>> the congress here in beijing. >> we will face a greater and more complicated environment it as well as risks and challenges, foreseeingable otherwise we must be fully prepared for a tough struggle >> french, german, and italian pmi data beat estimates as

services activity returns to growth in the euro zone's biggest economies. autos performed poorly in europe as the carmakers say they can offset road bumps, but admit the trade war prebsents a real challenge. >> mostly our premium brands here are depending on the market of the united states audi, porsche have significant market share there this is tlat >> tokyo prosecutors appeal the decision to grant former nissan chairman carlos ghosn bail more than three months after his arrest in japan for allege financial misconduct we're going to hear from renault ceo thierry bollore at 11:15 cet.

we're going to bring you the euro zone february final services pmi 52.8 that's against a flash at 52.3, and that's against january's number of 51.2 if we look at the final composite pmi for the euro zone, it's coming for february finally at 51.9. that is against a flash of 51.4, and, again, up from january's 51.0 looking, therefore, like euro zone activity has accelerated more than was expected last month, but still not quite as much as some investors might be hoping for. it does seem, though, that the services growth in some of the larger economies inside the euro zone seem to have had an impact there. >> and i want to also bring you the final italian q4 gdp numbers just out we have the final q4 number revised to 0.1% q on q the preliminary figure was 0.2%

q on q slightly less bad than we had expected based on the preliminary forecast, but still, a contraction and, of course, remember, that means italy was in a technical recession to end 2018 >> china has meanwhile lowered its 2019 growth target between 6% and 6.5%. premier announced to the national people's congress a series of major tax cuts he also publicized several other measures designed to boost lending and infrastructure spending lee said fiscal policy would become more forceful and that china must prepare for "a tough struggle." as the u.s. and china edge closer to a deal on the trade war, lee reiterated beijing's commitment to open trade >> china is actively involved in the reform of the wto rsh we will accelerate the

establishment of free trade areas, advance negotiations on the regional comprehensive economic partnership, the china-japan rok3 trade agreement and the china e.u. investment agreement. we'll also continue to promote china-u.s. trade negotiations. china is committed to mutually beneficial cooperation and win-win development and settling trade disputes through discussions as equals. we faithfully honor our commitments and we are resolute in safeguarding our lawful rights and interests let's take a look at asian markets here and how we faired overnight on the back of the kickoff of the npc as willem just outlined. shanghai composite and the shen zen moving higher. we have japanese stocks trading down south korea also seeing a bit of a pullback as well as australia. now, the key here, markets were widely expecting this gdp target, this lower gdp target range. overall it looks as though we

came -- we had an npc kickoff that was broadly in line with expectations our colleague eunice yoon who joins us from beijing who has set the scene very well for us yesterday, and hopefully can give us more detail around how today's news did stack up to expectations eunice >> you know, trade disputes with the united states was just one of the challenges that the premier said the economy here faced in 2018, and he said that this year it's going to be even tougher. it's going to be a tougher struggle according to the premier and these are the numbers that you need to know. so, first, they lowered the growth target to between 6% and 6.5% also, they're saying consumer inflation is going to be okay. not really out of control. what was also an interesting number is the jobs number. they believe they're going to create 11 million jobs, new jobs, this year. the reason it's interesting is because it's a lot lower than 2018, and the jobs picture is really going to guide policy

here o, according to the premier. this is what he said >> we will pursue a proactive fiscal policy and a prudent monetary policy. implementing an employment first policy and strengthening the coordination between these policies to keep major economic indicators within an appropriate range. >> so how are they going to stabilize the economy? well, they said that they're going to lift the budget deficit to gdp ratio to 2.8% this is up from 2.6% last year, and then that's going to show up in the forms of tax cuts as well as other types of spending tax cuts, a significant -- also they said that they're lowering fees and a whole bunch of stuff. essentially, by lowering all these fees on, say, use filts tilts, internet, it's meant to help companies survive better so that they don't have to lay people off also, another interesting point, local bonds.

we're going to see a lot more of those. we're going to see an expansion of that from 59% from 2018 a lot of that spending is going to go into infrastructure yet another way to try to help stabilize the economy. what was also interesting about the work report was what wasn't in the work report, and by that i mean that there was no reference to made in china 2025, the very controversial program that a lot of other countries, trading partners across the world have been scrutinizing and criticizing china about. well, there wasn't any mention in it, but the third priority in the work report instead was to promote high quality manufacturing strengthen technological innovation it looks as though china is downplaying the language, but is still pursuing the same kinds of policies goiz >> eunice, thank you for that color on the npc now, i want to bring you in two

guests patrick armstrong, cio at investment managers and david marsh chairman of osfif. they join us around the desk to help us unpack what we have so far heard out of china david, i want to start with you. as widely expected, china has reset their growth expectations for the year now targeting a range of 6% to 6.5% what message do you think they're trying to send to markets with this change >> they are somehow in control undoubtedly, they do run a lot of things, and we do know that i think there's a huge amount of doesn't e skepticism about whether these numbers mean anything, and there's a lot of pinch says of salt that have to go into this of course, we have to believe that the chinese believe that they can do a good job because the world economy does depend on china a great deal, and i think the real growth rate is probably something like a half of that. still, not too bad compared with the rest of the world, but nothing like as good as it says

on the tape, so skepticism has to be in order here. >> and patrick, in terms of market reaction to this, what do you make of the fact that we have seen some moves higher, but no massive reaction to these new targets? >> well, it shouldn't be a massive reaction they're coming towards reality they'll never get to real numbers. you have to look at the trend, and you look at underlying consumer demand, manufacturing, and the import demand, all of those things that's showing a chinese economy that's still growing and slowing. the service sector is the most important sector for china, and that's the area where you are seen stability, and that's the area with he feel secure about china. >> do you see the measures that they've announced the last 24 hours as a way to soften the economy's landing and nothing more than that >> that's what it is they're in a slow trend down to 4% over the next six years, we think, which is still very robust growth. you've got the dem grsks, the urbanization, the low income per capita, all of those things that are going to continue to drive chinese economic growth over the next market cycle.

it's not going to be the kind of growth we've had in the last, and it's a rebalancing away from a manufacturing economy towards more services and more chinese consumption, which is something the u.s. will enjoy because that will mean they may start with more technological things like that as well. >> the last couple of years we've seen the chinese government and the pboc no always working in lock step when it comes to monetary versus fiscal policies. is that something that's now changing with these announcements? >> the bboc basically does the bidding of the government. i think they are marching more or less in lock step the whole time, but it appears to the outside world that from time to time there's divergence. i don't think there is, actually.

it's good news conceivably from germany just so long as the chinese don't eat the germans' lunch in the meantime. it's good news even more little old britain. maneuvering away on the outskirts of the european union because we may also get to enjoy some of this consumption that's going on there if we can make the right things bridging the gap between this very high export-led investment-led growth surge that they've had over the last 30 years and a more mature but still communist run and service and consumption based economy is a big ask. they are in control of what goes on i hate the idea that there's a chinese revolution i would like them to remain in charge for at least another ten years to get over this hump that we are it's vitally important for the world economy. >> jumping on your point about in ten year's time you would like to see them still in control, to eunice's point in

today's address, what do you make of that >> i don't know whether that's important or not i thought it was all about 2035. it's about the next 20 years or 30 or 50 necessity do have millennial goals, don't they? i'm not that much of a chinese watcher as i don't really know whether it's important or not. they didn't mention that maybe they just forgot >> patrick, one of the arguments has been over the last year between the u.s. and china has been obviously very focused on their export products, and when david says, you know, if we change the model in china, we see a change to the model in china where the export economy is no longer so significant as a slice of the pie, is that good timing in terms of the trade dispute with the u.s. in the sense that this is a great time for them to be making that conversion because by making it a smaller slice of their pie, they've got a lot less to lose from any kind of trade war >> yeah. well, that's something that's going to happen regardless i think it's coincidental timing where, they have to move away from manufacturing because that can only go so far internal consumption the chinese savings rate is

incredibly high. a chinese average consumer saves about 40% of what they make because they don't have the social safety. they have to save for health care or for retirement all of these things. there's no government help and those kind of things i think policies that promote consumption will really create the growth of china going to desire as they move away from fixed capital and manufacturing. >> you mentioned the idea of trending down around 4%. kwha framework do you think investors need to understand china in order to find opportunities once that growth slows to around 4% >> you want to find companies that the chinese retail sector gets excited by because that's in the short-term. that's still the incremental buyer for chinese equities or consumers in china you can buy a house, put your money in a bank account, or buy an equity if you are a chinese investor bank account interest rates are punitive housing market is a bit frot frothy, and we think equity is the place that they have to go given those dynamics we are quite positive. it's a preferred market this year, and that's the retail

investors that are part of it. >> stay with us. thank you also to david marsh. he will also be staying with us for a few minutes time in the meantime, though, china's top banking regulator says the country can absolutely reach a deal on opening up its financial sector with the united states. speaking on the sideline, the chairman of the china banking and insurance regulatory commission said a few disagreements remain between the countries on the issue but the problems are not that great. coming up on the show, u.k. foreign secretary jeremy hunt says britain and the e.u. are moving in a positive direction on brexit. we'll find out whether that's the case after this break. plaque psoriasis can be relentless.

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oh, it won't do that. welp, someone should. just say "teach me more" into your voice remote and see how you can have an even better x1 experience. simple. easy. awesome. with being back to street siebz. after a sluggish start thorpg, european stocks are edging higher at the moment the stock 600 is up 0.12% following chinese stocks higher, although it was a mixed session for asia overall overnight. also, we're coming off of a down day for wall street yesterday.

some of the optimism around u.s.-china trade may have fadeed in that session. we are also seeing investors digest fresh targets from china as the ncp kicks off today, and here in europe we've got fresh economic data out that has surprised to the up side for a change relative to what we've seen recently. altogether, providing a bit of a boost for sentiment so far this morning. let's take a look at european markets and see how the regional split looks like so far. the ftse 100 outperforming, interestingly, up 34 basis points, but we are seeing gains across the board italian, french, and german stocks all moving higher today let's take a look at the sectors and hue how things are splitting out. telecoms up 1.16%. food and bev and banks also up chemicals one of the better performers up 0.3% we had evonit come out with earnings, and they surprised positively in ermgz it of cash flow and also gave reassuring guidance dragging up the broader

chemical sector. investors firmly focused on commentary from ceos come out of that event interesting to see that despite the u.s.-china optimism in the air around trade, autos still lagging so far today willem >> thank you, jielana. britain's attorney general jeffrey cox will accompany the brexit secretary steven barclay for new talks with e.u. officials in brussels today. the british gm continues to press for legally biebding guarantees over the irish backstop prime minister theresa may, as you may well know, believes this could be key for parliament to approve her withdrawal deal. may's promise, though, a meaningful vote on that deal by the 12th of march.

the signals from the european union are reasonably positive. he said the e.u. is beginning to realize that may can get a majority for her deal in parliament, but warned britain cannot be "trapped" in a customs union. do investors need to sit on their hands and wait for the theet ricks to play out? >> i think that's right. we are holding that, and not least manufacturing who are looking for some sort of certainty have made plans for uncertainty. i think that mrs. may who already knows she's -- she's behaving really like a schoolteacher here rather das adviser lid one clearly, one that doesn't have all the cards in her hands she's threatening the bad boys with detention ie, no deal at all, and brexit

being put on ice if they don't play balance ball. these are the brexiteers who are digging in their heels >> there's two detention rooms for two sets of unruly students. >> it's like this business of a special place in hell. there's two detention rooms. what one takes you to no deal at all and no brexit. the other one takes us into some sort of long drawn out backstop whereby we remain in the customs union foifr, which the e.u. don't want northern ireland to do that either there will be no legally binding deal because youcannot commit future governments of other countries to accept a legally binding deal, but there will be something that is something at the end, which i hope will be enough to just get these unruly brexiteer bully boys over the line and get us into a situation with end of march deal to take us out of the e.u. plus, it will be a transition period, a delay, a technical delay, and then a transition period of a year and a half. the real fun, of course, will start when we do start

negotiatesing in ernest on that trade deal i'm not surprised sterling has been going higher, actually. i would be a bull of sterling as well over the longer term,but you are going to need tough nerves >> patrick, before that fun to quote david starts when it comes to the trade talks, what's your surest guide to the expected outcome? >> i think we're going to kick the can. its think it's going to get close to going through, and i don't think we're going to quite get there. any time you have an opportunity to hope for something that's optimal for you, i think the bias will be just to extend and hope that happens, and it will never happen, and you asked the question do investors sit on their hands, and i think that's probably a fair enough conclusion it's companies that are making big capital investment decisions. they have to defer or redoekt it i think the u.k. is really suffering from this uncertainty, and another kick the can just extends that uncertainty i think it's significant headwinds for the united kingdom regardless of the outcome here because i don't think we're going to get to the thing where

there is certainty, where you can make these big capital investments going forward for the foreseeable future because the transition period or the extension of article 50, all of these things, will delay or relocate these decisions >> what does ma mean for your view of equity markets >> we like the oil and gas companies. not because they're u.k. we think we're a great value we really like those we like the companies that get foreign revenues if we do have a weaker sterling. we think there's going to be head winds for the u. kuchlt economy. we like foreign revenues coming in we're short the ftse 250 we think we've had a really sharp run this year, and investors are getting a bit too optimistic that everything is solved i think there's going to be an extended period of uncertainty here >> just to ask you about european politics, i'm not sure if you have seen emmanuel macron's empassioned op ed that was released >> how could you miss it he starts and ends with brexit as both a warning and an

opportunity. he seems to describe it. i'm just wondering, when you look at some of the populist parties across europe, whether it's that's the -- whether that's the five star in italy, we've seen their popularity in recent months weigh. when we head into the european parliamentary elections, do you think the brexit does serve as a warning to some of the other parties across europe that having your cake and eating it is not really a possibility? >> i wouldn't make too much of that i think clearly we deserve -- at the moment for having brought these countries together we've done well showing more european solidarity around than before i don't think it's going to last for that long, actually. >> they have come out with egg

on their face. it's not that simple, is it? as manuel, macron, skpv else knew all along i don't think it's going to be that much of a big issue, says and i'm surprised that he didn't actually focus on a few other issues he just is a bit too much playing to the gallery maybe didn't really have enough to say about what france and germany are going to do to deepen monetary union. that's a much bigger issue, really, than brexit. >> and very briefly, david, you have written the rising probability much a soft brexit increases the chances that -- he could take over as ecb chief what's the reasoning there >> i did think that he would have to go and do something else and not become an ecb president. it all boils down to the fact that his star may be rising again, and mrs. merkel had earlier been -- she didn't want a french person as head of the european commission. she would rather have a german person or someone close to the germans because of various things going on in the european peoples party. that seems a bit less likely it could be that she would opt

for that nice man, and that would bring in -- into what may be a bit of a poison chal is if he were to take over the ecb i think his star is rising, but i wouldn't put a lot of money on it >> excellent thank you for joining us patrick armstrong, cio, investment manager, and david marsh, chairman of offim we will speak to the volkswagen and automakers stay with us

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welcome to eye street signs. these are your headlines china lowers its 2019 growth target as premier lee kachang warns of a tough struggle and promises to prop up the economy at the start of the annual meeting and china's national assembly skproo we will face a greater and more complicated environment as well as risks and challenges foreseeable otherwise and are great in number and size we must be prepared for a tough struggle french, german and italian

pmi data autos performed poorly in europe as the bosses of germany's top carmakers tell cnbc they can offset road bumps in the world's biggest car market, china, but admit that the trade war presents a real challenge. zbloinkts toelko prosecutors appeal the decision to grant former nissan chairman carlos ghosn bail more than three as after his arrest in japan for alleged financial misconduct we'll hear from renault ceo at 11:15 cet. well, u.k. services pmi

february, they are now up and about bringing some of those while we look at what sterling is doing in response to that it seems like the economy has pretty much flat lined before brexit's deadline, march 29th. the ihs market numbers saying that pmi for all sector is 51.4. that's genls january number of 50.3 services pmi is in at 51.3 that's against january of 50.1 again, it's an expectation of 49.9 that is the lowest number since november 2011. seems that the economy is getting a little close to stagnation once again. of course, it's against that back drop, juliana, of what's happening in the british parliament >> thanks very much, willem. let's get a quick check on equity markets we are seeing green across the board. this comes after a sluggish start for european stocks after a mixed handover from asia and a

lower handover from wall street yesterday. of the major regions, the ftse 100 here in the u.k. performing best the ftse mib just behind them, up about 0.33% key for european investors today. we have got a digestion of the npc's new targets out of china overnight as well as fresh data on the european economy. those services pmi's, willem just highlighted the u.k we had italy, spain, france all coming out skpsh the overall message stronger than the market had expected that is slightly down versus the highs we've seen recently around that 133 mark. the euro trading slightly lighter versus the dollar. around 113 ahead of the ecb

meeting on thursday. the s&p, the dow, and the nasdaq willem well, france's emmanuel macron has made an empassioned plea for european renaissance ahead of may's e.u. elections. in an op ed published in eep of the 28 european member states, man roen said the need for european unity has never been stronger since world war ii. he went on to list a number of e.u. reform proposals including the creation of an agency to safeguard elections from foreign melgds meddling as well as border security and asylum office italian finance minister has said his country would benefit from a new form of liquidity financing from the ecb during an event in milan he

added that a budget adjustment would not solve rome's high debt problem. e.u. officials have criticized the italian government over its expansionary government after the e.u. commission cut rome's growth forecasts to the lowest level in five years. now, speaking exclusively to our colleagues at class cnbc, tria addressed investor concerns about the italian economy. >> i think that investor confidence is italy yes, sir biggest problem. confidence can be restored i see a lot of international appreciation for italy's industrial system and for our economy. we need to boost our own domestic morale, even in the short-term, but i think that you are on basis is very strong. >> they also discussed the italian government's brexit preparations >> we discussed a no deal brexit the government has in place a series of continuity both for italian citizens in the u.k. and for british citizens in italy during a transition period we are hoping there will be some sort of brexit deal. >> tria suggested milan could

develop into a top financial center after brexit. >> yes, milan can aim to become a top financial capital. it depends in the strength of the italian financial system milan is already the main center for government bond trading. as soon as italy's financial system strengthens and becomes a top financial center obviously, this also depends on the general condition of the country. >> i'm going to try to explain the announcements. it says the your owe system, the series of banks across europe that are underneath the ecb, they would stand ready to lend pound sterling to euro area banks if a need arises then correspondingly the ecb is saying that the bank of england will offer to lend euros to u.k. banks on a weekly basis. they're going to be activating a currency stop arrangement for possible proegs of the euro to u.k. and vice versa. very interesting development, of course, ahead of that march 29th deadline that we still have for

brexit meanwhile, worth looking at the euro zone. that's been revised higher for february the final composite pmi was 51.9 that data provide ihs market puts the block on track for 0.2% both yoet in the first quarter lucky for us, we're joined by the chief economist for europe, middle east, and africa s&p global ratings what a wonderful time to have you here to discuss this looking at the krn si markets in particular when we hear about the provisions for swaps, they've been helpful to europe when it comes to growth in terms of offsetting concerns about global trade slowing down. haven't they >> sure. the euro, especially versus the u.s. dollar is quite weak, and now for a long period of time this is principally because of the widening interest rates, how close the two sides of the atlantic, and probably it's not the end right now.

>> do you think this is necessary step >> it's one of the instrumgts used by central banks to upset any squeeze in liquidity in case of -- look, it was already an answer in the great financial crisis, with whether the ecb and the fed for close border financing in dollars and euros, and now we have the same, and with the -- because the likelihood of a no deal brexit is still not zero, and so that's a standard response. smud they take this announcement that the ecb itself is stepping up for no deal as a possibility in a way that they weren't weeks, months, years ago

>> yes as i said, there is no zero probability of a no deal, and it is the duty of central banks to launch all measures that could prevent any risk it's a precautionary measure more than something else >> now, earlier today we have that pmi data coming out of europe, and i think it surprised many the strength of those numbers given what the ecb -- you shake your head no were you expecting to see a rebound after the weakness that we've seen in recent months? >> yes, to some extent there are many signs that the slowdown in euro zone growth we had last year is not protracted we have a lot of one-off effect. a bit of bad luck. the slowdown was not protected we have since christmas last year, we have a v-shaped market,

financial conditions worldwide are going better, are easing we now have even more chinese stimulus the european car sector is restarting slowly, so we have a v-shaped recovery in the economy. especially in service. a look at the previous -- the previous survey of the european commission on services also, in improvement yes, with he will so far the first quarter, the first gdp -- the first quarter gdp in the euro zone will still be weak especially in italy. for the rest of the year nothing will -- go back to potential growth rate. >> i want to pick up on your comment about the auto sector. it sounds like you are pretty confident that the next move higher for european autos is up, but think about the risk the headwinds facing that sector the big one that stands out to me is the commerce department's report into president trump. how do you view that risk, and

how do you weigh that against the potential tail winds >> first of all, we had some -- a lot of disturbance on the job prediction and consumption cycle in europe last year, and so if you look at the data, you would see some kind of heart beat on that sector. now you see that prediction is carrying the situation and it's also resuming. probably you will not have huge increase in production and consumption of cars this year, but you will see a bettering along the year the country that will be hit the most are for sure germany be,

but also the german supply chain of cars. namely, slovakia, hungary, and also sweden. italy and the u.k. will be hit how much if you look only at the exports and value added terms that european carmakers export to the u.s., so you come to an effect for germany by something like 2.5% of gdp or .3% of gdp for hungary or .2 for a country leak slovakia and a bit less for sweden and italy >> excellent thank you very much. it sets us up very nicely for our next piece as well that was sylvan broier, s&p global ratings now, on that topic, volkswagen ceo herbert des has told cnbc the threat of potential u.s. auto tariffs if a

critical situation speaking at the geneva motor show he said the automaker had pleaded its case with the u.s. saying they are doing what they can. >> he will be explaining the situation. it is a critical situation for us because mostly our premium brands here in germany are depending on the import market of the united states, so audi, porsche, they have significant market share there this is a threat i think we did everything to convince the american administration that we are really committed to invest further into the united states we will be talking to politic n politicians in berlin and also in europe, so we do what we can, but at the end it's a negotiation of tariffs which not only cover the automotive segment, but also other entities, so it's hard to predict what would be the outcome. >> the efficiency is also a topic among analysts there are analyst who's are claiming that you have to become

more efficient, more along the lines of the psa group, increasing free cash flows what are you doing here? >> the analysts are probably right. now we have to become more efficient, and we are making progress not as fast as we wanted and as desired, but, you know, this is a huge enterprise. it requires a lot of energy and dedication i think we are on the way, and i hope that also 2019 we will make significant progress >> now, another key topic for the auto sector is chinese auto sales. these fell in 2018 for the first time in 20 years increasing concerns about the slowing economy. anetta asked top execs for their take on this issue >> we had a very successful closing in china in 2018, but we will -- we'll see what brings us in the future. we are still in a growth

position especially in the luxury segment, but there's an testimony in between the relation and in between u.s. and china, so this year we will see what will happen >> take china as an example where the two-digit growth number in january in china and even the last year we were growing significantly. le chinese market was the last year the first time compared to the previous 20 years, so there's always competition and flexibility and attractive products >> i don't think that the concern about this was happening in china and we see some sluggish markets at the beginning of the year. we had a very good year on the luxury side of the sector, and also i do not see a big issue there. we have a lot of introduction of new cars if there would be a little bit within the market, we could compensate with market shares. we're very optimistic. >> we'll have more from that geneva motor show later today when we hear renault ceo that's at 11:15 cet.

anetta will also be speaking to chairman and co-eo at bentley a andy palmer. >> sticking with the car theme, a tokyo court has gone to bail to former nissan chairman carlos ghosn. he had been denied twice earlier requests the ceo was released on the condition that he agreed to video surveillance prosecutors have already appealed that decision they demand ghosn stay in jail until his trial. >> huawei insists -- it wouldn't have a choice if beijing came asking more details after the break (danny) let me get this straight. after a long day of hard work... ...you have to do more work? (vo) automatically sort your expenses and save over 40 hours a month.

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welcome back to "street signs. the telecom giant huawei has repeatedly said it would never hand over data to china's government an expert told cnbc the firm may

not have a choice. under chinese national security laws, organizations and citizens are required to support and cooperate with state intelligence efforts our colleague is on the phone for more details on the story. the law in china hasn't presumably changed, so what's new about this story is it the fact that people are now willing to go on record with this interpretation of beijing's rules? >>. >> you thu what have you have seen a number of lausz and the national intelligence law was only introduced mid-2017 i think now that this huawei story has come to light, you have governments including that in aus yala who have particularly flagged up the laws and one, the national intelligence law, and there's been a number of laws that are supporting that, and put onus on the companies, and i'll read you a couple of key points from both of these laws. in the national intelligence law it says any organization of support, assist and cooperate with state intelligence work in accordance with the law. then the counter espionage law, it says the countries or

organizations may not re, and i think it's these readings now that many of the experts i spoke to, including the former british intelligence official and several legal experts are saying that actually huawei would have no choice but to hand over data if requested now, huawei right to the top, including the ceo has said that even if he was asked by the government, he would refuse huawei. let's not forget the bigger picture here the governments around the world, particularly the u.s. administration, is using a lot of this concern over national security, the concern over spying because right now this is a battle over two owns 5g, which is seen as a very, very critical infrastructure which it's going to support the future of citi.

drivers cars and, of course, mobile communications as well. >> what it might mean for intelligence sharing ♪ well, in the run up to international women's day on friday we've been discussing gender equality and female representation today on the show we will look at the role of women in the financial industry our next guest is responsible for setting the strategy at credit southeast she says diversity is a key element in decision making, adding that too many women don't believe they deserve the role they're in i'm talking about marissa drew,

ceo of impact advisory and finance at credit suisse she joins us around the desk >> marissa, coming from credit suisse, i came from the finance center i skmierks hearing your comments around women not feeling like they deserve the roles they're in really rings true what is the best way to -- impostor syndrome that ties in well with that concept >> i think -- i spend a lot of time mentoring the next gen. i'm also counselling them to look back and believe that you have got the seat for a reason there is so much time and energy that goes into recruiting and training and integrating people into their corporations that once you are there, people invested in you and you should take comfort in that, and then let that be the guide for you to sort of go forward and have that confidence >> what's so interesting is you have had changes at the top of

credit suisse. three men on the 12-member executive board. what does that mean? >> thee women on the exb, and i'm a direct report for the ceos we have four officer women on the executive level. not just on the board. that's a big deal because -- i have a lot of time and a lot of kudos for those who have worked on the 30% club to get women in seats of governance. it's in the operations of the business day to day where you really are ableto effect change it's a big deal because when you are a junior woman and you look up and you see role models, then all of a sudden you believe that you can achieve it think about how much time and energy we put into our work lives. our heart and souls are there, but if you are a woman and you look up and you do not see any other women, a lot of times that's when people opt out because they say, you know, i'm putting all this energy into it, but is it really achievable? i think this changes the equation >> what happens when you see headlines like this? you know, one man earns almost twice total pay of top 16 women

at the big four banks. what does that -- >> look, we have to change that. when we talk about gender equality and a lot of what's happening now is shining a spotlight on inequalities wherever they may be whether it's numbers or pay. all these things have to change. they are changing. we have people making very big commitments. we have the reporting of pay all these things are steps in the right direction. >> we're steeped in an industry where numbers and metrics dictate so much in terms of performance targets, in terms of expectations, and i'm just wondering, therefore, are you a strong advocate for that being applied to diversity whether it's at the boardroom level or graduate higher level? >> yes, indeed my belief and i must say that i have -- this has been a journey for me, so i have been in this industry for more than 30 years. when i was entering the industry, i was vihamently against targets, numbers, goals, whatever you want to call it, because i thought that that implied perhaps us being in a position where people would question the validity of why someone was there. i've come full sishle, and i

would say most of my female peers who are at my level would say the same thing, and you hit the nail on the head kpi's. if you can't measure it, you can't make it happen i think that that's what the industry is recognizing. i would call out as well the initiative that's taking place here in the u.k. with the women in finance charter this is where companies and i think there are something like 170 financial institutions that have signed on to women in finance. we are an early cignatory, by the way? >> this is saying that you have been in the business for 30 years now. >> just means i'm old. >> i mean, you know, looking from the 1980s, the culture of banking in the 1980s, and how much it's changed now, of course, there's been progress, but how much further do you think needs to go? >> well, i have to take you back to the 1980s

back then there were very, very few senior women on wall street. in fact, i worked for one of the very few women md's. then i was often the first, the one, the only, and i called myself the science experiment, and when you are in that position you are fighting every day for legitimatety, for why you're there, and i think the way we interpreted that in many of my few peers that there were interpreted that in the sense that we felt like the more you acted like a man, the more you dressed like a man, the more you behaved like a man, that was sort of the metric for success i think the evolution that i have seen over these last 30 some odd years is that women now are much more comfortable in the skin in their organization and in a way i think we are all hopefully in a position where we can celebrate our differences. >> marissa, we'll have to leave it there ceo impact advisory and finance credit suisse. that's it for today's show so with xfinity mobile

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here's your top five at 5:00 wall street pointing to a higher open following yesterday's vied, and we have news on the most important dow stock that will open your eyes and get you going this morning china slashing growth target of the national people's congress kicks into full swing. we take you live to beijing. speaking of china, one of the brightest minds on wall street raising the red flag on that country. heymann capital kyle bass says he doesn't think a trade deal will go far enough you're going to hear from hem exclusively ahead. former nissan chairman carlos ghosn granted bail after three months in jail in japan, and a very bold call on google a