>> coming up on "bloomberg best," conversations from the bloomberg new economy forum. >> innovation really happens when people collaborate. >> a new group of leaders exploring issues and seeking solutions that will drive the economy of the future. >> it's a very complex , multilayered situation. >> specifically social tension, issues.e >> who is coming up with better ideas. viviana: the new economy forum featured experts from around the world and across business, finance, and politics.

>> in the present-day world, only cooperation is the answer. >> it's time this generation realized there is no planet b. bill: some of them won't succeed. it is all straight ahead on "bloomberg best." hello and welcome. on this edition of "bloomberg best," highlights from the bloomberg new economy forum. global leaders gather in beijing. they exchanged ideas, examined opportunities, and addressed challenges facing society at a critical moment of economic transition. on the agenda, issues including trade, technology, climate, urbanization, and more.

china's vice president set the tone in his keynote speech. he warned against protectionism. >> we should pursue common, comprehensive, cooperative in sustainable security and reject zero-sum games and cold war mentality. viviana: some of the world's most influential people in banking and finance share their thoughts on the global economy and capital markets. let's start with goldman sachs ceo david solomon. david: i think one of the big issues were anything about economic growth in the medium and long term is the u.s. and china finding a way to coexist more productively economically. there is a good chance we will see progress from the trade

discussions. i've met with policymakers on both sides, and i am encouraged. i think we can expect progress to be in stages, but i am hopeful that we will see progress, and i think is important. the chinese realize it is important for them. the u.s. realizes it is important for the u.s. and, candidly for economic , growth around the world. , it is important for everybody. francine: does this deal lead to a phase two? does it mean something concrete for the world economy? david: i think we have to hope that over time, in a world where both these economies are super important to global growth, that we can find a way to make progress on all these issues. and so certainly, a step in a positive direction is a step in a positive direction. i am a glass half-full guy. i am going to assume china's interest, it is in the u.s. interest, and the global economy at large, we should see progress over time. francine: talking about hong kong, you were just in hong kong, and you postponed a party

there. david: we had been celebrating around the world this year the 150th anniversary of goldman sachs, and we have been having events in cities to celebrate that with our clients. we did postpone an event in hong kong, but i spent some time in hong kong, and it is a very complex situation. we are watching very closely. i was glad to spend some time in hong kong with our team. we have over 2000 people on the ground, and i would say that the routine people experience in a city like that is disrupted, it is tense. so i would say it was tense. it was quiet. there were not as many people on the street. you could see the impact on the economy. we are watching this closely and hoping for a resolution, because i think that is good for everyone. francine: when you look at your wealthy clients in asia, are they impacted by the trade war? do they invest less? is that the biggest problem for the economy in 2, 3 years. >> i think it has a number of impacts. one, it has reduced visibility, so it is more difficult to make

long-term investment decisions. on the positive side, it has led to restructuring in asia. if you look at countries like vietnam or the philippines, a lot of clients have operations, already in those countries, so we can shift production from one country to another, and you have seen a lot of that. you have seen the growth of intra-china trade, but we hope for resolution. francine: so do supply chains change? if we have more than a phase one, does the supply chain come back to china? tidjane: i'm not sure. actually i worry that some , change will be irreversible. you know, because once you -- the reason why it is so important is it gets results. francine: every time i talk to you about consolidation, i talk to about negative risk. is consolidation going to happen because of negative rates?

tidjane: it can be a positive factor. at the end of the day, what we need is growth. this is why the focus on emerging markets is very important. growing entrepreneurs and emerging markets to create growing them ultimately is the answer. consolidation and cost-cutting is necessary, because we probably have too many banks, but long-term, the future of european banks is going outside europe. >> do you think there is a likelihood the two sides can come together for phase by the one end of 2019? >> i think certainly phase one is to be congratulated.

that is not enough. i think we need to move forward, to see how these two big economies can work out their differences, and we in the bank promote a multilateral approach to development. we promote investment in infrastructure, which can include connectivity, which is essentially to promote cooperation on a regional basis. i do hope these two countries will work out their differences. tom: you still very much have your ear to the ground. what do you think as a key sticking point at this stage in the talks? jin liqun: you see, my view is that in the present, only cooperation is the answer. by working together, sorting out their differences, looking at common ground they share, i think all this is important. if people look just at the very narrow, short-term interest,

would be very hard for things to that would be very hard for things to work out. tom: it looks like we are very far from that. jin liqun: i would say initial phase is encouraging. i think both sides understand how big a stake they have in maintaining the very good economic and trade relationship , and the rest of the world is watching. these negotiations, discussions. so we, as a development bank, we really like to work with all of the countries promoting economic cooperation, regardless of membership. >> we have obviously had a dip. that dip will persist for a little while. the outlook into 2020 and beyond is pretty good. it feels like we have made some adjustments related to the trade war. if things get worse on any of

the fronts that we all watch, then it could be different, but we are optimistic that we can avoid the bad stuff. and i can tell you, at standard chartered we are continuing to , invest as if the economy will improve over the next year and a half. : talk to me about u.s. and china. if we stay in this trade war without getting a phase one deal but without getting worse, what does that mean? bill: i think the world has adjusted. i think supply chains are steadily adjusting to this reality. we are seeing as recently as last night some of the companies -- one was identified as a result of a visit from president trump. to apple. it is very difficult for apple to run their business. that is not a good thing for u.s. consumers. flexibility on both sides should allow us to get to an agreement. francine: has this trade war changed the economy forever because of supply chains and , and will the supply chains go back to how they used to be? resolution? a bill: supply chains are evolving

anyway. china is not the low-cost producer of a number of goods any longer. that change is happening. the world is changed forever. i think the confidence of supply from a single source for anybody in the world has reduced. so people will be spreading their bets, hedging themselves, they will be arranging alternative supply chains, and they will be, i'm afraid, they will stay more and more at home. i say "i'm afraid," because we all know that things should be done where there done best, and there will be less of that. viviana: still ahead, much more from the bloomberg new economy forum. business executives from around the world explore issues of impact in the new economy. >> we have had a lot of discussion -- do supply chains move? >> consumers are doing well. they continue to trade up. viviana: up next, populism, protectionism, and the evolving relationship between the u.s. and china.

>> we are at a point, i think, that is very similar to 1944. >> i think we are having a trade skirmish. >> i believe we are now headed in precisely the wrong direction. viviana: this is bloomberg. ♪

viviana: this is "bloomberg best." i am viviana hurtado. we are looking back at the bloomberg new economy forum. one of the most provocative panel discussions was called a

"a new capitalism: staving off class warfare." on stage, today's luminaries, including bridgewater associates' ray dalio. ray: i think the period we are in is unique. we are 10 years into -- let's take technology. artificial intelligence and so on is replacing people, and it is great for the whole, but it changes the nature of the environment. and that is going to happen. a very important implication in the years ahead. as far as the short-term debt cycle, or the business cycle, we are 10 years into this expansion. many of those stimulants that happen will be dissipating. we won't have more interest rate cuts, better material, you won't have more tax cuts and so on. and this is true around the world, as we have our obligations. we are coming into this period that is a big sad. not a debt crisis in that way. a lot of obligations that

are coming at us, particularly in mature reserve currency companies. they include tension obligations, health-care obligations, and the like. large deficits which will have to be monetized. there is a reserve currency issue. of course we have the external conflict, or the issues of the rising of a great power in the form of china, and the united states having its relevant decline. we are at a point, i think, that is very similar to 1944. after a war, there is peace, because nobody wants to fight the country that has won the war, and there is a new world order. and there was a new monetary system. 1944, we established the dollar reserve currency, monetary system, and the like, and i think all of that is going to

really change the world order in dramatic ways in the next 10 years. viviana: many guests at the new economy forum have occupied crucial roles in finance and government. both hank paulson and gary cohen went from wall street to washington. paulson went on to establish the paulson institute. it aims to foster a stable relationship between the u.s. and china. when he spoke about the current state of that relationship, the former treasury secretary had blunt words for both sides. hank: i believe we are headed in precisely the wrong direction. we are heading for more decoupling, not less, despite professions of constructive intent from washington and beijing. last year at this forum, i spoke of the barriers to the flows of goods, capital, people, and technology. some pre-dated the current trade

disputes, others are a result of it. flows of goods, for example, have been impeded by the failure of china to open big parts of its markets to foreign competition, and they have been further impeded by unilateral or retaliatory tariffs from the both the u.s. and china. beyond goods, i also warned about interruptions to the flows of people. and indeed, these have been impeded by new restrictions on visas, people-to-people exchanges, and the interactions of students and scholars. but what concerns me most is what has happened to the flows of capital and technology over this past year. both areas are vulnerable to significant negative headways in the form of policy changes under consideration in the u.s. and china. put simply, china must open further. it needs to resist the temptation to protect domestic firms that would become stronger if they are subjected to best in

class foreign competition. but washington needs to resist some temptations, too. decoupling china from u.s. markets by delisting chinese firms from u.s. exchanges is a terrible idea. viviana: former goldman sachs president gary cohen served as chief economic advisor to president donald trump. in an exclusive conversation, he with francine lacqua, he shared his insight on trade. gary: i think we are having a trade skirmish. i think the two sides have some disagreements on trade, but if you look at what is going on, the two countries are functioning. there is a lot of trade still going back and forth. the united states is receiving the goods from china that we need to have a functioning fully-functioning economy, and our economy is functioning well. i hope that we get a phase one

deal done, and i think it is in everyone's best interest to get it done. francine: supply chains have moved, have they not? gary: that is a natural business cycle, and i think it makes sense. the supply chains have moved. maybe companies got too concentrated in one market, and maybe we are seeing more global diversification of supply chain, which is probably a good thing for companies to be more diversified about where they get products. francine: ok, but if you have this skirmish lasting five to 10 years, that must hurt the world economy. gary: i'm not saying it's a good thing. don't interpret this as a good thing. what i'm trying to say is everyone talks about how dramatic it is -- this whole trade confrontation is. it has an impact, but whenever you have impacts, when countries are disagreeing in some fashion, markets make up their own mind what they need to do. markets have very quickly made up their mind, companies have

made up their mind. look we need to diversify our , supply chain. we cannot be as dominant and dependent on one supplier as we were in the past, and we have got to create more diversity, which net-net is a good thing for the system. yes, it is having economic consequences, but it is not the only thing in the economy. francine: ok, you have worked for president trump. how does he view china? is this a 10-year trade confrontation, or is it he wants a deal, and he wants it fast, if the chinese play by the book? gary: he is more interested in getting it right in the long term. that said, he understands how important it is to get the farmers back to work in the united states. we have a big agricultural economy in the center of the united states. our farmers need to be exporting farm products, and our farmers have gone through a tough cycle here, losing export share to china. our farmers need to get export

shares back, and they need to get that back by next summer. getting a phase one deal done would allow farmers to get back into the growing cycle and allow farmers to export back to china. the chinese need to import food , so the question will become, who are they going to import from? the president understands it is a short-term phase one issue, getting our farmers back into the cycle and selling to china is important for the short term. ♪

viviana: you are watching "bloomberg best" coverage of the bloomberg new economy forum. i and viviana hurtado. here is another panel discussion at the forum, caught in the middle. bloomberg's haslinda amin moderated this session, focused on countries facing unprecedented challenges as they make the transition to a new economy in an increasingly

divided world. haslinda: for a very long time, the smaller countries have desperately refrained from making a choice between the u.s. and china. are they getting closer to the time where they have to make the choice? >> haslinda, the reality is, they cannot afford to make a choice. they cannot do that, because from both capital and trade, the se small countries are tied to the large economic entities, the west and china. to make a choice, you give up 50% of your flows. and that is not a recipe for economic success. haslinda: we know africa has been impacted by the trade war. growth is down, investor sentiment is down.

commodities, currency are down. in some scenario, has the u.s. reputation in africa been impacted and has china's? >> what we do know is, as a continent, africa is not based on ideology. people will pick who the better partner is and who is coming up with better and more deals. china has been very active lately in africa. so has russia. interest in africa in ways we had not experienced before, in different forms. so really, like piyush just said, i don't know that there is a choice, like it is either/or. it is going to have to be a mix of both. haslinda: opportunities are increasingly in the east. what are european companies doing, and what is dictating those choices? is it more political values or is it more hard nose business calculation?

>> well, actually, if you look at what happened the last few years, the interlink in the euro has grownension dramatically, so i would say that relationships, particularly when you look at infrastructure and investments, the balance between u.s. and europe is coming up almost at the same level. i think europe cannot afford at this stage. we need to continue to develop sound and sustainable relationships with both sides. you know, we are way too dependent on both for growth. i don't think it has to do with ideology. it has to do with business. this is very clear.

fundamentally, i don't also believe that we will ever be facing a situation in which any country has to pick a side. china and the u.s. have no interest to create a dramatic break of relationship. it will be extremely damaging for both, and therefore, it is more tactical than strategy. viviana: there is much more to come on "bloomberg best" from the new economy forum in beijing. a conversation with the world's richest person, bill gates, on solving the world's most pressing challenges. bill: the free rider problem has never been worse than it is in climate. viviana: plus, how business will shape the new economy? top executives speak frankly about the road ahead. >> i think everyone has seen they need a china plus market. one>> clearly within china, you

can build companies that are at significant scale. viviana: this is bloomberg. ♪ y95óóo

>> this is a special edition of bloomberg best. we are we are focusing on the bloomberg new economy forum. the goal is to stimulate productive, fact driven dialogue among participants to develop actionable solutions on global issues. executives from a range of industries around the world coming to beijing. here is some of what they had to say. >> in the china markets, we are viewing our customers, where are they going with their demand, where did they see their changes? there has been a lot of discussions. do supply chains move as trade and tariff negotiations go forward?

will you see customers move production? we have not seen that. we continue to serve customers in china with their plans here. 70% of our revenue is designed in the customers bill of materials or processes they use. that tends to be very long cycle demand from them. that is staying here in china. >> one of the most difficult markets for you was china. so what made it so difficult for you to gauge customer demand here? >> it was really, we saw a softness into markets in china -- in two markets in china. the bill rate of auto bills and china slowed down. we came into -- of automobiles in china slowed down. electronics softened as well. between china electronics and automotive globally, it is 30% of our revenue without slowing. we had to make adjustments in

our plans as we went through the middle and latter part of the air. >> what are you seeing going forward, will you see that demand, especially the automotive part come back next year? >> we see inflections, downturns early, and we tend to lead out as well. many economists ask us, what do you see and do you see anything changing? to the second half of 2019 it is to the second half of 2019, it has been fairly steady. we see q4 much like q3. we have not seen the inflection up yet. there is hope and optimism that things will get better, but we have not seen that yet in the marketplace. ♪ >> can you continue hiking prices if we are in a global trade war? are you worried that the consumer at some point well stop dragging less?

-- stop drinking less? >> as long as our economies are doing well, they continue to trade up. in less mature markets, and more mature markets, in all those markets there a segment of consumers looking for the next opportunity. and that is the taste for them. >> have you had to change your supply chain? >> not really. 90% of what we sources locally sourced locally and bruno brewed. sold back to the local economy. in contrast when there is a tax on aluminum, that burdens the u.s. were most beer insulting hands. that is a tax on consumers and the industry and a disadvantage

-- where most beers are sold in cans. >> you're doing a lot of sustainability. tell me why this is not pr speak, why this is for real. overall it impacts water security and beer making. >> no water, no beer. no no farming, no beer. we are a new we are a community business. ne we are a community business. when you talk about water security, when you talk about consumer changes, one of the biggest changes with this new generation is that for the first time this generation realizes there is no planet b. there is only planet a. they're worried about what they do that can impact the planet and what companies and brands, and how they can work together to have a positive impact in the world we live in. our brands are all connected to a business that is good for

business and good for the environment. >> is all of this sentiment being dampened around the world, is this having an impact on your business? >> it is making everyone more conscious about inclusivity. all our businesses have to understand inclusivity, social tensions, these are issues we have to take into account in our businesses. they are sensitive issues and these explosions that are happening all around the world are happening for reason and as businesses we have to be sensitive to them. >> how are these countries being shifts in supply chains away from china? >> definitely we see these taking place. everyone is at eight china plus one policy and manufacturing. everyone has a china plus one policy and manufacturing. we have plants in china and the philippines. we have seen an influx of people manufacturing people who are

moving out of china. vietnam as a beneficiary, thailand is a beneficiary paired . everyone has seen they need a china plus one model. and southeast asia is a perfect venue for manufacturing. >> do the hong kong protests curb your appetite for china at all? >> no. hong kong has had a variety of challenges over the years, play politically and otherwise. and this is a serious one. i'm sure everyone is watching very carefully. i'm not going to try to predict the outcome. it is changing in nature. there is an outcome on the horizon. a return to something resembling normalcy. we have been in hong kong since the early 1960's and in china 20

years, so it is not the first thing we weathered. >> you look at the u.s.-china trade war, it doesn't have an impact on have any people want your products or not at all? >> we are seen as a u.k. firm. we are listed there. that is a respected structure in this part of the world. u.k. governance is a well proven model. and the risk management for those sorts of tools that we brought here, and are seeing as best practice, which is a great thing. on the u.s. peace, it is no different than any other applicable issue, it slows down how long it takes -- on the u.s. piece, it slows down how long it takes the consumer to make a decision. so the likelihood of making that second or third a fourth payment, people are risk-averse. so decisions take longer.

that is true anywhere in the world, and the u.s., the u.k., southeast asia. we have seen that pattern emerge across might when he five years with the group -- across my 25 years with the group. ♪

>> you are watching bloomberg best, a recap of the bloomberg new economy forum. here is another panel discussion from the forum. carlyle group co-founder david rubenstein moderated a session that featured global tech leaders examining china's strides in technology and innovation. >> if i wanted to invest in young artificial intelligence companies, should i go to china, the united states, israel? where would i find the best one? >> yes, all those places. we released a study a couple of weeks ago about where ai was in the global scene.

there are number of companies leading -- number of countries leading. there is no question that the u.s. is the farthest advanced. china has made a national priority of leading or co-leading ai. they are perusing many more articles, patents and computer scientists, so there is every reason to believe china will be a leader as well. >> do women have as much chance to rise into technology companies -- as much chance to rise into technology companies in china? do you go out of your way or are they going to get because they are equally talented, a cross-section anyway? >> we should create and work on the environment for women. a lot of them when they give birth, we create a work from home environment for them. one technology i would look forward to is to invest in ar or

vr. so you can replicate this atmosphere at home appeared you . you can have the full expense at home. this is emotional. if we could replicate this at home, it empowers all the women. i think it would solve problems we talked about at this forum. i think when technologies can empower a lot of things, including women and women's careers. >> the china dispute with united states on trade, has it affected you in anyway or do you care if it is resolved in the near term or will it not affect you one way or the other? >> it is not affected us, per se, but it is actually dangerous. the way it is going. and if there is really going to be additional sanctions or the two countries actually go farther apart.

because i think if you look at technology advancement, now all we are talking about is innovation. innovation really happens when people collaborate prayed if you . if you look at china, the tech industry is to the point where a lot of entrepreneurs who know about the market. at the same time, there a lot of engineers and auditors who have had experience in the states and came back. and the capital. associated with the states, bringing in experience. this type of diversity is important for innovation. >> as china's economy becomes more open, the opportunities for local entrepreneurs and foreign investment multiply. the countries tech sector has produced giants like tencent and alibaba. smaller companies and new businesses are also on the hunt for capital.

all this against a background of security and privacy concerns ratcheted up by global trade tensions. bloomberg spoke with several guests at the new economy forum about established and emerging technologies and the investment seen. -- scene. >> all this unrest in hong kong, how is it affecting investments in chinese tech startups? >> investments in chinese tech startups have been affected, but it is largely due to sentiments. you are at the end of a very big cycle in china. so the consumer internet companies, that cycle a starting to and, the sharing economy cycle starting to end and you're rounding up to an enterprise focused cycle. there is a natural slowdown that would be occurring anyway. where you see the impact of uncertainty is on the fundraising. fundraising for dollar raised funds in china is down 75%

year-over-year. that is partly sentiment, and partly sensitive to the technology cycles we are in. >> especially when you have the u.s. coming in with blocking of tech companies, huawei and also ai companies. what is the sentiment like, do people want to touch these companies when they know the risk is there, that the u.s. may block them from the world? >> you're talking about companies on the entities last, and huawei and some are quite large. if you look at the start up ecosystem, you're talking about 1/10 of 1%. i do not think on jupiter's or -- entrepreneurs or vcs are particularly concerned about that when we are making the initial investment. >> is the biggest market that even if it is domestic is still big enough? >> if you look alibaba, 90 plus

percent of its revenue is in china and it is a half trillion dollar company. tencent is a 400 billion our company, so clearly you can build companies at's and can't scale. i do that -- build companies at significant scale. you will start to see companies expand overseas and be more successful overseas. i think that is a new phase of the chinese technology companies moving outside china. they are pretty large inside china. the chinese market allows them to get to critical mass. the u.s. market used to be the only market where you could get to critical mass. if you are the largest in the u.s. or the largest in the world, that is no longer true. >> let's talk about alibaba. white list in hong kong now? >> is the shot of confidence in the sector.

trading has was been in york and the stock since that's when he 14 ipo. for the information zone it is really china. alibaba is focused on the chinese market. people in china know a lot better. institutional investors might have to learn in the us. >> how much does these help alibaba in the eyes of beijing? >> it is not unhelpful. these days, the power of the states, the power of the party, one has to follow the party line, or get ahead of the party line to an extent. jack ma has always interpreted well where things are moving in business and government. so this is a helpful move. it also makes sense for them to have around the clock trading. also tapping into chinese mainland consumers who want to buy in. >> as we see this bifurcation of china-u.s. trade, intact even, even, how is this affecting the dynamics of where we are headed in this global technology battle?

>> it is a list at try for case and. what is the rest of the world doing -- it is almost a trifurcation. what is the rest of the world doing? in a case where the u.s. is not offering an alternative, do companies hold back or -- two countries hold back or work in the ways that germany and the u.k. are now wrestling with ways to work with chinese companies. we assume by now that mainland china would be going in a different direction, in terms of opening up, and that is now happening globally paired but this question of where is china headed? is this the china we were expecting to show up? that is a debate here. >> what is your view on the state of dealmaking in china now? >> activity has come down a big notch this year. mostly in terms of fundraising as well as the amount of investment paired on our measure anywhere between half to one third.

still, most of the deals got done. unicorns are still able to raise a lot of capital. there is a flight to liquidity. still early stage in the region happening. a lot of stuff happening in 5g, internet, health care still very hot. >> has the venture capital industry reached a bottom, or can it continue to slow further? >> no, i think it is not so much in terms of capital. the top funds still sit on a lot of dry powder. people tend to be more cautious. because of what is going on at a macrolevel, people want to take more time and see if they can negotiate a better deal. there still a lot of dry powder out there. ♪

welcome back to bloomberg best. let's wrap up our look back at the bloomberg new economy forum in beijing. we interviewed microsoft cofounder and bill and litigates foundation cochair bill gates. he spoke about the need to engage the global climate crisis by developing renewable energy sources. >> there is no doubt that solar and wind including offshore wind will be a huge part of that. because those are intermittent sources, the need either for 24 hour sources like nuclear or unbelievable miracle in terms of transmission and storage, is very high. you can look at a country like japan, tokyo, 60 gigawatts, you have seven days we have no wind or sun power at all. you have to say to yourself if

you're not going to have people freeze to death, what is the source of energy during that seven-day period. it will be a lot of renewables and quite a bit of nuclear. be almostic will three times as big because it will be taking over transport and industrial and heating that historically went to direct hydrocarbon usage. people building models of that future grid, different universities and different people picking their choices, that we the sign that, not only do we have a goal to be there by 2050, but we are debating the paths and concrete plans.

when you see things like 15% diesel tax, the willingness to make the change in investment, you can question whether that is fair. the free rider problem has never been worse than in the climate problem. the historical omissions of the rich countries per person, mean that until they get up to that per person and they have admitted -- omitted as much -- emitted as much as we have. >> if you look at the u.s. in particular i do nothing is likely to happen. we have had tax credits on renewable energy, renewable portfolio standards, you can get there in a way that is less neutral. there is a variety of regulations, and helping sectors. what has happened to solar and wind is very good.

what is happened to the industrial sector, in terms of how do we make steel and cement, people of gotten excited about the low hanging fruit. electric cars, that is the easy part. you still have to do the grid. the various things, including industrial, are very, very difficult. nuclear, you get a million times much energy per reaction as you do burning hydrocarbons. it is advantaged if you do the design right. i cannot say for sure it would succeed but it would be good in this innovation portfolio. we have to have a lot of bets , knowing that some of them will not succeed. >> in that, terapower, you think you've come up with a design that would be safer and more efficient. >> in the computer are designed our design is amazing. it is beautiful because you can

simulate earthquakes, volcanoes, planes crashing, all sorts of things that none of the existing nuclear plants, cutie do any of that. you can show -- could you do any of that. you can show your cost and inherent safety are strong. we need to build a demo plant. at one point we planned to do that in china. the us government decided that we should not do that. so now, the backup plan now, is we will try to build that demo plant in the united states. it is not an easy endeavor. none of the paths to climate success are risk-free. >> the big theme of this conference has been china and america. henry kissinger said we were in the foothills of the cold war. as long as i have known you you have been a passionate advocate of engagement was china. how do you view the current situation? >> i'm even more passionate about the value of engagement than ever. in the last two years, i have boisterous arguing

against that, even arguing in some cases for decoupling. i think it is a benefit that there is interdependence paired we have tourists from japan and china. we have students from china we . we have companies that do research in china. apple is the tech company that actually sells him of the only tech company that actually sells a lot of product here in china. that interdependence can lead to more dialogue, more mutual understanding. to have people arguing against that is a serious concern. >> that is all for bloomberg best this week. we hope you have enjoyed our review of the bloomberg new economy forum. you can find many more stories on what is shaping the new global economy, as well as much more video from the forum at bloomberg.com, along with all of the latest business news and

analysis, to four hours a day. take you for watching. -- thank you for watching. this is bloomberg. ♪

haslinda: hello, i'm haslinda amin. he is the central bank governor of one of the largest financial hubs in the world, singapore's ravi menon is betting big on fintech, exploring digital currencies, looking to take the lead of what the future of banking will look like at a time of global uncertainty. this is a conversation with the managing director of the monetary authority of singapore. ravi menon, thank you so much for your time today. ravi: thank you, haslinda. haslinda: when it comes to singapore's innovation efforts, one of the key areas is fintech and the monetary authority of singapore plays a huge role in that. in fact, some of the initiatives