i want to welcome bob hormats. also a former undersecretary of state and former deputy, u.s.ent a lot of time recently in china. so you have some insight on where you think things may or may not be headed. what's your take >> i think the chinese economy is weaking somewhat. but the chinese also have to understand they need an arrangement with the u.s the question is how many concessions and how extensive the concessions will be. and president xi jingping made it clear they're mot going to change -- >> what do you think is fundamentally on the table >> i think what's on the table essentially the chinese will buy more american goods. they've indicated there are more soybeans and natural gas they'll buy other things as well second, they've begun to open markets further. they'll open their markets more to american goods. >> just to american goods? >> or foreign goods in general but they're going to be focusing on the u.s. at least for the moment for obvious negotiating reasons. and third, the chinese do understand that they have to protect intellectual property. both their own be

for that we welcome bob hormats. f goldman sachs a former undersecretary of state and a former deputy u.s. trade representative bob, with all of those hats, let's turn to what we're dealing with with the situation with chinaright now what's happening >> it's complicated because it's a multilevel problem first of all were there are going to be frictions. one, we're a market-driven economy. we're comfortable in the notion we're going to be advanced in technologies for the indefinite future now for the first time we have a real competitor in artificial intelligence, robotics, biotech, a whole range of things. and they're developing very rapidly. i was just there a few weeks ago in their silicon valley. they're developing new technologies of their own. third, many of these technologies have security implications not just for economic benefit of the country, but security related issues which adds to tensions and fourth, the concept of what he rules should be differ between our views and beijing's views. >> let's go back to