let's get the deck -- details from tom mackenzie. a -- if youeijing see the tit-for-tat leverage we have seen similar restrictions from washington, what are the implications for the company. tom: certainly there are implications and it follows this rule that it was implemented over the weekend. on decembermplanted 1, it follows the restrictions of the u.s. putting on china's biggest and most import and companies. smic,rse huawei but also and also tencent and bytedance. china has been watching the u.s. put in place these export controls on its own technology which has impacted chinese companies which rely on the supplies of some of these key components. now they have drawn up their own export controls to try to use something as a countermeasure. back in august they effectively stepped into those negotiations over the fate of tiktok by wrote the export of sense -- sensitive algorithms would be restricted as well. also for foreign invested companies based here, it is more narrow the list of controls that china has set up versus the u.s.,

men on the ground in china, tom mackenzie.y guest host is frederik ducrozet from pictet wealth management. i was caught by ray dalio's " over thethe ft weekend. don't be blind to china's rise in a changing world. the world order is changing, yet many of us are missing because of persistent anti-china bias. have you ever suffered from anti-china bias? do you think the markets have two and extent suffered anti-china bias? frederik: i don't think the market has adjusted fully to the idea that whoever wins in washington next week, this bias will remain, probably intensify in some areas. pushing greenency criteria and social criteria and the same for europe. closer comes up and gets to the u.s. in fighting china, addressing competition in certain areas will probably remain. this is true and this is a risk since the markets, china is growing fast. indeed, after this week's plan, we can expect more clarity on the growth target and the long-term planning. this is the risk. whatever happens this election, considering what we've seen in

markets coanchor tom mackenzie joins us from beijing. tom, what do we know?couple of key takeaways from the initial part of the plan. and again, details are broad in scope and lacking in specifics. we hope to get more details in the next few days and then the plan won't be published in full until march. but where we are now to key takeaways on growth, as you say sustainable, so quality growth rather than the speed of growth. that doesn't mean growth targets have been ditched, although we don't have them yet. won is saying the guidance is more supple, and this is key for local government officials in provinces and cities around china, that guidance on growth. but no specific growth target and a focus on sustainable, quality growth. the other key takeaway was the emphasis on self reliance when it comes to technology. that self-reliance in technology has been built into chinese planting now as at national strategic pillar. that means added emphasis in ,erms of how they focus particularly around chips, which is essential for ai and the dominus viet -- everything

tom mackenzie, bloomberg.ining us emerging market strategy director at societe generale. growth numbers coming from china -- will it be much easier for them to change an economy just because it is growing and the rest of the world isn't? >> i think certainly it is a standard bearer for growth. even though it was -- we're seeing a more balanced growth and higher quality growth byause it is led not just investment -- services are coming back online, and with the underlying improvement in consumer confidence, we are happy to see it in this can normalize over the coming quarters, i think that can lead the way for global growth to rebound as well. recovery for a imports in china and for commodity exports in emerging markets. thatine: is there a danger if the rest of the world slows down, then china will be adversely hit and economists are not realizing it? even if you look at the world, the imf world economic outlook, china seem so much better than others, but because they export so much to the rest of the world, i

spoke exclusively with tom mackenzie in beijing.andemic is a major -- certainly in china. ans has served as accelerator for business. as you can imagine, people tend to spend more time at home and frequent restaurants less frequently and people want to buy groceries and cook at home. tom: you say you have seen a strong pickup in demand as a result of the pandemic. how sticky is that increased demand or does it start to ease off as people get to a normal sense of life, which is quickly being achieved in china? anlip: this epidemic is accelerator but even before this, we have been growing pretty fast for multiple years already. there are a few key reasons behind this. we are generating values for retailers and consumers. are now considered a major if not the largest growth driver for their business. tom: on the macro level, there's a lot of focus on china's consumer. the economy is improving. what is your sense of how strong the consumer is now? is it starting to rebound and will it be sustainable? philip: one of the key trends we off

our cohost, tom mackenzie. great to have you on the show. w did you read the headline miss versus the underbelly of success? good morning. tom: good morning. for 5.5%ates were growth for the third quarter. got,is what we actually but that was still comfortably above the second quarter gdp. what the economy seems to be telling us is we shouldn't read too much into this gdp for the third quarter. they say that imports have picked up quickly, and that drags the gdp number slightly lower, even though it's probably positive for china's economy. the retail sales were a standout number, 3.3% increase for september well above estimates, well above, august. consumer and retail sales were the missing component in terms of china's economic recovery. put that together with strong exports and strong investment and the picture looks slightly more rounded. the question is how sustainable is the recovery going forward, and there is continued debate about that, particularly given what's happening with some of china's major trading partners in europe and the u

tom mackenzie is in beijing. does this mean essentially making it cheaper to ensure the yuan? er and easier. these financial institutions don't need put aside 20% of their sales if they are buying fx derivatives. it is a change and they put the requirement in place about two years ago when the yuan weekend to seven to the u.s. dollar. the story has been very different the last few months, the yuan against the u.s. dollar has had the strongest quarter and 12 years. friday alone, it rallied by four point -- 1.4%. there are fundamental structural issues at play. china's economy is recovering and you have the pboc far less aggressive in terms of stimulus and easing than some of its counterparts in major economies. the pboc coming out this weekend, trying to take a bit of the heat out of the recent run-up in the yuan. haidi: speaking of, the spot rate is already, if you look at these market estimates, already blowing past pretty much what we were expecting going into the second half and toward the end of next year. the reality of the stock market at the moment, how much further is t

i'm tom mackenzie.wn to the open of trade in the chinese mainland and hong kong. let's get to your top stories today. alibaba founder jack ma is set to surge up the ritualist as anti-group prices its mega dual ipo and

tom mackenzie has more details. what do we know? sources are telling us that steel mills in china and power have been told to stop using australian coal. they have been told to stop unloading australian coal. that is according to our sources. you might say this to be an escalation in the tensions for well over a year china has used coal istime it seems being disrupt that as a result of this. it is not a major issue for china. they are mostly self-sufficient that. the other is used steel mills and does rely on import. they can get imports from other countries, but there will be a delay on the back of this. we have heard from the trade and ministeraustralia -- from australia. we have already context disrupt in the last 12 months or so. shery: australia is one of the most dependent economy in the world. it does not help that there is friction between the countries of this.t -- from all put in placee actions around influence ,ampaign, chinese influence whether legislation, or police action, to try to curb influence. his investigation in

paul mckenzie -- tom mackenzie joins us from beijing. we finally have the numbers. us through them. tom: we have the drumbeat for weeks. we finally have the details. they hope to raise almost $35 billion. $34.5 billion in these dual listings in shanghai and hong kong. in terms of market value, you are looking at about $315 billion. so, this is an ipo that is going to beat the likes of saudi aramco, where they raised $29 billion. you rightly say it is likely to be a record globally in terms of initial listing. when it comes to how much appetite there is for this stock, it was heavily oversubscribed in the off-line offering by about 284 times. the pricing, by the way, 68.8 yuan in shanghai per share. that is about $10. in hong kong, about 80 hong kong dollars, about $10 as well. just a little bit above. 25 terms of market value, $1 315 billion is in line with the valuation of jp morgan and four times bigger than goldman sachs. appetite from investors has been significant. the dates in terms of the timeframe, you look at the hong kong listing on november 5, a day after

i am tom mackenzie. david: and i'm david ingalls.he session. , we havecific finally details on this plan. cutting more than 8000 jobs and axing

bloomberg markets anchor tom mackenzie explains. licy propelled its growth. its export oriented models fueling an unprecedented economic expansion. but rising geopolitical tensions are prompting a shift in strategy. the new buzzword is dual circulation. first announced by president xi in may. it aims to boost the economy's internal circulation, making domestic production and consumption the main area of growth with external support from foreign investments and technology. china is pushing for greater self-reliance as relations with the west and other nations worsen, and as the coronavirus weighs on global trade. the challenges are enormous. while consumption as a percentage of gdp has climbed over the years, the pandemic is weakened the consumer spending. government stimulus investment are again doing the heavy lifting. details of a new strategy are still scant, and the term itself is vague. but like past slogans, xi jinping's dual circulation is expected to become concrete policy, setting china's direction for the coming years. kath

our bloomberg markets coanchor tom mackenzie is with us from beijing. great to see you.ow much should we read into the gdp numbers and the fact that it missed estimates? some people are saying it missed estimates, but that had to do with imports and things that could be interpreted as good signs. tom: the number we got for the third quarter was 4.9%. the forecast was 5.5%. quite a ways off what the economists expected. the people we have been speaking to today, economists, and jpmorgan earlier this morning has said that you should look through that, effectively, because the important numbers are tracked from the overall gdp. even though higher imports is positive for china. you are looking at growth of around 0.7%. it's made up from the loss of momentum we saw as a result of the pandemic. it sounds pretty anemic, is well away from what officials hoped to achieve for 2020. they have been looking at 6%. the when you look at china -- when you put china along other economies, it's not positive. there is one reason we are here in this massive fulfillment center run by the e-c

tom mackenzie there, in beijing.et's go to karina mitchell with the first lord -- first word headlines. karina: the u.s. continues to make lines with record infections for the second day in a row. white house saying that the administration is not going to control the crisis. the vice president mike pence's chief of staff tested positive. in other news, the governor of the reserve bank of india is the latest prominent figure to test positive for covid-19. b.i. operations will continue as normal and he is in touch with all deputy governors and other officials. the republican-led senate has voted to advance a vote on the supreme court nominee amy coney barrett despite democratic objections. democrats intend to keep it in session. and the man who transformed samsung from a copycat appliance maker into the world's biggest producer of cell phones, memory chips, has died. he had been in hospital for six years after suffering a heart attack and was treated for lung cancer in the 1990's. he was south korea's richest man with

haidi: tom mackenzie. daybreakre to come on australia. this is bloomberg.you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. president story, trump is planning a campaign event in orlando on monday. his medical team says he is no longer a covid-19 transmission risk. dr. sean conley says he has met the criteria to end isolation all them as still declined to say when he last tested negative. stimulus talks remain gridlocked in washington with president trump and nancy pelosi blaming one another. republicanst says are having a hard time with losey and she responded by saying the offers have been grossly inadequate. the minneapolis fed president says action to support the economy is v

ceoy: that was the network speaking exclusively to tom mackenzie. get you the quickest check of our latest business flash headlines this hour. haidi: there is a deal being worked out with boeing 737 max, as the airline is saying that southwest hasn't always had that fleet. other carriers of course have been hammered by the pandemic. to max is nearing return service after two crashes grounded the fleet. many are in the market seeing it as a supply mood for next on. will join the --xon will join the it is 40% ain't-- electricproduce a new mini suv and china and so in europe. made andover will be is being billed as the cheapest -- as european carmakers scale up officer production. in the next hour, will be hearing from ranil salgado about the forecast of a recovery. you do not want to miss our special live coverage of the presidential debate starting a little bit over 90 minutes of time. this is bloomberg. ♪ haidi: good morning. i am haidi stroud-watts in sydney. we are counting down to the open. shery: i'm shery ahn. nancy pelosi is saying that they a

shery: that was the network ceo wan lin speaking to our coanchor, tom mackenzie.gain ground. energy stocks are leading the gains. again, and contraction territory for a second month. we are seeing the japanese yen hold steady. the kospi, is flat at the moment. materials in tech leading declines. the aussie dollar is holding steady. we have seen the support by the commodities and oil prices gaining ground. the rba is expected to cut interest rates in november. pressuring the aussie right now. haidi: a lot of caution in the markets today because we are rating -- we await president trump and joe biden for the final debate in nashville. biden camp are saying they are preparing for personal attacks. >> this is not about the new button. a debate is the test of presidential temperament. the question is, if is donald trump going to show up and defend his record and talk about as planned? do it he didg to in the first debate? interrupt and antics. people hated it. if that is his strategy for this, he will lose this debate. kevin: they have been major policy developments. a

speaking to our coanchor tom mackenzie. a win for amazon. giants and the reliance of future.test from abide. this is bloomberg ♪ the latest from mumbai. haslinda: this is a mixed picture. let's take a look at how india is shaping up on this monday. the government announced its interest and weighing the loans. it is not providing any support for indian markets right now. both in negative territory. some stocks that we are watching include a takeover of the bank. the move would create the country's eight largest financial firm. inhaad: amazon had this win its dispute with india's future group. a sales deal, owned by the billionaire. we can see the future retells down by 3.6% currently. amazon drew the battle lines earlier this month. they accuses partner by violating the agreement. let's get to our reporter in mumbai. how serious is this move? move athis is a serious significant element in the deal of the history. --zon has already refrained -- this could be a dimple of the deal. takingg how amazon is its next step. midnight, there was an issuing of a statement that said they h

the founder and ceo spoke with tom mackenzie in beijing.d as an accelerator for our business. as you can imagine, people tend to spend more time at home and visit restaurants less frequently, and people want to cook at home. seen au say you have strong pickup in demand as a result of the pandemic. how sticky is that increased demand, or does it ease off as people get back to a normal sense of life? i think it's an accelerator, but even before this, we had been growing fast for multiple years already. there are a few key reasons behind this. we are generating values for retailers, brand owners, and for end consumers. consider this the greatest driver for their business. ton: there a lot of focus on the consumer. what is your sense of how strong the consumer is now? is it starting to rebound, and will it be sustainable? cities the lower tier have been growing really fast. historically, most of the people doing business are focusing on shanghai or beijing, but now we are covering thousands of cities. the growth from the lower tier cities is fa

shery: tom mackenzie there in beijing. there is more analysis on the outcome of china's plan coming up. an economist gives us his take just after 1:00 sydney time. are days away from the u.s. presidential election, we speak with ahead of public policy about what changes to expect on the fiscal fronts. this is bloomberg. ♪ shery: we are five days from the election. it as of today, more than 70 million people have cast ballots. most states have blowed path their early vote counts from 2016. -- blown past their early vote counts from 2016. libby, always great to have you without. us. -- you with how much can we tell what is going to happen on november 3? only thing we can definitively say about the early vote is that the electorate seems to be very engaged. most numbers are 80 million folks have voted early, that is around 58% of those who turned out in 2016 have already cast a ballots. this electorate seems to be engaged in some states, it is near 100% of the 2016 turnouts. you are likely to see the turnout exceeds what we s

i'm tom mackenzie. yvonne: i'm david inglis.the last trading session of the week on the mainland in hong kong. markets across the region drifting as investors await news on a u.s. stimulus deal. president bush --

i am tom mackenzie. >> we are counting down to the open of trade in hong kong.es ticking a little bit higher on the hopes of a stimulus deal in washington. democrats and republicans meeting again later.

i'm tom mackenzie. >> and i am yvonne man.to the open of trade in the chinese mainland and hong kong. stories.your top president trump is set to lay out his vision today for china economic growth and drive business t