and counting, going over ine, but we have heidi beijing. you've been following along. it's interesting in terms of their remarks that we didn't

into economics, politics, defense, and all the rest, but really at the heart of the matter, it comes to stability, doesn't it? >> yes, absolutely. the question we have been asking , you'll have as close to absolute power as you can have, but what is he going to do with that mandate? happened back in august 2015. the cloud of those experiences still looming large, which means he has to loom large -- the cloud of that still looming large, which means he has to tread carefully with this consolidation of power. there's a lot of rhetoric about lowering barriers to foreign

investment, easing foreign trade. could foreign investors be feeling reassured or optimistic? >> i would say not. the language i hear from the various chambers of commerce, britishu.s., australia, test they are looking on this with guarded and does he is in. of course, people still want to be in this market, and that is what china basically relies on. in the past, there has been a queue of firms wanting to come and get into this market, but the fundamental policy we see which has come up a couple of times today is rising of the international value chain of manufacturing and technology, so there is a cost for coming in. if you have technology, you will be under some pressure. it's modified, but you are

basically facing a much more technically competent environment here. we're seeing big pharma firms coming in here, and they basically cut out their own research. they used to do their own r&d here, and now they outsource it to chinese r&d. the policy coming out of the center is that they want quality , and this emphasis on quality accept youro longer second level technology. they want your top level technology. maybe they do not want the intellectual property, but they want that top level. they made it very hard to invest in hollywood or in golf courses

overseas. they want them to invest in approved projects. not market-based reform. this is telling companies specifically what they can and cannot invest in under the guise of deleveraging. >> it is. one of the important ones that hooks up to some other matters that among the approved or belt androjects is road projects. if you can show some road hook up in your business plan, you have a better chance of getting it through. that leads us to believe that will become the avenue for or maybelight non-desired outcomes will go through that channel rather than a general, but we sauce xi

refer to the project, and it was announced earlier this year as china's core foreign policy. that has very strong economic drivers. china had to try and somehow restore global demand. internally, we see openness. some people say china is reforming and closing up, but externally, they cannot do this. they have to plead with the world to stay open. investment in word has been given a lot of positive

green light signals. externally, you still want chinese capital to be out in the world. you still want the competition to drive your innovation, but you want this to be in quality areas and not football teams. david in hong kong. i want to pick up on one of the points you made. how open to business china is. there is a slight difference sometimes and what they actually do. compared to maybe two years back, would you say china is more open to business development or more closed? all right, ok, heidi?

>> i'm not sure if you heard him, but it was a question about it compared to then and now, we are looking at a more open environment or closed environment because there is a sense that with this party driving everything, the rhetoric we are hearing is potentially moving toward protectionism. >> there is that, but there's also this recent realization that foreign direct investment cannot be sacrificed, so the andome of those forces ising to join those dots that the cost of compliance of foreign companies is going to rise in this country. you can be here. you will be welcomed. there will be various open doors, but you will have to comply with constantly changing regulations and rules. you will either need to follow

this at a more minute way, granular regulation will be stepped up. >> one of the things you brought up which i thought was interesting was the idea of new china is standing tall. he also said by 2050, china will leading national power. these are emboldened words. >> yes, these were not made by his predecessors, to my knowledge. we will have to check in detail, but if you look at the claims xi jinping can make for first of all, renewing his legitimacy, renewing his authority is stepping up his authority, he has stronger claims on foreign policy than he has on the domestic front. they have all those things that we mentioned before -- the stock , the currencys

ups and downs, but in foreign policy, he has had a big streak of luck in the joint effect of brexit and trump. he was really saying that china step into the space left by brexit and trump on such things .s global trade on wto, china will provide the down. as america winds similarly with climate change on the paris accord, trump has signaled that america will back out of its commitments. it has not yet done so, and it may be very hard to do so, but china will stay the course, and for thea very big theme

administration. we can collect governing as a major power. major power has been a dream of chinese communist regimes since the 1950's, and it has really xi's term. the united states have started to talk the talk. when secretary of state theerson was here, he used expression new style major power relations. we are seeing this windfall success in foreign policy rhetoric. actually carrying it out is because theer backlash within china has also been noticeable. after davos, people were saying privately off record that was very expensive and wondering if they could actually step up to

the mark. that is still an open question, but part of the rhetoric of this meeting. >> have to leave it there, but really appreciate it. i want to throw it back to you guys, the soliloquy from xi continuing. >> yeah, it is a very interesting political soliloquy. saying, wheny was it came to mao zedong, it was standing up. those a document floating around in the 19th people's congress that talks about the evolution of standing up with mao zedong, getting rich under deng xiaoping and becoming strong under xi jinping when it comes to foreign

policy. it was really interesting to hear some of the remarks when it comes to the political angle from xi jinping. least is for china at still in its infancy, still developing. how is china going to evolve from socialism, evolving into red capitalism and then redefining itself as a world power? >> that is a good question, and i think you strike at the heart of this monologue. waskly, i have no idea socialism with chinese characteristics is actually supposed to mean on the ground. we all have with varying degrees 30, nearly 4025, years of experience of dealing with china, and china can be almost anything to anybody.

when you hear these phrases, i don't know if they understand what that means in practice in terms of how you implement anything. if you are a mayor of a small city, you are looking for investment, jobs, infrastructure. if you are selling stuff, you base, bigger consumer better internet distribution. this ideology is -- there's plenty of people trying to parse this language, but what it means in practice -- i have absolutely no idea, to be honest. >> we will probably be blocked in china with this next question i have for you. do we give up any hope that china will be fully democratic in the next 30 years? the reason i bring that up is because the economy has changed over the last 30 years. the government maybe not so much as the economy, but from here on, if china will become strong, if china will become rich, doesn't the government also need

to evolve? >> it does, but the communist party over the past 60 years has shown itself extremely adept at being able to change. the communist party should never have survived as long as it has given the missteps over the years, and yet, it has been extremely wily at being able to change direction, to meet the needs of people. in the bargain in the past power is theg absolute paramount importance of the party, and that is the focus of what these meetings are about . the new china you have today would not exist if it were not for the chinese communist party. what i would like to see is accountability and transparency

in china. i think that is the first key step before anyone tries to jump toward ballot boxes or anything like that. the difficulty of the moment is the party is simply outside the -- the law. it does not exist under the framework of the law. it is beholden to nobody except itself. >> the party is the law, isn't it? does not exist. in practice it maintains absolute right to interfere with any aspect of chinese life. but we're failing to see in china at many levels is accountability and transparency. >> one could argue that democratization is participation in the economy. how many people can deal good about their lives, their livelihood, and participate in the economy, and xi jinping is talking housing right now.

this is one of the most important pillars not only for chinese -- china's economy before the average chinese it is an. stability is important, too, isn't it? >> sure. nobody wants to live in an unstable society. we are in danger of always defaulting to the language, like your previous guest defaulted to language the chinese use themselves. why should china be naturally unstable? back on that. unstable is what the chinese as capitalism. the instability of the markets, the unpredictability of the market, and what they are anking about is maintaining even keel to, i guess, protect the chinese citizens from being

buffeted by these economic gale force winds that it is trying to avoid for its citizens. that's what i'm talking about, stability from the volatility of the capitalist market, but of course, it is integral to maintain political power -- that's what i'm talking about. >> yeah, but that makes no sense. bloomberg would read out of -- would be out of business if markets were stable. access tois to give have assets should be and should not be used. materially, they are better off than they ever have then -- have been, but having said that, you have had tremendous inequality. you have dreadful health care, pretty dreadful education, a

dreadfully abused environment. the question is could we have not achieved all of this with less of the cost? that has played out over the past 40 years of misallocation of resources, but if china had implement its own environmental regulations, it would not be as polluted as it is today. solution comes in a functioning bond market. we cannot expect a lot out of china at this point, it is still a developing economy, but where on simplynk we are looking at the banks for credit? pricing theine that risk properly and allocating resources are the way you would describe. >> they are still a early days, and i think that is very frustrating for everybody an extremely has advanced or certainly very large capital markets may work.

it is a much more complex and much bigger capital market than it was 10 or 20 years ago. it is through continual interference and all of those markets -- you know, china continues to miss price assets. you have much more preferential treatment. you have the government intervening in bond markets, and currency markets, in stock market, probably to an almost unprecedented extent at the moment. many domestic investors are basically being told to not trade today, we want a stable market. many institutions are being forced to sit on the sidelines. that seems ridiculous, frankly, given the size of the chinese economy. >> to you think that xi jinping basically saying that china is willing to lower entry barriers for foreign businesses -- is this to be believed? they are very welcoming of

foreign investment. that is never to be forgotten. they want money obviously flowing in. they certainly do not want money flowing out. have lower barriers to entry is one thing. the difficulty is once you are inside, how are you treated? there is a general theme playing out that is this idea of nationalism in some form. while, yes, you can bring your money and your high-tech, you will also the beholden ultimately to their politics, and they ultimately still hold all the cards and call all the rules. yes, they want the foreign investment, but they certainly do not see that as somehow independent from the party state. now even the party is talking about taking shareholder stakes in some of the largest companies like ncent.a and 10sent -- te

i don't think the private sector should be in opposition to the government, but she clearly be distinct from and stand on its own two feet. , you are seeing more interference and overlapping of those areas. >> i want to get your thoughts on more of that, if the state owns sector and private sector, strong as they are, can coexist. let's bring in tom mackenzie who has been following the events from tiananmen square. what is the latest here? >> a marathon speech that has gone on for longer than expected. we expected it to last about 90 minutes. it has gone on beyond that. a few delegates have started to come out, which seems to suggest he is getting close to the finish, but some of the highlights, really, as we said leading up to this, it has been

about recapping some of the achievements of the last five years and laying out something of a policy framework for the next five years and highlighting some of the areas of focus. a couple of areas that stood out, president xi talked about the need for foreign exchange and yuan reform. then, of course, we have the comments about lowering the barriers for foreign investment into china, and again, earlier this year, we did have reports that there were moves ahead, for example, to allow foreign investment ranks to have slightly bigger roles, maybe to own their assets here out right, their operations out right, whereas now they have to have joint ventures. also, of course, his comments about a greater role for state owned enterprises and a mixed

ownership infrastructure, again building on things we have already heard from the president, but it is interesting how much and to what degree he highlights them and the emphasis he is putting on these areas. >> to a half hours, he is still going strong. we have our entire team in beijing with all eyes focused on xi jinping. i wanted to ask about one of the remarks he made about china ensuring national security. when you are in beijing, we often talk about the economy, the outward miss -- outwardness of china, but when it comes to domestic national security, what is going on there? >> there is a lot that is going on in parts of china, regions. where china has great focus and great interest, on .rying to maintain stability

but those have been going on for some time, and there's now a very robust approach that has been taken. then in terms of the online restrictions, we have seen a greatp in terms of the around internet access and social media as well. it is becoming a more stifling environment. also, executives and academics, five years ago, 10 years ago would have been far more happy to talk to you about some of their concerns and now are closing the doors on that, so it is a more stifling environment in terms of what is able to be as there in china, even economy grows relatively strong. beyond china, they have concerns

about internet security, cyber warfare concerns. those are the concerns china will be focused on as well as the south china sea as well as north korea. we are already seeing in some cities, they have face scanning, face recognition. expect these things to be rolled out to a greater extent, it will become a more restricted environment. there will be more control one would expect. a light coming through here, xi jinping says china will be speeding up efforts against water pollution. here's a question -- might be fairly simplistic, but why does xi jinping need more power? there was not a threat to him anyway. it was not as if they had checks and balances. >> that is a good question, and again, because if there is one thing most analysts can agree on

, this consolidation of power under xi jinping, i would look at it that his goal, his dream of china standing up, being a world power, being the leading world power of china, basically, requires strong leadership, and he believes strong leadership comes from ultimately having one person at the top in charge. you have had for a number of years in china somewhat consensus government. had weak leaders and different factions and the communist party playing off against one another, working together, taking turns at some of the big jobs, and he is saying if we want to really gain our position or take a position as a leading power, we need that strong leadership.

this nationalistic spirit is very strong across many places, so i would say that is why he is wanting that power. how he is then going to use it is anybody's guess, but i think it is worrying. who is going to say no to him? how are you going to get good information flowing to the top if everybody knows you have to play along with him. and at the same time, he is not omnipotent. he could easily make missteps and make wrong choices, and no one is going to push back on that. it is the checks and balances that worry me. >> the checks and balances might be missing if he surpasses that age 68 restriction or rule, right? as you say, no accountability here. there is a separation between politics and the party and the law, but there is a sense of practice, of west practices, and

that being the retirement age at 68. if he stays past 2022, if he sos consolidate that power much and so focused, what could a china look like under his leadership by 2022, you think? and would it good for the world? >> no, i would certainly think it is not. generally, leaders for life as it were, those who stay on well norms, theyepted ultimately get stale. they run out of ideas. they can have difficulty solving domestic problems. they get expansionist and get involved and also it's a overseas conflict. i think it would send a very bad signal. of course, part of what we're this congress by the end of next week will have a clear understanding of the

lineup for the next iteration of leaders, or maybe we will not see a next generation coming through, in which case that does end a worrying sign that he is planning to stay, but even if he does not formally say, i find it incredible that he will not try to exert influence. he has been known as a one-man crusade to get this power and make china strong. it is unbelievable that end another five years when he is still fairly relatively young and strong, just goes into a peaceful retirement. and it seems crazy, i have so many good chinese ends. we all have good experiences dealing with china, but the chinese people are great people. the trouble is you have this very belligerent, authoritative build unableat has

to build any alliances and any allies across the globe, the seas everybody is threatening to them, and that clearly is not the case. people very much fear china rather than respect, and i think that is a worrying signal. even today under trump, people are still positive generally on the u.s. they may dislike trump and dislike his policies and think .e is a full -- a fool what worries me in china is none of that soft power seems to get projected and instead, you have this very hard, belligerent .ountry >> on a related note because you mentioned authoritarian. you and i had a fairly animated debate earlier on bloomberg when you said the reforms were too slow, i responded by saying for an economy the size, it probably needs a very strong authoritarian hand to guide

things slowly. where do we go from here? what is the prescription? if they do not do the right things, they might get stuck here for the next decade. where do you think xi jinping should take the economy? what is the prescription in your view? >> to be fair, he does have a horrible hand he has inherited. many of the reforms needed should have been done years ago. it would not have been destabilizing or had a negative impact and china would have benefited from it long-term. the problem he has inherited is many of the problems have built up over so many years, now to take difficult action is very, very tough, so you end up with fudging of a lot of issues, moving forward where you can.

i saw one of your headlines talking about ethics reform -- ethics -- fx reform. things, trying to do but assumes conditions get tough and difficult, it stands on the brake pedal to stop it, but sadly, i think that is the best it can do. reality of that, then, is i think china's expectations of being a world power and being as competitive, as competent, the greatness of it as it were 20 years or something needs to be scaled back somewhat. i don't see that china is going to get what it wants to go from starting from here because it has a lot of difficult things to do to reform the economy to get it more competitive. that's not to say that china is collapsing or has been a bubble. china is going to remain a very large economy that is very

important to the world, but i think we should all discard expectations of greatness that china will be leading the world in the absence of america. america is not going anywhere. trump will eventually go, and america is still going to be creative. it will still be welcoming. it will still be a major force in the world. >> marathon for xi jinping, two and a half hours, and marathon for everyone who has been watching, including yourself. what sticks out the most in your mind? >> his ability to speak for two and half hours. never goinghis was to be a talk for of surprises. it was always going to be broad ranging. he's going to talk about deepening reform, being creative, about being strong, against taiwan independence. this is an important speech for the party. this is part of the party ritual

, emphasizing the importance of the party and showing how strong think that isi sending a domestic signal that they are not going anywhere, and they are strong and resolute in their determination to continue ruling china. in essence, it is a warning or threat to any who think the party is on it's last legs. the party is very adept at remaining in power, and that brings a degree of stability, but stability is not always a good thing. >> the party goes on in more ways than one. at this point, want to bring in our asia economics correspondent. in the newsroom have been listening. what has stood out in your view? anything? >> nothing especially new on economic policy. reinforced done is and bring the hammer down on the type of economy your expect in china, which is that even though

ands speaking about reforms liberalizing the exchange rate and foreign investment, it will continue to be on china's terms. there has been a reinforcement message thattial it will be on his terms, the party terms in terms of how china's economy develops going forward. >> interesting that xi jinping is talking about china's national defense right now, talking about modernization of the pla into a first-class force by 2050. how does this relate to it vying to be a world-class economic power as well? does the military and economic first-class power go hand-in-hand? before you become a top power in economic terms, you have to be won militarily? >> it all gels together. your heard in his speech earlier

that china has grown and soft power. he specifically made the point that china has become a global leader on climate change, a direct bar at donald trump in the u.s. it is all part of china being more assertive in extending its influence abroad. absolutely, it is all part of this grand ambition for china to grow its economy. >> to that point, you look back in history, you look at the greeks, the romans, the ottomans , everywhere from the portuguese to the spanish to the british, the u.s. -- you certainly need the clout in case things do not go your way. >> you also need a currency to underpin it. that's one area where china is the -- is way off the mark where the u.s. continues to dominate. things have changed, the dollar has weakened, which was quite fortunate for china.

we will see where we are in april of next year. >> i ask this of the guest earlier, if being labeled a currency manipulator equaled ethics --ance as to reform. i think both are important. >> both are important. himselfi jinping promise more reforms, so to recognize that it needs to be done, but i do not think we are on the kind of path toward a free-floating exchange. it's going to be very gradual, very incremental. wehelp us understand where go from here. you mentioned a little bit

earlier on the need for all of these regimes or dynasties or whatever you want to call them, they need a stable currency to underpin that expansion. help us understand. >> it is all part of the broader influence settling trade overseas. china wants its trade increasingly settled in the yuan. they've been growing emergency credit lines and central banks all over the world, recently renewed the one in south korea despite those tensions. thes all about getting currency, and that is why it is so important backing of the empire, but the u.s. continues .o be leagues ahead >> thank you so much for your insight. we have our entire bloomberg team. it is interesting to note that right now, yuan remains up and on short trading. little change in the offshore market hong kong. >> a lot of interesting

commentary. we do have a whole team there trying to parse through a speech that is fairly short and details, but obviously very long in terms of content, but it is interesting to see where we go from here. the currency, do we expect any big announcement that the not quite. maybe this is not the right platform to do that. given, i guess, the decision-making structure we have in china, it will have larger economic ramifications. >> he also talks about hong kong system we saying the currently have -- he says it is the best solution for hong kong and macau. that is interesting there as well because as you know, there has been political instability, if you will, here in hong kong with a growing voice of dissent

, --he city us young people the city's young people, disaffected especially with the socioeconomic divide that is so wide. >> on that note, let's have a look at where we are on the chinese renminbi. here is sophie with an update. >> bearing in mind, the director from beijing is going to take market stability, snapping a two-day drop. fluctuating all morning but now looking little changed. one of the key themes has been a stalling dollar propping up asian currencies. the canadian loonie advancing and the yuan, as you guys identified, has been stronger.

one trader earlier spoke of deepening interest rate and forex reforms. chinese bonds keeping steady as xi plays of the positive. it shows you that the chinese yield curve has inverted. this happened earlier in 2017 as the pboc ramped up its deleveraging campaign. looks like bond traders are expecting an increasing effort allhat front, and on this important day, the composite gaining about .3%, rising for the first day in three. stocks are climbing as xi discusses in vitamin the protections. resource industries and private players are under pressure. >> thank you so much for that reaction inrket this close to three-our speech

right now. joining us right now is our beijing following the speech closely. .ou have been revealing remarks we have all been listening in. it is hugely expansive here. but in terms of the mood of the you're in while beijing ahead of this speech right now, what would you say was the run-up to this speech in terms of how china overall is feeling? i want to go back to what you said. expansive is one word you could use to describe this speech. were coming up to three hours. were expecting him to wrap up over maybe the next half hour or so, but one of our political reporters is on the ground. the speeches were only made available to the media fairly recently in the 1980's. mouth -- maouth --

could go on for days. you talk about the lead up. there has been so much anticipation going into this 19 party congress. the political pageantry is a given. where expecting 10 days of meetings and events to culminate in almost a red carpeted stage event for when the committee is unveiled. the makeup of that, huge speculation includes someone r, or potentially be an hei if there's not, there is speculation he could stay on. we've been talking about the environment and presidentxi has talked about -- president xi has talked about the need to do more and tackling pollution. you can see it is a pretty hazy

day. certainly, he's saying more work needs to be done. lots of the stuff came that was most interesting to investors and markets toward the end where he talked about deepening slt -- deepening soe reform, reform, also talking but sticking to the deleveraging campaign as well. a lot remains as to what will be in the details. we know these reforms potentially will come at the expense of short-term growth 6.5% growth target.

thank you for that. xi jinping still talking three hours in. when you look at these pictures, the difference compared to five years back, it's hd now. it seems a bit more grand. i guess to heidi's point, you would looking behind the window, you could barely see anything, so i guess that is one of the challenges. >> hd, the clarity. presenting itself to the world. it used to be closed, internal, secretive, and now, it is broad. and despite all the criticism of , we are seeing the pageantry, the pomp and hugemstance of this political face forward of china to the world.

>> at this time tomorrow, we will also be getting gdp numbers, so that will really put into context where china is and where it wants to take the country forward. this is bloomberg. ♪

says it hasresident shift the focus if he opens the communist party's national congress. trump's gift. the president said his tax that will fit -- save americans tax plans for thousand dollars a year and calls for delivering it by the holidays. president trump: let's give our country the best christmas present of all.