secretary raimondo. and director panchanathan. thank you for being here with us today. i also want to mention that apparently there is a fema emergency alert test that's going to happen today so if everybody in the room gets a big alert message, that's what that's about. not to be concerned about it. but everybody knows that it's going to go off. so, a little more than a year ago, congress passed the landmark chips and science act and it was a clear commitment to america's competitiveness that we need to innovate in the united states. clearly we were doing a lot in innovation, we were publishing a lot but we needed to translate more, patent more and really help our manufacturing base be competitive for the future. the two witnesses before us today led on the delivery of those commitments and are here to tell us today about the substantial progress their agencies are making during the first year of the implementation of this act. we've already seen the chips and science act spur more than $200 billion in

commerce secretary gina raimondo. >> after all of her prep work, raimondo will be at the summit which starts today. she is a rising star in the biden administration. she is on "time" magazine's 100 most influential people list, and is "the wall street journal" said, everyone wants to talk to gina raimondo, even china. well, i have also been speaking to her. here is our conversation. >> secretary raimondo, welcome to the program. >> thank you. >> so i said, as everybody knows, that the world is in a total war footing right now, from the middle east, to russia/ukraine, so i want to know from you, ahead of this meeting between the two presidents, should we be prepared and buck ling in for war in taiwan? >> i don't think so. i don't think so. first of all, thank you for having me. as you say, we are in turmoil all around the world, and i will tell you, at least once a week, when i'm, you know, with the president, and watching him with world leaders, i feel so grateful that he is the man in charge of our country right now. he has the right temperament and experience and i was in china rece

will start with secretary raimondo. welcome. i can't imagine what a busy time it is for you and the organization that is implementing this act. we appreciate your time being here today. >> it is my pleasure being here today. thank you chairwoman and members of the committee, thank you for the opportunity to come talk to you on how we are implement in this historic legislation and i am so pleased to be here with a fantastic intercept director. i want to begin by taking a second to share my condolences with senator feinstein's family. she was a pioneer and role model for so many women, like me, so i wanted to take a second to say that. because of your hard work and in large part due to you, the commerce department has the honor and responsibility to invest $50 billion in our domestic semiconductor manufacturing and research and development. i concur it is an enormous responsibility and in a massive amount of taxpayer dollars. 42m manufacturers large and small.2m passed the bill. we have since received more than 500 statements of i

thank you, secretary raimondo.before we started on my questions that relate back to my district, you mentioned a lot of announcements coming this fall and i know a lot of the money has already been appropriated. how would a shutdown, a government shutdown actually affect all of the rollouts and timelines you are facing right now? be crushing. when i talked to members of congress, they say how come you're not moving faster on chips? where is this, where is that? we are literally working seven days a week to go as fast as we can. if there is a shutdown it will come to a grinding halt. is no question in my mind that a shutdown will hurt america's national security. export control enforcement, export control work, investment of the chips money, investment of the tech have money. it all stops and every dollar and every day that we are not working, puts us greater at risk. >> thank you. as we know, as oregon is not only home to intel and companies like lam research, they manufacture chips as well, we host a significant m

all you have to do is watch commerce secretary gina raimondo's interview with cnn's christiane amanpourina said, it's time to lower the temperature in the relationship. speaks to what you just said, phil. it was hot, now it will get cool. the problem is that the goal, in my view at least, the goal of u.s./china relations is not to have a low temperature, it's not to get along. the point is to protect u.s. values and interests and work with our partners to respond to the threats and challenges that china presents as it rises where they affect us. so, for the first two years of the biden administration, i think you had this really competitive policy led by people like tony blinken and jake sullivan, which is we'll solve some of these problems as being tough with chinese, not as rude as obnoxious as the trump people. still tough. year three, political cycle and now the ball has been handed to the economic officials which is what the chinese want and now you have janet yellen and gina raimondo saying, listen, we have to turn down the temperature. so, yeah, they will turn down the temperatur

, apparently. >> see, raimondo is of today.e biden administration has a problem, i think it's kind of -- it's just a little bit too old versus -- i'm saying, old-thinking. >> sure, sure. >> and i just think that raimondo is about reshoring. she's about challenging china, and secretary yellen has been out of touch for a long time. secretary mnuchin used to follow the bond market and stock market on a daily basis. i think that secretary yellen, that's not -- she's very hands-off but to who? i mean, i think this administration is -- the polls show they're just polling horribly, and american people think that -- >> this times sienna poll, looking at the swing states. >> i don't think they're doing that badly, but they have a terrible message. they have a labor secretary came in on friday, and a lot of what we do is to try to raise questions that might be well received or you serve something and it should be served back, even if it's a dink if you're playing pickle. instead, you get obfuscation. i felt very frustrated about talking

foushee. >> thank you, and good to see you, secretary raimondo. i was proud to join president biden early this year in north carolina, my district, for the president's for his first up on investing in america tour. thank you for talking to us about the success of c.h.i.p.s. and science act and where we are headed. my district includes the north atlanta biotechnology center who leased the accelerate north carolina life-sciences manufacturing coalition, a recipient and winner of the economic development agency's billback better regional challenge. this funding has helped to dramatically increase the capacity of the state education system to prepare north carolina residents for high- quality, well-paying jobs and expand entry-level biotechnology training programs at community colleges across the state. north carolina central university, in my district, is also leading a network of the state's hbcus and one historically american indian university to establish six training hubs. how do you believe these programs will complement the efforts of the c.h.i

gina raimondo is one of the most important secretary cabinets, after blinken set the table, and johnerry, about to have the climate summit in dubai. and without agreeing on doing something about reducing, you know, the emissions, the two superpowers, there's very little that the rest of the world will be able to achieve. president xi did not go to the g20 in new delhi. so that was a lost opportunity to meet on the margins, and here they are meeting at the nascar begins of apec. interestingly, chris, it was initially thought that this meeting would come at the end of the apec meeting, perhaps on saturday. it was moved up in part because there was anticipation that there could be a government shutdown this week, at which point, the whole american team would not be able to travel and function. of course, the air force one could get home, but there were a lot of things that could not happen during a government shutdown. the president would have been distracted. that has been diverted. the house has gone home and passed the legislation, but the meeting was moved up to the beginnings of th

so did secretary yellen, so did secretary raimondo. that is really because they believe that intensive diplomacy was necessary to allow for this meeting now to be here. but when you talk about the priority here, there is also something very clear when it comes to the u.s. perspective to all of this that heading into a 2024 election cycle like we are, this is something where president biden wants to project annen -- an image of strength, trying to demonstrate a willingness to be tough. you saw the president speaking to the relationship he has with president xi. they have met a number of times overs last 12 years or so. there is a familiarity here, and the president said he trusts that president xi has been candid, has been honest in what he has conveyed to him in recent years. that really sets the tone of this, where there are very difficult, intractable issues that will be discussed. from a position where president biden wants to be clear that he knows the man he is sitting across from, and that he knows in the words of president xi, t

maria: meanwhile gina raimondo u.s.s of the top china advisor kirk campbell also attended the dinner, your reaction. i like when xi jinping says china never bet against america, that is not true. >> a gina raimondo said thank you, president she for your collaboration and coordination with regard to affected all so to thank this man is so insane, that's why xi jinping is here he is here to sit with the ceos and keep the money flowing of the technology flowing and the economic relationship going he does not need anything from biden but the introduction getting into the room that's what matters at the u.s. does not want us to execute a containment strategy while we saw the time to do so and he needs a red carpet so he can go and continue to have access to the u.s. market that is why he is here and if we give him that he will regret it. if we pay a high price in history for the wrong summitry in the tragedy of san francisco is giving them a platform to speak to the business leaders and continue to take our country down a pa

also, secretary raimondo spoke to china. made a remark that she was hearing that china was becoming uninvestable -- becoming un investable by u.s. companies. sec. yellen: let me start with the russian war in ukraine. we are concerned that in spite of -- we have put in place that have been fitted -- is critical to carry on the effort is nevertheless evading sanctions and being delivered to russia. we are determined to do all we can to stem the flow of materials into russia and conducting this brutal and illegal war. we have taken sanctions already against a number of firms in countries, including china. we do see there are firms. certainly not with the chinese government but some chinese private firms that maybe aiding in this equipment and materials to russia. as well as some financial institutes could be involved in facilitating that flow. i stressed in our conversations that it is critical to us that companies not provide materials for russia's defense industrial sector and we were prepared to put in place further sanction

from coast-to-coast we saw allegations china has been hacking the emails of commerce secretary gina raimondoeven as recently as a few weeks ago, washington making moves to severely tamp down on exports of sophisticated chips needed to make advanced technologies to china. those are personal issues between the china and the u.s., but you take a look at global context as well, we've got the continued invasion by russia into ukraine, we got hamas' attack on israel, both of which beijing has refused to condemn, instead having policy leaving it more open to strategic partnerships with the global south, for example, so a lot to talk about from both sides here. caitriona: are we likely to see the beginning of a breakthrough in the u.s.-china relationship? helena: i think expectations are pretty low right now. it is more talking, once again, when it comes to the military front, the army can talk to each other if there is an altercation over the south china sea. we seem close calls between both u.s. and chinese aircraft of late. there's collaboration when it comes to ai, the bank topic right now, chin

is, there is some kind of large delegation, and john kerry, that means blinken, and sulivan, and raimondoinister of commerce, like this a modest visit, that means, well, i just want to come back a year ago , november 15-16, 2022, how long was ola’s old song, how many conversations were there, sidinpin flew out, that means to nabali, now biden will come to an agreement, that means that’s it, support for the russian federation will stop, union of russia and china, partner. the tight end will end, how long has it been and the same thing again, this surge, as if you know , a broken record is the same thing, exactly a year ago, we agreed on bali, and on february 5 of the next year they shot down a balloon, and it appeared this story with the balloon, no one calls anyone, doesn’t accept blinkin, and so on and so forth, now it’s exactly the same situation, this is a constant in chinese american politics, in china, in the usa, 2/3 of the population is considered anti-chinese as the main enemy , after all, the systemic... competitor is china, in china there is also no doubt about how the united st

and i can say, i traveled with secretary raimondo to china at the end of august, and there was a lot of enthusiasm being express expressed by the chinese economic ministers for u.s. business staying in china, bringing in new investment. a lot of urgency that they felt to try to encourage u.s. business to continue to engage with china, and a real fear that they were losing sort of that investment and that market. >> is it all just meat and potatoes this meeting, or is there some finesse involved, personalities between president biden and president xi? >> i think both presidents, you know, have made a point in meetings past and probably in this meeting as well in their formal diplomatic statements that they have a long-standing personal relationship. president biden has spent many hours with president xi. they met as vice presidents. so they've known each other for a long time. and i think to the extent that you want to say that that's a personal relationship, i do think that that comes into play. >> some good insight there from that woman who was a former adviser to china for presiden

so thank you secretary raimondo to take the time to join us today. i would now like to recognize ranking member of the gentleman from california for an opening statement for. >> think it mr. chairman would like you i ask unanimous consent my full statement be made part of the record. in the interest of time i will just say chips for america represents a really historic investment and reassuring our semi conductor manufacturing innovation capacity. however, there are challenges in carrying out such an ambitious program. one of the concerns i have which i mentioned to the secretary is what steps the chips program is taken to ensure companies receiving funding implement the very highest standard for the handling of toxic chemicals. i come from silicon valley where we have seen firsthand the tremendous benefits of the semiconductor industry. but also problematic environmental legacy of some chipper production. we have a once-in-a-lifetime opportunity to revitalize the semiconductor industry but we also have an opportunity to do it in a way that protects

we've had secretary blinken, commerce secretary raimondo, treasury secretary yellen all go to beijing. we just hosted foreign minister wang yi a couple of weeks ago in washington, dc. and the focus has really been on how do we manage that competition responsibly. it's okay to compete, but how do we manage that competition responsibly? and so to have this opportunity in san francisco, where apec can serve as a platform for a really key bilateral meeting, like the xi biden meeting to take place, you know, we're very excited about that opportunity. and certainly hope that it'll lead to some good outcomes. >> can i just ask you, what do you think each country's responsibility is in bringing down carbon emissions? because there was a study just last week that the nations are really, you know, we committed to bring it down, but we're producing more fossil fuels than ever before. even us in the us, no, i think we all, you know, see that responsibility and feel a very shared responsibility and for organizations like apec, it's also important to recognize that we have this issue with carbon em

now, secretary gina raimondo testify on investment on the chips and science act before the senate science committee. they focus on

gina raimondo said she told chinese leaders what she hears time and again from businesses is that chinaore un-investable. xi jinping says he doesn't want to see china in a hot or cold war. it remains to be seen whether this will assuage concerns. ed: president biden was asked a specific question about whether he viewed xi jinping as a dictator. annmarie: he said it before, he said it yesterday and probably will say it again especially in november, 2024. he said xi jinping is a dictator. it's a different system in china. this comment came after he fielded a number of questions, then he took ad hoc questions. the main take away from the white house is biden will not back away. especially as the rhetoric gets heated. they feel this was a deliverable way these individuals met. biden wants to pick up the phone in a time of conflict. ed: what's left on the agenda? annmarie: biden will be addressing ceos. there will be a family photo. this evening, he will be looking forward to the ipath, this water down trade deal, the indo pacific economic framework. potential pushback they will see because

keeping with our teaching theme, i think it was secretary raimondo who said recently about the tiktok ban. if you want to lose every voter under 35, go ban talk. -- tiktok. do you see an opportunity in these cases an important opportunity to invigorate this generation with the importance of the first amendment protection? mr. jaffer: absolutely. first, i have heard larson said this before. it is really important that we teach the history of the civil rights movement in connection with free speech because the truth is of the civil rights movement in this country never have gotten off the ground but for the freedom of speech. the first amendment protected that speech. it is much harder to see free speech and equality is in opposition once you understand a little bit about that history. on the tiktok stuff, yes, i do think there are college students, college age students who care a lot about access to tiktok because tiktok is a place where they themselves post content. they participate in conversation themselves and their listeners as well as speakers in that space. there is a kind of di

raimondo, the minister of commerce, went, elen, the minister of finance, went, kerry, the climate commissionerpromised x-lifen, khli fen is this is the person who... manages both the chinese gas plan and the entire financial sector, since they have done away with the independence of their central bank, put it under the control of the party, the party leadership, it is khalifen who says exactly who will manage the central bank, who will minister of finance, they were changed, of course, all of them, so this all-powerful man, or like a tsar, they say, yes, the americans say tsar, finence tsar, so he held several... long and deep negotiations with elen, obviously got some guarantees, after this it was announced that sidinping was going to san francisco, propaganda artillery preparation began in china , firstly, materials were sent that the traditions of chinese-american friendship remembered the flying tiger pilots who helped in the fight against the japanese, by the way, russia disappeared from the press for a while, well, that is, china was hoping for something and was deceived in its hopes, su

kissinger, kerry, raimondo, everyone, and now biden and xi. commute occasion, avoid miscalculation, and if things go south, you have a dialogue to de-escalate quickly. but i think the more compelling question is what does xi jinping get out of this, especially since china has been the one withholding military guardrails, for example, as a form of protest but also as diplomatic leverage? amber: how do you answer that question? what does china get out of this? rava: a few things. one is optics. that uninvestable term does not sit well in beijing. she is trying to counter that narrative and trying to reclaim the narrative from last year. at this time last year, china was hitting the limits of its zero code policy. 2023 was supposed to be the year of recovery and instead it shown a spotlight on the structural weaknesses of the economy. getting that investor sentiment boosted is critical. she is not going to get much in terms of a negotiation. tech controls are off the table. the administration has been clear on that. there is low hanging fruit lik

over the summer gina raimondo said time and again that china is on investable. she said this to chinese leaders and xi jinping struck a dovish tone. i think he is trying to assuage concerns. alix: china direct investment has taken a humongous hit. enda, did anything the last 24 hours help change that decline? enda: it was a consolatory message but there were a couple of things with the china investment story. on the portfolio side money is pouring out. that is because of the yield differential. that speech last night in san francisco is not going to change the money flowing into china's stockton bond market. on the other side of things, that is where there is negative sentiment because even though china leadership reaches they are open for business there has been very strict regulatory crackdowns on core industries. we had raids on foreign business in china this year. all of you roads confidence. of course, this message is coming from the top, but given the sentiment indicators coming out of the chambers of commerce in china the last year, i think there would be

they had the commerce secretary, gina raimondo there. now they are going to begin to have the military talk again. they feel a need to show that they are re-engaging. i think bigger question is, has this just bought some time and that after their economy is recovered, are we, you know, back in contentious issues on taiwan, on the south china sea, on technology. i think one of the most hopeful things may be if they discuss a bit, and they are inch bing tha way, the increase in nuclear ars analysis and artificial intelligence. we didn't see much as there, but there is at least a channel opening up. >> yeah, you flagged that yesterday. they seem to allude to it yesterday without a lot of detail which i guess is understandable. we will wait for your reporting on it. david, thank you. >> great to see you guys. >>> in gaza we continue to see death that is according to the u.n. humanitarian agency on wednesday. the u.n. security council adopted a resolution calling for a series of humanitarian pauses in gaza. we should note the united states, u

but they are kind of predictable at the same time, raimondo, well, i think i have to grant you three three wishes, thank you. okay, laura. this week the white house sent their omb director shah lang go young out to pitch their bloated supplemental budget. my first wish is that the white house would add a few bucks to that budget for laundry services hey, shalanda, can you tell us about the domestic supplemental funding that the white house has sent to congress? >> absolutely. >> raymond: laura, the white house posted this video of the omb director why is she wearing a t swhirt a big stain. do you see the stain there and sweatpants. i mean, is this to add an emotional layer of pity to their supplemental pitch? i don't know quite what is happening here but, the big stain. at least wear clothing that is decent in the white house. >> laura: a throw back in the reagan white house you only wore dresses, skirts, or, you know, coat and tie, it wasn't casual fridays, ever in the reagan white house. forget the budget though, raymond. what's your second wish? >> raymond: oh, my second wish. i w

. >> [ applause ] >>> commerce secretary gina raimondo gave an update on the enactment of the chips and science act. one full year after it was signed into law, the legislation was passed to provide funding for domestic research and manufacturing of semiconductors in the u.s. in her testimony the secretary discussed competition with china, workforce initiatives and the importance of education and training. is how science, space and technology hearing is about 2 1/2 hours.

shortage of chips because of, of course, the export ban >> they ain't getting an nvidia chip gina raimondoas over there and got dissed immediately usual shenanigans. she's one of the people that knows what an h-200 is the government used to be very clueless chips, let's just block them no, not the large form factor, the so-called dumb chips, that's not what this is about >> she has been the most involved of anybody in the cabinet, the secretary of commerce, gina raimondo. >> i've not met a businessperson left or right who didn't think that she was maybe the most sophisticated person in government that we've ever dealt with when it comes to business >> yeah, and she's been at the forefront, obviously, the chips act but also these bans that we're talking about. we need to get her on here >> i have her on a lot >> you do? >> i'm always blown away by how good she is. >> you want to bring her on our show >> i think she would go toe-to-toe with nikesh arora >> we did have a downgrade of palo alto yesterday. >> take that >> b of a not confident it's a one-quarter phenomenon >> i thought that was

commerce secretary, gina raimondo on the high stakes upcoming biden/xi meeting.tamkin talks to meshl martin about her ses

that's going to happen and, first, we're going to be joining in nashville, fox news contributor raimondo biden is supposed to come out 7:15. we had to change a few things around. we are very nimble on the "the ingraham angle." >> we keep moving. >> laura: what can you tell us about what has been happening here. >> look, as i watch all of this, i was listening to this incredible show and your guest, xi has certainly taking this administration down the literal and figurative garden path, laura. we saw that sad look. there it is. the biden administration claims when you talk to them that this is all about climate change and fighting fentanyl. but that's absurd. the real china challenge is intellectual property theft. trade imbalances, the surveillance of the united states and our allies there was no talk today laura. keep talking about other things and holding up agreements. we are going to hold back fentanyl. our militaries are going to talk. that misses the point and a major challenges you laid out. >> laura: what we heard is that they have agreed to curb, curb the shipment of the chemica

commerce secretary gina raimondo.e chinese medical instrument business good to see the industry represent fingerprinted there's a flaw in the china etf it's too overweight the financials. evan greenberg the brilliant boss of chubb introduced xi to the table. insurance stocks are cheap larry fink the ceo of blackrock and someone who knows china incredibly well sat at the table as did long-time china friend steve swartzman. larry, though, he can be the senior statesman and putative chiefar-bitter of how much vu investment will be directed to china. and how about having the co-ceo of an amazing private equity firm joseph bai of kkr how do you say best of show? visa ceo ryan mcnerney and mastercard's chairperson were both there the only two fintech plays the only two fintechs that i can recommend without reservation. filled with best of breeds if only it were a real etf we might even be willing to buy it. i'd probably pick it up for my charitable trust which would be i afirst for us. i like to say there's always a bull ma

development of artificial intelligence and how to balance that with innovation commerce secretary gina raimondoaunched the voluntary responsible ai protocol, with a group of start-up founders and investors. it focuses on organizational buy-in on responsible ai, things like transparency, risk, and benefit, forecasting, feedback 35 investors signed on, including general catalyst and bing capital but the initiative is also eliciting very strong emotions and employeeblowback from other community like mark andreessen who wrote, absolutely not. kind of a libertarian bent here. another investor and adviser responded on "x," quote, everyone should be thankful this mind-set did not prevail at the advent of the microprocessor, the database, the pc, the internet, mobile phones and so on at each step, there were those that championed caution over innovation and guys, that is really indicative of this broader polarization in venture capital and artificial intelligence that right now is arguing over how ai developed at the still-early stages, as the government is figuring out, as well. looking forward to tha

. >> well, the secretary as you mentioned, raimondo, yellen, they visited china within the last six months the potential for a turning point in the u.s.-china relationship with things so bad between the two sides. but it was secretary yellen in particular who the chinese side wanted to come and visit. the tech export controls that have been imposed by the biden administration are really nipping at china's economy. the economy is already slowing down. there are cracks in the property sector. there's local government debt. there's unemployment among young people at an historic high. so in coming here, xi jinping is wanting to address the economic issues that he is facing. the other thing that china wants from this is to send the right message back home. they want to ensure that on state media and in the newspapers that xi jinping, their president, their leader is being portrayed as a global statesman, that he has come here as a guest of the president of the united states and that they have rolled out this grand welcome for him. these are all of the images that are being beamed back to china.

i think the feeling with beijing probably is that the series of visits we have had from raimondo, yellenicials has helped on their own understanding of precisely where the u.s. is coming from. but if we think back to for example the restrictions on investments, that white house executive order that came out just after yellen's trip, that was perhaps more moderate than some in beijing were expecting. perhaps speaking to the fact that the lobbying we know that they did for yellen was effective. i think that is the big thing for beijing. they understand the direction of travel here is relationship of competition but it is for them really understanding where the priorities are and potentially where the pain points are going to be. shery: we had a guest earlier from the wilson center telling us how different the views of stabilization and the relationship is between washington and beijing, that china actually wants what they see as insults an provocation from the u.s. to stop. in fact we got this list of grievances coming from beijing ahead of this high-profile meeting. >> yes, we did. this i

she said that it was not raimondo but a man named alex, the jury evidently disregarded the testimony,estled between the ocean and a cliff that --, old san juan just block somewhere out of, died and while it occupies a beautiful piece of real estate, it has a reputation for harboring criminals. >> so, here is -- jonathan rim on the. >> jonathan riman lived here. >> and so did alex pabon colon. >> alex's, friend was born and raised in old san juan, you said the reputation is well deserved. >> there are families that have been here for generations. , then there's also the drug kingpins that they discovered that can hide in here and work out. here, so they don't allow any robberies. they don't allow anything going on here that's not supposed to go on. >> they protect voters. >> they protect the tourist, they protect themselves. they keep the tourism going in the island and avoid the cops coming in after them. >> that criminal element was not happy with the heat alex pabon had brought into la perla. >> obviously i was no longer welcomed there and they had told him to leave oral speed find

gina raimondo was in china, and we thought we had a deal, and they were hacking her office while she was there. these are sounds of bad will. but they could be completely bogus. but they're saying our president might make a deal with xi. >> what do we get? what do we get? >> boeing planes? i don't know. that's how we've always sold our nation out is boeing planes. hey, have some boeing planes, and let's steal everything. >> we're going to get to the impact on boeing if, in fact, this freeze gets thawed. >>> first, though, let's talk some diabetes drugs today. novo nordisk released data suggesting wegovy's benefits go way beyond weight loss. the studies show it cuts overall death by cardiovascular causes by some 20%. was it as impressive as you expected? >> deutsche bank says it threw cold water on the idea that medicare is going to pay. i completely disagree with that. i think that medicare looks at that 20% is a huge deal on heart attacks, but let's first suggest -- let me discussion that the american heart association was widely in the stock that they were going to do it because we

he wants to assuage the business community's concern about how gina raimondo said this summer that chinant to unseat the u.s. he does not want a war with anyone. he's trying to set the temperature at a lower level for the business community and i think they will mostly shrug off what president biden said as he walked out of the press conference. >> do we have any intel from those business leaders about how comforted they word that there was a changing tone toward international businesses doing business in china? >> not yet but i think it does not matter what they say. it will be actions. will we see foreign direct investment pickup? we see more business leaders and executives go to china and do business? so i think the next year or so we need to see the actions of whether or not xi jinping was able to placate those concerns but at the moment this felt like xi jinping's moment to address the business community and because he was so dovish in these comments it felt like he was trying to forge a path forward. we have talked about this. he's dealing with a lot of economic issues and a fragil