xi jinping has just arrived and hong kong and president xi jinping hasjust arrived and he is overseeing the new inauguration of the chief executive of the city, john lee, a former policeman taking overfrom carrie lam, he was in powerfor the overfrom carrie lam, he was in power for the last x years, happening on the anniversary of the hand overfrom hong kong to china, 25 years ago. —— for the last five years. —— the last six years. nato leaders have pledged more financial aid and weapons for ukraine. the alliance also renewed calls for president putin to end the invasion. nato's secretary general, jens stoltenberg, insisted that ukraine must prevail as an independent state. here's our political editor, chris mason. salisbury plain, usually a place where british troops train. now, those in ukrainian uniforms are here, too, being taught how to use the weapons and equipment being given to them by the uk. this as the prime minister, at the end of the nato summit in madrid, promised more money to help ukraine further. the best way for us to win the argument around the world about our

our top stories: chinese president xi jinping has sworn in hong kong's new leader at a ceremony marking 25 years since the end of british colonial rule. the us supreme court deals a major blow to efforts to tackle climate change, with a ruling that limits government powers to cut greenhouse gas emissions. this is a setback in our fight against climate change when we already far off track from the immediate goals of the paris agreement. amid tight security, thousands of religious scholars and tribal elders from across afghanistan are meeting in kabul for the first time since the taliban seized power last year. and temperatures injapan are at the highest in nearly 150 years. now, fears the electricity grid could be overwhelmed. welcome to our viewers on pbs in america and around the globe. the chinese president, xijinping, has sworn in hong kong's new leader, john lee. the territory is marking 25 years since the handover from british colonial rule. mr lee is taking over from carrie lam, whose time in office saw beijing tighten its grip on hong kong. this was scene in hong kong in the last

a visit by xi jinping has been heavily choreographed with tape security this is the first time xi has left the mainland since covered. >> in the past few years, hong kong has withstood severe tests. after the wind and rain, hong kong has risen from e ashes and demonstrated vigor and vitality. lewis: president ix -- xi will oversee the transfer of power from carrie lam to jon leyne but that is overpowered by covid restrictions. >> current government officials, including carrie lam, have been put under quarantine. she was supposed to meet president xi, but she could own a travel between the quarantine hotel and her office. there is high pressure and many officials -- because they have to manage so many people just for joining this celebration. lewis: our china media analyst. >> there has been so much media rollout to promote the message that hong kong is under control. there has been a strong message of unity between the mainland and hong kong. i have seen footage in hong kong of chinese flags all over the city and an emphasis on how moving forward things are going to be better for hong

manus: xi jinping has hammered home the message today in hong kong of one country, two systems as the new chief executive was sworn in on the 20 bit anniversary of chinese rule. >> hong kong enjoys a unique position, favorable conditions and broad development. the central authorities fully support hong kong in seizing the historic opportunities presented by our country's development. dani: let's get to bloomberg's yvonne man who is joined with a guest. yvonne: the weather certainly has been tumultuous, but the tone in hong kong has been calm. we talked about defending the crackdown through historic social stability. one country, two systems is something he really took pains to sell. the hong kong executive council is here, always great to have you thank you for joining us. >> lots of people were asking about the future of hong kong given that we are now at the 25th anniversary. he gave a strong message that if two system is working or hong kong, why should it change? he did not give a definitive answer to what happens 25 years later, but the message is he may go beyond 25. the term he

jinping has ordered officials to try and stem the impact of it on the economy. kathleen: emma o'brien with the latest on the virus and more in australia and shanghai. australia and china's top diplomats meant for the first time in three years as of the two nations try to reset relationships marred by tensions and tariffs. a delicate procedure. ben, what progress has been made so far? what is on the table next? ben: it seems very much like one step forward and two steps back to a certain degree because although they have had this first meeting which is usually significant, we had an entire term of an australian government, there is the downside the chinese government has now issued more demands or something similar so what needs to happen for australia's relations with china to become normalized? something that has been holding back australia and china for many years now is a list of demands that was put out under the previous government that has things like stopping criticizing hong kong. stopping criticizing actions in chin jang. things the liberal the market t

well, a hong kong lawmaker photographed near chinese president xi jinping has tested positive for covid-19. president xi visited the city last week during the 25th anniversary of hong kong's handover of britain to china. it was his first trip outside the mainland since the start of the pandemic. he joined lawmakers for photos commemorating the event. the person who tested positive says his test was negative on thursday when the photos were taken. cnn's senior international correspondent will ripley joins me now live from taipei. good to see you again, will. so, what more are you learning about this covid scare for china's president xi? >> reporter: i mean, look, if, if president xi's closed loop does not keep covid one row away from the president of the leader of china who is so paranoid about covid that people who want to be in his presence have to for several weeks before meeting him have a private car taken from their home back to their office, back to home, no public transportation, no unnecessary outings, daily covid testing, a night in a quarantine hotel before meeting president x

jinping has really finally made hong kong a truly chinese territory. so increasingly you hear the term in chinese media the second return of hong kong meaning back in 1997, they regained sovereignty, but not the power to govern because of all the opposition not to mention so-called sub versive forces. but now thanks to xi jinping's rule, hong kong is more than ever a chinese territory and destined for long term prosperity, this of course something very much reiterated by xi jinping but also state media and also believed by millions of chinese citizens on the mainland who have bought into his version, his brand of patriotism and nationalism, that of course very important as he is all but certain to secure an almost unprecedented third term as china's top leader later this year and potentially paving the way for him to rule for life. the party wants to reassert every control over every aspect of chinese territories and now that very much includes hong kong. >> and will, when we consider how hong kong fits into china, always in the background is the conce

>> reporter: president xi jinping has stressed this is the most effective for china. it suggested will not go away anytime soon. the president is considered that the policy has had an adverse impact on the economy. i've a feeling that the government might take steps to mitigate the damage. it's about how beijing can strike a balance between stimulating the economy and preventing the virus from spreading. last season's travel season shows how difficult this can be. it led to the nationwide spread of the virus. the government responded with stricter measures. that caused a sudden drop in travel demand. the case numbers are gradually rising in some cities. how beijing responds is a key focus. shane has she has lockdown affected japan. china's economy is the second largest in the world. the domestic covid-19 policy poses a risk outside its borders. the continued slowdown could hurt global growth. >>> consumer prices in argentina have made the biggest leap in 30 years. people are taking to the streets to protest. the national statistics bureau says the consumer price index

what kind of problem could this pose to she should in, -- to xi jinping, he has been relatively effective at encouraging foreign capital to enter chinese markets? >> when he became president in 2013, he opened up channels for foreign investors to buy equities on shore. this story has been about china's opening up under him. the problem is that foreign investors have never had such a large portion of chinese assets, around 10% at its peak earlier this year. i love this quote from matt smith, when it comes the supertanker of western capital moving away from china, xi jinping has to encourage the domestic market and investors to fill that hole, and the question is can they, when the loss of household wealth in china is so tied up with the property market, will they want to invest in stocks and bonds if actual household wealth is falling to one side. the question is, what can replace this foreign investment if we get that supertanker looking elsewhere. tom: check out that peace online and on the terminal. still with this is peter oppenheimer, equity strategist at goldman sachs, have the polic

president xi jinping has made clear that he stands by that decision. i'm joined now by neil thomas, china analyst at the eurasia group. hejoins me from washington dc. five hours seems like a long time for a conversation between these two politicians, anything productive likely to have come out of it? taste likely to have come out of it? we did see likely to have come out of it? - did see some positive signs coming out of the readouts from both the united states and china. there was an agreement to improve consular interactions, as well as some promises on things like climate change and public health. if we look at the bigger picture, we saw no major change in this intensifying dynamic of strategic competition with china and the us, and indeed we heard the chinese foreign minister in his readouts warning the secretary of state that there was increasing trying out phobia in the united states, and that china was concerned about us— china relations, and the us support for taiwan. is a and the us support for taiwan. is a oster and the us support for taiwa

jinping has been talking about in his speech. translation: the practice of one country, two systems has achieved the success in hong kong recognised by all since its return to the motherland. president xi will be hoping his visit convinces hong kong and the world that stability on these shores following his crackdown in hong kong, and that it will usher in a revival of the global financial centres�*s bruised economy. a man accused of murdering a woman in a street attack in east london has appeared at the old bailey. 35—year—old zara aleena was walking in ilford, ten minutes from her home, when she was attacked in the early hours of sunday. jon donnison reports. zara aleena, the latest young woman to be killed on the streets of london. all week people have been paying tribute to the 35—year—old law graduate, described by herfriends as soft, gentle and a lifeline to her family. this morning they spoke publicly for the first time since she died. zara was incredibly giving, supportive, insightful as to what people needed ar

our top stories: chinese president xi jinping has sworn in hong kong's new leader at a ceremony marking 25 years since the end of british colonial rule. the us supreme court deals a major blow to efforts to tackle climate change, with a ruling that limits government powers to cut greenhouse gas emissions. this is a setback in our fight against climate change when we already far off track from the immediate goals of the paris agreement. amid tight security, thousands of religious scholars and tribal elders from across afghanistan are meeting in kabul for the first time since the taliban seized power last year. and temperatures injapan are at the highest

. >> xi jinping has been invited to the g 20 summit by his indonesian counterpart. the two leaders say that the indonesian leader extended the invitation. he was unclear whether he will actually attend the summit. the two candidates for the conservative party clash for a second day on the economy with both accusing each other for having policies that are morally wrong. one said tax rises come at a time when families are struggling to pay for food and the other pledged to deal with inflation and help the economy. >> we have the highest tax burden in the country that we have had for 70 years. i believe that we need to keep to our commitment of not raising taxes. >> i will get you the help that you need with your bills, are economy growing, cutting red tape and getting our taxes down and do whatever it takes to tackle legal migration. -- illegal migration. >> a new ceo, it is part of a long-running effort to turn around the struggling lender. credit suisse says the announcement is expanded later wednesday. -- expected later wednesday. global news 24 hours a day, on-air

xi jinping has hammered home the importance of one country, two systems as the new chief executive was sworn in on the 25th anniversary of chinese rule. >> hong kong enjoys a unique position favorable conditions and broad space for development. the central authorities fully support hong kong and seizing the historic opportunities from our country's development and aligning with national strategies. tom: we are joined by yvonne man. you have lived the experience, the changing dynamics within that city, what were the key takeaways with that context for you? yvonne: we are coming from a stormy hong kong. we marked the 25th anniversary of the handover. then we were swamped with rain as well. in terms of the political turbulence, president xi jinping trying to set hong kong on a different path, saying after the storm hong kong is reborn again from the ashes. we have entered into this new stage from chaos to governance, a sideswipe on carrie lam and her tumultuous term where we saw political dissent and political protest that have been crushed. pro-democracy lawmakers on the opposition side

first, china's president xi jinping has concluded a visit to hong kong tomorrow 25 years since the u.k. handed over control of the territory. xi praised the one country-to systems policy which has allowed hong kong to have its own laws. he set the policy was a success and would remain in place. but that hong kong must respect chinese leadership. xi oversaw the swearing in of the new chief executive for hong kong, a loyalist and former security chief who helped crackdown pro-democracy protests. beijing has been tightening its grip on the city. we will talk about that with our reporter. first, here is how hong kong has changed since the british han handover. -- british handover. reporter: hong kong enters a new era, more than 150 years of british colonial rule came to an end on july 1, 1997 at the stroke of midnight. the sunset on an empire and rose to a new age under chinese rule. it was a moment long in the making. in 1984, after years of talks, london and beijing signed a handover agreement for hong kong. china agreed to rule the region for 50 years, according to the principle of one

xi jinping has worn joe biden against supporting taiwanese independence, saying those who play with fire will be burned. david: let's get more on the senior fellow for trade, investment, and investment and asia society. thank you for joining us. there are issues to be worked out always. the fact that they are talking, though, is that a good sign? >> definitely a good start for good sign, right? i think most people who follow this relationship would agree that more talking is a good thing at this point. almost no matter what the topic is. yvonne: when it comes to taiwan, i wonder what actually was achieved. it seems they both reiterated their own stances when it comes to taiwan. do you think the chance of further escalation is now off the table or has that actually intensified? >> i don't think the chances of further escalation are off the table, but i also think there is an emphasis on loudly reiterating each other's positions because it is unlikely that either side actually intends to enter into any sort of conflict. i don't think that is what either side wants, but they are worried abo

a call has been made by joe biden to xi jinping _ the world. a call has been made by joe biden to xi jinping in _ the world. a call has been made by joe biden to xi jinping in the next l joe biden to xi jinping in the next few days trying to disc yield debts de—escalate this looming, growing row about this visit by nancy pelosi to taiwan. i think the last time we had a speaker go to taiwan was in 1995, and it was newt gingrich who said to china, "don't get too scrappy about this," and they were saying, "don't worry, we are planning to do anything with taiwan." and how things have changed. taiwan." and how things have chanced. f , , changed. this'll be the first time president biden _ changed. this'll be the first time president biden has _ changed. this'll be the first time president biden has spoken - changed. this'll be the first time president biden has spoken to l president biden has spoken to president biden has spoken to president xi jinping since march, which _ president xi jinping since march, which really tells you something. they ar

and xi jinping has so many problems at home. i don't think this is about speaker pelosi, i don't think it's about the united states. it's about china being aggressive right now and we have to understand that sometimes things in the world don't really revolve around us. we have to understand that in china they have the incentives to lash out. >> and we know that the call just ended. we're getting word here. so, gordon, how seriously should the u.s. take china's warnings and threats? >> we should always take those warnings and threats seriously. and i think that this time, this isn't just mere bluster. i do believe there's an ominous tone here. in part relates to china's view of the united states. they have for decades believe we have been in terminal decline. they have watched the problems in afghanistan and ukraine and they think they can bully the united states. this is perception of american weakness in the minds of the chinese. i'm not saying they're correct but that's what they think. and what they think right now is very da

bloomberg has been told president biden will speak with xi jinping on thursday as tensions continue to rise over taiwan. expectations were to talk about the dropping of some of these tariffs, and the last few days, we have seen these escalating tensions and threats from beijing over the proposed visit for the house speaker. stephen: geopolitics is going to play dominantly in these talks. the tariffs issue is not likely to be on the agenda. i'm gathering the united states is not necessarily want to put choosing paying in a position to negotiate those towers. if not a negotiating tactic with china. geopolitics is, taiwan is at the forefront with this talked about visit by the house speaker in early august. lawmakers have been encouraging her to make a stop in taiwan and that of course is wrangling beijing. a house speaker has not visited since 25 years ago. china is a different beast than 25 years ago and much more strident on defense issues and relations with the united states are at a bit of a nadir. diplomatic ties and relations, discussions, dialogue resumed again in 1972. it's a ten

given the overreaching that xi jinping has been doing, i don't believe we can count on his good judgment. >> a u.s. official told cnn china could impose a no-fly zone around taiwan. but the chinese government hasn't announced details about how it could retaliate. zbl >> it's a commitment we made. >> reporter: biden has said several times that the u.s. would intervene militarily if china were to attack taiwan. but as china's military might grows, more are calling for the biden administration to end this so-called strategic ambiguity. it's impossible to overstate how important taiwan is to the communist party and its legitimacy. china sees the self-ruled island as a break away province that must be reunified with the mainland even by force if necessary. and a visit from one of america's most powerful politicians might just give beijing the push to make a risky move. >> celina joins me from beijing. so, selena, there's just a moment where you take a pause and you say, wow, are we really talking about this, this invasion actually happening? would xi really resort to military action in the cu

china's state news agency reports that president xi jinping has set out a warning saying if you play with fire you get burned. if pelosi does decide to visit taiwan, this would be the highest u.s. official visit since 1997. developing news of the negotiations to bring brittney griner and paul whelan home from their detention in russia. abc news reporter mary alice parks has more. >> the white house overnight accusing the kremlin of stalling and negotiating in bad faith. russian officials reportedly saying the kremlin wanted a convicted murderer released in addition to vikr bt, a arms deaa potential prisoner swap for americans paul whelan and brittney griner. he is in german custody, not u.s. and was convicted of a brutal political assassination in broad daylight in berlin. secretary of state lincoln speaking to his russian counterpart about the u.s. offer to bring brittney griner and paul whelan home. >> we had a frank and direct conversation. i pressed the kremlin to accept the substantial proposal we put forth. >> i asked to the white house if they were optimistic or if the talks c

xi jinping is going to be appointed very probably to his third term in president, which has never been done before, and that makes him effectively lifetime leader. fortunately he's 66, so that's not that long of a period, so between now and then, the look is everything for him. he has announced a policy that's called a new development concept, new development concept is what kevin rud, former pm of australia called pivot to the states, which means that all direction for the economy for now is going to come out of beijing. he has criticized ceos of service companies, tech companies for being not patriotic. he has denied credit to three of them in the last week, so the service companies are being shoved to the side in favor of the industrial companies that he controls more tightly. this week we'll have a gdp number it's going to be the first negative number since the first quarter of covid and the second one in modern chinese history. we have a shanghai lockdown over the last two months that took chinese -- so what's happening there right now? covid numbers over the last several days hav

jinping has tested positive for covid-19. president xi visited the city last week during the 25th anniversary of hong kong's handover from britain to china. it was his first trip outside the mainland since the start of the pandemic. he joined lawmakers for photo opportunities commemorating the event. the person who tested positive said his test was negative on thursday when those photos were taken. cnn's correspondent will ripley joins me live from taipei. it was always a risk, wasn't it, the entourage around xi did everything they could to avoid it? >> reporter: yeah, there were two hong kong lawmakers who tested positive just days before president xi's visit. some people thought that might be been a deal breaker. he is believed to be extremely paranoid about covid-19 to the point there is a closed loop system that exists simply to protect him from contracting the virus. this is a matter almost of state security from the chinese perspective. you have anybody who wants to have contact or be in the same room with president xi,

the reason we have been having this debate is because xi jinping has been stepping up coercion of taiwan trying to imitate -- to intimidate us. reporter: if she does not go does it look like she is giving in to chinese intimidation? >> it would indicate we are being prudent and that sure, everyone wants to stand up against xi jinping's china now, but given the misjudgment xi himself as made, such as his draconian approached covid, cracking down on the private sector, aligning with russia, we cannot be confident he is going to behave in a prudent manner. he could really launch some kind of serious military response against taiwan. it is important for us to behave prudently. speaker pelosi should make clear this is her decision, not president biden's decision because there are going to be a lot of domestic political consequences in the united states. criticism from republicans and some democrats that biden is caving in to china just as we heard. i think she needs to take this on herself. she wants the democrats to do well in the midterm in 2024. -- and in 2024. don't say you are not going,

the chinese foreign ministry says president xi jinping has warned the u.s. directly it's playing with fire if pelosi makes a stop there. cnn's blake essex is in asia with more. >> reporter: as you mentioned, one question remains unanswered, will the self-governing island of taiwan be on nancy pelosi's agenda on her trip to asia. the prospect of her visit has already created a headache not only for the white house but it's also infuriated china with beijing vowing to respond and some chinese analysts suggesting that response could involve the military, raising concerns of a possible military miscalculation in the air or sea if both china and the u.s. increase their operations. an analyst, jim heinz, told cnn's wolf blitzer that the speaker can travel wherever she wants and everybody needs to take a breath. >> if i were in beijing right now i would think the last thing you would want would be to create more problems in an already friction-laden relationship, flying military aircraft near the speaker r sp speaker's aircraft, whatever it might be. >> reporter: i

but president xi jinping has been very clear. he's setting himself up to do that. we care about the safety and security of taiwan and free and democratic societies, we ought to be helping them to prepare for that and ought to be doing that right now. >> i'm glad you mentioned vladimir putin and the situation in ukraine. you have a new op-ed out in "the post" where you describe a bipartisan group of lawmakers in the united states alongside ukrainian leaders that are seeking to install more u.s. military officials in a noncombat capacity in ukraine to help the ukrainians. i guess my thought is doesn't that lead to a degree of mission creep where the united states has to invest more and more to help ukraine win and maintain territory? >> yes. there is no doubt about it. it is a bunch of u.s. lawmakers and president zelenskyy calling for a little bit of mission creep, but their rational is pretty clear, we're sending $40 billion worth of aid and weapons into ukraine, we don't know where it is going and it would be helpful both for the oversight mission and also for the

richard: it's the first time president xi jinping has left the chinese mainland since the start of the covid-19 pandemic. it was a short journey but symbolically huge. prof. burns: i think he's telling the people of hong kong that the central government cares about hong kong. he's also telling the officials here to implement the new central government agenda. richard: top of that agenda, announcing that the one country , two systems policy of governing hong kong will stay in place. and inaugurating hong kong's former security chief as the city's new leader. mr. lee: with the enactment and implementation of the national security law, hong kong has been able to restore order from chaos. and the improvement of the electoral system has enabled the implementation of the principle of "patriots administering hong kong." richard: lee was the only candidate in the chief executive race, and was voted in by a committee stacked with pro-china loyalists. he'll take charge of a legislature with almost no political opposition after beijing imposed sweeping changes after months of anti-government prot

the foreign ministry said that president xi jinping has warned the u.s. that it is playing with fire if pelosi makes a stop there. barbara starr is at the pentagon. what are the white house and state department saying about the possibility of this stop? >> reporter: well, fred, they are saying nothing and neither is pelosi, because of the security issues involved. they simply won't say whether the speaker traveling into asia already planned to make that stop in taiwan. now of course the chinese are completely opposed to it. because they believe a visit by someone of the speaker's stature is basically the u.s. government, the equivalent of the u.s. government challenging taiwan, what they believe is their ultimate control over taiwan. the rhetoric has grown from china and one of the chief white house security -- national security council spokesperson john kirby talked about this earlier this week. >> if she decides to go to taiwan, we know and we have a responsible and we take that responsibility seriously, that she could do so safely. so we've heard these

now that she xi jinping has traveled outside of china, there might be an opportunity this november. >>> families of 9/11 victims, protesting in new jersey against the saudi backed liv golf tournament. it is set to take place at a course that former tourism trombones. the tournament is simply too close to where the terrorists killed their loved ones. mr. trump has previously blamed saudi arabia for the attacks. some families spoke with our local station, and their reporter, sarah wallace, expressing disappointment. >> we are going to make it as painful as possible, and as unenjoyable as possible for those involved, because they need to know our feelings. >> this tournament will showcase how easily people can be corrupted by money. like, these professional golfers that are going over to play. >> some of the families launch this ad ahead of the tournament. it criticizes former president trump for hosting the event. many of them say they plan to return to the golf course on friday when the tournament is set to start. >>> a mortgage company owned by warren buffett discriminated against pot

jinping has been talking about. translation: the practice of one country, two systems has achieved the success in hong kong, recognised by all since its return to the motherland. president xijinping its return to the motherland. president xi jinping will be its return to the motherland. president xijinping will be hoping his visit convinces hong kong people and the world that there is stability on the shores following his crackdown in hong kong. and that it will usher in a revival of the global financial centre's boost economy. martin gibb, bbc news, hong kong. and now here is sarah with a look ahead to sports day at 6:30pm this evening. coming up later on bbc news, it has been a busy day at wimbledon with britain's heather watson reaching the last 16 of a grand slam for the first time in her career, as she overcame kaja juvan to win through. novak djokovic is also in action, plus it is day one of england's rearranged test against india in edgbaston, with a couple of early wickets with jimmy anderson and we are buil

president xi jinping has not been outside of china since the pandemic. he was in hong kong but not off of chinese soil. so, if there were meetings face to face, the chances of there being deliverables from that are much greater. obviously we had the indonesian president in beijing earlier this week as well. indonesia is hosting the g20. there has been some speculation about whether or not president xi would go to indonesia for the g20 later this year. so that potentially could be a venue where you could have the two presidents me. shery: president xi jinping coming off of that meeting where we were expecting some sort of economic announcement, that we did not really get any new stimulus measures. what's going on. john: i think the most interesting thing from their polar bear statement was a lack of any mention of big new stimulus. the leadership is saying that they want the best possible outcome the economy can achieve this year. there was no mention of the 5.5 percent gdp target for 2022. they mention it in april. the lost time -- the last time they tal

jinping has been talking about. translation: the practice of one country, two systems, _ has achieved the success in hong kong recognised by all since its return to the motherland. president xi will be hoping his visit convinces hong kongers and the world that stability on these shores following his crackdown in hong kong, and that it will usher in a revival of the global financial centres�*s bruised economy. martin yip, bbc news, hong kong. to afghanistan now, where the taliban is holding a summit of religious leaders from around the country in the capital kabul. the group's leader told the all—male gathering that an islamic system had been achieved in afghanistan with many sacrifices, referring to taliban seizing power in kabul last august. more on this from our south asia correspondent yogita limaye, who spoke to afghan activist and doctor naila mirza in kabul and began by asking what she wanted from the international community. as a woman, as a woman, you know, suffering one complete year in this society, in

john: president xi jinping has pledged to hit those targets he talked about there, david, so we are expecting the china government to take measures to shore up growth. the question is how effective those measures will be. obviously with omicron, with potentially even more transmissible variance coming down the pike, there is always the danger looming of additional lockdowns. indeed, we have seen cases announced over the weekend and provinces, which are largely rural, but do house a lot of electronic car manufacturing as well. so with that looming, with the property issues and that market still there, the government will do what it can. whether it will be effective is still in the air. david: so garfield, on that note them, while a recovery in the chinese economy is obviously a good thing, would that be an unwanted inflation catalyst for other central banks that already have enough on their plate at the moment? garfield: no, in fact there is an argument to be made that china's woes have contributed to the inflation problem. china is still very much the world's factory and if it is having disru

secondly under xi jinping the persecution in china has been really the worst since the cultural revolution in the 1960s. we have the chinese-american sentenced to 70 years in prison and still imprisoned in china and hundreds of thousands of churches have been shut down and really every day we receive reports i'm sure the commissioner has been receiving reports and being briefed. one of the churches has suffered so much from shane jen one of the most open cities next to hong kong, congregation of the 60 members with 32 children, 28 adults had escaped to the island in south korea two years ago and unfortunately the south korean government because of the refugee asylum system and also reasonably fear of china's retribution had been repeatedly denied there asylum. i know on friday the commission held a hearing on examining the south korean asylum policy but my question is, under president biden's credit he has raised the quota for every settlement three times impartially the quota goes to east asia and south asia. it's very disappointing to see even the new york times reported that in the last

jinping. beijing has been warning closing not to visit taiwan, which it considers part of its territory. global news 24 hours a day, on air and on bloombergquint take. powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. alix: drop in the u.s. home sales last month, more than 8% to an annual rate of 500 90,000. we have not seen that rate since april 2020, that is when the world was shut down. here is john fish, construction chairman and ceo, chair of the real estate roundtable. it is great to get your perspective. when you take a look at the housing market, we know the fed once it to cool. are we looking at a cooling? are we looking at a slowing? what does a recessionary housing market look like? john: thank you for the opportunity to be here this morning. what happens is, because real estate runs on credit, high interest rates drive down the ability to people who want to invest in real estate. coupled with the fact we've got cpi running at 9.1%, y

that is chair from chinese propaganda and xi jinping has incentive to do that. i'm worried in the near term. stuart: with we had not withdrawn in such terrible fashion from afghanistan what american now still be pressure on all fronts overseas? >> we would be pressured but not the way we are. if we didn't fail in afghanistan putin would have thought twice about invading ukraine. the chinese now see the united states is not able to defend against them so we are in for i think conflicts around the world because of the failures we talked about. stuart: do you think could be a lifting of these tariffs in the meeting tomorrow? >> i hope not but i don't put anything past the biden administration when it comes to china because they do things that are an expert the. lifting tariffs would send a message to the american companies to keep their factories in china because the administration won't do anything to protect american manufacturing. biden can do that but it would not be good for the american worker, great for the chinese worker and biden is the best friend of chin

jinping. he has a huge moment coming up in the fall. at the same time he is dealing with a laundry list of economic issues, covid-19, youth unemployment. it is an interesting gamble right now. tom: it is a gamble with inherent risk. annmarie hordern, thank you. stay with us, this is bloomberg. ♪ alix: breaking news for you. -- is halting -- that is about 95 miles northwest of st. petersburg in russia. the flow from there is going to drop 33 million cubic meters a day starting july 27. you are seeing those gas prices rally. a constant reminder that gazprom flows are not reliable, putting upward pressure on gas prices. there was one more part that is needed to repair nord stream one and bring that gas supply to europe but question marks continue. we are about one hour into the trading session in the u.s.. the nasdaq 100 down by 8/10 of 1%. >> a bit of a marginal move when it comes to the benchmark. the s&p 500 down 1/10 of 1% when it was up earlier in the session. not a major conviction that t

. >> john: indications that putin wanted to take ukraine were there for all to see, looks like xi jinping has similar designs on taiwan. i think it probably would behoove every leader in the country from the top on down to pay attention to that. congressman mike gallagher, thank you for coming on today. appreciate it. >> thank you. >> john: and also talk, sandra, china has expanded the military and built big things, take a look at the aircraft carrier, china's most modern aircraft carrier, and actually has an electromagnetic catapult that works, unlike some of our new aircraft carriers. they are doing it with dollars taken from the wallets of american consumers and maybe it's time for a strategic decoupling with china. >> sandra: see what happens at the meeting. members of congress and beyond are speaking out about the trip, john. we'll be watching that. meanwhile, the white house are trying to change the definition of a recession. ahead of more potential bad news on the american economy. so, will hard working americans paying the price for all this buy it? we'll ask new york congresswoma

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 everyday received reports. i'm sure the commissioner has been receiving reports and being briefed. so one of the churches had was suffered so much from shenzhen, one of the supposedly most open city next to hong kong. a congregation of 60 members with the 32 children, 28 adults had to escape to jeju island, south korea two years ago. and unfortunately, the south korean government, because of the their refugee asylum system and also presumably a fear of china's retribution, had been repeatedly deny their asylum. i know on friday, the lantos commission held a hearing on examining the south koreans asylum policy. but my question is we -- to president biden's credit, he has raised the quota for refugee resettlement, like double three times and

and china, particularly since xi jinping has become president, are so acute, if you add in covid and the fact that xi jinping doesn't travel and most of his officials don't travel, if an american official goes to the u.s., they have to quarantine like any visiting business person. then you've got this really dangerous situation where there's no communication. and biden still hasn't met xi jinping as president. still hasn't met -- there will be another video call tomorrow. and but as you and i know, video calls are not the same thing in in-person meetings. so the context for the second in secession to the u.s. presidency, nancy pelosi who is also the same party as president biden, the context of that and the potential for really quite lethal misunderstanding is higher than i think a lot of people -- maybe not mike pompeo but a lot of people are not yet taking on board. >> so, ed, given the isolation of the two countries and the nonverbal communications, no communications at all, really, and gimp given what's on the plate of the president of the united states, globally on the war on uk

told president z -- president biden has told president xi jinping -- let's talk about the big story. [indiscernible] there is a milestone that in many countries would be considered an economic recession. the federal reserve and president biden say it is in recession. >> both chairman powell and many of the significant banking personnel and economists say we are not in a recession. let me give you the facts are in terms of the state of the economy. number one, leave a record job market of record unemployment of 3.6% today. have created 9 million new jobs so far as i became president. businesses are investing in america at record -- recor rates. >> that is jill biden's position. >> it was interesting, his point is that the economy is in fostering in a way that you expect i to. if there was a recession, so he is pointing to the fact that unemployment rate has been at 3.6% since march and every month in the second quarter, there is 100,000 jobs and -- 400,000 jobs added. there is evidence that inflationary president -- pressure is easy --easing. hurt and biden made the point of -- saying

has spoken to xi jinping five times already and on his watch over the last year end half so far we have no evidence of the president raising the origin of covid-19 and no evidence of him asking xi jinping or to stop producing fentanyl because it's been pushed into america do you think these issues will come up? i do think that now will come up in there has been discussions about u.s. and china of china trying to enforce its laws on fentanyl. right now china has allowed it to come into foreign countries with restrictions and there has been discussions about that. i think what you brought up at the top on tariffs is going to be one big issue reportedly there going to be some tariffs lifting efforts by the administration not all of $350 billion that are currently under tariffs, maybe 10 billion but i think that will be the headline coming out of the meeting later this month. maria: that is one of the things that the chinese communist party wanted that the u.s. lifted tariffs on chinese goods are you expecting that to be a reality and you think that will have a big impact on inflation? >> i

xi jinping has malicious plans. maria: talk to us about the malicious plan. we had a whole conversation. morgan ortagus is here. she had to you alert the world to what the state department was thinking in terms of where covid came from. we don't know the origins of covid for sure because joe biden refuses to press xi jinping on a real investigation and the chinese communist party will not allow a real investigation. what's the overall plan here from the ccp's standpoint? >> well, the overall plan is to assert sovereignty over the entire planet earth as well as the moon and mars. and, yes, i know that most people think that that is just absurd but we have to listen to what chinese officials are actual ily saying. -- actually saying. and with regard to the virus and i heard morgan talk about this before and she's a real hero. the point here is that wherever this disease came from, and i believe it did come from the lab, but wherever it came from, we know that the chinese leaders deliberately made decisions to spread this disease beyond china's borders. and so t

biden has offered to come to taiwan's defense a president xi jinping tries to unite with the mainland. present -- resident xi has warned the united states not to get involved saying those a play with fire will only get burned. i spoke with a professor from davidson college in north carolina, she specializes in relations between the u.s., china, and taiwan. i asked if this call i change anything. >> i think it is hard to say something s changed interiorly already. i the -- materially already. the call is significant, the fact that happed means they are trying to talk to one another and trying to navigate through this very difficult moment the second thing i think is noteworthy out of this conversation is that president biden affirmed that u.s. policy has not changed. while i do not think the prc leadership always entirely believes president biden and other american leaders when they say that, the fact that he says it i think is a sign of an effort to navigate through rather than continue moving towards a real crisis. host: it is interesting, this idea that u.s. policy has not changed.

xi jinping has all kinds of economic problems. he wants an unprecedented third term to be greenlighted this fall when the party meets. he wants to distract attention away from the chinese economy. maybe he thinks we are distracted by ukraine. i don't know how to say wag the dog in mandarin, really, but that's what this is about. this is self-generated for political consumption crisis, and we can debate the wisdom of the speaker going. she is not the first speaker to go to china. newt gingrich went. cabinet officials go all the time. again, this is taking place within the context of existing policy. so i really think this is much more about chinese domestic politics than it is about american foreign policy. >> so spell that out internally in china. what are his specific issues he is dealing with on an everyday basis? >> first of all he wants an unprecedented third term. that would change the chinese constitutional and political position. he has problems with covid. he still hasn't come up with a formula -- because china doesn't hav

xi jinping overseeing the swearing in. john lee is a for chief executive for hong kong, this is the six terms since the 1997 handover. no chief executives has lasted the allowed to terms, either by scandal where one did not make it through to terms, carrie lam had one term, and -- had one turn in a little bit and there were a lot of protest. we will see if john lee brings stability to wet carrie lam acknowledge to me a couple weeks ago as a very difficult job serving two masters, xi jinping on the communist party and the leadership in beijing, and the people of hong kong. it's unenviable, obviously. rishaad: hold that thought, john lee has been sworn in as the hong kong chief executive, he was pledging his loyalty both china and to hong kong, doing so with the chinese president by his side. that of courses accompanied by much fanfare. we have the cabinet now coming out as well. as steve was telling us, we have principally a lot of beijing loyalists will now be taking the oath of office as well. we have the finance secretar

he has confidence from the central government. xi jinping was very clear on this. and also particularly when it comes to hong kong's unique status in the world as a global financial hub, shipping and trading hub. both mentioned that. i believe it is a great sign of encouragement, and john is up for executing that plan. stephen: absolutely. one thing that stood out to me was the timeline. he says, the next five years for hong kong will be critical. and in lockstep with that comment, he said, "we need the hong kong government to rule better and execute our policy better." basically telling john lee, you have got five years to implement, get results and get it done. do you expect an accelerated kind of agenda for john lee? frederik: i expect that. i would never have reduced john lee to a cop, to a police man the way that i met him, before i came in, was pragmatic, listening carefully to the concerns of the business community. and we expect and want him to continue that, and we are looking forward to more continuous exchange with the new government, now that they have

one translation has xi jinping saying, if you play with fire, you get burned. will ripley is in taipei. what do we know about the possibility of a pelosi visit to taiwan? >> reporter: well, you know, they're not officially saying anything. but all indications are that it could very likely happen probably after she visits japan because she could get a military escort pretty easily from u.s. military facilities in japan. look, nancy pelosi, we know, thinks that it's important for the u.s. to show support to taiwan. and lawmakers on both sides have been urging her to do this even though china has lashed out through their state media and their defense ministry and their foreign ministry, promising to react. there's been so much discussion about it. analysts say china is pretty much obligated at this stage to do something if pelosi goes to taiwan. it is believed that china doesn't want this to escalate into a conflict any more than the united states does, given xi jinping is going to enter a critical point for his political career as he seeks an unprecedented third

there has been no sign that president xi jinping will walk back from covid zero. monetary supply has increased and the credit supply, spending is being put forward into the second half of this year and the premier has made announcements amount -- around the need to support the economy. how do you play what could be an economic rebound in china with the caveat that covid zero is a key risk? alex: i think the market got too excited about what was a restart of activity rather than a classic recovery. we should expect strong growth numbers as the major cities reopen. that is not news. the interesting things in china or what is going on underneath that. looking through the shutdowns and restarts, how strong is underlying growth? we see some of that weakening partly on account of the huge spending shift in the west going back towards services and away from goods, which will drag on chinese exports. the authorities are trying to push up domestic demand to compensate for some of that weakness looking ahead, and so you see credit growth, yesterday pretty strong. the net of