haidi: a very good morning. we are counting down to asia's major market open. shery: welcome to daybreak asia. asia looks set for a cautious start as investors away the fed's first meeting of the year and balance earnings against the worsening pandemic. the biden administration tightens entry curbs on travelers from the u.k., europe and brazil as u.s. virus cases

hit 25 million. globally, almost 100 million are infected. xi jinping prepares to give the keynote speech at a virtual world economic forum in davos. haidi: this is what we are looking at when it comes to the start of trading in sydney. strength when it comes to the aussie dollar shared we have the potential for removing some of these travel restrictions between new south wales and the rest of australia. a 10th of 1%. new zealand, downside, 3/10 of 1%. we do not have settlement because of the public holiday. looking ahead to the start of trading in japan, positive when it comes to nikkei futures. we do see the s&p 500 stocks falling from a record high. futures looking mildly positive.

shery: let's kick things off with the u.s. -- with the coronavirus pandemic. u.s. has passed another milestone against covid-19. total infections exceeding 25 million. about 8% of its population. a slow and confusing vaccine rollout has frustrated millions of people, prompting the biden administration to vallow to accelerate its pace. let's start with the white house meeting with a bipartisan group of senators. when it comes to the relief plan, did we hear anything? >> we are getting some -- [indiscernible] there is lots of bipartisan interest in more funds for testing and programs and for expanding, streamlining the vaccine program. there is a sense among democrats that kind of proposal would be so small versus the biden

administration's $1.9 trillion ask. there needs to be more. republicans are being quite down on this proposal because there is a lot of nontargeted elements to it including an increase to the federal minimum wage and republican lawmakers are saying why is that in an emergency relief bill? it does seem like there is an agreement to keep talking. there is also a sense a lot of senators would like to hurry up and pass a smaller relief bill somewhere under the 1.9 trillion before the impeachment trial gets started in early february. i think we will hear more as the evening goes on. the family a sense that -- definitely a sense the bill should be targeted to the long-term unemployed, to people who still need help with housing rather than a blanket check

writing. what that means for the $1400 checks, it is probably not great news but it remains to be seen. haidi: we have the latest covid-19 tracker when it comes to the number of doses administered. it is that 5.6 million doses globally. for the u.s., 22.4 million shots. how does this hold up when we get the 100 million shots in 100 days ambition? >> the u.s. vaccination program is off to a slow start. i the past four weeks, it has been running closer to the pace needed, which is an average of 100 million shots a day. some critics have said the 100 on 100, even though it sounds good, it is not that ambitious compared to what we have been seeing already. we did hear from the u.s. surgeon general saying that is

not the floor -- that is the floor, not the ceiling. as additional vaccines are approved for use in the u.s. including the astrazeneca vaccine, which is more durable than the ones currently available, the rollouts could kick up case. -- up pace. the u.s. has said it wants to rejoin the global effort to make sure middle income and low income countries have access to the vaccine. and all of the above strategy to get vaccines out to big box stores and stadiums and various other means. haidi: roz krasnow in washington. -- ros krasny in washington. the united states -- let's get you to karina mitchell.

karina: hong kong has lifted lockdown restrictions while warning they will be repeated if required. the unprecedented restrictions affected 10,000 people after more than 150 cases were reported in the first three weeks of the year. at least 750 people are in hospital in hong kong with 38 in critical condition. 168 have died. the world economic forum opens this week virtually as the coronavirus prevents face-to-face meetings. chinese president xi jinping will deliver the key address and focus on climate change and the new normal. charles schwab says -- clow schwab says it must build momentum. china has sent more planes into the strait.

later followed by other plans. the u.s. -- in what are described routine operations. indonesia has seized oil tankers suspected of illegally transferring crude in its waters. the maritime security agency says iranian and panamanian vessels were detained. they are accused of failing to display national flags, shutting down identification systems and illegally moving oil between ships. the iranian state media acknowledged one tanker had been stopped. 11 people have been rescued from a gold mine in china two weeks after they were trapped by an explosion. they were hauled out one by one with at least 10 more underground. one reported to have died in the blast. two accidents last year killed 39 people. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries.

i'm karina mitchell. this is bloomberg. shery: still ahead, we discuss the economic impact of a slow vaccine rollout and preview the week ahead with a senior economist. he joins us next. this is bloomberg. ♪

haidi: let's take a look at some of the mining stocks and materials dogs we are watching today -- material stocks we are watching today. more pressure when it comes to concerns there are 70 ships with australian coal being held off the coast. about to going to china but not allowed to go into china. we heard from prime minister scott morrison making some

comments about being open to a no conditions meeting with beijing. there are hopes the new trade minister in beijing would be able to speak to some of the tensions going forward. taking a look at some of the iron ore. seeing upside. fortescue up by over to present. we had seen some downside pressure. we had some sense about rising chinese stockpiles, which had risen to the highest since early december. the world economy facing a tougher start to 2021 than expected. global growth is still on course to the rebound. it may take longer to ignite and may not be as healthy as previously forecast. the world bank has trimmed its predictions. i want to bring in the senior asian economist. it is the success of the vaccine rollout one of the key things

you are worried about as a key economist? >> absolutely. i think that is something everyone is looking out for. it is likely it will take longer than expected to implement those rollout programs, especially in emerging markets when you have structural complication. many are documented. india is a great example with the program being very ambitious. we have to wait and see how quickly they will be able to get them out. we are seeing this recovery narrative not interrupted but delayed into 2022 with there being significant headwind still for q1 this year. haidi: to the top performers economically remain, the ones we have seen so far which i managed the virus very well and have

managed to get their population to a high level of vaccination? >> that is correct. the vaccination does not have an impact on this current wave of covid-19. it might prevent their being a third wave in the spring of 2021 or going forward. countries are able to rollout these programs quicker. they will experience more tail going forward. we have examples like the u.s. and the u.k. or israel. they have been leading in terms of doses per 100 people. in china, we have been implementing vaccine since august last year. unclear how effective the vaccine is compared to some of its competitors. it is something that will enable china to continue to lead on the

front despite there being an increase in cases as well. we do continue to see those markets again. [indiscernible] the structural compositions of the countries, it may be longer until you are able to see the rebounds materialize in the market. shery: hong kong has already emerged from its first lockdown. what hope is there for the economy? we are expecting gdp numbers out of the city at a time when they have been hit hard not only by the pandemic but also by the protest we saw in the last couple of years. >> that is right. in hong kong, we do expect a second consecutive year of declines. if gdp was also more negative as expected. that would mark the sixth

quarter of consecutive contraction in hong kong. last year, we had this triple whammy of protests, covid-19 and the negative impact of the trade war. as a result of chinese manufactured goods, the export -- there has been a bit of a tailwind. that is going to work in hong kong's favor. we do not expect domestic consumption to resume to the levels seen two years ago. that is going to continue to weigh on activity. the good news for hong kong is there is a significant effect with gdp expected to be 97% in 2020. heading into 2021, hopefully back into good territory. shery: that is a hope, -7% going into positive. is it a similar situation when it comes to south korea?

domestic demand as opposed to external tailwinds? we are expecting their growth numbers this week. the expectation is not as optimistic. >> in south korea, it is a little better now. during q4, we did see a pickup in cases. they had to introduce some degree of social distancing. we are expecting a growth number to be a little more disappointing than expected. maybe in the range of minus one point 5%. we are expecting a rebound in that market as well. we do not expect to be more than 2.5 to 3% for south korea. it is definitely something we will favor. it will definitely help gdp. exports will continue to lead that recovery. with this delay in the normalization process, south korean exports will continue to benefit.

they will not disappear outright in 2021. demand is going to be a little more complicated. bank of korea signaled they are not keen to implement additional monetary easing. it will be a matter of allowing that vaccine program and allowing for that normalization to kick in and to boost sentiment and have consumers return to normal consumption patterns. no time before the end of the year 2021. haidi: i'm glad you mentioned consumers. we also have production numbers out for china it i am more curious about the consumer side. is there a concern the lack of travel, some of the outbreaks we have seen will mean muted numbers coming out of the chinese new year season? >> there are two things. first of all, the numbers last week were a little

disappointing. i would remain still on a cautious side. we do expect a recovery will be domestic consumption led in china. a slightly weaker december number will also be reflective of a base effect as well as colder weather preventing households from going out and consuming. the chinese new year is the main commercial season. they have not outright banned travel. they are discouraging it quite strongly. we will not see a big rebound in the same way we sell it pickup in domestic consumption during the chinese new year season as a result of this qualitative approach to making households from traveling. they are going to make it very tricky for people to move around. heading into q2 or q3, we should

see that domestic recovery narrative kick in in the chinese economy. shery: we will be watching very carefully. always great having your thoughts. plenty more to come on daybreak asia. this is bloomberg. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

haidi: the chinese president speaks at the world economic forum letter today. -- forum later today. tom mackenzie joins us from beijing. we hark back to the famous speech the president gave at davos. a lot has changed since then. what are we expecting? tom: there will be a focus on anything that president xi jinping says about how china will look to engage with the new biden administration. state media have suggested areas where the two could cooperate

include things like climate change but also tackling the covid-19 pandemic. we will be listening for any hints or nods from xi jinping toward his u.s. counterpart. we mentioned 2017. that was the first time a chinese leader had addressed the world economic forum. it was shortly after the election of president trump. president xi jinping pushed back against trump's america first policies and pushed back against the idea of protectionism and trade wars and he tried to position china as a proponent of globalization and multilateralism. we make it echoes of the same kind of thing this year. we'll be looking to see any overtures from the chinese president china has been relatively successful in containing the pandemic. it is trying to push its vaccines to any poor nations around the world. other leaders set to address the forum include the leaders of india, south korea, japan and

france and germany among many others. shery:shery: the biden administration sending its own message to china when it comes to taiwan. tom: if we needed a reminder of a potential deadly flashpoint, taiwan and the taiwan strait is it. we saw some action over the weekend. just days into the new biden administration. the chinese sent a significant air presence into taiwanese airspace including bombers, 13 chinese planes including bombers. they have been doing this on it almost daily basis. this was a bigger contingent of luke perry aircraft from the chinese side. the u.s. state -- of military aircraft from the chinese side. to have dialogue with them and to refrain from what the u.s. said was continuing military economic and diplomatic pressure on the island. it is a reminder of the

frictions, particularly geopolitical frictions can quickly flareup and it will be an ongoing concern for the biden administration. we have had denials from the chinese embassy in the u.s. saying they were looking for a meeting in d.c. between senior chinese and u.s. officials. they said that reporting was inaccurate. shery: our china markets anchored tom mackenzie in beijing. we have more on the china relationship shared standard life says -- it will need to find ways to cooperate on certain issues. chairman douglas flint spoke exclusively to bloomberg on how he thinks the relationship will evolve. >> the u.s. will continue to see china as a strategic competitor and i think that is the right way to think of them. i think there are three aspects to the relationships, relationship with china, as

there are too many other nations. there are going to be areas with significant geopolitical differences in terms of approaching things that are happening that need to be spoken of. there is the trade opportunity in terms of mutual investment and the opportunity to access what will be the largest economy in the world in 10 years time. there is the areas where we need global cooperation. i think of climate change. two important conventions coming up this year. without china at the table participating, being including an contributing, these initiatives go nowhere. >> what do you make of china's efforts to rein in financial risk-taking? we have seen the clampdown on the likes of ant. >> the chinese are the most advanced in the world in terms of the digitalization of retail

finance. with that extraordinary expansion and capacity ed serpas proposition to retail customers, there is less -- and a service proposition to retail customers, there is less control. i think china is pausing to reflect as to whether it has from a financial stability perspective the right levers to control what would simply be the aggregation of individual consumers doing the same thing at the same time. it is the run on the bank scenario that central banks would set up to solve that if everyone decided to do something at the same time, which is a great deal easier in the digital world. i think that is right. i think they are at of the game in thinking about -- let's pause as this gets bigger. and of a social media space, people are reflecting on it is a

powerful and all-encompassing body of technology. are we convinced it does things in the way we won it to do and is it controllable? -- the way we wanted to do and is it controllable? haidi: douglas flint speaking to haslinda amin. deutsche bank is reported to be investigating whether investment banking products breached e.u. rules and colluded to split the profit. the inquiry comes as -- [indiscernible] adding it originally -- [indiscernible] deutsche's is said it believes some stuff knowingly sold some futures. ever grant continues to raise $6 billion. just under 10% of its issued shares at an 8% discount for

friday's close in hong kong. investors have agreed to a 12 month lockup period. they say they want to be the largest maker of the letter cars. lots more to come including the latest on the vaccine race. this is bloomberg. ♪

karina: this is daybreak: asia. the u.s. is tightening rancher restrictions to non-americans, extending curbs on people traveling from europe, the u.k., brazil and south africa. we are told the band continues policies introduced by president trump. joe biden's press secretary says now is not the time to ease measures. global cases almost four times 5 million. the aussie dollar strengthened in early trading in the anticipation coronavirus restrictions will be eased.

no locally transmitted infections for a seventh straight day. western australia is to relax its policy toward the nation's most populous state. violence broke out in the southern dutch city i have eindhoven as police tried to clear and illegal demonstration. the netherlands has been under tough social restrictions for a month. police arrested at least 30 people and say more than 3000 others have been fined for breaching curfew on saturday night israel is banning all international flights from midnight monday as part of restrictions to limit the country's exposure to the coronavirus. an announcement from the prime minister's office as a band will last through the end of the month at least although there are exemptions for cargo and emergency flights. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than

2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. shery: staying with the coronavirus pandemic, the biggest vaccination campaign in history has so far seen more than 65 million doses administered in 56 countries. turning us now -- joining us now is the senior policy advisor in the u.s. house of representatives. let's star in the united states. the biden administrations of 100 million doses in 100 days. this seems to be a modest increase from what has been done so far. will that be enough when we are trying to get to herd immunity? >> it is a huge task that biden and his team have set themselves, complicated by the fact they came into a situation

that has not been managed well by the trump administration. they got the vaccine, but the hardest part of any vaccination program is the last mile, getting the shot into the arms of the people who need it. the people who need it most. the other thing you have to say is america's problems with the coronavirus are not going to be solved instantly by vaccination. there will still be a need for ongoing measures in terms of isolation and wearing of masks and that sort of thing. it is really exciting and interesting to see what biden is already doing. he has already got fema, the emergency management program, to set up -- i believe they are going to have 1000 sites in medically underserved and rural areas. just minutes before i came on to

your broadcast, i saw an executive order. he has expanding the number of people in the public health service corps. if you do not have trained people to deliver, we do not have a vaccination program. the other thing he will need to do is overcome vaccine hesitating -- vaccine hesitancy. he really needs a great public awareness campaign with people that mean something to the target audience. perhaps sports figures. people in pop music. for older people, there was a wonderful broadcast -- three former presidents did. there was a lot of work -- there is a lot of work to be done and a long way to go. shery: better pr for the vaccine

rollout. when it comes to the federal government coordinating and guiding this rollout, are there any examples globally that the u.s. government could turn to especially when it comes to helping states with this action nation campaign? >> yes and no. if you look at the united kingdom, if you look at countries in europe, they are all struggling. in part because the public health service, responsible for doing this are already under resourced and overwhelmed. the best example thus far is israel. israel is a dramatically smaller country both in terms of its geographical area and its population. it has a really strong publicly based health care system. everybody is going into that system through their electronic

health records. israel has about 27% of its population has had at least one of the vaccines. there was interesting news yesterday that showed that among people over 16 -- over 60, which of the target audience for the moment, within three weeks they are starting to see a drop in the number of people with covid-19 being admitted to hospitals even with one vaccination. haidi: there are a couple things i am curious about in terms of the return to a post-covid world. one is the who saying do not think about population immunity for all of 2021. the other is the lack of data that shows us whether people are no longer transmitting the virus or whether the vaccine only stops them from getting sick. when you take into account these

uncertainties, what does this mean for countries, for economies to get back to normal even if we get a high level of the population vaccinated? >> it inevitably means it is going to be very difficult. it is going to be more difficult in some places than in others. in a country like australia, a country like taiwan where we have had strict measures in place and as a consequence not very high numbers comparatively speaking of both conceptions and debts -- both infections and deaths, the situation will be much more different than in a state like north dakota where 60% of people have been infected. i think the expectation many people have that everything will return to normal whatever normal

is, as a consequence of vaccines is something that is going to need to be moderated by political leaders that is not going to be the case for years. i might also say we probably have not yet seen the best vaccines that can be developed and that are available. perhaps we have been lucky to get it first time around but much more likely, there are other vaccines still in the pipeline. there might be consecutive rounds of vaccinations down the road. haidi: does that support the idea that some countries like new zealand and australia, we did hear that the therapeutic goods administration has approved the pfizer vaccine for his failure. does that mean these countries can have the luxury of waiting and seeing if there is more data

that comes out, seeing the safety and efficacy data and potentially more effective vaccines in the pipeline? >> you would hope so. there are some people in australia who are worried the reason why we do not yet have a vaccine program that started is because our government was not perhaps as much on the ball as they could have been. but that is -- but that does give us opportunities. the well out of the vaccine. -- the rollout of the vaccine. what we are seeing in australia if you look at the numbers that come out every day, very little if any community transmission in australia or new zealand. all the cases we see her in hotel -- we see are in hotels quarantine coming in from other

countries and really heightened the continued hotels quarantine and vigilance in that area. it is shocking to me that countries like the united states and united kingdom are only just now starting to talk about those sorts of issues. you heard on your news item that israel is shutting down its international travel at least for a brief time. that is very important. if you are getting control inside your borders, you need to be able to control what comes in from the outside. shery: adding to haidi's point, giving we are seeing these new mutations, does it make sense to put off the vaccination of the public and how concerned are you when it comes to vaccinating all of the world's population, the

vaccines will not be as effective? >> i think that some protection is better than no protection. it is pretty clear that the benefits of these vaccines far outweigh any possible problems with them. i think it is really important if only to protect our health care systems from being overwhelmed as they are in some countries and parts of the unit's dates. i think it is important -- the act's dates. i think it is important now to diminish the levels of infections we have seen can happen in israel. because we are in a whole new area of science, new things will come along and let's take advantage of those now. if you wait for the perfect, you are missing out on the good.

haidi: i think the who said something similar. perfection being the enemy of the good. really appreciate your time. coming up next, searching for a solution. utterly a says it is inevitable google will have to pay local publishers for news content. we will be discussing the implications. this is bloomberg. ♪ is is bloomberg. ♪

shery: a mixed picture when it comes to early trade. the asx 200 gaining ground, being led by materials and consumer stocks. the aussie dollar being supported by domestic border restrictions. kiwi stocks down after four sessions of gains. when it comes to nikkei futures, stable at the moment. after falling from the 1990 high. u.s. futures gaining ground. u.s. stocks fell from record highs. watch out for big tech highlighting the earnings list. haidi: let's get to google because australia says it is inevitable google and other tech giants will have to pay for media content. treasurer josh fryar berg spoke after ogle threatened to disable its search engine in australia if it is forced to pay publishers for news. this spat between google and the australian government is deepening.

what is going on? >> we reached a new low on friday when google called these proposals unworkable. the worst case scenario would need to end search function in australia. that would be a nuclear option. any 4% of searches in australia go through google. you do have to ask yourself, would google want to give up a major developed market to australia -- market like australia to a rival? this is -- this has to do with new laws. both these companies argue they do not make money. there are no ads around the content. they do monetize it indirectly by ensuring users keep on coming back and they are able to keep data about users.

they feel it is time the tech giants start to pay for the service. shery: especially because the issue is not just about australia. it is about what president sets for other countries around the world -- what precedent it stretched -- it sets for other countries. australia is testing the waters >> to a degree. other countries like france and spain have been pursuing similar legislation. google and facebook are concerned about a precedent because if it has to pay publishers for news snippets in even larger markets, it is going to become financially onerous. australia might be small but that would blaze the trail. bloomberg intelligence put out research saying if google could offset the cost of paying for these snippets by raising ad

prices and traffic acquisition costs, but there was no suggestion google might go down that path when they made the threat about pulling off the search function last week. shery: paul allen in sydney. coming up, we hear about where a group sees the relationship with the new u.s. administration. do not miss this exclusive interview next. be sure to tune into bloomberg radio to hear from the big newsmakers. listen via the app, radio plus or bloomberg radio.com. plenty more ahead. stay with us. ♪

haidi: tip-in growth across several areas including farming and suvs. -- and suvs. discuss the government's role in listing a letter to vehicles and's the country future relationship with the new administration. >> we have a number of exciting growth areas. around agricultural and machinery. a very significant growth area. we have a 43% market share in india for tractors.

globally, it is double the size of the tractor business. in india, it is nascent. that is where we see a lot of opportunity for growth. with regard to our auto business, a new launch we had has been quite amazing. we have a nine month waiting list because our supply cannot keep up with the demand. i.t. services, financial services are very strong services. logistics business as well as hospitality are seeing good numbers right now. unlisted entities. these entities are industries that use -- that include the used car business, supply chain consulting. it includes a solar business. all of those businesses can scale up significantly over the few years. >> there is a little interest in

electric vehicles worldwide. elon musk must proposing his entry into india has provided a a lot of excitement. how do you think the government can help a seamless adoption, a seamless transition to ev'in india? s>> there are three factors that will drive the adoption. cost, infrastructure and technology. the government can help in terms of cost. in india, it is a little tougher. it is difficult for the government to justify subsidizing cars for the rich. we have to find technology. we have to get the cost parity. infrastructure is the second significant area. the government will have to play a significant role in developing infrastructure. on the tech market side, things are moving fairly rapidly.

but we are seeing is an a three to five years, we will have brought significant reforms in india. cars will essentially start phasing out to electric. starting in about 35 years until about 2030. 2030 is what we see as a tipping point. >> there is a new president in the united states. what do you think joe biden will bring to the global economy? >> we have been very happy with all of the actions he has taken so far. he'll will economy. healing the country -- healing the economy appeared in healing the country is a good step forward. there is a very strong u.s. -india relationship that exists for many years. india is a natural ally for the u.s. the values are the same. the democracy we have is vibrant. we feel there is a lot more the

u.s. and india can do together. we have been only at the surface. this is one area where we would urge both governments to work closely to look at how we can partner together. haidi: will be hearing other big corporate leaders from the world economic forum. they include marker made -- marguerite. we'll be hearing from the u.k. trade secretary as well as the french finance minister. shery: here is a quick check of the latest business flash headlines. india says domestic aviation is nearing pre-covid levels with nearly a quarter of a million people flying on friday. that compares with 30,001 local flights resumed in may. the civil aviation minister says

indian characters -- indian carriers are within touching distance of pre-pandemic levels. kuaishou it is said to have drawn blackrock and abu dhabi's investment arm. they hope to raise 5.4 billion dollars from the sale, which may take orders from today and could be the biggest internet ipo since uber two years ago. kuaishou is china's main domestic rival to bytedance. a blank check company is nearing a deal to merge with blackstone's allied solutions. it would lead to them becoming a publicly listed firm. they provide hr support services such as payroll and health benefits and employs 15,000 people. some stocks we are keeping an eye on ahead of the start of

trading. japan and tokyo, watching softbank on news -- toshiba was approved to return to the tokyo stock exchange. shares were demoted to the second tier in 2017. in seoul, bloomberg was the first to report sam's on was considering spending within $10 billion, building its most advanced chipmaker planned in the u.s.. neighbor would be investing in the entertainment agency via share swap. in the broader markets, here is how trading is going early in the session. the asx 200 being led higher biomaterials and consumer staples. energies, a drag on the index. kiwi stocks down a quarter of a percent. no settlement in new zealand. it is wellington anniversary

day. the country reporting its first case of coronavirus in two months. pk futures higher. after falling on friday from the 19 90 hi. have a number of eco-data this week including the jobless rate on friday. when it comes to kospi futures under pressure, down seven tents of 1%. we do get fourth-quarter gdp numbers out of south korea on tuesday. haidi: coming up in the next hour, will be talking volatility and crypto. the ceo of the celsius network. get his take on where this is going. a market opening in tokyo and seoul in the next few minutes. lindsey moore head on daybreak asia. the start of this new trading. stocks falling from record highs on friday. we are watching developments in

the vaccine rollout. this is bloomberg. ♪

>> welcome to "bloomberg daybreak: asia." i am shery ahn. haidi: asia's major markets have dropped open for trade. our top stories this hour. investors await the fed first meeting of the year and balance earnings against the pandemic. the biden administration tightens entry codes on

travelers from the u.k. in brazil, as u.s. virus cases hit 25 million. hong kong hits a lockdown. in preparing to give the keynote speech of the economic forum. he will concentrate on climate change. and the need to adapt. shery: japan and south korea coming online. let's see how they start to trade. the nikkei is up a 10th of 1%. recouping some of the losses we saw in the friday sessions after it fell from their high. we are seeing utilities and materials leading the gains and japan. the japanese yen steady at 103 level. watch out for jgb, they fell ahead of this week's sale. watching the debt purchases for yield when it comes to those jgb's. kospi has a gain of about half a percent after falling on friday. we have risk appetite being dense, given the ongoing

lockdowns worldwide because of the pandemic. we are seeing those losses aren't being recouped. the korean won under pressure with the u.s. dollar. fourth quarter gdp numbers are coming out this week. haidi: let's take a look at the fx picture. we have seen only strength when it comes to the u.s. dollar. optimism as we get the listings of the border closing restrictions between new south wales and the rest of australia. we are awaiting the daily virus numbers. we have gone about seven days without a local transmission and new south wales. a 10th of 1% trading in australia. aussie dollar giving back some of that earlier strength. kiwi shares are trading but there was no settlement. downside of a quarter of 1%. the kiwi dollar is still comparatively strong, 7186. .

investors are taking advantage of the markets for a series of share placements. shares by big shareholders signal that stock prices are peaking and are losing their sway in an era of unprecedented global monetary support. let's bring in the portfolio manager. great to have you with us. this is the indicator that, in normal times, you would think this means some caution should return to the markets. is that the case at them -- case at the moment, because it does not seem like investors are heating this -- heading this. >> the markets have had a strong run. the cost of which to raise capital is extremely cheap. this is an opportunity. in general, the markets have attractions of value and high

evaluation i think it is time to be cautious. liquidity is -- has driven some share profits to extremely high levels. history is not kind for the future performance of some of these valuations. i think investors are wise to be cautious. haidi: where do you find these opportunities? rob: i think the most interesting areas are in the growth of the right price, cyclical rebounds. you have plenty of areas where you have seen extremely difficult visuals. we see a lot of progression that is more difficult. south asia and india, looking across the logistics supply chain materials. in north asia, if you are looking for growth in the right price, india is dramatic.

looking at the upstream or downstream, there is reasonable valuation for growth. even looking at the leaders of the s&p. trying to have a very competitive edge and exposure across 5g. attractive growth, attractive valuation, and good distribution of capital. plenty of profit for good value. electronic vehicles is looking difficult. it is a downstream for manufacturers. we like midstream and upstream. we like some of the materials and components and this is a massive growth area. shery: how will monetary policy stack up with the gains we have seen already? we continue to see more emerging-market central banks holding steady and trying to gauge where to go next. rob: yeah, there is a very

divergent trend. to think of low inflation in general and asia does give them room. it is all about what is going to happen in terms of china in particular. my view, i think they have kept their foot on the liquidity gas longer than most people expected. i think we may see some withdrawal. i think there may be concern and excess liquidity and where it's going. the fed meeting will give us another indication. we did see some comments from governments that there are some asset buy ins. jerome powell came out and refuted that. if there is a hint of any dovish stocks in the fed, that may have play in the policy. shery: given that we see the rally in the chinese markets, we could be facing more specific

issues, especially given the share placements in ipo's. now bloomberg has calculated 7% of the value of the entire chinese equity market will be put up with lockups ending $722 billion of chinese stocks will be on lock. is this a concern? rob: i think so. we are seeing a number of characteristics in this market, which comes late in the cycle. that is what you mentioned at the start of the show. a lot of secondary shares coming out, a lot of capital raising, this does create an overhang for the market. buying trends are difficult and there is liquidity to absorb it. the gift -- the difficulty comes when the inflection point starts to lead. we are not going to see the same boost as last year, both on the

fiscal and monetary side. for now, we are fine. the market shows volatility, and that volatility will come when we have that wave of supply and the liquidity support eases slightly. shery: always great having you with us, thank you. let's get to karina mitchell with the first word headlines. karina: the world economic forum opens this week, not in davos, but virtually as the coronavirus prevents face-to-face meetings. xi jinping will deliver the keynote address, looking beyond the pandemic and focusing on climate change. the event must build fresh economic and social momentum. china has sent warplanes into the taiwan strait and what is seen as a challenge to the new u.s. administration. type a says for fighters, a bombers and an anti-summering aircraft entered the southern airspace, followed by other

planes. at the same time the uss theodore roosevelt entered the south china sea and what is described as routine operations. 11 people have been rescued from the goldmine and china two weeks after they were -- after an explosion. there were hauled out one by one with at least 10 more unaccounted underground and one miner reported to have died in the blast. china's mining industry has improve safety, although two accidents killed 39 people last year. indonesia has oil tankers suspected of illegally transferring crude and its water. the maritime security agency that is iranian and panamanian vessels were detained. they are accused of failing to display national flags, shutting down identification systems and illegally moving oil between ships. iranian state media acknowledged one tinker had been stopped. local news, 24 hours a day, on

air and on bloomberg quicktake, powered by more than 2700 journalists and analysts and more than 120 countries. this is bloomberg. haidi: coming up, the world economy is facing a tough start to 2021, quantifying the slow vaccine rollouts. bitcoin has fresh questions about sustainability. we get more with the ceo. this is bloomberg. ♪

shery: let's look at how currencies are trading. japanese yen holding steady at the 100 378 level. a little bit of strength recently given the weakening of the u.s. dollar. u.s. dollar is gaining a little bit of strength.

we are seeing that holding steady. korean won losing ground again. remember last week it led the asian effects, moving lower. the wrist sentiment has been dented following lockdowns, especially in hong kong. the aussie is unchanged at the moment, but still slightly supported, given that we have seen domestic border restrictions being eased. the negative was weak retail sales that we got last week. kiwi dollar under a little bit of pressure at the moment. haidi: let's get you a check of the business flash headlines. softbank is losing and senior executive. the second high-profile to departure this month. the managing partner is leaving, he was previously the head of global markets at deutsche bank, and focused on financial tech wagers while working at vision fund. he will become an advisor for the softbank group investment.

deutsche bank is reported that -- that breached eu regulations, and then said to split the profits. it comes after client complaints last year, adding that it originally focused on a death in spain. deutsche's is said to believe some stocks knowingly sold unsuited products. australia is raising the hate on big tech, saying it is in evitable that google, facebook, and other platforms will have to pay for news content. josh was responding to google's threat to remove its search ending -- and ching if they force publishers to pay for content -- search engine if they force publishers to pay for content. shery: vaccination rollouts are taking longer than expected. the imf will update its outlook this week while the world bank has already given its prediction

for global growth. bloomberg's chief asia economic correspondent joins us with the latest. we have unprecedented fiscal and monetary stimulus. we are expecting a stronger recovery, but it seems that covid infections are really not helping. >> exactly, this is the year of global recovery, but we are having a pretty bumpy start. there are now forecasts of double-dip recessions in japan, the euro zone, the u.k. we know in the u.s. there is spending there. only china is enjoying a v-shaped recovery, but retail sending -- spending is not where it was because -- before the virus because we are still nervous. the overall theme is that the economy is still expected to recover this year, but at the same time, there needs to be a material rollout of the vaccine for the coming months to keep

that pace case on track. i think it's more than most optimists expected. shery: the problem is that even if we get a recovery, it's not an equal recovery. >> not at all. to be clear, what we will get in the first place will be a large jump everywhere because of the base effect. the world economy will appear to be booming because you are comparing data. that gets into the debate around rebound versus recovery. either way, expectations of richer and more advanced countries will make more progress early on. that is one of the concerns, that will leave a divergence with the american economy and having a bifurcated recovery. the base case remains that the vaccine is there, but there is

potential for materials and all of it. there is a realization for economists that this night -- this might not be a linear path. it might be more complicated than initially thought. haidi: in terms of inequality, hong kong has a lot of criticism, especially as lockdown measures affect arts of the cities that are the poorest, which really exacerbates the world leading income equality gap. we are hearing part of calhoun is getting restrictions lifted. what are we hearing about what's going on there? >> over the weekend i pushed -- they pushed in a quasi-lockdown to contain the virus. that was lifted this morning. apparently they found 13 or so positive infections. i think it just speaks to the idea that even in jurisdictions like hong kong where the viruses

is under relative control, authorities remain quite nervous of an outbreak, and they are willing to take whatever measures are needed to curb it. this is the most stringent death hong kong authorities have taken since the virus. we know that these measures end up having a bigger impact on the poor areas. they are hurting lower paid workers and women hard in other sectors. if you work in the services sectors you have the luxury of working at home. it hits the poorest part of hong kong hard. there is a sense of nervousness amongst authorities that, as we approach the chinese new year in this part of the world, there is a sense of the virus not yet under control and they are willing to take whatever steps necessary to curb it. haidi: our chief asia economic

correspondent. after the pandemic forced a first recession in two decades they are expecting it to rebound. the finance minister is more cautious seeing downside risks. haslinda amin says the growth is achievable. >> the downside to this is it will be good in the first quarter. but the second quarter could be -- the vaccine is giving optimism. i think we are expecting 5% can be achieved. haslinda: you seem hopeful that indonesia can grow at 5%. how are you taking to -- taking into account where we see

christine lagarde say it's at risk of a double-dip and europe. in china is expected to have strong growth for 2021 -- in china is expected to have strong growth for 2021. >> it can fill the economy globally. we can see that it is affecting everything at a big level. may be except for the oil price. that is reflecting in terms of the activity and is compensating at the lack of investment growth because of banking, lending growth, it still very low because they are very cautious. there is a compensation overall in the mobility of the people.

we are hopeful that in the second quarter we will see a quantitative rebound that can be sustained. the first quarter for 2021 is what we see. we are hoping that we will see a recovery. then we see that the topix is accelerating everywhere. we see the reality of it. haslinda: what does it all mean for your budget deficit at 5.7%? does it take into account things like your tax revenue? >> on the spending side, we have

strong -- as i can see from 2020. indonesia estimated the budget for 3.6% for 2020. revenue has been under reduced pressure. the national revenue has declined by 16.7%. in the factories also have a decline of 19.6%. it is quite a pressure from the revenue side, but we also see the commodity price increase, and some export activities have been normalized, and additional revenue for the last two months of 2020. haslinda: we saw the swing and investor confidence in indonesia last year, that was apparent in the movement of the indonesian rupiah. but your international experience as a late concern for biden, a lot of concern for

stability. what are you hearing from investors in terms of some of the things they may worry about in indonesia? >> despite the pandemic, we continue that this country has a lot of advantages. we recognize that we have a lot to do to improve our investment. this is our country's government and it's up to us to formulate what is the most important policy. what is important for us to do first to realize this potential in addressing our work. that is why we will continue to accelerate.

shery: the indonesian prime minister there. -- indonesian finance minister. jakarta wants to move restrictions to february 8. indonesia is dealing with the largest outbreak of coronavirus infections in southeast asia. the are talking about more than 980 indonesians being infected. more than 130,000 people have received the first doses of the vaccine as of friday. haidi: we are watching toshiba rising to a high we have not seen since july of 2017. this was demoted for the second session in august of 2017. we are hearing toshiba has gotten approval to approve -- to return to the tokyo session. at the moment, off the session high is off by shy of 14%. we have seen toshiba do things

like putting up the chip positions in shoring up its balance sheets, setting up returns for the first session on friday. plenty more to come on "bloomberg daybreak: asia." this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

shery: took it -- take a look at how south commodities the -- commodities have changed. we are seeing a huge draw. stronger dollars, virus concerns . really seeing a plunged by the most in 17 months. futures also capping the reeks -- the biggest drop in six years. the largest drop since august of 2019. this after a rally of about 70% this year already with economies reopening and rolling out vaccines. coming up next, strategists are split over the outlook for bitcoin and will assess where prices are likely to head after

its worst week and almost one year. this. ♪

haidi: this take a look at how we are tracking the first trading session in asia. pretty muted start. u.s. stocks fell from record highs on friday. ongoing concerns about the economic recovery, as well as the impasse of a delayed or unsuccessful vaccine rollout in some parts of the world. we are seeing the nikkei 225 up by a 10th of 1%. kospi is up by 7/10 of 1%. we are hearing a potential cash payout for citizens to combat

the economic impact of the covid-19 crisis. we are seeing in australia 1% as we get news of travel restrictions between other parts of australia. shery: let's take a look at bitcoin, it is under pressure right now. digital currency has a 13% drop last week, but the worst since last march. a 300% surge over the last year. the next guest saw the recent drop coming. he is the cofounder of the digital currency lender. great to have you with us. given this huge rally that we have had the past year, it felt like a little bit of a correction was inevitable. the question is how much lower could we go? >> bitcoin is still the best performing asset class across

10, 5 or three. like you said last year, over 300%. seeing a small correction is probably healthy for bitcoin. at the same time, we are also seeing some of the other old coins close to hitting new highs. it is not just bitcoin outperforming. i think it was just a lot of migration of capital from the traditional markets, from the bond markets, from the stock markets into this non-correlated asset class. shery: and yet there is still a lot of skepticism out there. we just got the call from ubs global wealth management that, given the regulatory threats, not to mention we could see more competitors coming from central banks issued currencies, that bitcoin could end up in another myspace. >> i would differentiate between the two. for example, china is issuing a

central currency, but they are not promising that it will have limited supply. just like the fed is printing dollars, they will continue printing currencies. the beauty of bitcoin is that it has limited supply. everybody in the world knows that no one can print more of these i that the more people come in and buy a coin, the higher price is going to go. shery: so who is buying bitcoin right now when it comes to these holdings? that seems to be a little bit of a misread. there has been a tossup with institutional investors who are in the game now, but at the same time, what about the speculators, and could we see this transitioning from who is holding the cryptocurrencies right now? >> that is a great question. celsius is managing under $5.3 billion. second largest asset management in the world. we grew 10 times during 2020.

we have seen the huge adoption both in retail and from institutions. we work with over 350 institutions. this time it's not like 2017, this time you are seeing some of the worlds's smartest investors not just looking to diversify the asset class, but generating yields and out for on bitcoin, a theory him and 42 other assets that we -- bitcoin, and 42 other assets we manage. this is a new asset class that is now being adopted by a very broad base of investors. haidi: a lot of the pro-crypto bitcoin arguments are talking about how over the past months we have seen abduction by individual investors. bitcoin whales and big buyers

that hold more bitcoin. 2% of these buyers hold up to 95% of all bitcoin. what does that tell you about the mainstream appeal of this, and what does that tell you about the risk for a highly liquid market? alex: it is a little misleading. celsius has bitcoin wallet with over $2 billion in it, but that does not mean it's one person. we have 350,000 users that aggregated their coins into this wallet to earn yields. i think this is not like traditional equities where you can really .1 to one, who is the owner, there is -- you can really point one to one, who is the owner? what we are seeing is that this is the first time in history where the retail guy got in on the next big thing ahead of institutions. the institution is just now

running in, and you saw jp morgan recommend bitcoin for the first time. you saw city recommend bitcoin for the first time -- citi recommend bitcoin for the first time. those who have been in this for years are retail. they are the one selling to the institutions. haidi: that is interesting to me. we saw the likes of these big investment wall street heavyweights, and as you say, some of the big banks coming in as well, nothing fundamentally has changed about the nature of bitcoin. it has not suddenly paid dividends and does not accrue interest, that is it that these individual banks are believing in the appeal and legitimacy? alex: i think the problem is with the monetary system, not with bitcoin. the problem that we have is that

the daughters were created in the last six months, basically when corona started. and that is making a lot of people nervous. when they are looking out what are these non-correlated asset that i can buy to basically move myself away from the dollar in the euro, there are very, very few options. you are seeing the dollar in the central banks driving it. it is not the bitcoin space. shery: ceo of celsius, thank you very much for joining us. we do have breaking news. mexico's president is now tweeting that he is infected with covid-19. he regrets to inform the public that he is infected with covid-19, the symptoms are mild, but he says he is already under medical treatment. as always, he says he is

optimistic, he will move forward and he also quotes a doctor that represents him. mexico has the world's fourth highest death toll when it comes to the pandemic. we see record daily rises of covid-19 in the country. the toll is going by more than 1500 deaths for more than three days straight last week. when it comes to the mexican peso, still a little bit of gains against the u.s. dollar at the moment, but this is coming at a time when we see the covid-19 infection spreading in mexico's president now saying he is infected with covid-19. let's turn to karina mitchell for the first word headlines. karina: the u.s. is tightening entry restrictions on non-americans, extending curbs on people traveling from europe, the u.k., brazil and south africa. the policy was introduced by president trump.

joe biden secretary said now is not the time to ease measures. the news comes as u.s. infections top 25 million global cases almost four times that number. hong kong has lifted the lockdown restrictions on parts of the city, while warning they won't be repeated to tackle the virus. the unprecedented restriction had more than 160 cases reported in the first three weeks of the year. 700 people are in the hospital in hong kong, with 38 in critical condition. 100 68 people have died. violence broke out in the southern dutch city as riot police tried to clear an illegal demonstration against virus lockdowns. the nevitt -- the never the -- the netherlands have been under tough restrictions with the restrictions lasting into february. police arrested 30 people and say more than 3000 others have been fined for breaching curfew saturday night. israel is banning all

international flights from midnight monday as part of restrictions to limit the country's exposure to the virus. an announcement from the prime minister's office says the band will last through the end of the month. cargo and emergency flights can come through. israel extended its nationwide lockdown to the end of january. global news, 24 hours a day, and on bloomberg quicktake, powered by more than 2700 journalists and analysts and more than 100 20 countries. i am karina mitchell. this is bloomberg. haidi: the annual meeting of the world's most powerful figures is this week. but there will be a limit. we will discuss the new virtual economic forum. this is bloomberg. ♪

haidi: the world economic forum in davos kicks off this week virtually. participants are expected to debate issues from fair economic access and social systems to the climate crisis. let's get more from our bloomberg markets correspondent. we would usually see you with a backdrop, but it's all virtual, but it's still a very busy agenda. haslinda: you are right, it's all from the comfort of your home.

1500 participants in 70 countries. we have a global recession, we have climate change, we also have issues of deglobalization. deglobalization and retreat for the first time since the second world war and expecting participants to say the world needs to come back together and we need to pivot back to multilateralism. that is expected to be the crutch of xi jinping's speech when he makes the keynote address, the call for greater cooperation, multilateralism. we heard from the chinese foreign ministry saying it will be a very significant speech, but the backdrop is similar to that of 2017 where xi made his first address back in davos calling for greater cooperation. what is interesting is the timing of the speech. it's five days after the inauguration of biden. we are starting to hear a sense of how we will never gain u.s. china relations.

he talked about unity, that is expected to be key in relations with the biden administration. it is also interesting is that we will hear from a lot of asian leaders, this is in recognition of how asia has recovered from 50% of global recovery. asia accounts for 50% of the population. the emergence of asia is front and center. climate changes also front and center. it accounts for 25% of emissions. when it comes to trade, the climate has been underrepresented. policymakers tend to view those issues and separation. we have to take a look at how actions need to be taken to encourage more countries, like australia, how we can encourage more companies to commit to zero. shery: there are questions about the wef meeting in singapore in

may. will that continue to happen given the virus numbers continue to surge across the world? haslinda: that remains a concern. we heard from the world economic forum managing director, as well as the founder, he says he is hopeful that the meeting will happen. he is encouraged either rollout, however uneven that may be. he did say that the world may have to live with this pandemic way longer than expected. there has been a lot of details on the meeting in singapore. the trade minister said they expected 1000 to 2000 attendees, but they are prepared to host this meeting, and it is prepared to ensure the safety of the participants. something to note is that this will be the largest event to be hosted since the pandemic. it is not the first event. the milken institute hosted

there asian summit. they are banking on their experience to ensure a safe and fruitful web meeting in may. shery: we will hear from world leaders from the world economic forum when it kicks off. highlights from the first day includes the wpp ceo and standard chartered. we were also speak with the french finance minister. you can read more about the virtual forum in today's edition of daybreak. bloomberg subscribers go to dayb on your terminal. you can customize your settings so you only get the news on the indices and the assets that you care about. one of the biggest names in finance, thanks to summit, is a good place to start bridging the gap between the u.s. and china. standard life aberdeen chairman said the new biden

administration will continue to see china as a strategic competitor, but the two need to find ways to cooperate. >> the u.s. will continue to see china as a strategic -- and i think that's the right way to think of them. and i think there are three aspects to the relationship with china, as there are too many other nations. there will be areas of's of nifty -- areas of significant geopolitical differences, and things that are happening that need to be called out and spoken of. there is the trade opportunity, in terms of neutral -- mutual investment in the opportunity to access what will be the largest economy in the world in 10 years time. then there are the areas where we need global cooperation. climate change and to important conventions coming up, but without china at the table

participating and contributing, these initiatives go nowhere. >> what do you make of china's efforts to rein in financial risk-taking? some say it is a move in the right direction. douglas: the chinese are certainly the most advanced in the world in terms of digitalization. but with that extraordinary expansion and capacity, service proposition to reach out customers, there is less concern -- less control from the regulatory authorities which could be the larger number of institutions. china has caused us to reflect as to whether it has, from a financial perspective, the right ways to control what would be the aggregation of individual consumers all doing the same thing at the same time. as they run on the scenario that central banks are set up to

solve this. if everybody does everything at the same time -- which is a great deal easier than walking to the bank to make an appointment, i think that is right. i think they are ahead of the game and thinking about the financials. let's just pause. just in the social media space, people are now reflecting on it's a very, very powerful and all-encompassing body of technology. are we convinced that it does things in the way that we wanted to do, and is a controllable. it's a subset of that, but an important one. >> i want to turn your attention to the euro zone. christine lagarde is cautioning that it's probably headed towards a double dip recession. what is your assessment of a eurozone economy? douglas: the biggest challenge facing europe and the u.k. in

2021 is how do we get out of the rolling lockdowns, which is really around the success of the vaccine program. and everything else falls behind that. when that is done, i think it will come from a combination of pent up demand to go out and socialize and go to the pub again. there will be a pent up demand to invest in science and technology to improve the resilience of economies in these individuals. and i think there will be a demand to invest in infrastructure that will create jobs and build economies again. but we have to get through the next six months. haidi: we have plenty more ahead. this is bloomberg. ♪

shery: vietnam's ruling communist party kicks off in 2016 -- since 2016 later today to select new leaders and shape policy for the next five years. the secret is bringing 1600 delegates for nine days of closed-door meetings. let's cross to our vietnam bureau chief in ho chi minh city. explain to us how do the

proceedings work here, because this is a very secretive meeting? >> good morning from vietnam. as you said, they will have 1500 delegates representing more than 5 million communist party members, some across the country gathering in hanoi. this is a nine day event at that national party congress, and they will review the nation socioeconomic developments over the past 10 years, and sketch out the nations five-year economic plan. there is a lot for delegates to be happy about, and vietnam has enjoyed one of the world's fastest-growing economies for years, creating a middle-class that can buy foreign automobiles and send their children overseas for college. the fact that their congresses meeting physically is evidence of how successful the nation has contained the virus. it has not had a death in

months. we have not had a recorded local transmission since december 1. the headline news will be the election of the party chief to a new five-year term. there will also be nominations for the nation's top governance positions. prime minister and national assembly chair. the national assembly, later this year, may or june or so, will vote on theomination. haidi: what do we know about how these new leaders are chosen, and the people running for the top jobs? john: it certainly is not a public election. everything happens behind closed doors. the politicking, the compromises, they all stay away from the spotlight. but all the candidates must be -- members. the 1600 delegates will

initially vote to select about 200 members of the committee. which then picks the new bureau. from that group, the parties general secretary is chosen. then the 17 to 19 member bureau will nominate one candidate each for prime minister, national assembly chair, and national assembly will convene later this year in may or june, both on the nominations. shery: is there anything like an opposition or dissent in this case? john: certainly there could be, but that all happens behind the scenes. there is a lot of speculations about who will get what, but such information is considered a state secret. we really have nothing official about who could be a candidate. but as far as an opposition

party, this is a one party system. a lot of times it's just about different factions. it could be people from different provinces that will provide for one -- that will support one particular candidate. haidi: we have seen vietnam come under pressure, are we expecting more reforms in the exchange rates? john: certainly, that is going to be one of the top priorities this government grapples with. it is very concerned about the possibility of new tariffs from the u.s. as i'm sure you know, the trump administration was threatening new tariffs but didn't as a closed out its term. the government is going to be reaching out to the new biden administration to explain why they do what they do, and they will try to address, as best

they can, the continuing trade surplus, which certainly caught the eye of the trump administration. haidi: really appreciate your time. lots more to come on bloomberg tv. this is bloomberg. ♪

>> welcome to bloomberg markets china open. counting down to the open of trade in the chinese mainland and hong kong. xi jinping is to address the virtual world economic forum, focusing on multilateralism and the need to cooperate. we may also get clues for relations with the u.s. under joe biden.

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