17 November 2020 04:35
(Bloomberg)--The four-day Bloomberg New Economy Forum kicked off with business and political leaders taking on issues from the economic fallout of the coronavirus pandemic to the future of global trade and climate change.The timing of Ant Group's listing depends on how the Chinese government restructures the regulatory framework and how the company reacts to the changing regulatory environment, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the forum.Earlier, former President Bill Clinton said Xi Jinping's long-term reign has upended U.S.-China relations, and will require Joe Biden's incoming administration and its allies to take a more coordinated approach to dealing with Beijing. Singapore Prime Minister Lee Hsien Loong said Biden should look to develop an "overall constructive relationship" with China following "quite a tumultuous ride" over the past four years.The New Economy Forum is organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.Adnoc CEO Optimistic on Global Growth Led by U.S. and Asia (10:32 a.m. HKT)There's very good reason to be optimistic about global growth, Sultan Ahmed Al Jaber, the United Arab Emirates's minister for industry and advanced technology and CEO of Abu Dhabi National Oil Co., said at the Bloomberg New Economy Forum.--Sharon ChoBrexit Deal Landing Zones Becoming Clear, Irish PM Says (10:04 a.m. HKT)The contours of a Brexit deal between the U.K. and European Union are clear to both sides, Ireland's prime minister said, as the two struggle to reach a trade agreement.Negotiating teams understand "the landing zones" around an accord, Micheal Martin said at the Bloomberg New Economy Forum, warning it's not yet fully clear if his U.K. counterpart, Boris Johnson, truly wants an accord."Having met Boris Johnson, having talked to him, my sense is deep down his gut instinct is that he would see the sense of a deal," Martin said in an interview with Bloomberg's Stephanie Flanders.--Jonas Bergman and Evelyn YuU.S., China Could Heal Rift By Cooperating on Climate Change (9:55 a.m. HKT)President-elect Joe Biden and China's Xi Jinping can begin to mend their nations' fractious relationship by avoiding any provocation on Taiwan or the region's disputed waters, Australia's former prime minister Kevin Rudd said.The two could also cooperate on fighting the effects of climate change, Rudd, now the president of the Asia Society Policy Institute, said in an interview Tuesday at the New Economy Forum.--Ruth PollardBill Clinton Says China's Direction Under Xi Upended U.S. Ties (9:03 a.m. HKT)Former President Bill Clinton said Xi Jinping's long-term reign has upended U.S.-China relations, and will require Joe Biden's incoming administration and its allies to take a more coordinated approach to dealing with Beijing.Speaking in conversation with former U.K. Prime Minister Tony Blair at the Bloomberg New Economy Forum, Clinton said the U.S. could strengthen its negotiating position with China by enlisting partners, from Europe to Asian nations which were part of the Trans Pacific Partnership trade pact abandoned by President Donald Trump.--Iain MarlowSingapore PM Calls for U.S.-China Truce After 'Tumultuous' Years (8:26 a.m. HKT)U.S. President-elect Joe Biden should look to develop an "overall constructive relationship" with China following "quite a tumultuous ride" over the past four years, Singapore Prime Minister Lee Hsien Loong said in an interview.A new framework between the nations would allow both countries "to develop the areas of common interest, and constrain the areas of disagreement" on issues such as trade, security, climate change, North Korea and non-proliferation, Lee said in an interview with Bloomberg Editor-In-Chief John Micklethwait at the New Economy Forum.--Zhu LinPaulson Calls for New Round of U.S., China Talks (11:23 a.m.)The incoming Biden administration should start a new round of bilateral negotiations with China aimed at fair trade and competition, former U.S. Treasury Secretary Hank Paulson said at Bloomberg's New Economy Forum Monday."We'll need to deal with structural and process issues that include services, not just goods," he said. "I believe it's essential."\--Rich MillerSummers Calls for More Coordinated Global Response (10:52 a.m. NYT)The Covid-19 economic crisis requires a stronger coordinated global response to reflect the worldwide dimension of the problem, former U.S. Treasury Secretary Lawrence Summers said.Summers, who has been advising President-elect Joe Biden's campaign and is a paid contributor to Bloomberg, lamented the Trump administration's opposition to an allocation of $500 billion in reserve assets, or special drawing rights, by the International Monetary Fund, a stance that he hopes will change with a Biden administration."The last crisis had a major response from the IMF, issuance of SDRs, big increases in lending from the World Bank, that was driven by the global community," Summers said. "There has been no boldness at the global level comparable to the boldness at the national level, and that could get us in real trouble down the road."--Eric MartinKing Warns of Straying From Central Bank Mandates (10:47 a.m. NYT)Former Bank of England Governor Mervyn King said he was worried that the "new generation" of central bank leaders were getting into areas that are not core to their mandates.King echoed former U.S. Treasury Secretary Lawrence Summers in challenging central banks' current interest in generating policies to help tackle climate change."If we're going to do stress tests on climate change, we need to do stress tests for the next pandemic.--Richard BravoMoreno Says Trade Can Aid World's Hardest-Hit Region (10:12 a.m NYT)The countries of the Americas should look at ways to enchance regional trade to help speed a recovery in Latin America, the region of the world hit hardest by the Covid-19 pandemic, said Luis Alberto Moreno, the former president of the Inter-American Development Bank.Latin America has an opportunity to improve integration and agree to a common set of rules to benefit its countries, particularly by better incorporating Central America and creating opportunities for nations that are a large source of migration to the U.S., said Moreno, who completed 15 years at the helm of the Washington-based institution at the end of September. "The danger is that some crisis will occur that will go beyond rhetoric into actual military conflict."The diplomat who paved the way for President Richard Nixon's historic 1972 trip to China said he hoped that the shared threat of the Covid-19 pandemic would provide an opening for political discussions between the two countries when President-elect Joe Biden takes office on Jan. 20.
"This is the moment for a great global coalition for net zero."--David WainerMichael Bloomberg Sees Lessons Learned From Pandemic (8:00 a.m. NYT)Michael Bloomberg said that the lessons learned from the global fight against Covid-19 could help the world take on challenges including climate change and racial and economic inequality."We can right the ship of the global economy and put it on a smart course for the months and years ahead," the former New York City mayor said at the start of the annual forum.