it is very real.m is belt and road. is looking like it is shaping asia's investment landscape. there are 130 countries who have signed up to the belt and road. it is notjust an asia initiative. it is trying to drive prosperity worldwide. we need to be careful. we need to think about how things are bankable and maintain their sustainability in terms of not damaging the environment. there is a road maturity in terms of the discussion around belt and road which iphone very encouraging. sherry madero that —— which iphone. it will hit the tomato industry with import tariffs after the two countries failed to reach a deal. mexico, the largest exporter of the salad ingredient, called the 17.5% duty very disappointing and said it is likely to cause the industry $350 million per year. in other business news, ride hailing company lift has sent cost to its stock listing that pushed it into the red. it lost on $.4 billion in the red. it lost on $.4 billion in the first half of the year, primarily due to stock based compensation. the

when vladimir putin spoke at the belt and road economic forum this year, he said we have a common goals of economic development and economic growth. greater economic partnership would probably be seen as an answer to this belt and road challenge. greater eurasian partnership is a very vague concept. basically the russian federation faces integration, meaning there should be a multilevel integration at different stages for different partners, and russia should be one of the centers of this eurasian integration. a lot of countries and organizations were proposed as partners. some high cooperation organizations and its members. european union and others. there should be some kind of different level of cooperation with different partners. recently one of the examples is they have signed a pre-trade agreement with vietnam, russia's third free-trade agreement. of the negotiations are underway with singapore, cambodia, israel, iran, a number of countries. with these considerations, there has been recently a concern in russia and its foreign-policy community about the end of pacific and what th

and road -- with belt and road initiative means. another thing is it is difficult to find the projects that will be economically viable and interesting for all states involved. -- all theeds components and materials for these construction, which probably russia is not that happy with. tang negotiate equitable terms has been difficult. beenis how it has developing. projects.number of many projects are still under formulation and discussion, mostly on infrastructure. there has been an agreement reached in 2018 economic integration between the eurasian economic union and china. it is a non-preferential agreement because russia and other countries are not prepared for a pre-trade agreement. it has other elements such as trade facilitation, liberalization, commerce, and intellectual property rights. it has been developing. it has a feasibility study on the economic partnership non-preferential agreement. the vladimir putin spoke at belt and road economic forum this year, he said we have a common goals of economic development and economic

where you are but there's no getting around an event like this without talking about china as a belt and road initiative how is it being discussed there. well on the surface at least china's belt and road initiative is going to give the transport sector as a huge boost the scope of this project is breathtaking 65 countries are already involved many more are likely to cooperate and the future beijing says environmental projects are top of its agenda but many here aren't so enthralled they are scared of china's growing economic dominance and they're also concerned about participating countries ending up with unsustainable debt our reporter kate ferguson they're showing us the road ahead at the internet. transport forum and let's see. now whether you feel bitcoin is a passing fad or a real alternative to current financial systems cryptocurrency haven't gone anywhere just yet but now they've attracted a new set of users a handful of charities are also now using digital currencies to send relief directly to those in need circumventing banks and fees. many venezuelans stand in line for hours to wit

you have the belt and road -- david: president trump is. >> not long-term. the belt and road initiative, they are talking about going into 2020, 2050. they are investing heavily, even infrastructure is triple the amount we invested. to jonathan's point, competition -- competition is great. let me finish my sentence. competition is great. however, for the united states, we are not addressing the fact that maybe the u.s. needs to step it up or else you are going to have china continue to encroach on our market share across the globe. >> step it up? we have our own belt and road initiative. it's called infrastructure. it's called $2 trillion in infrastructure spending that the president wants to spend. look, it's no secret here what makes a country prosperous is that it is free. you talked about china -- >> what does that have to do with anything right now? we are talking about the dynamics between china and the united states. make america great. >> that's what makes us prosperous. as china continues to, for example, survey their own people, become less and less

president xi actually launched a belt and road initiative five years ago. t this is still in the process of becoming more and more beneficial. but since the belt and road initiative started, it has invested $44 billion u.s. dollars around the belt and road countries. actually now china has assigned -- china has signed 127 mous with different countries including italy, including italy, switzerland, including luxembourg and, you know, a lot of countries. international agencies and institutions. so china, actually, is really contributing because china has benefited from last four decades of the help from the world. it's time for china to contribute. it's time for china to make a contribution. so belt and road is the initiative to do that. so it still needs a hot of help, it's not perfect. it still have improvement. but world bank has actually just released a report that if belt and road is compacted, the world trading costs will cut down by 1-2%. the global economic growth will increase by 0%. now, number china has a great three, opportunity for the global libe

era of 5 g. 8 and so if you look at a map and you say the mass of countries connected on their belt and road and now it's all built by chinese 5 days technology. you know you're talking about mass are shifting global to lessen a power down you're going to have access to all that big data you know what would you look if you talk about a telecom network it's so easy to install spyware either hardware or code in the software you know with tens of millions of lines of code you never going to find every every type of malicious code that and it send back information to the chinese ministry state security that's why the western governments are kind of you know now because of the control that only the telecom network gives you in terms of information access so you know people don't realize this whole issue well we've now cut off. united states cisco and other companies were called off in china back in 2009 after the snowden leaks came out and they discovered how imbedded u.s. intelligence agencies are in u.s. . they instantly at that time cut off that you not buy anything american you have to buy so

symmetrical ways that chain it will fight back it supports a greater yeah let's move on to the belt and road initiative so you've got china russia eurasia a and these are big old buying countries and they're building this huge land trading you know the new silk road as some call it and italy has broken from the u.s. on this is going to be part of the initiative so ok belton road now includes entally other european nations look likely to follow in my in my view that we might be germany ok your thoughts on the latest what the belt around all these factors dan yeah well it's interesting it's a global it's a it's a global plays or influence the built in road of you just mentioned it seems to be now shifting even farther west where it was ending in poland in serbia you know chinese infrastructure companies are building a lot in eastern europe they even have an annual meeting called the thin. plus one would you like all the eastern european countries china china state you know lead in trying to build out the infrastructure in these countries well the european union looks on and invites amongst its

now officially it's the chinese government's belt and road initiative a trillion euro series of infrastructure projects meant to smooth the way for chinese goods across the globe that translates to highways bridges railways ports a network stretching across asia africa and even to europe partner countries are often eager for investment and for improvements the old infrastructure the new silk road is a charity project of course china is lending money and spreading debt sri lanka even handed report to the chinese after nearing the fault and then there's the geo political significance china is aiming for a new influence on world markets. these are cooling and heating units for industrial buildings soon they'll be shipped to the u.s. pakistan bangladesh and mexico the manufacturer broad group a company headquartered in hunan china specializes in energy efficient air conditioning in the next few years the firm with more than three thousand employees hopes to further expand aided by china's belton road investment scheme. a few years ago projects in other countries relied on financing by local govern

remember it came just after his belt and road summit, the wheels have been wobbling a bit on belt andou know, he is not on entirely confident ground and brava figura is a big part of his domestic position, and this i don't think he could've taken. looking at the view from washington, i mean, that history haiku from donald trump, "a little squabble, we always win" — is that bravado on his part, or is that resolve and resilience? this is one issue where actually you have a fair amount unanimity across the united states, the republicans and democrats alike think it is time to rein in china, to call china on it, particularly on the issue of technology theft. and so it is not one of those republican—democratic polarisations. in fact, a while ago it was nancy pelosi who said trump was not going far enough. with the rhetoric of trump, it is interesting, it is kind of refreshing because the old—style diplomacy hasn't accomplished any of that, so you think maybe this new guy with all of his bluster can do it. but the problem with his bluster is he goes for these knee jerk responses of tariffs.

dangers in a policy which appears to be prepared to spend $1 trillion or more on this expanded belt and roadhe old silk route from china to the mediterranean. it seems to be a global ambition to spend money from countries like pakistan and sri lanka, in asia, all the way through to south america. vast amounts of money building infrastructure projects to project chinese power, and of course, build up debt owed to china from all of these countries where the infrastructure is being built. it comes at a time when the chinese economy is slowing. can china really afford this? well, first of all, allow me to share with you one secret of china's reform over the past a0 years. that is, in china we always tell ourselves, if we want to become rich, build a road. so building infrastructure connectivity has been a top secret in china's reform and transformation. they are calling it debt diplomacy. that is really what it's about, isn't it? you want to gain power around the world by actually indebting a whole host of nations, in ways which they are beginning to question. let me answer your debt issue a lit

and it is in that global sphere, and china also speaks of its, what they call their belt and road investments, as including south america, the caribbean, the previous caller mentioned even the arctic. and so this is sort of neither in china, nor in the united states, for the most part, we're talking about a global network, global lending. >> so this is a viewer off of twitter, jeff, who says the u.s. has renegged on several deals and he puts that in quotes lately, why would china or any other country think of it as long term. >> right. i think what this is probably referring to is the trump administration pulling out of the transpacific partnership agreement. pulling out of the iran nuclear agreement. and so this is a question that is often asked. given the relative ease with which this administration in particular has pulled out of prior commitments, why would china take them seriously? china is under pressure from these tariffs. china finds these somewhere between annoying and threatening, depending upon which aspect of the tariffs we're talking about, and china faces a really daunting dome

sanctions because terrorism is a key ally in its belt and road infrastructure project. joined by helen my investment research analyst at the share center in london a welcome to the show china actually says iran is a part of our belts road initiative we don't change anything india and turkey have made several or noises how effective are the u.s. sanctions if big asian economies ignore them completely well i think you know it's all well and good what china said that they will try and ignore these sanctions but what we have to look at is what actually happened with the iranian oil exports to china and since the beginning of last year exports have fallen so to a certain extent the chinese the the turkish the japanese all of those have reduced their rein in exports. all of this to seems as if the u.s. sanctions are are having an effect. i think going forward you've got to really look at what the asian economies and along with russia what they can do in terms of maybe implementing a similar mechanism mechanism as london berlin and. paris have in regards to the instep in texas

italy signed a non-binding memorandum of understanding with china on the new silk road beijing's belt and road initiative the 1st g 7 country to do so in future italian ports like 3 estan genoa will mark the european terminus of the maritime routes to and from china. they're already being upgraded with chinese capital made ready for the mega ships that will distribute goods throughout europe from here debt burden italy is betting that will boost economic recovery. other e.u. countries like france and germany i'm all reticent they worry about potential chinese influence over italy as well as chinese competition the italian connection would see products from china into europe much faster and in much larger amounts we are not the 1st about almost the last. to try to gain something from. that's all there is no geopolitical implication. the 1st late in the game if anything and so we really want to catch up but. experts are still divided over exactly what the new silk road actually is some see the plan network of ports rail links and roads primarily as a global infrastructure project that will boost

a lot of positive talk, xi jinping in thehe opening speech for the belt and road forum m me remarkable statements about reforming. are quite a few things happening the hind the scenes. this could hint at the fact there is a lack of chinese consensus and could hint at the fact there is an american belief that while china and beijing is good at making promises, there is not a great track record of keeping those promises. much impact could a new tariff have on the economy? >> about 20% of the gdp is based on thehe exports. as the chineseng economiciclowdown isis taking plplace. authorities managed to steady the s ship. another round d of tariffs could be the challenge. what could come out of this other round of tariffs is a move autonomy, which is a state of long-term goals for the chinese economy. >> thank you for thohose detail. chinese shshares tumbled with te compmposite dropopping more than 5.5%5%. markets in tokyo w were closed r a public holiday. hong kong dropping almost 3%. to shockwave carried on european markets. 2%.any's dax down about closed for r a bank holiday. droppedf aer

operate freely in pakistan we know that china is pouring a lot of money into pakistan as part of its belt and road initiative does that mean that it's on able to put political pressure on china. yes there has been threats of the chinese national. interests and yet this is. keeping dollars investment in part based on school gate in china are starting off we're going to do it and it is a leniency on these i want to see a return on usenet and you should be these are on the right was so focused on the authorities have launched that don't ask chinese nationals in the recent is what any should be more and in this human trafficking and you are going straight if you're going to expect an investigation agency has used the above has some good night chinese and the pakistani cities are going to go up to a district all right correspondent how do you intend us speaking to us from islamabad pakistan thank you very much thank you to taiwan now an island that's considered a bastion of liberalism in asia that liberalism is being put to the test on friday the taiwanese parliament will vote on 3 bills on legalizing

lending beijing money which is in turn loans to emerging economies for projects like it's must have belt and road initiative represents a double standard so far though there's no sign of funds for china drying up. the a.d.b. has stressed that the priority will be on known threat how beijing to combat climate change and endeavor it says that will benefit economies across the asia pacific region. and i'm joined now by business is clifford coonan who has long experience covering china clifford the asian development bank isn't the only multinational lender that signal close look at chinese status is that's right the world bank is also examining it now and i think people are das questions about do we really need to be lending money to china when as we saw last week we have the belgian road forum in beijing of which china highlighted how it's lending money to other countries in the region and to build its influence and to to move into other parts of the world so i think people are wondering now what is going to happen with with lending and china now the a.t.p. says that it will keep lending for climate

with the -- project in iceland and i just came back from china, from the polar belt and road initiative of which there are 600-800 people there. like iceland likes to bridge dimensions, i believe there is room to -- powers on the planet. ising said that, my question -- you mentioned you started with the issue of norms and standards and how that might evolve. we can talk about it in the arctic context. there is an enormous amount of trade going on and will go on further in terms of natural resources, development and infrastructure development financed by china and welcomed by russia as i understand it. has two icebreakers capable container ships and russia has its rules of the road to becoming more russian flag navigability questions. the issue that has been brought up of international versus -- is china going to ultimately agree with the united states in terms of the characterization, legal characterization of the waters over/across canada and russia? at what point do you see russia and china's interests converging and what standards would apply? europe, andtern norms control in the arc

operate freely in pakistan we know that china is pouring a lot of money into pakistan as part of its belt and road initiative does that mean that it's on able to put political pressure on china. yes there has been instructs us the chinese nationals are based on recent years of bringing dollars investment in pakistan to a gate and joined us on. what to do and it is a leniency going to be the one to see peter and his next on the issue of peace these are on the right was so focused on iraq our peace has launched don't ask chinese nationals in the recent is what i need to be more in this human trafficking and you are going straight with the countries spectral investigation agency has used a lot of has arrested some of the night chinese and the pakistani cities are going to go up to. our right correspondent how do intend us begin to us from islamabad pakistan thank you very much. to taiwan now an island that's considered a bastion of liberalism in asia that liberalism is being put to the test on friday the taiwanese parliament will vote on 3 bills on legalizing same sex marriage for the islands l g b t

all these guys get in their boats and go over there and now they're restoring that to the balun road initiative and china just had their annual belt road big meeting in combat and now a lot of european nations including italy was the first to really say forget you know whatever the u.s. says or nato or anything we're going to do a deal with china because you know our economy of course italy is suffering greatly under the euro so they need flows of capital to come in there because capital is not flowing into italy is flowing into germany and it's flowing into maybe the u.k. or in other places in europe is not flowing into their region so they're looking for any capital that they could get in basically they're in a depression right and they have their banking system on the verge so they need if if europe won't deal with them if europe on trade with them then they're going to have to trade with china so china is stepping up and spending billions on you know western corporations who are willing to do deals with them on the ballot wrote initiative you know this show is dubbed into spanish and i think we should get into mandarin as well

>> right you think about what china's been doing the coalition, the belt and road initiative, all theseountries are using the belt and road initiatives and accessing the capital there. they're going to buy huawei equipment. they're not going to be access bable in the u.s. b and they've had a tough time i think the rest of the world san open oyster for them the only way to get to the chinese negotiating table is the strong arm tactic. >> the key henry in all of this, is we are not buying huawei, what is our supply chain look like and are there other companies to fill that void? >> very good question. behind in the world race going to be completely isolated. this is the whole issue to me is global prosperity helps everybody. are there unfairnesses between u.s. and china undoubtedly. but the relationship is working. overall, it has, so if we can thing chaing the dhings. when i look at this, you see the global trade numbers our economies is incredibly interlinked. to me, it's dangerous and starting to shoot ourself in the foot >> huawei got started by copying, cloning, cisco equipment. a lo

their belt and road undertaking could give china a competitive advantage exporting their products. the impacts of the current trade deficit over 16 years there, the belt and road initiative, china may take more market share from our exports. their defense budget grew at 7.5 approximately in 2019. they pledge to have a modernized military by 2050. they're being very aggressive on all fronts, neil. >> thanks, ed. another little quick add-on to that. no deficit, no debt over there. they don't owe anyone anything. not a soul. so was this joe biden's obama moment? after this. >> i'm glad that you recognize that al-quaida is a threat. a few months ago when you were asked what is the biggest geo political threat, you said russia. not al-quaida. in the 80s and calling asking for their foreign policy back. the cold war has been over for 20 years. >> neil: it's say to say that russia is a threat. what about the comments that former vice president had to make on china? will they come back to bite him later? mario o'grady and beth-selling author, charles payne. what do you think of what biden w

new report saying that china is developing military bases around the world, to sit alongside its belt and roadnts in so many parts of the developing world. is china a military threat? well, china certainly has the capability to be a military threat because they have the second largest armed forces in the world and, in the end, we have to find a way for china and the united states to live alongside each other because that is in everyone‘s interests, and so i think we need to be wary, we need to be careful, but we also need to make sure we keep the opportunity open for developing the kind of friendship and partnership with china that, in the end, i think will be the best thing for humanity. you are clearly not sure about china's long—term intentions, you'd advise caution and wariness. in that context, bringing it back to the huawei decision, a fundamentally important decision to the national security infrastructure of the uk and its 5g network — do you believe that the prime minister has made a mistake in her decision to allow huawei to be part of the 5g development? well, the government has not

road projects. what is aaib and the bank doing to support the belt road initiative? >> i can speak for imf and the world bank, and they are both very focused on debt transparency and making sure that china follows rules of debt transparency that are consistent with the paris club and others, and making sure if debt is taken on by these countries that it is sustainable and that they can afford it. and if there's proper financing for infrastructure, that's one thing. but if there's money that's designed to loan to own, that's inappropriate. >> and how is the u.s. ensuring that countries aren't becoming overly indebted to china or entering predatory contracts? >> well, those are conversations we have at the g-20 consistently, and i think there is a lot of support from our allies on this issue. >> thank you. i'm about to run out of time, but i would like to forward some information about burma to you for your further discussions. thank you. i yield back, madam chairman. >> thank you. the gentleman from connecticut, mr. himes, is recognized for five minutes. >> thank you,

a crucial port for the planned china pakistan economic corridor or which is part of beijing's belt and road infrastructure project. south african president saurabh opposes calling for national unity after the a.n.c. election victory the ruling party came out on top with its smallest ever parliamentary majority. i salute each and every one of you and i thank you for making it possible for this election to be rezoned being expression of the will of the people of south africa we can. certainty but democracy has to victorias in our country our people have given all of the leaders of this country a fair monday 8 to bear a better south africa for all but as well an opposition leader one going has called for direct contacts between his movement and the us military he made the appeal as opposition supporters gathered for another day of demonstrations against president nicolas maduro the 1st sunday mass since the easter bombings in sri lanka has been held but on the tight security military forces patrolled the streets and police conducted body searches on anyone entering the catholic church is the s

the reach of china, the belt and road initiative around the world, the advances in issuesogy, some of the the government has with china have been a major concern, some of which are subjected to the trade talks. the u.s. is not safe in cyberspace. the u.s. looks at things from a risk perspective whether national security or other risks. if they do not look at companies who are hostile to us from a national security perspective they look at potential. does a country have the opportunity and capabilities if they turn against the united states to cause us great harm? it is that kind of risk-based perspective that is affecting the perspective of the u.s. toward huawei. it is more country focused than company focused. host: let's bring drew fitzgerald of "the wall street journal" into the discussion. curious, there have been rules proposed and and enacted in the u.s. that have bannedally all but huawei equipment in networks in the u.s. what is the status of huawei's business operations in america? we have 1500 employees in the united states, a strong r&d presence. we purchased $11 billion i

union had extended the arms embargo several days ago -- on some soup he has been in china for the belt and road initiative -- forum and she's with dixie had a visit -- to cambodia -- the the their release it's part of the releases over six thousand prisoners which is traditional each the that this time of the year. it was done by the president so she d doesn't lose face becauset doesn't appear that she's seeding to to western pressure - you any relation to the military a it's part of a general movement anyway so it doesn't actually. cause any disease in a relationship with the with the military. so to have been released for at least another forty you want and ian in n prison. and of course while we're talking about these two journalists were not talking about the ruling and the fact that. every year later there is no solution in sight for the seven and fifty thousand people who were expelled -- over a year ag. of course the issue of fururther inge and hang seng sushi's seeming lack of of concern some people might say combat to sort of what you would expect. with a minoritit being oppressed by y

now officially it's the chinese government's belt and road initiative a trillion euro series of infrastructure projects meant to smooth the way for chinese goods across the globe that translates to highways bridges railways ports a network stretching across asia africa and even to europe part of countries are often eager for investment and for improvements to own infrastructure the new silk road is a charity project of course china is lending money and spreading debt sri lanka even hand the report to the chinese after nearing the fault and then there's the geo political significance china is aiming for a new influence on world markets. these are cooling and heating units for industrial buildings soon will be shipped to the u.s. pakistan bangladesh and mexico the manufacturer broad group a company headquartered in hunan china specializes in energy efficient air conditioning in the next few years the firm with more than three thousand employees hopes to further expand aided by china's belgian road investment scheme. a few years ago projects in other countries relied on financing by local governm

beijing has done is they don't realise the level of hostility in washington towards china, with the belt and roads not looked very favourably, especially in europe, when we know how italy embraced it and we all look a bit worried. so, it looks as if, really, and the fact that the democrats feel the same way, that china is seen as a real existential threat of the new world order. on the other hand, when — to think that to hike the tariffs, while you are having these negotiations, is weird. also, when you read that all the legislations have been taking place in english, everything written in english, of course, it had to be translated, and then it reached beijing and they started thinking, well, actually, perhaps not. and of course, now, they say that china is not being fair, well, they are just reading it in their language. but — there are so many things that don't add up, because there will be a lot of revenues from that tariffs increase, but then washington will have to use it to subsidise us farmers, who are trump's voters, they will be badly impacted in iowa and wisconsin. so everybody loses,