>> coming up on "bloomberg best," highlights from the 2019 bloomberg global business forum. >> we are seeking to drive systemic change and transformational change. >> the world's most respected voices from business and government speaking about the world's most urgent challenges. >> we believe the earth is our mother, and we do not have the right to exploit our earth. >> there is fear around this nexus of trade and climate. >> a lot of policies are supposed to lift up the people of the country, and they dragged them down.

>> one-on-one conversations and panel discussions examining problems that threaten prosperity and exploit pollution. >> it is 100% clear to us that the cost of inaction is higher than the cost of action. > the rules are clear, we will follow them clear. >> i was running out to address climate change. it is right to hold our feet to the fire. >> it is straight ahead on "bloomberg best." ♪ doolittle,ail welcome to a special edition of "bloomberg best,'with highlights from the 2019 global business forum. it brings together the world's most influential leaders in business and government to address the most pressing global challenges and explore opportunities for solutions. the theme of this year's conference was restoring global stability.

the prime minister of india delivered the keynote address and joined michael bloomberg, founder of bloomberg lp and bloomberg's lanter b, onstage for a conversation -- bloomberg philanthropy, onstage for a conversation. >> we believe the earth is our mother, and we don't have the right to exploit our earth. we only have the right to use it for our needs. india has this fundamental principle. we can understand needs, but we don't want to cater to people's greed. it is a very fundamental principle of ours. i believe the challenge of global warming in the world today, there are governments that are working on it. to be able to find a solution, it is the behavior of citizens that can make an impact.

therefore, human behavior needs to be in harmony with nature. forward, keeping the environment in mind. also set a target of 175 gigawatts for the production of renewable energy. that can be well ahead of the deadline to achieve the target. we are already achieved 120 gigawatts. yesterday when i was speaking at the united nations and set a new target for myself, 400 50 gigawatts, with respect to climate. that's another related topic to which we have not focused our attention on it. that subject is water. we have taken initiative that harvesting,ainwater reuse, recycling of water. we are starting a big campaign

across the country for this. sure wewant to make our rivers and are focusing on this. we have also banned the use of single-use plastic. we are starting a very big movement to stop the use of single-use plastic. with respect to climate, the environment, we want to adopt a holistic approach and move forward together. >> you talked about plastic, water, renewables. do you have any expectations of reducing the amount of coal that is burned in india? third are right that the largest reserve is in india. a poor country like india. we cannot ignore it. there is a solution. number one is we will have to change the way of mining and

carrying out underground mining so they don't do damage to the environment. the other solution is gasification. gasification, we can make use of clean energy. we are calling out to other countries to bring out their technology so we can use coal gasification. whether it's in mobility or. we cannot deny the assets india has. at the same time, we want to see how to use them in an environmental friendly way. from a head ofts state were followed by insights from 2 power players in the private sector. francine lacqua moderated a lively discussion with jp morgan's chief chairman, jamie dimon, and bob iger. give,t advice would you

and what advice would you take from politicians? >> advice from politicians when it comes to regulation in various countries around the world get advice from government relations and knowledge from government officials and countries. most you have dealt with have never been in business. seeking business advice from politicians is not something a typically do. i respect their opinions on things, but it is pretty limited to that. >> policy is complicated. collaboration is necessary. the road to health pays good intentions. you're supposed to lift up the people of the country, and they drag them down. many good politicians should figure out the policy, what can be achieved, and get it done, as opposed to thinking over some plastic things. you have seen countries around the world doing great for the

people. you have seen countries doing terrible. terrible is always in the name of good. listen to the politicians. do the right policy and move on. if you don't get reelected, so be it. >> how often do you get asked if you want to run for public office? >> pretty often. > your answer has always been no? >> my answer has been no, but it is no. i considered it at one point. i discussed it with my wife. she said you can run for any office you'd like, just not with this wife. i thought that was discouraging. >> how many times have you been asked? don't thinkk, but i i should be flattered. i'm not going to. i love what i do. we can make a productive contribution around the world from the platform i have.

>> do you feel you can make a big difference as chief executive, or because you are not made for office? >> it is the best i can do. do my job really well. lift people up around the world. i love it. i will do something else one day. >> is there a vacuum left by politics and politicians that chief executives must fill? >> i hope not. i don't think there's anything wrong with a chief executive into politics. i don't think it is a vacuum that has to be filled. the world needs great leaders. our political system in the u.s. is not designed to necessarily develop great leaders or encourage more people to seek public office. >> there is an overlap of skills between ceo and a good politician, but not a complete overlap. you are getting into a ring that is more complicated than you have dealt in the political

range. they try and it is a failure, because they don't have other parts of the skill. ,o get up and talk to people take questions at town halls, i would not expect every ceo to be good at that. >> do you have to be popular as a chief executive? people have to like you. >> i don't think you have to be like, i think you have to be respected. it goes a long way. you have to be appreciated. if you run a popularity contest, you don't make tough decisions. that is difficult. someone that is fair and accessible and communicative , popularity is not one of them. >> still ahead, as we look back on the 2019 global business forum, perspective from presidents, prime ministers, and even a queen. heads of state in government discuss international issues. >> it's a positive idea to

withdraw from the nuclear agreement. >> a distinguished lineup of global investors addresses the question how can the power of finance combat climate change? > we bought segregate capital. you're raising capital that has to be linked to segregated. >> up next, legendary figures in banking and finance weigh in on the economy. >> this whole move, particularly in europe, is some kind of warning sign, wake-up call. >> this is bloomberg. ♪

this is "bloomberg best." i'm abigail doolittle looking back at the bloomberg global forum.s

. the conference brought together chief executives from some of the biggest banks, asset managers, and most prominent investment groups. a panel put an illustrious trio on the same stage. they spoke with jason kelly and carol massar about navigating global instability. you have $13 trillion of negative interest rates, i don't even know what a negative interest rate is. why would i take my money and give it to somebody, and for holding it, i have to pay them like it is a storage unit? i'm supposed to get interest when i give people money. down, most rates go of those places that have those negative interest rates, it is not stimulative. because banks have trouble earning money in that kind of .nvironment

if they don't do well, they don't grow their capitals. and can't extend credit, countries don't grow unless there is credit extension. this whole movement, particularly negative interest is some type of wake-up call. how did we get in that position? position? in that not us as americans, but us as financial people looking at the world. brian may know more than i do. it just seems impossible. the negative ray environment that we see around the globe tell you there is some underlying weakness we are missing? the obvious problems we know, but is there something substantial? in the monetary policy decision to take rates to

accommodate the economy and growth. they are lower than they have been historically, but positive. other places are negative. i think there is a debate whether it trans to the economy. if you look at some of the countries where the rate structure has been negative for five years, the banks have to pay interest because they are not going to give us $100 back and think it is a great thing. in the u.s., you already have a flexible economy. people, deep capital markets. the banking system restructured. a set of rules you can understand. one law that covers the economy, the largest in the world, as opposed to multiple laws. you see the u.s. growing. unemployment is low and consumers are spending. all of theo sense, interesting things to ponder and 70% ofbout is offset by

the u.s. economy speeding at this activity all year. when was the tension going to be really wrestled to the ground? that's the question. >> i put that see you, because you look across 100 countries, are we at a breaking point where we may see something snap, or can we continue on, especially from a consumer perspective, in a nice, gentle trajectory? > i'm not worried about growth. we have enough focuses of growth to come up. the prime minister of india this morning was not talking about hype. if india gets moving again, and i think he has taken steps recently, like the tax cut, we are going to get more growth for sure. all of the focus has been on

america rightfully. i think you will see an uptick in a lot of other parts of the world. >> it might be that we need more fiscal stimulus, perhaps we did earlier. . it would be neutral in this stage, for sure. perhaps in europe, more fiscal stimulus. you don't want to get to the place that is called monetizing that. there should be two separate decisions. is this the time for fiscal stimulus? in the u.s., probably not right now. maybe in the future. and a separate independent monetary policy that takes the fiscal situation into consideration. we see in the u.s. and europe a lack of inflation. is there a danger in that that lulls into complacency and we might have something if it gets back? >> i think we are looking at the probably wages will drop some, that may be a good

thing. what we are confronting is that interface of central-bank andets versus the reality none of the central banks really know how to engineer greater inflation in this world of global labor markets, global capital markets, it's becoming very difficult to get back to some of those targets. fund is a vehicle that can invest in debt or equity instruments, but is at fitting some of the svgs of the u.n., but measuring the impact the investment has, typically the carbonization or reducing it to your like. reducing it to your like. this is where the measurement, statistics, and data become important. the engagement by the asset owners and asset managers with those organizations, be it

public or private sector, will be critical. standardization will be the answer. >> who are you accountable to, in terms of this set up? comfortable to our own moral standards and following the lead of the u.n. also, the asset owners, which trust us with their money. they often have different and diverse aims. >> do you see a shift, in terms of direction of investment? >> we talked about it earlier. 100% of ours about clients feeling this is important. want sustainability. we have decided to look at it in three different ways. one is to bring the framework into investment process to make sure the countries to invest in our on a journey with the framework. the second is to see to what

extent many investors will fill it, 17 of them, a number of them. the third is to look at decarbonization, sustainable investment. efficiency, addressing issues of water scarcity, and looking at sustainable solutions. that includes environment solutions that companies may have, or sustainable financing to allow more of these infrastructure projects that are needed and comes to fruit in a way that does not harm the environment. that's all good from that point of view, but how receptive are the companies to these ideas? >> increasingly, we are finding a more receptive audience. everyone knows this journey has been going on for some time. their own customers are looking for them to embrace the journeys that all employees are looking for. this is good. if you look at the business by saying it is a

stakeholder responsibility rather than shareholder, most of these companies we are investing in our thinking about this themselves.

abigail: you're watching a special edition of "bloomberg best," with coverage of the 2019 bloomberg global business forum. i am abigail doolittle. soaring global debility was the theme of the conference. they paid considerable attention to environmental instability. mark carney moderated a session on harnessing the power of capital to fight climate change. it featured top executives from

the world largest pension fund, the largest insurance company, and one of the world's leading investment banks. upthe conversation has amped materially over the course of the last year or two. with is no place i go either ceos, investors, market participants, it is not a significant conversation. volume is different, particularly in europe. of can feel the ground swell popular sentiment that the urgency of this is elevated. in the u.s., it depends where you are, in terms of level of engagement. it is up everywhere. there is a lot of focus on it. from a capital markets perspective and availability of capital, it is relatively niche in terms of how it is operating. there is growth of green bonds over the course of time. significant last year, about

$250 billion of issuance of green or sustainability linked bonds. it is small, 1%. . capital markets activity is very small. how do you find things that more mainstream is into the capital markets? green is terrific, but one of the issues is green bonds segregate capital. you are raising capital that has to be segregated in a certain way. >> the u.k. is going to be in the climatep 26, year, alongss next with italy, and the following year, u.k.'s g7 chair and italy is g20 chair. one of the focuses would be what needs to be done to advance mainstreaming and aligning private capital flows to a two degree world? >> we need to have clear policy framework. at the same time, the investors

should take advantage of the lack of clear policy at the moment to make a better return for the investors. policymaker increasing product ability of our investment. professional investors should take advantage at the moment. we really don't see that very often. >> we need more public-private partnership in this space, so the pension funds and insurance companies can work with the and the banksnks should be able to sell mature portfolios, rather than ask for more capital in order to make room for the private investors in that space. that is one area. a second area that is important in my view is there needs to be more pressure on the sovereigns. i believe the imf needs to

incorporate climate analysis in its analysis of the residence of countries. that's what's probably making a way for a better alignment for better capital and public capital. >> there are opportunities to be creative. i will go back to the walk term policy framework and create commercial incentives, pressure on government. when you get to the emerging markets, the multilateral development banks are important. you don't have the capital formation to support what we are talking about, so you need help. those are the things i would emphasize. upgail: much more coming from the bloomberg global business form. technology can solve a host of problems and create risks. top executives discussed the implications of regulation. >> regulation and innovation are upfront. abigail: insight from the public sector has topics of global importance. >> trade wars are not good for anyone.

they are not good for the u.s., china, not good to the emerging market. abigail: this is bloomberg. ♪

♪ this is a bloomberg best. i'm abigail. highlights from the global business form. many has of state and government leaders participated in the conference and spoke with bloomberg. about the challenges let's begin with editor-in-chief john micklethwait's conversation with pedro sanchez. ♪ are following very closely what is happening in brexit. we also have tensions and problems in catalonia. i always explain the independent movement in catalonia, that the

referendum is not a solution. it divides societies. it creates a huge fracture in societies, and it doesn't give a positive and constructive way out. i think it's much better to open a dialogue in order to restore and reveal a coexistence. >> you saw president rouhani yesterday. do think the iranians were responsible for the drone attack on saudi arabia? >> apparently, the information we get from different countries, our partners, isn't the way you are pointing out. but the opportunity that i had yesterday with president rouhani was to send him a clear message from the european union. it's not a good idea, it's not a positive idea to withdraw from the nuclear agreement. and spain is willing, with other european countries, to reinforce our commercial ties or

commercial relations with iran. confident that we can meet our obligations in 2020. we will be submitting our budget within the next couple of weeks. we are in discussions with institutions, as we speak, but we feel very comfortable that we can find a compromise that will not endanger fiscal sustainability, allow us to put forward with our tax reduction agenda, and certainly keep alive the discussion regarding the reduction of the primary. i sense that there is more momentum supporting our arguments. >> you mentioned the important role that banks play in the greek economy. you're already helping the banking system with state guarantees for some of their bad loans, but they remain crippled by their balance sheets remain somewhat crippled by the amount of that debt they have. is there anything else that your government can do, such that greek banks will start the pump more credit into the economy?

>> first of all, you're right to point out that we have very quickly moved to what is putting in place massive protection that will allow the banks to offload a large number of npl's and np and that will certainly improve their balance sheets and allow them to expand credit and provide funds to the real economy. but as the business climate improves, as asset prices improve, that will also help the balance sheet of the banks. i consider this intervention to be important. we will legislate along those lines and make sure that we tie up all the loose ends within the next couple of months. the instrument is going to be in place very, very quickly. >> trade wars are not good for anyone. they're not good for the u.s.,

china, or the emerging markets. and a country like columbia, one has tried to diversify and consolidate markets. in the case of the u.s., it is our number one trading partner. we're on a permanent basis exploring opening markets for different products. this year, we will have for the first time colombian green peppers. we know are also exporting aggregated value transformation products. we have also opened in the u.s., lately, the avocado market. so we're trying to identify new products that can access the market and generate a positive impact. but regarding the nation market, in particular china, i was on a mission maybe a month and a half ago, and we reached two very important results, maybe three. the first was that we opened the banana sector for colombia. that means we're going to get at least $40 million per year of

bananas that are bought in the chinese market. we also opened the ground for the colombian avocados in china. we're now working on opening the beef sector pretty soon. and we have also made big calls on china's investors to identify projects in columbia where they can put resources. there's a lot of funding taking place on the road system, and the explorations of doing something in the sports industry. >> is there anything promised at the moment? >> there was an announcement of the financing of more than $400 million to a four generation highway in columbia, called ocean @. -- ocean 2 we also have an interest report that's going to take place on the coast, and there's interest of chinese corporations to produce up a in -- participate in bids. >> i know you have a free-trade

agreement with south korea. >> that is a good question. we have a free-trade agreement with south korea. we had visited the prime minister a few months ago and we had called, and it would be a great opportunity for colombia to open up the beef market. we also want to get with tropical fruits, but at the same time, we want to be able to call korean investment to participate in infrastructure projects in columbia, and also sectors like center and creative industries, where south korea has been taking a lead in the nation. ♪ >> what we tried to accomplish the last 10 years is to make financial inclusion possible for people for people who did not have financial services antonella. -- until now. we've been working with india, pakistan, tanzania, ethiopia, brazil, argentina to actually make this issue a very important

issue and also work with global partners to see what is hampering in the access to financial services, for example the lack of having an id, which because of issues, you can't open an account. the fact that it's a business issue to actually have, for example, a bank show up far away in rural areas. these issues have been talked about and thanks to technology, we've been able to really cater and grow this tremendously. we've grown more than 1.2 billion people the last eight years in many countries, but do have access to financial services. it also changes in regulation. >> is a go around the world, where is the most resistance? is it from governments, from banks, financial institutions? where do you get resistance? >> i think the change would be resistant to.

the central bank will not be happy to immediately give a banking license term. it needs to be able to trust and realize what are the risks and talk with a network operator. can they actually take on this job? but we are seeing the change. we're seeing some countries that are becoming leaders in this firm and doing a lot of good, and still actually be financially sustainable. this is something that's good for them. it's not just good to do. it's smart to do. ♪ >> we are moving toward zero -- europe despite the war in 2008. we have, from one to the other, gone from neighbor to opposite member. we have free-trade agreement. so, all of that has been a continuous move towards the european union. so today, i'm not going to tell

you what we have, i'm sure you're looking at the u.k. to see what happens. so, we know we are also leaving. we're a small country so we have to be a realist. we know a remember ship will not be taken tomorrow morning, but my second message here in the u.n., we need movement. we need to see that we continue to get closer and closer and that one day people will discover that we are europeans and are already in europe. because georgians are very convinced inside that they are completely opinion because of the fact that they are christians, one of the oldest christian states in the world, when the state was converted in the fourth century. and that's how proud georgians are. that's why we say we are more europeans before the europeans, and we are going to continue.

♪

abigail: this is bloomberg best's review of the 2019 global business forum. ceo's were well resented at the program. chief executive had much to say about the increased focus on sustainability. ♪ that is 100% clear to us the cost of inaction is far higher than the cost of action. and the business case for sustainability is simple. our brains that are run on a sustainable business grew faster. customers want to partner with companies. and it's a magnet for talent. >> there's a lot of concern for

plastics around the world. how are you addressing that? >> plastics is the material does your. -- do sure. plastics are a wonderful material. the issue is too much of it and's up in the environment, so for us, keep plastic in the economy and help the environment. we're tackling it is less practice -- less practice -- less plastic. 50% of the plastic we use will come from recycled sources, and the no plastic. we are looking at plastic alternative materials. the big danger is that businesses that move into plastic alternatives have a much worse carbon footprint. so beware hysteria and behave responsibly. >> if you look around the world, in the developed world, we need

to think about the fact that we waste a lot of food after we bought it. how we actually buy food and consume food, portion sizes are changing. you'll see changes elsewhere in the world. it's about how do we provide the fruit? most of the losses is after it's been harvested. depending on where you are in the world, there will be changes. but here in north america and europe, it will be about how much food we consume. >> what do your customers want? >> it's about range, it's about policy, and it's about choice. and that's what tesco has done -- we're 100 years old this year. that's what we will focus on for the next hundred years. >> is there anything in your control that you could change, in the way tesco operates? what would it be? >> it comes back to food waste, the idea that one third of food grown in the world is wasted or lost. that's $940 billion of value 25% ofed, and it takes

the world's resources to produce and we wasted. this week, we announced the 10 largest retailers and food service providers are going to recruit 20 of their biggest suppliers against the journey of having less food waste by 2030. that's a big thing that customers want us to do and it's what we can do. ♪ >> i'm here at climate we because it's the epicenter of the conversation and it's a conversation that's serious, significant, a threat to our business if not addressed, and we're really seeking to drive systemic change and transformational change in relationship to an issue that's been important, but not been taken seriously at the level that it needs to be to enable the feature that we want and need. >> give us examples, specifically, of her sustainability interacts with mars. he mentioned farmers. there have been issues about where coco gets raised.

how do you address that? we also have packaging. >> sure. there's a range of issues, fisher, that face the planet, from plastics to how raw ingredients are grown. when it comes to something like cocoa, grown by firms around the world, it means rolling up our sleeves, getting on the ground, trying to understand what are to challenges they face driving a sustainable income for themselves, not to mention producing what they're growing in a sustainable fashion. he really takes a partnership across a multiplicity of actors to drive change. and that's what we're endeavoring to do. ♪ abigail: two of the biggest names in silicon valley took the stage together in a panel on technology. the senior vice president and cfo of alphabet and google, and uber's ceo spoke with erik schatzker about how their companies and industries are

dealing with industry scrutiny. >> what we are doing very clearly is working with congress. we're clearly support national privacy legislation. the devil is in the details and it's incumbent on each of us to provide insight into the areas where there will be unintended consequences from regulation. so, privacy is one example. another one, the question is also asked of tech, are you paying your fair share in tax? the reality is, we've always paid the cdc average, but that narrative still exists. one of the key issues is that the international packed structure is outdated. the oecd has come forward with the proposal, which is gathering more support, for a fundamental redo of the international tax system. we very clearly support, and the devil is in the details. how do you work through it? it does feel like it is progressing. if you want to be a constructive

part of the solution, you have an obligation to bring whatever insights and technical expertise you have so you end up with smart regulation. >> i do think one of the dangers of the regulatory regime and the directions that we're going in right now has very much to do with insurrection, is that regulation and innovation are not friends. companies, we're big and we will have a dialogue and abide by the regulation on a global basis. and when the rules are clear, we're owing to follow those rules. but the startups of the world, the business is building exciting new ideas, etc., whatever regulation there is, we would want there to be room for innovation at a certain level, at a much lower scale, so that you can have startups who have some sandbox to innovate in, to take some risks in, at a size in

which they're not going to fundamentally change one way or another. and once they get to a certain size, they've got to regulate. they've got a buy like everybody else. the direction, the dialogue, i think it's a private -- positive dialogue. we're going to do the right thing, but to create a sandbox for innovation that 10 years ago created uber and 20 years ago created google for innovation to still be possible in a regulatory framework. >> does either of you think that sandbox is getting too small? >> i think some of the rulemaking is -- creates -- is problematic for startups. it's tougher for them. they have to think about five different things versus just going and building a great product that is -- that consumers love, etc. >> anything you can point to, specifically? >> when you look at europe and

some of the regulations there, there is a european started texting at their -- tech scene out there, and they have one more thing to worry about. as we look forward, i do think we should look to create a sandbox. ♪

abigail: you're watching a special edition of bloomberg best, with highlights from the 2019 global business forum. the panel discussion, were climate and trade intersect, brought together world leaders from the public and private sectors to explore two of the most important issues affecting the global economy. it's as simple as bringing alignment between the environment of goals, indeed expectations we should have upon ourselves, with actually our trade talks and arbitrate devices. we're not doing that at present. let's start with our free trade agreement. we had the ability when we negotiate, be it bilateral or multilateral agreements, to make sure we are embedding environment of principles within them keeping with our aspirations and goals. >> in some ways, there is around this nexus of trade and climate. what i mean by that is while

globalization has been great and trade has lifted hundreds of millions of people out of poverty, there's the other side of that around the protectionism of people having lost jobs. and i think as people conflate climate into that and subsidies into that, i fear that people pullback and move slower than they otherwise would. >> trade agreement is part of a bigger corporation partnership, which also goes into research and innovation to make it happen. they have been criticized lately because of the fires in the amazon, which is extremely worrying. but you cannot accused the agreement of causing that. the agreement was politically agreed in june. it hasn't entered force yet. it would take two years. it's not translated yet. it's not legally scrubbed, so it's still time to go. but we think that is a way to, for instance, keep brazil and

others in the climate agreement and make sure they live up to what they have promised. >> that means there is a linkage between the trade agreement and the climate agreement. the country has a trade agreement with the eu, it can't leave the paris agreement. >> no, and that is why we cannot have a comprehensive trade agreement with the u.s. >> are you running out of time in the court of public opinion? the people who have the energy, bringing the focus on the need to act on climate, they do think trade is a bad idea and bad for the climate. how do you change that narrative? how do you bring these together so the climate activists don't think it's a bad thing? time is running out in the court of public opinion because time is running out for us to address climate change. so i think it's right they hold our feet to the fire. but on trade, actually, one of the issues we've had is that -- blame.e really

we have to start taking domestic ownership. trade agreements are not delivering vader -- greater equality between the well of and countries. our arithmetic policies have to answer that question, as well, same as environmental policy. trade cannot carry the brunt of the blame, but he can actually provide some of the answers. >> it's vital to acknowledge the negative aspects of trade. many of us pro-trade say the benefits outweigh the downside. that's not sufficient. we need specific answers. that's really a central point. >> we probably need to take more radical action than that. i'm a big believer in a combination of the stick and the carrot, and i believe in many ways, it's the care that's got the ability to get us there. we have got to start thinking outside the box and incentivizing people.

i don't dislike having the stick because i think the stick leads to an irrationality of behavior. i can do that. i'll pay for that. i'll factor that in an economics will pay for that. we need to change the paradigm and incentivize people so we really bend the curve. abigail: that will be all for this special edition of bloomberg best, highlights from the bloomberg global business form. you can find much more coverage at bloomberg.com, along with the latest news and analysis 24 hours a day. thanks for watching. this is bloomberg. ♪

♪ stone in sand francisco and this is bloomberg technology. next hour, will pressure point to the trump administration leaves portfolio flows into china. that includes possibly delisting chinese companies like alibaba and baidu from u.s. stock exchanges.