when xi jinping last visited the city. but he did make a warning there that any threat or challenge to chinese rule of hong kong would be absolutely impermissible. that was a warning that played out the last few years after carrie lam introduced the extradition bill that led millions of people onto the street. then we had the national security law, the complete overhaul of the electoral process allowing only patriots to serve in the legislative council. we saw hundreds of pro-democracy supporters and activists arrested. still awaiting trial. then we have the pandemic response which carrie lam was widely criticized for, not making hong kong that prepared during earlier this year. this fifth wave that killed some 9000 people. it has been tumultuous. i guess i can concur with xi jinping, a bit of a rebirth because they have implemented two years ago on this day the national security law. to be fair, it did calm the street violence, but there is still a chill. there is an erosion of civil liberties and there is also the threat

how i see xi jinping's ideological worldview. it is as a marxist nationalist if i was to unpack that one stage further would be. when i look at shea on the economy, i see a marxist shift to the left. away from student enterprises. so towards state enterprises away from the private sector and in the direction of a greater equalitarian distribution of wealth. i see she is leninist on the party moving again politics to the left. training the the political space available for individuals or ngos or even the professional apparatus of the chinese state in favor of the central leninist discipline of a part of the chinese communist party. but i also see in the legitimacy stakes. xi jinping moving chinese nationalism to the right. that is a much more assertive chinese foreign and security policy. much more seeking to advance china's national interest internationally and and deep appeals to nationalist sentiment in a way in which he's predecessors by and large did much less of so when i use the term marxist nationalism, i don't use it. cas

so i think on this question xi jinping as a timetable. it's not fashionable fashionable to talk about defining the timetable but my own judgment and i reflect this in the book is that he's moving towards a timetable in the 2030s. if he succeeds in being reappointed as general secretary at the party congress in november this year then my analysis and many share this is we're likely to see xi jinping until at least 2035. he would then be 82years old . almost young enough to run to be president of the united states by then. but the bottom line is in chinese historical terms this is not impossible for being in office and he has a reasonable longevity on his side. so i think we need to have therefore this realistic framework for the next 10 to 15 years when this is likely to come to a boil. the united states and my judgment cannot sustain itself as a credible as a credible global power in the if it was to allow china to militarily take taiwan. because at that point confidence in america's op preaching guarantees to its allies in asia and by ex

jinping's ideological it is as a marxist nationalist.fausto impact at one stage further when i look at present she on the economy i see a marxist shift to the left. away from enterprises away from the private sector and in the direction of a greater equality aryan direction as well. moving again politics constraining the political space available for individuals or ngos or even the professional apparatus of the chinese state part of the chinese communist party. legitimacy stakes have been chinese nationalism to the right. that is a much more assertive security policy. much more seeking to advance china's internationally. in deep appeal to national sentiment in a way. by and large. when i use a term marxist nationalist i don't use it casually. not quite what i reduced from writings that marxist nationalism i see permeating the policy actions and. politics frankly as a personality, xi jinping is formidable. how he has manage political opposition stops about corruptionon of your political opponents taking out previousbe standing committee m

we have xi jinping visiting hong kong, his first visit in five years. he spoke about the city being reborn since his last visit. returning to mark the 21st anniversary of chinese rule. he said after the storm, it has been reborn from the ashes. it's take a listen. >> after the storm, hong kong has been reborn from the ashes. hong kong is showing vibrance. the one country to systems policy has strong vitality. >> as we count down to the ceremonies this morning in hong kong, let's get more from stephen engle. what are you watching for today? 9 >> it wouldn't be july 1 without bad weather. we had it in 1997 in the same venue behind me. we have essentially a t3 which is not the worst kind of tropical storm, but bad enough to whip up the hair and whetten the participants who will be outside for the flag raising. we had a yellow rainstorm morning last night. it has passed and it will still be a downpour most of the day. i'm not saying that's a harbinger for things to come because xi jinping who arrived yesterday afternoon by high-speed rail, he was quite upbe

what do you think xi jinping makes of this?he thinks that's just normal politics, or does he see a threat to himself? from understanding how the chinese government works, these type of events, to organise them, you need to have the overall approval of the politburo standing committee. you need to go all the way up to the top. but the signs are that policy differences are surfacing. that is something we can be sure. but, of course, there are other conspiracy theories that we won't entertain, about potential palace coups and this and that. that has been going on for a while. but this autumn, there will be a major party congress at which xi jinping will want to have a rubber—stamp on his notion of just staying in power effectively for as long as he wants. do you think this is related to that? in terms of the machinations of power in china at this moment, no one can see anything that will stop him from doing this. behind the scenes, when in private, not many people are happy with the policies of xi jinping. especially covid policie

and only made possible because of xi jinping's iron fist. and that is why this is something that xi jinping very much needed and as we know in the fall he is often certain to assume a precedent-breaking third term. and the gentleman legitimacy is based on the ideology that he wants to reassert control over every corner of china and over every aspect of society. and that has now very much extended to hong kong and that is of course in their mind a very good thing, that is why you will be seeing all the huge celebrations in 48 hours at least from the perspective that they say it is very much warranted. >> steven, blake, ivan, thank you very much. it will be a momentous day and we'll follow it. >>> coming up on "cnn newsroom," deeply divided an contentious supreme court is just hours away from adding a new liberal justice to the bench. the change will be historic. put it in check with rinvoq, a once-daily pill. when uc got unpredictable,... i got rapid sysymptom relief with rinvoq. check. when uc held me back... i got lasting,g, steroid-free re

officials are trying to arrange a call between president biden and xi jinping as tensions remain high. >> u.s. futures are gaining ground after we saw the s&p 500 losing ground in today's session. we now have a j.p. morgan strategist saying the s&p 500 implies an 85% chance of arrest session. there are fears we could see i policy ever after the biggest hike since 1994. the nasdaq 100 moving more than 2% and the two year yield around the 3% level. tenure about the 3.2% level. the asian session is under a little pressure after a rally. no matter the risk off sentiment we saw, supply concerns are still moving the market. we also have the dollar plunging by the most since march 2020. this is to do with what is happening in europe. look at these currencies in europe. we are seeing a little move in the asian session after a huge jump against the u.s. dollar. the swiss franc father biggest rally since january 2015 with the swiss bank removes to a currency cap at a time when inflation is high. we saw the first swiss rate hike in years. that really made a big difference, the first rate hike in

what will xi jinping's tone be?ill there be an olive branch, after a tumultuous five year term of carrie lam? or will he stand side-by-side with the successor to carrie lam, john lee, a lifetime law-enforcement officer? will there be more of a clampdown on political freedoms here in hong kong? or will john lee be able to chart a different course than carrie lam, after she steps down later today and tomorrow morning? shery: stephen engle, over chief north asia correspondent with the latest on hong kong. still ahead, the opec+ alliance fell short of its monthly production targets. what that means for the oil markets. but first, macquarie wealth management says the u.s. economy is proving to be more resilient so far in 2022. however, growth is slowing. we will discuss that next with our guest. this is bloomberg. ♪ >> the u.s. economy is actually in pretty strong shape. back the year, it grew more than 5.5%. >> we also have this recovery that is very much underwayc that is certainly driven by services because of the swi

when hitler invaded poland, and president xi jinping threat to taiwan, and south pacific.taken over by taiwan, they bought them off. and signed a security agreement. those islands are now in hands of prcand president xi jinping this is a wake-up call like i have never seen. trey: congressman. i know a particularly if you are in the majority of -- you will do it regard less, you will continue to monitor our reliance on china. and also this flow of information from our technology base over to them. thank you for joining us on a sunday night. we look forward to having you again. >> happy father's day too.. trey: too, thank you. >> today we commemorate emancipation, ben carson discusses significant of juneteenth, next on sunday night in america. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you. >> tech: cracked windshield? sche

we have seen xi jinping reiterate the growth target. it sends signals to investors perhaps more spending is on the way. perhaps the dark days of the property sector are behind us. rishaad: perhaps also inflation is going to be peaking. let's get over to mark cranfield. give us a sense of what the rally is at the moment all about. is it sustainable some people are trying to get their hands around or get to grips with? >> according to the latest mliv survey, we just had 1700 respondents came in looking where assets would go in the second half of the year and the consensus was the s&p 500 would end the year at 3700, which is not that far below where it is right now. it is only a couple hundred points below where it is. if you consider the s&p 500 has a great track record of ending the year well, november and december are typically good months for the s&p 500. if it repeats, they will end the year on an uptrend. if the survey is correct, it means the s&p 500 will go well below 3700 before it stages a recovery tour the end of the year. if yo

john: xi jinping yesterday also spoke at a committee to deepen reform yesterday. and there, he talked about supporting the platform economies, sort of a way of talking about big tech. obviously, companies like tencent and alibaba have suffered from the crackdown on anticompetitive behavior and other things. but they are large, important employers and as jobs become scarcer and the economy slows, china needs those companies to step up and help with the unemployment situation. haidi: bloomberg's greater china senior executive editor, john liu. let's get to vonnie quinn with the first word headlines. vonnie: thank you. european union leaders are planning to give ukraine that relate to become a candidate for membership of the [rock music playing] following intensive campaign -- candidate for membership of the bloc. that you is also granting candidacy status to moldova. the formal decision will come at the e.u. summit in brussels starting thursday. the bank of korea says negative impact from rate hikes will be limited. for inflation remains a risk and must be tamed thr

to the press service kremlin, published details of the negotiations between vladimir putin and xi jinpingey stated that russian-chinese relations are at an unprecedented high level and are constantly improving, while putin and xi jinping stressed that russia and china are in many ways. on international issues, they come out from a unified or very close position, uh, vladimir putin outlined to gray pin his fundamental assessments of the situation in ukraine and the tasks being solved in the course of a special military operation, and one more message. uh, putin and xi jinping agreed to expand cooperation in energy, finance and industry due to the sanctions policy. the west is closely monitoring the incoming information. well, now let's go back to the twenty-fifth st. petersburg international economic forum, let me remind you that it started today and will last for 3 days until june 18. the central theme of the formula this year is new world new opportunities among the main tracks of the business program discussion of a new economic order in the country, as well as new tasks russian economy

want a new cold war, but we cannot rely on beijing to change its behavior even before president xi jinping and president vladimir putin announced with its boundless partnership in february, china challenged europe's european security, economy and european values. it seems that everything is just beginning, of course, a very strong world

present xi jinping arrives in hong kong today. the covid zero policy has been playing out, it will be interesting to see whether or not -- the big takeaway was china has its covid zero policy, they are sticking with it, no deviation in the near term at least. manus: that's got huge implications all around the world. let's get more market reaction out of china, started easing some of the covid travel rules, including a report that shanghai will gradually reopen its museums and tourist attractions. jules is in singapore, not sure where my next trip is with that trusty australian passport. >> i am not. the optimism among investors there is going to be an easier way to get either into china without restriction and quarantine, and the fact it is becoming a lot more easy to travel internally is taking center stage along with the pmi data and away from what present she has said about them sticking with the -- presidency she has said about them sticking with the covid zero policy. we are still seeing these global growth worries. adding to

xi jinping made the comments at a brics summit attended by vladimir putin. what leverage does this group with emerging economies build on the world stage? this is “inside story.” ♪ hashem: hello and welcome to the program. i am hashem elbarra. the world's top five emerging economies -- brazil, russia, india, china, and south africa are holding their annual summit virtually for the third time this year due to the pandemic . the brics meeting is taking place against a complex geopolitical backdrop, from the war in ukraine and trade disputes between china and the u.s. to a global economy trying to recover from the fallout of covid-19 pandemic. chinese president xi jinping hosting this year's summit has , criticized the west handling of the ukraine crisis and called for coordination to prevent disruptions to the global economic recovery. translator: it has been proven time and again that sanctions are a boomerang and a double-edged sword to politicize , instrumentalized, and weaponize global economy, and to willfully impose sanctions by taking advantage of one's

president xi jinping says covid zero remains the most economic and effective policy for china.uring a visit to wuhan, the city where the virus first emerged, he said strategies like herd immunity would risk many lives and lead to unimaginable consequences. the covid zero policy is connected to the communist party's nature and purposes, his words. 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 am vonnie quinn. this is bloomberg. shery: still ahead, we will speak to the queensland treasurer and minister for trade and investment cameron dick on his efforts to drive investment across the state later this hour. next hear why victoria greene of g squared private wealth thinks the fed will continue to hike rates even after peak inflation, and what that means for equities. this is bloomberg. ♪ >> i think we now understand better, how little we understand about inflation. [laughter] honestly, this was unpredicted. >> i think the forces that have been released as a result of the pandemic, as

so, very clearly, xi jinping himself in this case, it should be personally held accountable. so my first question is as an independent body, the uscirf, are you going to do something about it? at least recommend the administration administration can do their waiver or you know, whatever in their names. but i think as a principle according to the global magnitsky, you know, the human rights accountability act. we have sanctioned [indiscernible} of course, the first, you remember after so much effort by everyone here. but are we, or do we, have the guts to even telling the world or telling the administration that xi jinping should be on the list, should be sanctioned because he is personally accountable for engineering this genocide? secondly, under xi jinping, of course the persecution, religious persecution in china has been really in the worst sense, the cultural revolution in the 1960's. we have the chinese american, you know, pastor don hall sentenced to seven years in prison and still in prison in china. and hundreds of thousands of churches has been shut down. and really

after 893 days xi jinping sticks -- stepped out the mainland delivering -- going to hong kong for a message of unity. >> the markets overall looking like the currency in focus, equity under pressure right now. we have traders and investors grappling with what is going on with regards to interest rate policy around the world. some are upping their bets in what will happen in terms of a recession. oil now at $110 a barrel. you also have the risk mountain as the world shifts -- mounting as the world shifts away from low inflation the high inflation. we are now back to the old days if you will, let's look at the -- the nonmanufacturing pmi numbers and manufacturing there as well. 50.2 from manufacturing, slightly you did below expectation. 54.7, higher than the highest estimate with regards, and under the improvement we are witnessing in china after these covid lockdowns in many parts of the country. here are the men factoring sub gauges -- manufacturing sub gauges. exports have increased so much, new orders is the key driver there for 3.2. -- 53.2. the employment gauge is still arsenal, we sti

more on what chinese president xi jinping said, next.ul: chinese president jean jinping is calling for it -- chinese president xi jinping calling for the building of a more open and resilient economy in an address to the brics nations. our china senior executive jon luther joins us. -- john liu. >> xi jinping made this call for pooled collaboration in response to what he sees as a threat to global security, and in which he described the country, unnamed, it the u.s., forming blocks and a search for 100% security. that, in turn destabilizing the global environment. his antidote to that is that the brics nations, the developing world come a lot to work together more closely. shery: having economic strength wouldn't hurt. what is the likelihood of president xi jinping reaching the 5.5% growth target? john: it was ambitious when they announced it in march. economists we talked to believe it is getting further out of reach because of covid, because of the week property market that continues to see prices fall -- weak property market that cont

officials working to arrange a call between president biden and xi jinping as tensions remain high. u.s. futures rebounding after the s&p 500 plunged. j.p. morgan is saying now that the s&p 500 implies an 85% chance of a recession in the u.s.. nasdaq 100 stocks also fallen more than 4%. we are watching the treasury space very closely because the selloff we saw earlier is completely reversing course and is a two year yield is falling close to a 3% level while the 10 year yield falling. wti gaining ground in the new york session. a little pressure in the asian session. remember, you also had other daughter falling by -- dollar falling by the most since march, 2020. the other side of the dollar's european currencies. central banks across europe are starting to tighten as well. the swiss franc is seeing its best rally since 2015 after that rate hike by the swiss bank, the first one in 15 years. the british pound is also supported given that the boe raised rates the fifth consecutive time the hero -- consecutive time. it is not surprising people are thinking perhaps the bank of japan wil

and also what's president xi jinping, his takeaway, as he watches russia's invasion of ukraine?as emboldened to go after taiwan because there was a failure of american policy to stop the russians each though, you know, the united states, european union, great britain, so much more powerful than russia, we failed to stop the moscow. and so i think that china believes there would be a similar failure with regard to taiwan. and also the sanctions regime that we put in place, while it worked at first, doesn't seem to be working very well now. and i think china believes that it could avoid sanctions or the effect of sanctions, and that would further encourage china to move against one of its neighbors including taiwan. arthel: so you heard president biden saying that, yeah, he's planning to talk to president xi jinping. can these reported talks between the two presidents produce any progress, gordon? >> well, they can produce progress potentially, but in the past conversations that biden has had with i- -- xi jinping, they've been dead can locked, and really what they've been doing i

and worth noting that this phone call took place on xi jinping's birthday. talked on xi jinping talk order the birthday. so the bromance is going strong just like the no limits pat nert ship between the countries. >> and a friendship that has no limits. thank you so much. >>> coming up, kevin spacey back in a courtroom facing sexual assault charges. this time in london. >>> and big corporations are being blamed for inflation. so do they deserve it and how much? so this is the meta portal plus. a smart video calling device that makes working from home, work. it syncs with your favorite vc apps so you'll never miss a meeting. and neither will she. ta portal, make working from home work for you. once upon a time, before jill said yes. she learned she had ibs-c and could treat it with linzess. that's why some things helped, but her constipation with belly pain would often return. maybe there was another way? or something left to learn? when her doctor connected the belly pain, discomfort, and bloating to ibs-c, it made sense to jill. so did learning that she cou

ahead of a planned visit by president xi jinping. we will discuss. bloomberg. ♪ shery: take a look at how asian stocks are trading. utilities, materials leading the gains. real estate is under a little bit of pressure. third consecutive session of gains for japanese stocks. the kospi rebounding from the low we have not seen in about 20 months. we continue to see gains for kiwi stocks of 1.4%, same with australian stocks. we have been watching the pressure on commodity stocks given we continue to see pressure on energy and food, reversing some of those gains we saw in the previous few months. seeing a little bit of strength for japanese. we have heard from the june meeting. one member saying they will be looking into how fx impacts the economy. haidi: hong kong is marking the 25th anniversary. there was speculation the president would skip the trip. rising covid cases in hong kong. guest: i am pretty surprised. we don't even know if he is been vaccinated. china has the most at stake with this ceremony. he is judged. i suspect there will be details of

dependent on other countries in such as energy resources, but this is also a message for russia of xi jinping and putin's relationship is of a personal nature. we've seen them evolve over the course of a decade. we were skeptical about the prospect of these two powers uniting because of their history of rivalry. but apparently these two leaders understand that they will have to confront the west together. i wonder. can the west really stand up to china when the time comes, look, ukraine is a great example. we see that the ruble is performing better than before. we will continue to see that europe is dependent on russian energy resources, despite the announced plans. so if china is watching this, he thinks the us and the west say a lot of hard words, but they rarely fake it in real life. it seems that they are uniting against the interests of the west very dangerous. i call it an unholy alliance at the opening of the beijing olympics putin told him he was going to invade ukraine by the way president xi fully supports it at the same time putin has always supported xi's efforts to take taiwan an

body: --vonnie: hong kong covid cases rise ahead of a planned visit by president xi jinping to mark the 25th anniversary of chinese rule. the city reported just over 1900 cases sunday. xi jinping will attend the ceremonies in hong kong including the swearing in of the new chief executive, john lee. nasa launched a rocket from australia. it is the first time the space agency used a commercial launchpad outside the u.s. from a space center in australia's northern territory. it is the first of three planned launches. nasa will use the rocket to investigate phenomenon viewable only from the southern hemisphere. beijing will offer $1500 of financial aid to qualified buyers to swap or resale cars. that follows similar measures to shanghai last month. global news 24 hours a day on air and bloombergquint take powered by more than 2700 journalists and analysts in more than 120 countries. shery: we look ahead to the ecb annual retreat in central portugal, unlikely an escape for central bankers under pressure to rein in inflation. also, we discuss the economic repercussions of taking away american

a move by xi jinping backing enhanced regulation of major payment platforms.eijing has promised a sweeping crackdown on tech companies that ensnared sectors from education to gaming. tom: tesla burns money, as elon musk says, the company's new plans in berlin and austin are losing billions. this is bloomberg. ♪ tom: welcome back to the open. 23 minutes into your european trading day. week pmi data out of france pushing the benchmark lower, by almost over 1%. the cac 40 down 62 points. euro-dollar under pressure, seeing a move in sovereign bunds . on the back of that weaker than expected french data. elon musk says the company's new plants are losing billions of dollars as the electric vehicle maker tries to ramp up production. let's bring in craig trudell. what are investors making of this seeming sounding of a warning about what is happening in these factories? >> what's tricky about these comments as they were filmed all the way back on may 31, so it was a bit of a curious decision by the group that conducted this interview, the tesla owners of silicon valle

state media reporting a visit by xi jinping and we are getting some cpi data.t's get back to the g7 meeting in bavaria. leaders are expected to commit to providing indefinite support for ukraine. there also said to be discussing a cap on the price of russian oil. this as moscow defaulted on its foreign currency debt for the first time in a century. joining us now is leslie vinjamuri, head of the u.s.-americas program at chatham house. president biden is on the ground for this g7 meeting. boris johnson has warned about ukraine fatigue setting in. is this commitment from the g7 that we are expecting underscoring the strength and unity of this group, or are we starting to see a praying about support -- fraying of that support? leslie: it is undoubtedly both. there was tremendous unity. but it has gone on for just over four months. the price is high mostly for the ukrainians but also across europe and across the developing world. and as the war goes on and the intensity continues at a high rate in a focus to geographical part of ukraine, this is vital not only rall

maria: i'm not sure if xi jinping and shaking in his boots.eader is in hong kong the first trip outside of mainland china since the beginning of the pandemic. more than two years ago was the last time he traveled outside of beijing. this is a two-day visit and it marks 25 years since hong kong was handed over from british colonial rule. president xi jinping will reside on the next beijing appointed leader, this is all by design we know that xi jinping had his goose marching to hong kong two years early throwing around the national security law. now he has his guy in there john lee to run hong kong. how does hong kong look different and what your assessment of present she's trip. >> in hong kong today you are very right the new leader is in puppet of the ccp. we need to understand the united states where we tend not to pay attention to the far east the historical significance of this change in power and how significant this trip is. she certainly is not concerned about american strength why in the world would he be concerned about making streng

those individuals in charge of the economy are trying to hit those numbers, that president xi jinping says they are going to hit, but you are absolutely right, covid zero, dynamic control has not gone away, as a policy. so at any point in time, we can find ourselves back in the situation where there is draconian applications for getting back to zero covid. so, for president xi jinping, the question is always , we know where the end is and what it looks like, to me, i don't see it happening. we have no predictability, and i can't trust this policy response. >> i think perhaps we have some seasonal loosening but what happens as we move into the winter? will we see lockdowns again? and the chances of this happening, quite frankly, are great. >> basically even though this is all good in terms of the end of lockdowns for now, this could just very well be a temporary sort of hiatus. >> i think it relieves some pressure. as we have heard, there has been a lot of anger around this policy, but the zero covid policy has clearly hammered china's economy, but i think this is a slow approach. we m

and already xi jinping, not mentioning the u.s. directly, but stopping about how we could see the international community being divided into mutually exclusive zones. the president really trying to offer that alternative to western-dominated global governance. india, south africa and brazil are joining the virtual summit this week. geopolitics is so much to do with economic power. jay powell's remarks at the senate banking committee are so important to give us a measure of where we are when it comes to a potential inflation fears and recession fears. take a listen. chairman powell: it is our goal. it has been made significantly more challenging by the events of the last few months, the war, commodity prices, further problems with supply chains. the question of whether we are able to accomplish that is going to depend on some extent on factors we don't control. shery: joining us now is the bloomberg chief u.s. economist an hour-long. i don't know how to take -- chief u.s. economist anna wong. i don't have to take these comments. thi

there is the first time that xi jinping has left mainland china since the covid pandemic first eruptedf 2019. he was greeted by a flag-waving crowd at a train station here. take a listen to what he said. >> translator: over the past few years, hong kong has withstood one severe test after another and overcome one risk and challenge after another. after weathering the storms, hong kong has emerged from the ashes with a vigorous vitality. >> reporter: now, hong kong has changed a lot since the last time xi jinping was here five years ago. for one thing, there has been a harsh crackdown on any form of organized political opposition. the elected lawmakers and legislature who were serving five years ago, who openly criticized the chinese government, most of them are either in jail or they have fled overseas. protests have not been allowed here by the police in more than two years. independent newspapers and news outlets have been shut down, dozens of labor unions and student unions also shut down. so the pesky criticism and forms of dissent that mainland china doesn't tolerate basically don

what does xi jinping, china's president, think when he gets the news from ukraine?us gamble and his armed forces are nowhere near as good as he has been told they were? or does he think, putin has got away with it, i could do the same if i invaded taiwan? japan's prime minister, fumio kishida, is worried that it's this second version that's uppermost in mr xi's mind. and as a result, japan is pondering the advantages ofjoining some variant of nato in east asia to guard against whatever china is planning. to guide me through the complexities of all this, i asked celia hatton, asia—pacific editor for bbc world service, and a leading observer of both china and japan, for her thoughts. well, in the words of the japanese prime minister, ukraine today could be east asia tomorrow. so, they're drawing a direct connection between what is taking place in ukraine, the desire to change the status quo there through force, and what china might be contemplating in taiwan. and yes, i think there is an internal battle going on inside tokyo, inside the governing party, the ldp. there

event will take place, namely the meeting of the us president joe biden and the chinese leader xi jinpingmay concern the abolition of tariffs on chinese goods introduced during the trump era in the amount of 25%, which were introduced by biden's predecessor to reduce the deficit of the us trade balance and force china to a fairer practice quote in fact this is the beginning of a trade war. and now biden says that he is at the stage of making a decision on the abolition of tariffs. in your opinion , will this cause a powerful transit reversal china in the direction of embracing the russian federation in the direction of a collective action and, in particular, to influence the events in ukraine, we understand that, in particular, this is due to such and such such and such policies and such and such and such plans of president sajju biden well, i do not think that this will be a reversal see trade trade between china and western china, europe , the united states, exaggerates the volume of trade with russia ten times, therefore the choice here is obvious and vice versa, this step is the unite

xi jinping is: on the government to balance the covid zero policy. state media says they are overcoming economic challenges. china's economy is widely expected to miss the 5.5% vote target. covid-19 cases will top 600 for the first time in weeks. 670 four cases announced. the highest since mid april. officials are warning that omicron subvariants cause of the spread. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> january 6 helped put 2.5 centuries of constitutional democracy at risk. the world is watching what we do here. >> let's get you to jodi schneider. what is the overall mood like? the republicans and democrats are probably further apart than ever. >> very few mines were probably changed but they did lay out what they hoped to do, what they hoped to prove over the next few weeks and six more hearings and basically said that donald trump did not expect of the outcome of the 2020 election even those around him including his attorney general and his own daughte

and so i think as long as the country continues to pursue one of xi jinping's policies, covid zero, canseriously consider another policy, which is reunification with taiwan? and ijust don't know if the country has it in it, i don't know if the ruling communist party can really balance those two. celia hatton, asia—pacific editor for bbc world service. these are difficult days in many parts of the world, and the news can seem really relentless at the moment. still, we've heard from two bbc experts earlier on in this programme, justin rowlatt, talking about the efforts to cope with climate change, and steph hegarty, who was discussing food supplies for a hungry world, and they were both, perhaps surprisingly, optimistic that human ingenuity and scientific progress will be able to see us successfully through these immense challenges to our very existence as a species. a noisy, destructive, quarrelsome species, true, but a remarkably inventive one as well. that is it from this week's unspun world. i hope to see you again soon. until then, goodbye. hello. cooler, fresher conditions are worki

dani: coming up, chinese president xi jinping, kicking off this week's summit.s is bloomberg. ♪ manus: manus cranny and divide, dani burger in london. we been criticizing sanctions for stroking economic pain in speech kicking off this year's bric summit. >> weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions will only hurt others as well as oneself. leaving people around the world suffering. dani: i know we are both enthusiastic to hear from tom mackenzie. what did we learn from his speech about growth in the wider geopolitical story? >> there's speculation to whether officials and beijing will stick to their growth target of 5.5%. the pressures been put on the economy from this covid zero policy. he did reiterate this. it's the first time we have heard on senior officials on the growth target. stood up. the vast majority of economists think it is going to be a significant challenge for china to meet that growth target. most have downgraded the growth target to 4.1% for the year. it is not just covi

topic was raised and in a telephone conversation between vladimir putin and chinese president xi jinping, the president outlined his fundamental assessments of the situation in ukraine and the tasks to be solved during the special operation, the president of china noted the legitimacy of russia's actions to protect it national interests, with regard to bilateral russian-chinese relations, the leaders stated that they are at an unprecedented high level putin and xi jinping. they agreed to expand cooperation in the energy, financial, industrial and other areas, and also touched upon the issues of further development of military-technical ties when discussing the situation on the world stage, the leaders stressed that russia, china, as before, act from a unified or very close position , the kremlin press service reported today or vladimir putin approved a list of instructions following the meeting of the presidium of the state council, which took place in may, the full list is published on the kremlin 's government website, including the need to extend the mortgage compensation that is avai

but it is unclear how long he will stay. >> there are unconfirmed reports xi jinping will have meetingscarrie lam and john li. we are hearing he will head back to shenzhen that same day then come back friday for the swearing in of john li. that's a lot of train travel. rishaad: the optics are not right here. >> he has not left china since 2020. it is outside of china, but it is outside of domestic mainland china. yvonne: coming up, indonesia's flag carrier getting approval to restructure $10 million of debt, we have details just ahead. this is bloomberg. ♪ yvonne: southeast asian looking like this. the indonesian flag carrier garuda saying its restructuring plan has been approved by a court in jakarta. indonesia says it will reduce its stake in garuda to 51% after that price issue. it seems like garuda is avoiding bankruptcy for now, but what comes next? >> you are right. technically, it was already bankrupt. $10 billion in liabilities, it needs a billion to stay afloat. with this restructuring plan, it can raise $800 million in debt, 300 million in equity and when it comes to super bon

i want to thank doctor xi jinping for being here this morning. the committee has received your written statement and it will be made part of the formal hearing record. you have 5 minutes to give your remarks and begin when you are ready. >> thank you, members of the committee, for inviting me to testify on the budget and economic outlook. cbo's projections, the federal budget deficit in 2022 is $1 trillion. the shortfall represents substantial reduction from deficits the past two years as federal spending in response to the coronavirus pandemic wanes and the current economic stanchion continues. by our projections we have the assumption current laws governing federal taxes and spending generally remain unchanged. federal deficits remain large by historical standards and increased over the next decade. for 2023-32 the annual shortfall averages one. $6 trillion. the projected deficit of $2 trillion in 2032 at the end of the budget window would equal 6.1% of gdp at well above the average. 23% gdp over the next 10 years, rising interest rates, the co

we heard about xi jinping coming out the meeting talking about meeting eco-targets. maybe that means were stimulus is in play, boosting car consumption, tax exemptions and the like. that is where the supporting this market with asia tech up 0.7%. >> let's get more analysis on not just interest rate decisions, but the chief of the fed policy decision this is chief asia economic correspondent. how serious is this morning from powell? we use the word soft landing would be very challenging, that could be interpreted in multiple ways. >> i think it is significant. is the first time i've heard him saying that achieving a soft landing would be challenging. that is an admission by the fed that clearly economy is on a tricky path from here. to be clear, with the remarks from the senate the alternative would be to allow inflation to carry on allow inflation excitation become embedded would have -- that would be more damaging longer-term to the economy. is messaging on interest rate hikes is quite clear, he feels there is a job to be done and they will be carrying on with that

and one more urgent news vladimir putin and xi jinping talked on the phone.his was confirmed by dmitry peskov to ria novosti, and urgent reports also say that china is ready to cooperate with russia to ensure the stable development of bilateral business cooperation, xi jinpen announced this in in a conversation with vladimir putin which reduces business in russia all four factories are selling this was stated in the company in russia ok 14 stores in shopping centers several city -format stores and kia city and a design studio, in addition, the company has four factories in the moscow leningrad kirov regions, as well as veliky novgorod , ikea's retail business in the russian market while the quote remains on pause, but the company said it did not see an opportunity to resume sales in the foreseeable future. the us national guard congratulated the american army with video footage of the tanks of the third reich, such an oversight was made in the official account of the armed forces. a post was published in it in honor of an unofficial military holiday in the ne

these are the two high-profile targets on xi jinping's campaign to rein excessive expansion of these companies. so csrc has established a team to rest the share sale plans, and authorities are nearing the final stages of issuing ant a license and that would make it more regulated like a bank. i think that is the next date in this story. essentially, what restructuring has ant done to appease the regulators, and what size ipo down the road would be? those banking services that made ant a 35 billion dollar juggernaut before it was scrapped, what with the company look like after this? shery: stephen engle joining us from hong kong. here in the u.s., the house committee investigating the attack on the capitol on january 6 last year begins its hearings in a couple of hours. it has promised to review new evidence about the assault, and our guest joins us from washington. jack, what will you be watching during these proceedings? how can we expect it to unfold? jack: keep in mind this is a prime time. , at its in about one hour. a lot of the focus is presenting their findings to the american

this is the first time we have seen president xi jinping lead mainland china -- leave mainland china.e is arriving to mark the 25th anniversary of that handover of that city from the u.k. back in 1997. you will be there for the and younger asian --for the inauguration of the incoming chief executive. there has been speculation that xi jinping would not in fact make it, particularly as the incoming chief executive on his team tested positive. but so far, he is arriving. not landing, he would've crossed over from the land border. he is arriving leaving china for the first time in almost 100 days. -- 900 days. francine: we don't have details on his itinerary yet, but he is expected to stay overnight next door in shenzhen. a landmark summit for nato as the alliance promises to bolster forces on its eastern flank. that's coming up shortly and this is bloomberg. ♪ >> today allies recommitted to the pledge we made in 2014, to spend at least 2% of gdp on defense. >> such countries as india and china are big countries, but if they want to be leaders of the world, they must develop empathy and

the introduction of the new aircraft carrier to underscore the authority of xi jinping. xi is expected to seek an unprecedented third termeader at the party of congress scheduled later for this year. ♪ >>> a group of japanese citizens, drawing for support for nuclear of weapon use and testing. the group will present a proposal at a u.n. meeting later this month. the prohibition of nuclear weapons ban the use of development and possession of nuclear arms. it requires cig toirs to take contaminated on the use and testing. it calls on the members to include the victims is in discussions because it says adequate help will only be possible when their needs are reflected. the proposal also urges companies that have used or tested nuclear weapo to disclose information regarding the impact of their nuclear activities. >> translator: the proposal draws a certainmount of attention as it takes in account the voices of atomic bomb survivors and hope that leads to further concrete steps. >> the group will submit the proposal at the first meeting of the treaty opening on june 21st in

there have been questions about whether or not there's going to be a biden visit to meet with xi jinpingperson, which would be notable given the chinese leader has not left china since the covid-19 pandemic was under way. that is really another subject that is also not the forefront of these discussions but is certainly an underlying theme to what is happening at the g7 summit and the upcoming nato summit. >> thank you so much. we appreciate it. >>> joining us now, cnn chief international correspondent, clarissa ward. thank you for being with us. this new statement from president zelenskyy saying he wants the war to be over by winter, that he doesn't want to see a grinding conflict, what do you make of that? again, he didn't start the war, but talking about ways maybe to end it now? >> well, i think president zelenskyy is trying to put as much pressure as he possibly can on g7 leaders, also nato leaders meeting in madrid later this week to really try to galvanize support, particularly in terms of heavy weapons and munition that are still desperately needed on the front lines in the easte

no, ahead of the event involving xi jinping and spies. they don’t want to see a blow to their reputation there, the american company received at the wrong time in the spring, sales of electric cars in china collapsed by 98. percent, and in april, more than 100,000 cars assembled in shanghai had to be withdrawn from the market due to problems with electronics. the mexican factory in shanghai is just gigantic, uh, unfortunately it got caught. now it has been in idle mode for 2 months due to another surge of the pandemic and lactown. here, but nonetheless. yes, tesla still wants to gain a foothold as the number one foreign electric car manufacturer in china that tesla could be a spy device officials in china first announced a year ago in the company all refuted, however, the owners of electric cars. just in case, we decided to check what was what, and it turned out that the accusation was not groundless. and any you are all things eyes on wheels for the operation of the autopilot on the body there are eight video cameras and two radars that

amy: on wednesday, chinese president xi jinping spoke by phone with russian president vladimir putinin the second known call between the two leaders since the war began. xi reportedly expressed support r russia's "sovereignty and security" and pledged to increase ties with moscow. he is also said to have called on all parties to push for a "proper settlement of the ukraine crisis." also on wednesday, nato defense leaders met in brussels and pledged to increase military support for ukraine. u.s. defense secretary lloyd austin announced a new $1 billion u.s. military package. the nato meeting came as heaving fighting continues in eastern ukraine. the united nations is warning 10,000 civilians trapped in the ukrainian city of severodonetsk are running out of essential supplies. russia haseized about 80% of the city. meanwhile, ukrainian forces have reportedly shelled a maternity ward and four other health facilities in donetsk, an area controlled by russia. according to the united nations, no one was killed or injured but me pregnant women had to be transferred to other hospitals. in ot