s. secretary of state antony blake and said that as he unveiled the biden administration strategy to compete with china's rise as a global superpower, he insisted washington doesn't want a new conflict. but he said under president, she, jim ping, the chinese communist party is becoming more repressive at home and more aggressive abroad. blake, and gave examples including territorial disputes in the south china sea and accused beijing of standing with russia on its invasion of ukraine. we don't seek to block china from its role as a major power, nor to stop china or any other country for that matter, from growing their economy or advancing the interest of their people. but we will defend and straighten the international law agreements. principles in institutions that maintain peace and security, protect the rights of individuals and sovereign nations, and make it possible for all kinds, including the united states and china, to coexist and cooperate. china is the only country with both the intent to reshape the international water. and increasingly, the economic, diplomatic, military,

antony blinken will deliver a long-awaited speech outlining u.s. strategy towards china, but there's an muchly to be any bold new direction unveiled. instead blake will expand existing policies. the strategy includes investing in democracy and innovation at home, bolstering allies and competing with china on military and economic issues. alibaba reported better-than-expected 9% rise in revenue on the march quarter. chinese consumers turned to online malls for basic needs during covid lockdown. the company is grappling with intensifying competition and mounting economic uncertainty at home. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> government bonds probably feel less volatile from here, but it is still quite a challenging environment. i think we've probably got another two quarters at least of volatility as we see the economic backdrop gradually ease a little bit, and we will be looking towards the fourth quarter maybe to see a little more clarity. tom: anne richards of fidelity international, one of my fav