2006. In hanoi in 26 then come in 2014, the process was launched in beijing. Fullyt get into action implement the beijing roadmap, moved to what the f cap. Owards the aft cap aftap toond, we must continue pursue Innovation Driven Development and new drivers of growth. The current Global Economic byovery is largely driven cyclical factors. Of self generating driving forces remains a nagging problem. To avoid the risk of the Global Economy entering a new mediocre, we must sustain growth through innovation. Technologicalof and Industrial Revolution is unfolding before us. The Digital Economy and the sharing economy are taking the world by storm. Breakthroughs have been made and new technology, such as Artificial Intelligence and quantum science, we cannot afford to act like onlookers. What we should do is seize the opportunity, change Development Models and nurture new growth areas. We should promote structural reform and remove all institutional and systematic , in ordero innovation to energize the market. We should implement the apec accord on innovators development, economic reform and growth adopted in beijing. We need to deepen cooperation in the internet and strive to be a Global Leader of innovative growth. Should continue to enhance connectivity and achieve interconnected development. Development is the best way to achieve new mutual benefit. We, the asiapacific economies, are closely connected and our interests are interlocked. A new investor will be opened up while a strong boost will be given to the Common Development of our partners. Connectivityapec was adopted. Itching be our guide in building a comprehensive and multi tiered network of asiapacific connectivity. We should boost the real economy through greater conductivity. Break bottlenecks to development and unlock potential. Through these efforts, we can achieved interconnected development. Year, the belt and road forum for International Corporations was successfully held in beijing. Initiatednd the road is a joint endeavor with a clear focus on promoting Infrastructure Development and strengtheningon coronation, on economic policies, on Development Strategies and on boosting interconnected development for common prosperity. Is from china, but it belongs to the world. It is rooted in history, but it is the future. Asian,us is on the european and african continents, but it is open to all other partners. I am confident that the launch of the belt and Road Initiative will create a broader and more dynamic platform for asiapacific corporations. [applause] fourth, we should continue to make Economic Development more inclusive and deliver its benefits to our people. Headwindst confronting economic globalization is mostly generated by the lack of inclusiveness and development. Bring the benefits of Development Two countries across the globe and people across our society and turn our vision into reality, then hard work is still needed. Years, we haveew actively explored ways to promote Inclusive Development and have built strong consensus about it. We should deepen Regional Economic integration, develop an open and inclusive market, and strengthen the bond of shared interests. We should make inclusiveness and sharing a part of our Development Strategies and put systems that upholds efficiency and fairness, and safeguard social equity and justice. We should invest more in education, medical care, employment and other areas that are important to peoples livelihood. We need to address poverty and the widening gap between the rich and the poor. We should reach out to and enableed groups the workforce to better adapt to industrial transformations. [applause] this way, everyone can have his fair share of opportunity and benefits. Ladies and gentlemen, dear friends. As the old chinese saying goes, a commitment once made should be delivered. Boosting development in the asiapacific requires real actions by all the members. As the worlds secondlargest economy, china knows fully well its responsibility. Years, weast five have taken proactive steps to adapt to manage and steer chinas economy and deepened supplyside structural reforms. Maintainednomy has steady performance. We are pursuing better quality, more efficient, fairer and more sustainable development. Years,e past four chinas economy has grown by 7. 2 on average annually, contributing over 30 of global growth. China is now a main driver of foreign global growth. [applause] we have worked hard to remove institutional barriers that impede development through comprehensive reforms. As many as 360 major reform initiatives and more than 1500 reform measures have been taking. Reform hasmework for been put in place in major sectors. We have stepped up efforts to build new institutions of an open economy and transform models of Foreign Trade and investments to continue the shift from quantitative to qualitative improvement in trade. Advanced practical institutional, cultural and unleashplorations to new impetus for growth. China has become a huge platform were all factors and players of innovation converged to make a real difference. From infrastructure, from business models, innovation is leading the way. Pursued a peoplecentered philosophy of development to make our development more inclusive and beneficial to all. Individual income has registered sustained growth, outpacing gdp growth for many years. Income gaps between urban and rural areas and different regions have been narrowing. Middle income groups expanding, and coefficient dropping. More than 13 million new urban jobs have been created every year for four consecutive years. Significant advances have been made in pursuing green development, resulting in reduction in the intensity of energy and resource can thompson consumption and market improvement in the ecological environment. To lift all the remaining poor people out of poverty is a made by thetment Chinese Government to the people. It is uppermost in my mind and i energy on more poverty elimination than anything else. [applause] president xi over the past five years, i have been to many poor areas in china to pin down the and addressverty these problems in a targeted way. Result, progress has been made in the fight against poverty over the past five years. We have lifted more than 16 Million People out of poverty. The Poverty Headcount ratio has declined and per capita rural incomes in poor areas has maintained doubledigit growth. This has not come easily and we are proud of what we have achieved in poverty mitigation. [applause] guy you are listening to xi jinping at the apec summit. If you want to follow what the chinese leader is saying, you can do it in a number of ways. Life go on your bloomberg. Thek in and you will get speech as it is being delivered. If you are looking for smart analysis on what is being said in this speech and the other speeches we will be tracking, gore is a special tliv function you can access on the bloomberg. Lets talk about how we should be reading between the lines. Joins us. Min lets talk about the difference delivered bypeech donald trump and xi jinping. Lets note the different approaches taken by the chinese and u. S. Administrations. A divergent view, for sure. Different ends of the argument. We just heard from trump earlier saying he is no longer interested in multilateral trade agreements. If anyone wants to do trade with the u. S. , it will be on a bilateral basis and must be reciprocal. If you speak to the leader of a communist country, xi jinping saying globalization is irreversible. All for multilateralism. That is what he has maintained all this while and the two speeches today show how divergent views are on trade and policy all of the world. This speech comes on the back of tpp minus the u. S. Leaders at the apec summit are trying to make sure tpp gets to the finish line and are struggling with that. Brainchild of obama and was rejected by trump. The leaders here are now trying to pick up the pieces. As far as we know, some provisions will be suspended to make sure tpp is brought forward. When you take a look at the two speeches made by xi jinping and donald trump, they are taking opposite ends to the approach to trade. Guy . Guy one example we have seen this morning, and this follows the u. S. President s trip to china, is the opening up of the Financial Sector in china. The significance of that . Haslinda it is significant. It comes on the back of trumps friend visit to china. Many in the financial industry have been pushing hard for this. Trump cant be held responsible for the Movement China made today. Jpmorgans chief in asia said jpmorgan has made request year after year and it is a significant move. Whether it is a win for trump . To an extent. Is. Hows how powerful xi the most powerful today, some believe. It is a significant move. Guy where does this leave asia . Where does this meeting position asia in terms of its global stance right now . Is it looking inwards, to do trade within itself . Outward, being led by china . We have talked about the competing vision. Where do the bulk of asian nations fit in their expected trajectories . Are they going with trump or expecting to go with china . Therein lies the problem. A lot of the asian nations now, as much as they dont want to choose sides, they are stuck between two important powers. I spoke to the former ambassador to vietnam and he said he country will have to decide for itself where it wants to lean towards, but the problem is, we have an unpredictable trump and an unpredictable china, which is capable of regarding its policies revising its policies. Asia stands right in the middle. Each country will have to decide for itself where it wants to lean towards. Guy has linda, great coverage. Haslinda amin joining us from vietnam. If you want to continue to cover it, there is the live go function on your bloomberg. Tliv as well. Mliv , the markets function on your bloomberg. Mark cudmore leading the charge there. Knowwas a week we didnt how it was going to turn out. At the end of the week, xi jinping is speaking, we have had the president of the United States speaking, yet it has been the markets that have steamrolled over this event, not paying that much attention to the nuances. To be honest, we were expecting north korea to be an issue and it hasnt been. Absolutely, we thought some trump comments would lead to this week and that hasnt been the case. The biggest topic of the week was turmoil in japanese stocks yesterday. There is also Hong Kong Ipo fever. This is important to remind investors that asia is the most dominant sector for markets in the world now. Three of the most populated countries are in asia, largest economies are in asia. Now china is taking the u. S. s place as a leader of global trade and globalization. We are getting reminded this week that when trump is in asia, at the margin, u. S. Is still the dominant world superpower and that is being eroded, all the power is shifting to asia. Guy there was likely to be a Significant Impact into the markets, we thought. There hasnt been, we noted. Is the tide going to turn to the dollar . The dollar can go more negative. It has been rallying the last couple of months off the positive news flow. The fed chair, which some thought would be hawkish, the other was tax reform. Now that we have the fed chair known, everyone will realize, this is not going to boost the dollar. Fed are predicting rate hikes next year, the new fed chair is not going to change that soon enough. Has been removed. On tax reform, investors are finally realizing it is unlikely to come through and it probably wont boost the dollar that much when it comes through. It is likely to increase the deficit and unlikely to have an incentive for Foreign Companies their money to dollars. The background fundamentals remain negative for the dollar. Negative real yield, growth remains subdued and at the margins, the u. S. Is losing its relevance. It will remain the worlds reserve currency, but its power is being slowly eroded at the margin all the time. We are seeing saudi arabia look to follow others in receiving chinas yuan for oil. Interesting to see how that has affected the russia story. We will talk about tax in a moment in more detail, but flat curve by stocks. Is that the trade . Mark definitely. The flattening curve is a bullish sign for equities. Historically, you get long bull markets when the curves flattening. When the curve inverts, that normally signifies the end of the cycle and every Economic Cycle tends to end that way. Steadycle is such a long one people have forgotten when the last and of the cycle was. The last time the curve was inverted was in 2006 and that preceded the recession. We have a ways to go before this curve inverses. Goldilocks scenario for equities. It shows conditions remain easy, there is good growth but not rampant inflation. Central banks arent tightening to intensely. Guy mark cudmore on the mliv team joining us. Lets figure out what the tax story is going to mean. Kathleen hunter joins us on set to get a cake. The cap between the senate and the house looks big. Who is in the driving seat . President xi starts thehe house ball rolling, but it ultimately becomes the senate dictating the broader strokes of what legislation looks like. He saw that with obamacare, with other major laws during the obama administration. We saw it with the effort to repeal obamacare when the house was able to act on something, but the effort ultimately failed in the senate. It is busy significant because the Senate Unveiled their proposal. There are significant differences between what the house and senate want. Next week, the house will be voting on the floor, most likely on this proposal. At the same time, a Senate Committee is going to be considering it on that side of the capital. It will be interesting to see how those two issues mesh with each other as the House Republican leadership is trying vote. H the boat it might be more difficult if the senate is moving to different bill. Guy time is a factor. The time decay element of this is something to Pay Attention to. Can this get done in time to fill the obligations set out . Republicans have backed themselves into a corner thanks to donald trump saying he would like something on his desk by christmas. That is an artificial deadline they now have to meet. That has set expectations. Next week is critical. The rubber will meet the road because the house will hold a floor vote and that will be quite difficult. To get the votes they need for the legislation over there. It is going to be one of these nailbiter scenarios. They can only lose about 22 republicans. They arent going to get any democratic votes, so there is concern out there among the republicans that come from high tax states, with the changes to the state and local sales tax deduction. That is lingering out there. That will be a group to watch and those republicans are a little more on edge after the results of this weeks off year elections, because it was suburban voters that came out strongly in favor of democrats and a lot of these republicans are from these suburban districts. They will be even more on edge than before this weeks elections. Guy thank you much, Kathleen Hunter on washington. That was an expectation the president in asia would allow space to get stuff done in washington. That hasnt turned out to be the case. Still progress, but incremental at this point. We will come back to the tax story later. We are seven minutes from the market open. European stocks called open higher this morning, not by much. Leonardo. Xi jinping knows how to give a long speech, so lets dip back into see what he is saying now. We will come back for the market open in a couple of minutes time. President xi we chinese believe piece is most precious and there should be harmony among all nations. We are committed to Peaceful Development and will remain an anchor for peace and stability in the asiapacific region and beyond. Justice,l, guided by convergence of other countries and foster a new basedational relationsh on mutual respect. Principle of achieving shared growth through consultation and collaboration, we will get actively involved in reforming and developing the Global Governance system to make the International Political and economic order more just and equitable. [applause] president xi ladies and gentlemen, dear friends, all of our people in the asiapacific deserve peace, stability and prosperity and all of us in the region should jointly deliver a Bright Future for the asiapacific. Partnership based on mutual trust, inclusiveness, cooperation and beach will benefit. This is what keeps our asiapacific family together and ensures cooperation. Let us take steps to promote cooperation and usher in an even Brighter Future for the asiapacific. Thank you. [applause] guy you have been listening to xi jinping deliver a speech in at the apec summit. A different vision from the president of the United States being laid out. They approach a new era in terms of the relationship with asia. Xi jinping talking about an open society and relationsh an open relationship. Addressing the issues, some of the themes he raised in his speech to the party, talking about this income inequality line that needs to be dealt with. Donald trump talking about the idea of bilateral relationships. The year of the multilateral seems to be coming to an end. Considering the multilateral forum. He is obviously withdrawing from some of those events. The market open is four m