i hope that is understood in beijing. these kinds of scenarios that lead to this unfortunate needs to increase military deterrence. i want to mention one point about the idea that nuclear some marines would be dated technology. that is a scenario where there is no real evidence to show the case. this partnership, australia, u.k. partnership has some benefits, too. in the undersea domain which is an area of disadvantage for beijing. i would not want beijing thinking that nearer term additions of capability. >> just on the discussion around timelines, former prime minister kevin says, australia is being left strategically naked for 20 years because some suggest that this would not be a valuable tool until 2040. >> i do not think so. there will be a series of other important capability improvements before that timeframe. including in the undersea domain. i would be shocked not to see effective undersea capabilities shared between partners. i would also expect to see them in important trilateral's like this one. there is a gr

and i hope that's understood in beijing. in fact, it's these kinds of scenarios that are leading to the some fortunate made to increase military deterrents. but i wanted to mention one point about the idea that firstly nuclear submarines is somehow going to be guided technology. i think that's a scenario, but there's no real evidence to show that's the case of this partnership. the failure you as you can partnership as near term capability, benefits to including in the under see domain, which is the layer of disadvantage for pricing. so in the interest of not having miscalculations, i wouldn't on aging thinking that near term additions to take a committee on happening out of his partnership, they will michael just on the discussion around time lines for my prime minister, kevin rod says, and i quote, a strongly or is being left strategically naked for 20 years because some of suggesting that the submarine program may not be available until until 2040. do you agree with the sentiment that will will be left strategically naked

more pilot programs and trade deals with beijing.till, there's a sense that there is further to go when it comes to the regulatory shakeup. we will see if this has helped sentiment at all. kathleen: a very interesting and entertaining story on the bloomberg today. how wall street is having to tiptoe around some of the new states where it's been opening offers and putting more employees. i'm talking about states -- not like new york. if you look at states like texas and florida where they've been pushing more people for years. they are having to step back. you see the texas governor greg abbott saying that he banned local authorities from requiring vaccines. in florida, the governor is wondering about companies requiring vaccine passport. these other areas where they've really been growing a lot since the pandemic. the move from wall street down to miami has been a big one. it's interesting to see how these politics are making them alter their policies it. in new york, citigroup is requiring its employees to get vaccinated but not get

when it comes to beijing, very interesting. because we saw last we had china surprise the world and the united nation was their pledge to go carbon neutral by 20600 and this year more environmental pledges by president xi saying china plans to stop building new coal-fired power plants abroad. and will also be upping that support to help poorer nations adopt clean energy. so very much a focus on their clean energy objective despite the political firestorm continuing around them. shery: and that's really having an impact on the broader commodity space, right? we saw the stumble in iron ore prices given the steel output curbs of beijing is implementing right now. and you talked about evergrande earlier. yeah. they missed payments. we do have a huge -- another debt coming up thursday. and in the meantime there's a lot of debate about what evergrande means for china. is this china's lehman moment or not? haidi: and i think a lot of analysts are saying it's not a lehman moment. just because the system that ever grand operates. but --

how effective they will be and how the people in beijing _ they will be and how the people in beijingg may respond is yet to be seen. a, ., , �*, beijing may respond is yet to be seen. ., , �*, , beijing may respond is yet to be seen. a, ., , �*, , ., seen. mo and penny, it's been great to have you — seen. mo and penny, it's been great to have you for— seen. mo and penny, it's been great to have you for our— seen. mo and penny, it's been great to have you for our first _ seen. mo and penny, it's been great to have you for our first addition - to have you for our first addition tonight. you will be back in a wee while to take a look at some of the main stories. that's it for the papers. goodbye for now. good evening. i'm gavin ramjaun, and this is the latest from the bbc sport centre. it's been goals galore in the champions league, with the two english clubs both involved in extraordinary games. at anfield, liverpool held off ac milan, eventually winning 3—2, whilst at the etihad, manchester city beat rb leipzig in a nine—goal thriller. our sports correspondent, natalie pirks, was watc

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president xi jinping announcing plans of a new stock exchange out of beijing.en is softer on the back of a slightly stronger dollar. let's focus on the geopolitical stories beyond japan. we are tracking what is happening in germany. we are three weeks from a historic election, and the three democrats are emerging as a possible kingmaker in any coalition. >> for us, it is the content that will be decided. there is nothing automatic. join one coalition model or another. there will have to be an attractive offer. tom: the german social democrats currently at 25%. merkel's bloc, 22%. less crossover to maria tadeo, the expert in all things in german politics now. give us an update. maria: going back to that interview we played, interesting that they have projected the idea that they will decide who is in government. he was interviewing for an hour and was specific they are not shutting down any options. one could be the traffic lights coalition with the spd and the greens. he said tax hikes is a no vote. when it comes to the debt, he said we needs to invest in this

she is a visiting scholar at to down university and in beijing and we have our 10 again. he is a political and economic affairs commentator or across cycles in effect, that means he can jump anytime you want. and i always appreciate, let's go to our, in beijing right before the 2nd summit or earlier this week. chinese media was expressing that the u. s. is looking for creating imaginary enemy out of china. and it was actually said during the high level meeting, what does that mean, imaginary enemy, could you explain that to our audience? well, china, that feels very beset, i mean, on almost a daily basis. this is kind of drum b to china is this that, and the other thing, there's very little truth, lots of allegations. so, i mean, china has, sees this as a situation where trying the u. s. is trying to play king of the hill. in essence, you know, try to cut down a competitor that's rising. the difficulty is that china is not trying to be a global hedge amman. and the us is trying to maintain its position. so they, that imaginary part is all about what the u. s. perceives wh

haidi: bitcoin exchange cuts back on new chinese users as beijing makes his most serious move yet to crack down on crypto. shery: and slamming the brakes on its shanghai starboard listing, saying there is no guarantee it will meet its financial obligations. this is the picture across wall street -- u.s. futures muted at the open as we saw the s&p 500 seeing another weekly advance. late gains on the friday session, treasury yields were higher on friday but at a slower pace. then nasdaq a drag on the china index, falling three consecutive weeks, lowest level in a month. oil seeing five weeks of gains and continuing to trend higher as we continue to see the global energy crunch, not to mention inventory data showing global on the shore crude supply stacked by 20 million barrels led by china, so perhaps supply concerns being felt across markets. take a look at bitcoin -- it was a wild ride over the weekend. under a little pressure after gaining ground in the previous session after losing ground for two consecutive sessions. the pboc saying all crypto transactions are illegal. financial i

overseas and i have more opportunities here in beijing, i'll choose beijing or shanghai or qi zhen ason, thank you. interesting story. >>> sticking with china. more signs the world's largest economy may be slowing slumping in conditraction in august the cac falling 40% in august from 55% in july the lowest level since the pandemic first wave in april of last year. the survey focuses on smaller firms in coastal china is in line with the official government pmi out this week let's break it down with dewardric mccneal. what is your take on the chinese economy? >> good morning, seema thank you for having me. i think some of this can be easily explained as we heard by the covid outbreaks that happened in the month of august. you know, china has a zero tolerance policy with aggressive testing and tracing and stay-at-home orders which will impact factory orders and con su consumption. you raise a good point the economy is slowing the real question will be is what does this final order of 2021 look like we should be prepared for less growth and slowing now to your earlier point about what chi

thank you. extra new in beijing. speaking of trade, china is seeking to join a regional free trade pact that was originally set up by the united states. the trans pacific partnership was fair headed by washington in order to count the chinese growing economic influence in asia pacific. but former president, donald trump withdrew the us in 2017. the 11 nation trade pact includes agreements on market access, movement of labor and government cooperation. chinese president, teaching thing is calling for a smooth transition in afghanistan and urged the new government to follow what he called moderate politics. asian leaders are meeting energy cost on the capital to sean. back to discuss the taliban take over. the shanghai corporation organization is the 1st major summit of regional countries since the group seized paul last month. mistakes have expressed consent about an influx of refugees and the risk of attacks which all strat his life for us. now in kabul, charles, walk us through what we've heard from trying to presen

let me go diner in beijing here. but there is what we'd like to talk about what you can't talk about. ok, let's be very clear about compromising a country sovereignty, hong kong, irrespective of how you feel, what hong kong, that's part of china, that's their affair. and the, the process of the united states and china exchanging diplomatic embassies is that taiwan is part of china. it's very clear, a very simple look at the documents. ok. it was explicit and implicit here where you wouldn't know that from the mainstream media whatsoever. so let's go to pepe it or when you take a look at that, i mean, i think you're, you're absolutely right. but when you have a treaty and it talks about returning hong kong in a orderly fashion, it talks about maintaining 2 systems, one government, and then the rules we can well, okay, my, my my, my, my question was originally directly to our guest in beijing. and so we're going to listen, go ahead. okay, so tom, there it was not a treaty. remember how hong kong came into the possessio

my guest in northfield, knoxville, and in beijing. and thanks to our viewers for watching us here at archie. see you next time. remember cross the me. oh i i can't read drugs are essential than millions of patients. or are they, they want that pill that they hope will take care of their problem thoroughly and rapidly in the short term they really work. the problem is, in a long term, they're mostly disastrous. suddenly stopping a drug can cause withdrawal symptoms more serious than the condition it was meant to treat instead of the beneficial effects of these different medicines ending up to something wonderful. very often they're harmful effects and up to something terrible can pills. so of all ills, or are we trying to mitigate life itself? i just think i was like i was just scared. i was just here a little girl, the 24. and like, didn't have to be so complicated. ah, is your media a reflection of reality? in a world transformed what will make you feel safe for the tycer lation community? are you going the right way or are you being

well, beijing has _ world worry about it? well, beijing has a _ world worry about it?s - world worry about it? well, | beijing has a buyers remorse problem on its hands. many foreign leaders initially eager tojump on the belt foreign leaders initially eager to jump on the belt and foreign leaders initially eager tojump on the belt and road bandwagon are now suspending or cancelling chinese infrastructure projects because of the debt sustainability concerns and the changes in public opinion which are making it difficult for these leaders to maintain close relations with beijing. thejury is to maintain close relations with beijing. the jury is still out as to whether that will undermine the long run sustainability or belt and road, but clearly beijing needs to watch it, because they will soon be greater choice in the infrastructure financing market which could lead to high—profile defections from the belt and road, because the us, uk and other members the g7 are positioning the belt and road as the low quality option, and the build back better world alternative as a high

the goals beijing are wanting to play into. that very much impacting the crypto mining part of the story. we're watching for these power and electricity levels that have been failing to be met by a lot of provinces across china. shery: one company where watching is huawei after their cfo was freed in canada after an arrest that took three years. it was a thorn on the size of u.s., china, candidate relations. finally washington really trying to smooth over that relationship with beijing. we are now seeing some republican lawmakers criticizing the biden administration of appeasement in the face of what they are calling china's hostage diplomacy. haidi: what a homecoming for her. in red, patriotic red. she gave some remarks about how delighted she was to return to the motherland. welcoming banners. it was a stark contrast as you marked the return to canadian soil, albeit under more subdued circumstances. let's get back to politics in germany. such a democrats party is taking a slight lead in a race that is still too close to call.

our correspondent is in beijing with more.ondent: the chinese government has slanted this new pact. a foreign ministry spokesperson says all three countries have severely undermined regional peace and stability and all three of them had fueled the arms race. that spokesman today had especially strong words for australia, he said the international community had good region to question that country's sincerity. a straight ministers have not had meetings with their chinese counterparts were well over a year. you do not have visits here from australia leaders. the speed and -- in collapse of relatis has been quite spectacular. around when year ago there was xi jinping going to football and australia. now you have australia developing nuclear powered submarines to counter its number one trading partner, quite remarkable. anchor: stephen mcdonald reporting from beijing. on the other side of the break france is also outraged, as the french have been pushed out of their deal to provide australia with submarines. >> i have never seen i

what kind of the city does beijing one?this is a group of southern china cities including hong kong and macau. macau will be this global tourism hub featuring chinese medicine and exhibition, sports events and related tourism facilities. also, this latest proposal on tightening regulations over the macau gaming industry came a week after beijing released the plan to encourage macau to diversify on this nearby island. the plan is this island will feature industries in chinese medicine. these are the industries that china wants macau to diversify into. >> what does this mean for the casino operators? is there anyone you think that is in this industry that could have the capacity to shift along that kind of theme? >> that is what analysts are saying. analysts expect them to be required to invest in these non-gaming industries but the problem is they are not experts in these industries. also, they are facing a lot of competition from nearby regions. hong kong is very close to macau. it has a very established convention and exhi

over the weekend we had a financial forum here in beijing.central bank governor there's -- they are speaking about the need to tighten scrutiny over the fintech space. making sure any loopholes in that area are plugged up. obviously fintech has been in the targets of regulators for some time, since late last year. most notably with the showing of the aunt ipo. we also at a deputy securities regular saying they would try to enhance, improve the system for overseas ipos by chinese companies. also he said they would try to hundred -- to expand the number of channels for foreign investors to invest here in china. haidi: the clock is ticking for china evergrande group to raise cash and pay back billions of dollars of bonds share. they cluster record lows after the warning of them defaulting on their debt. our china credit editor joins us now. how worrying is the drop in august sales eco we know they cannot sell enough to stay afloat at the moment. reporter: absolutely. a 26% drop in august sales. i think it really underlies this fear that emerged

washington also accused beijing of hacking.n has applied to join a specific trade deal china -- days after china sent its own request to be part of the agreement. the application was sent to new zealand. the president is joining the fact is a key goal for her final term in office. china opposes any move to deal with taiwan openly. the unprecedented spike in european natural gas prices, the ambitious plan for a green economy. concerns in slovenia about energy costs to all-time highs. ireland warns short time -- short-term solutions are needed to support the shift. 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 vonnie quinn. this is bloomberg. shery: ecuador says it does not see a shock for emerging-market countries from potential fed policy changes, as the country aims to complete trade agreements with the world's 20 biggest economies last year. i spoke to the president about the keenly watched the decision. flexibly increased in i

it is dropped 23 percent so far this year as beijing has piled pressure on the real estate developers in an attempt to cool the countries property market. so what can and will be done to stop the bleeding and china's real estate market? joining us now to discuss our boom bus co host, christy i and ben swan, christy, i want to start with you and let's pick on the story of ever grant thursday. there were protests you actually showed up outside the company's headquarters, demanding their investments back, help us to understand why ever granted crashing well, every brand is essentially drowning in debt. totally more than $300000000000.00 us after years and years of borrowing to fund their rapid growth. it's up up acquisitions in recent years and already take advantage of the really hot real estate market in china. but now that market is cooling down due to beijing, introducing new measures in august of 2020, in order to control the total debt levels of major property developers. so previously ever ground preschool properties and projects to finance itself and keep activities afloat. but n

it's seen as an effort to counter beijing's growing influence in the pacific. a china says and learn intensify an arms race. well, the new alliance means paris has lost a multi $1000000000.00 deal to build submarines for australia. the french government is angry at choosing us trillions of stopping them in the back. leaders from the west african economic.

this is a new beijing.eturn to an old beijing you and i knew when you are buying northeast air? or do you envision a beijing moving to a new territory? ray: you have a son-in-law in shanghai. tom: we are living in real high -- in real time. ray: the more you have contact the more you understand. for a long time the question is howibution. we have four things still going on in china if you understand their intent. common prosperity is the word now. it has been the objective to raise money and broaden the base. that is common prosperity. if you look at their tax rates, they are lower than the united states. if you look at the measures of global capitalism, they have much more capitalism then europe. now they are in a process to broaden that. i think there is a tendency to think because they are maoists and communist they will go back to that kind of thing. they are not. deng xiaoping -- xi jinping just introduced the newest stock market in beijing. he made a point of being the one who dissed -- who introduced

[laughter] carrie lam will be given her policy address, land reforms, reports beijing is concerned by monopolistic behavior by tycoons. this has been a long problem of hong kong government being able to appease beijing, taming down the world's most expensive residential property market. we will see if there is any policy. david: our chief not the asian correspondent. as it pertains to bonds, we still seeing some declines. as of today and the question of the day, how long this can last, maybe it's done? or is this just the eye of the storm customer -- storm? guest: we are probably in the eye of the storm. we haven't even heard from beijing yet as to what if any steps they may put in place to help smooth the situation regarding evergrande. there is still a lot of uncertainty. if you take the bond market, the offshore bond market, you have several dollar bonds trading around $.30 on the dollar or less. that is an assumption people see the recovery rate somewhere in that region, which will be in line of what we have seen in other major markets. it could be less, it could be a lower recove

beijing's crackdown on private enterprise. david: talking about how china is still there to support private enterprise. you are starting to see the equity market, which opened slightly flat. firmly in the green. 1% up. rishaad: labor day as well in the u.s. having a look at what is going on here. 1.6% up here price action there as we do see more of a reaction come through with various people being touted as the replacement. hong kong's hang seng having a slight gain. commodities up, aluminum 1.3 to the upside. i went to give this backdrop of the payroll report. we are looking at labor day. we could be see volumes than usual. we'll have you got your eye on? david: we're looking at japan. 30 minutes to the lunch break. pretty much hitting on all cylinders as far as the equity market is concerned. on the back of what has been happening politically. the nikkei 225, we gapped massively higher this morning. taking us well above the trend line. we still have about 400 points through the level. we will see whether or not we are able t

in beijing and shanghai.nting down your last sessions on the chinese mainland and in hong kong. bond yields across the world surging, asian stocks gaining following a rally in the u.s. over optimism over global growth . we are yvonne:

beijing already has a market, it was set up in 2013. but it has been short on liquidity, and many companies do not trade very much on a daily basis. it has not necessarily served the purpose it was set up to do in 2013. according to the statement just after his speech, elaborated more that some selected companies will go over to this new board. we don't know the name of the board, when it will be set up, we don't know it's constituency. we don't know what the listing requirements will be. but we know that they did have lower lifting requirements and benchmarks than the main benchmarks in shanghai and in shenzhen. so it is a step, something xi jinping announced as part of his reform agenda. but few details and no mention of the regulatory drive, other than it will likely continue. it kathleen: kathleen: seems to be obvious it will, and alibaba with the platform. do we expect all big companies to support this? how can they not? >> compliance is their lifeline. that is what tencent's president said. alibaba was the first to be in the cross

it's seen as an effort to counter beijing's influence in the pacific. a china says it let me intensify an arms race. well, the new alliance means the paris has lost a multi $1000000000.00 deal to build submarine. frustrated with the french government is angry, choosing yes, trillions of stopping them in the back.

in beijing and shanghai. -- yvonne: 9:00 a.m. in beijing and shanghai.sure to intervene as evergrande

it seen as an effort to counter beijing's influence in the pacific. but china says it alone intensify an arms race. rosa jordan starts our coverage from washington d. c. the u. s. u k and australia reportedly agreed to form a new defense alliance on the sidelines of this year's g. 7 summit in england, washington in london will help it by a fleet of nuclear powered submarines. the main reason for the alliance containing china, we spoke in detail about china as the stabilizing activities in beijing efforts to course and intimidate other countries. contrary to establish rules and norms, we all remain clear eyed and our view beijing's efforts to undermine the established international order. we discussed the competition of china at a number of levels that requires us to respond and to increase resilience. this does not mean that there are not constructive areas for engagement with china straight. it continues to sake dialogue with china without pre conditions. not surprisingly, beijing condemned both the alliance and the submarine deals. war war, lee arch

we are hearing that beijing wants to break up alipay. the one billion press -- one billion plus users super app. they want to create a separate app for the loan business. this according to the financials i'm saying this would be the most visible restructuring yet of the fintech china as we continue to see regulation and scrutiny among chinese tech companies. regulators have already ordered at two separate the backend. we will be watching to cf news of more regulation actually continues to affect the broader markets and sentiment, as well. haidi: huge applications for the lending business, long seen as the ground to offer jack ma's empire. let's get more analysis from brian jacobson. he joins us now. brian, they're such a difficulty in predicting the correct valuation. how much visibility do we have given that we continue to see the incremental chipping away of these profit streams? guest: probably little to none as far as the visibility. i think that is why one of the reasons we are looking at investing across emerging markets is to savo

beijing not expected to like this. reporter: he might have mentioned it but he didn't mention it at all during his press conference the word china did not, one single time. there was talk of evolving threats in the pacific and australia and the u.k. and the u.s. and together. they had more than its -- then a century but you cannot ignore china claiming the south china sea. it has been building artificial recently area and had trade strikes against australia over the past few months so it is hard to see improving that situation at all. haidi: paul allen with the latest on u.s. australia and china relations. data from pfizer and moderna suggest the efficacy of covid-19 vaccines wane over time but they say a booster shot is effective at warding off the virus and new variants. let's get more from carol wessel. we thought we were getting the breakthrough in factions because the delta variant was more contagious but is this to do with immunity instead of just the variance? carol: the data today suggested that the breakthroug

beijing responded with tariffs on key australian exports.ow, canberra appears ready to throw in its lot with washington and london to contain what it calls chinese aggression in the asia-pacific region. >> there was a time when australian leaders would say our security was tbe found in asia, not from asia, but this agreement does not look like that. it looks like a throwback. >> china has been rapidly building up its military in the region. there are also fears a military confrontation in the south china sea coulspiral into conflict. western countries are also wary of china's growing investnt in pacific island nations. in the short-term, ties between australia and china will sink even lower. the reement could also tie australia to u.s. policy on china, omitting canberra's freedom of choice. while an economic response could be on the table beijing's thirst for resources means such measures could back fire on the economy, limiting china's options. mark: angela merkel has been to her last scheduled visit as chancellor to police a palace. latest

we have run out of time many, thanks them, i guess the northfield, knoxville and in beijing and thanks to our viewers for watching, appeared are to see you next time. remember, cross the the, the psychiatric drugs are essential for millions of patients. or are they, they want that pill that they hope will take care of their problem thoroughly and rapidly in the short term they really work. the problem is, in a long term, they're mostly disastrous. suddenly stopping a drug can cause withdrawal symptoms more serious than the condition it was meant to treat instead of the beneficial effects of these different medicines, any up to something wonderful, very often they're harmful effects and up to something terrible can pills. so of all ills, or are we trying to mitigate life itself? i just think i was like i was just scared, scared, little girl of 24. and like me didn't have to be so complicated. so what we've got to do is identify the threats that we have. it's crazy going from station let it be an arms race is often very dramatic developments. only personally, i'm going to resist. i don't

and the top of that list is the government in beijing. and so certainly, while this deal, this new was 3 part alliance with london in combat of would represent a new military presence. certainly the addition of nuclear power submarines in the south pacific is certainly a signal that the us is willing to actually put money where it's intention have been for the better part now of 12 to 15 years. and what are we to make of the, the secretary of states assertion that france is a vital pop now and that he places a fundamental value on the u. s. s. relationship with frogs. well, i think they could be suggested that a part of recalibrating, the u. s. is foreign policy include taking a look at a long standing relationships. the relationship with the u. s. is nato partners are being key among them and asking the question whether the relationship is capable of moving into the 21st century. what changes even though they may be painful, need to be made in order to continue moving ahead. let's not forget the us and, and france have a keen interest, f

felt this sort of wrath of beijing _ felt this sort of wrath of beijing.technology is a real priority forthe regime, also in technology is a real priority for the regime, also in the past — for the regime, also in the past when they said cryptocurrency and bitcoin are banned — cryptocurrency and bitcoin are banned and troublesome, they carried — banned and troublesome, they carried less weight than they do now _ carried less weight than they do now. clearly, this is very high — do now. clearly, this is very high up _ do now. clearly, this is very high up the roster of priorities for beijing, which is why— priorities for beijing, which is why we're seeing more reaction _ is why we're seeing more reaction today.— is why we're seeing more reaction today. would you tell us why this — reaction today. would you tell us why this is _ reaction today. would you tell us why this is so _ reaction today. would you tell us why this is so high - reaction today. would you tell us why this is so high up - reaction today. would you tell us why this is so high up the l us w

let's go to katrina you who is life for us in beijing. katrina. where do these developments leave china's already strained relationship with australia all clearly this relationship is in a very bad state. we had a statement released earlier by the chinese embassy industry earlier. it echoed similar sentiments about non interference. and it also said that a strictly should handle its relationship with china in a genuinely independent manner, replying that they didn't really sees this move as australia, acting essentially as a porn of the united states in the region. now we had even stronger comments today, unsurprisingly on friday by the sensationalist chinese state media newspaper, the global times that had a front page article. and in that article it said that australia was really mocking itself out as an adversary of china. and by making this move, it also made it so vulnerable as a potential nuclear target in the event of open conflict. of course, that is a very sensationalist sentiment, but it does reflect the fact that many here in china do s

but now that market is cooling down due to beijing, introducing new measures in august of 2020 in order to control the total debt levels of major property developers. so previously ever ran preschool properties and projects to finance itself and keep activities afloat. but now this crackdown has forced the group to kind of offload properties and increasingly steeper discount and better than our protesting and growing increasingly nervous that if ever grand work to collapse, this could spread to other property developers and also crazed systemic risk for banking systems. and the same investors have made a big down payment on around 1500000 properties according to bloomberg. and they're worried that they might not get their money back after the housing projects are suspended or even canceled. and all of this is turning into one big, massive snowball effect because credit is basically built on confidence when confidence falters like it is now with all these negative pressure people panic and they want to withdraw their money. and the more they withdraw, the faster they collapse towards ins

and australia raises tensions between the u.s., the west and china, beijing is responding with a move to strengthen its trade position. brian: china has submitted its application to join the comprehensive and aggressive agreement for trans-pacific partnership, a free trade agreement that covers 11 nations including australia, 13% of g.d.p. it was intended as a bulwark against beijing's growing economic power but china is looking to turn the tables. reporter: china hopes that by joining this key trade pact, it will ramp up its influence in global trade. beijing officially applied to join the agreement by writing a letter to new zealand's trade minister, the country that acts as the pact's administrative headquarters. >> china joining the ctppp will accelerate the asia pacific's regions economic integration and help with trade and investment after the coronavirus pandemic. reporter: the original trans-pacific partnership was supposed to challenge china's power in the region but in 2017 donald trump pulled the u.s. out of the deal. mr. trump: great thing for the american worker. reporter

hsbc's ceo says tensions between beijing and the u.s. are making matters rather tricky. >> we step up and help clients navigate that complexity. i'm not going to pretend it is easy, but it is rewarding. rishaad: singapore exchange has become the first asian hub to introduce a framework for blank check companies to list. spac's will be allowed to list in singapore starting friday with a limit of $112 million. approval coming as global regulators step up scrutiny on spac's. at least 40 people are confirmed dead across the united states northeast after hurricane ida. in new york, record rainfall of three inches per hour, the flooding leaving transport services paralyzed and people stranded. in new jersey and maryland, the storm triggered tornadoes. yvonne: taking a look at some of these stocks reacting to president xi jinping's speech. talking about how the regulatory crackdown could still be going on as well. you are seeing sentiment moving that level once again after we saw that whipsaw yesterday. tencent down 1%, alibaba down 3%, despite

stephen: common prosperity is the new buzz phrase in beijing.lled up by the communist party of late could be lumped in under common prosperity, including regulatory crackdowns that have upended markets. the phrase has been around since mao zedong to reflect pursuit of inegalitarian society, but it fell out of use during the 1980's when the directive shifted to make it ok for some people to get rich first. common prosperity could come later. but as china grew rich, the wealth gap widened significantly. china's richest 20% now earned more than 10 times the poorest 20%. ahead of its 100th birthday in july, the communist party glared it had at last created a moderately prosperous society. that opened the door for xi to pursue common prosperity as a guiding principle using philosophy, markets and philanthropy to address income discrepancies. few sectors where the government sees inequality or disorderly capital expansion have gone and states, from education and health care to ride-hailing and food delivery, property and finance to gaming and other en

not surprisingly, beijing condemned both the alliance and the submarine deals war war, leon kaden, who attended the export of highly sensitive nuclear power. simmering technology by the united states and britain to australia once again proves that they are using nuclear exports as a tool of geopolitical games on adopting double standards, which is extremely irresponsible. attending in washington journalist pummeled the ministers with questions about the security path. is check in china's efforts worth offending it or offending long standing partners. this is about enhancing our, our cooperation, our work together, ultimately about enhancing security stability in the pacific. it is not aimed at any country. it's certainly not aimed at holding anyone back. the announcement of this new alliance could signal that the us president joe biden has decided to reshape american foreign policy, bolstering new alliances to deal with new threats. while telling old partners that change is not a diplomatic death knell. rosalind jordan al jazeera, the state department, the taliban insistence more unite

washington accuses beijing of hacking in order to get information. set to join a pacific deal. the president has made joining the pact a key goal of her final term in office. this will complicate discussions between member nations. the spike in european gas prices and ministers from the regions have voiced concerns about energy costs hitting all-time highs. ireland says short-term measures are needed to avoid losing public support for the green shift. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> janet yellen appeals to wall street ceos about the debate. will they help? this is bloomberg. ♪ >> janet yellen is calling on the leaders of wall street to campaign to pressure republicans to support raising or suspending the debt ceiling. joining us is sally bakewell. what does secretary yellen want? >>>> from wall street she has urged -- secretary yellen want from wall street? >> i think this is a sign of the pressure and janet yellen has called wall street ceo to try to enl

but at packed cafes like this one in beijing, it's game over after beijing announced a draconian crack down on this kind of youth gaming culture. among the rules, no playing video games at all from monday to thursday. and on friday, saturday and sunday, play is limited to one hour a day between 8:00 p.m. and 9:00 p.m. state media pushing the government line, no industry can be allowed to destroy a generation. some of that generation find themselves here at a digital detox facility to fight addictions to video games, cell phones, even the internet. here young men and women live structured boot camp style days with counseling and group therapy. accommodations are basic, with a communal eating area. but they're not alone. their parents live here, too. it's all part of the program. this man told cbs news his son spent eight to nine hours online each day and would steal his money, then disappear for months. this boy, unrelated, told us he fell in with bad people before being sent here. he is the man behind this rehab. the director was a people's liberation army colonel with a specialty in p

because they're wondering whether or not beijing is going to step in at some point are they going tot the risk of financial contagion is too great. you can see it reflected in the stock price. the stock price has been trading today at an 11-year low. this is as the very heavily indebted company has been trying to raise funds for its many lenders, its investors, its property homeowners, even its staff. in fact, over the weekend, the company said it's already started paying back, or at least making an attempt to, pay back some of the investors in the wealth management funds with real estate. it came out with another statement that unnerved some when it said some of the top executives had been selling early off some of those investments in wealth management funds and that those people were going to be severely punished. so this whole scenario, obviously making things very unnerving for a lot of people who invest in the company, as well as its related unit the company had warned this could lead to some contagion said it's been trying to sell off some of its other assets that are not real