Elusive. And suppose he says the house is. Transformed samsung into a global tech giant has died. Paul lets take a look at the markets right now. The asx in australia has just opened for trade at the start of the new week. We do have a staggered open. Pretty hard to get a bead on things. Pretty flat at the moment. We are waiting for cocacola to open on the news of this deal that the European Partners are moving to acquire the Company Valued at 9. 3 billion to underscore some of the consolidation going on. The aussie dollar holding a threeyear gain as the u. S. Stimulus talks continue to drag on. U. S. Futures looking a little weaker as well as nancy pelosi and mark meadows but he might accuse each other of quote, moving the goal post. Nikkei futures are pointing weaker as well. That is going to be a busy earnings week in japan. Starting off with kanaan reporting today with cannon reporting today. Lets start off with china at where the leaders are gathering in beijing to map out the fiveyear plan. The roadmap is expected to stand around innovation and a cleaner environment. Tom mackenzie joins us for a preview. What are we watching out for . On, it is atouched plan that would underpin the economic and social priorities and policies for china for the next five years, up until 2025. Theyre going to be discussing over the next four days. We will get the documents in march of next year. We are expected to get a steer in the next few days and on the back of these discussions here in beijing. It will be important for investors looking at this. Some of the areas of focus, dual circulation. This is a policy fleshed out by xi jinping in the last few months. It has been the catalyst has been the tensions between china and the u. S. Push,s a big part of this which is about trying to develop the domestic consumer and trying to insulate the economy from headwinds. Will be seeing if there will be any additional detail on how they will channel production toward the domestic consumer. They do intend to open up certain markets, particularly the Financial Sector while continuing the emphasis on building out the domestic consumer. We will see you with the policies are on that front. We will also see on whether they will set a gdp target. State media has been playing down this idea. Would beanley says 5 a reasonable number if they did set the gdp target. They also say 4. 5 would be enough over the next five years to get them to this target of a high income target by 2025. Bigr areas, technology, a focus. China has been explicit it wants likead on Technology Artificial intelligence and quantum computing. What are they going to do in terms of channeling funding . Focus. Ll be in then we had this statement from president xi jinping a few weeks ago saying that china was aiming to be Carbon Neutral by 2060. What does that mean for solar and wind . What particular policies and directions are they going to be mapping out to meet that target . That will also be central to this, we believe . As you touched on, china is getting to the point where if the Economic Growth continues on track, it is going to outpace the United States in the next decade. This plan is going to be central to that. Kathleen you spoke to chinas former vice finance minister. Now a Major Development bank power in the world. You talked about the Pandemic Impact on spending. What did he say. With that he say . Tom this is a bank backed by beijing. They have lent about 20 billion u. S. Dollars. They have had this focus in 2020 on a covid response. Virus, theyof that have seen some of their lending programs impacted. We talked about how that has hit the banks Balance Sheet and we also get his views on the outlook for chinas economy and some of the risks. Covid19 crisis recovery facility has provided 6. 6 billion dollars approved already. Billion being prepared. The lending has increased. That is the theory the very important feature we did not expect. On the other hand, because of the difficulty of preparing projects on the ground, remote but not as much as you would like to see. We need boots on the ground. Then, we see you probably the slowdown in the mainstream business of physical infrastructure development. Tom how much distress are you seeing in the loans you have made . We work with very competent project sponsors and partners. What worries me, what worries our bank is the deterioration in economic situations of some of our members. They are downgraded. Some of them. May be more will be coming. That means or that will be translated into increased impairment charges to our net income. Tom is it logical to assume increased defaults or renegotiations of terms . We do not do that. So far, as you see, the debtors are normally the debtors normally would honor their debt service to the multilateral institutions the world bank, like all of that. Net capitalre the providers to this country. At the time when they do need the financial resources. Recently, we have got a confirmation. They are very pleased with the way we managed the bank. Tom you have often talked about the fact that the bank is a political. Is it becoming more difficult to be apolitical . Interference,y you cannot define this as something completely in negative because people broadly refer to any suggestions or ideas from the government as interference. I do not look at it that way. We shall be humble. We should be willing to listen to the ideas and suggestions of the shareholders. Tom given your previous role as vice finance minister in china, the economy is clearly recovering. How sustainable is it and what are the key risks . To control the local governments debt because the local governments have some of them have the key belated debt over the years for their them have a team leader debt over the years. Have accumulated debt over the years. Whole areas, they need more support. Chinese government is paying a lot of attention to the debt sustainability in some of these areas. I think if china takes care of this, no problem. Tom whenever we talk to you, you talk about the need when we discuss the tensions between the u. S. And china, you talk about the need for dialogue. Do think there is a chance after the election that a window might open up for some kind of partial reset of this relationship . Rhetorics,of some trump advised them. I think they believe the only solution is dialogue. Mutual understanding. A chinese and one who has been dealing with american colleagues for so many years, i would say i am confident. I believe eventually some people who got excited would come down and sit down to talk. Tom so there is a potential for some kind of reset in the relationship. I am more positive than that. There must be. There must be constructive dialogues between the two sides. Chinas former vice finance minister is saying the key risks to chinas economy Going Forward our local Government Debt and also saying it is absolutely essential the u. S. And china try to reset relations after the election. In aging. Mackenzie in beijing. I want to check on a few stocks trading in asia. Cocacola jumping on a takeover bid. European partners offering 12. 75 a share. Up almost 15 in the early going. 12 point 36 right now. That is the biggest increase since april 1991. European partners came to a stick looking to acquire the australian cocacola bottler. Must take a look at westpac. Currently higher by a 10th of 1 . Flanking a cut of cash earnings of 1. 2 billion aussie dollars. This is due to ongoing costs related to years of misconduct and more recently, a huge payout to regulators on Money Laundering breaches. Westpac higher by three quarters of 1 . Lets get to Karina Mitchell. Karina we start here in the u. S. The senate has voted to advance the vote on Supreme Court nominee Amy Coney Barrett despite democratic objections. Her confirmation hearing later monday is hardly in doubt. The democrats intend to keep the senate in session to stall the vote. They want the vote to wait for the election while republicans see the chance to lock in a conservative majority for years to come. In other news, the governor of the reserve bank in india is the latest prominent figure to test positive for covid19. He says he is asymptomatic and will work in isolation. He tweeted i he tweeted our b. I. Operations will continue as normal. India has the highest number of virus infections after the United States with the economy shrinking the most among its peers. The australian state of victoria has recorded no new covid19 cases and no new deaths after 24 hours. It is the first day since early june with zero cases. Prime minister Scott Morrison ons criticized andrews decisi to extend restrictions for the rest of the month. The man who transformed samsung ends of the worlds biggest producer of smartphones, telephones and memory chips has died. On sunday having been in hospital for six years following a heart attack. Richest man koreas with an estimated net worth of 21 billion. He was 78 years old. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Karina Mitchell. This is bloomberg. Kathleen thank you so much. Still ahead, we will have more on the expectations for chinas fiveyear plan with gauche a bank. The latest in the u. S. Stimulus standstill. Both sides accuse each other of moving the goal post. We will have a lot more on that. This is bloomberg. Kathleen pessimism is mounting again over a preelection stimulus deal in washington. Mark meadowsand are accusing each other of quote, moving the goal post. Our Bloomberg News editor is on the line from washington. Bet, if you had to would you put your money on deal or no deal . Now ifw, we are you cannot get them done in the first three months, you would think there is little chance of anything happening before the election. At the democrats and republicans can show progress, i think they would be happy to. There just seems to be too much, too many differences. Even though the [indiscernible] there is still a big Sticking Point about funds the democrats want. They want funds for state and local government. There are other things that dont seem to be moving. They do have one more deadline tomorrow, which is Speaker Pelosi sent treasury secretary manoj and a list of concerns over the weekend. He is supposed to get back to her on monday. If there is progress there, we could see set they have been. Paul how about the latest virus numbers . I believe we have more than 85,000 new cases in the past 24 hours in the u. S. Is that going to have an impact on the final week of the campaign . It is very interesting. I sell some polling from i saw some polling. The number of people who say they intend to vote for President Trump who are concerned about catching the coronavirus is really low. It is in the low teens. Democrats are much more concerned. The whole issue of the virus is so politicized in the u. S. , probably more so than anywhere in the world. The numbers are so high and we also have the story on some of Vice President mike pences inner circle getting the virus. Is definitely going to be talked about. Washington editor roz crosby. What come, we ask she is expecting from chinas fiveyear plan. This is bloomberg. Paul lets take a deeper look withe china planner expectations leaders are going to chart the economys course for the next 15 years. Thanks so much for joining us. In the lead up to this planner, we have been hearing about the socalled dual circulation strategy. What does this mean to you . Does it mean we are going to see a more inwardlooking china or is it the sign of a maturing economy . Good morning. The chinese economy continues it toward a more consumer oriend economy. It is moving away from the exports and fixed investment Growth Strategy. This is where the concept of dual circulation comes in. President xi jinping has talked quite a lot about it. It basically means china will internal its large markets and domestic demand. That will complement the external oriented economy. It does not mean china is turning inward. It simply means the economys Growth Strategy is becoming more [indiscernible] basically, dual circulation means that china will increase the role of the consumer in the economy but still remaining relevant in the global economy. Paul we are used to receiving fiveyear plans, but we are also going to get a 15 year plan. What sort of Broad Strokes are you expecting to see in that . Related toall about strategy planning, focusing on chinas economic development. A highants to become income economy over the longer term. They will be very broad guidelines in terms of how to get there. I do not think we will get a specific growth target. I think they will still be growth at still be the back of the policymakers mind. Put it onis it just paper and move on . It is good to keep in mind we will not get full details yet. The plan that is discussed will only be finalized in march at the National Peoples congress. Not think there will be anything so specific that will be able to move markets significantly. Kathleen south korea did better at handling the virus than other countries. They have already showed some signs of moving ahead again. Exports have to look vulnerable in world where europe and other places where they sell all those experts are not all those exports are not looking so hot. What are their prospects for Real Recovery this year and next . The economy of south korea is a recovering but gradually after dipping into a recession in the first half of this year. I think we will see a clear rebound in the Third Quarter growth. Not smooth sailing from here. Private consumption growth in south Korea Remains fairly muted on the back of uncertainty about the virus and labor market. When you look at fixed investments, there has been softness due to businesses being cautious. The export sector side is uncertain given that we have this strong second wave of covid infections in europe and korea. I think south korea is doing a reasonably good job with as many other economies. 2021 [indiscernible] kathleen quick question on the boj. They are going to meet on october 29. Anything that comes out of the boj that moves the stock market. I do not expect any material changes coming out of the bojs policy. I do think the central bank will continue to highlight they have remained on the dovish side and are ready to support the economy further if there is a renewed softness in the economy. Most likely, the focus will be on the forecast, revised forecast from the boj in terms of Economic Growth and inflation. Kathleen thank you so much. Now, for a quick check of the latest business flash headlines. Group has setnt the price of its apo. It is expected to be the biggest ipo ever and is expected to raise 35 billion. It could surpass saudi aramcos share last year. Airbnb is splitting its privately held shares ahead of its planned listing, telling stockholders the board has approved a twoforone split. And email seen by bloomberg says reflectivewill be tuesday. Such a split reduces the price of shares for investors well doubling those for current holders. As the iphone maker increases its presence in india, the brother of foxconns technology terry go. Also setting up subsidiaries or assembly plans in india. Cocacola europe has agreed to uire the soft drink makers worth about 24 billion u. S. Dollars. The deal values the sydneybased company at 6. 6 u. S. , and 19 premium. Cocacola mattel says it plans to recommend europes offer unanimously. Coming up, what is next for samsung after the death of the chairman . We will discuss his legacy and the future of the conglomerate. This is bloomberg. So youre a Small Business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Asia. S is daybreak im Karina Mitchell with the headlines. Stimulus talks remained deadlocked in washington with nancy pelosi saying her agreement with the white house remains elusive. The two sides accuse each other of moving the goal posts, raising pessimism a deal can be reached for the election. Policy once President Trump to push republicans to consider the near to trillion dollar package. We are waiting for the final. They said they would. They have not yet. Same thing, they keep moving the goal posts. We want it the sooner the better. That is why we are making concessions. Over to china where the leaders meet this week to draft their latest fiveyear plan with president xi jinping delivering on his plan to deliver a global lead. A quick focus on a cleaner environment. Thailand faces more antigovernment demonstrations as the Prime Minister ignores calls to resign. The two main protest groups say they will rally again on monday. Protest leaders say they are not impressed by the lifting of the state of emergency in bangkok and a special session of parliament this week. The king of malaysia has rejected calls for a state of emergency to tackle the virus after the opposition denounced a request as a bid to hold onto power. The government [indiscernible] Prime Minister the Prime Minister says he has noted the kings opinion and will discuss the matter further. Brexit talks are being extended into the coming week as the u. K. Indicates optimism about a deal. The top e. U. Negotiator will stay in london as the two sides move into more intense discussi