China, David Weston, Bloomberg Radio discussed on Bloomberg Wall Street Week

Automatic TRANSCRIPT

This is Bloomberg Wall Street week with David Weston from Bloomberg radio. Ten years of remarkable growth. That's what president Xi Jinping of China focused on in his speech to the party Congress last Saturday. Brought about historical rise. In China's economic strength. In a past decade, China's GDP has grown from 55 trillion to 114 million and come to account for 18.5% of the world economy. Not a bad track record during Xi's time in office, but if prison Xi had been willing to go back to before he was president, the story is even more dramatic. Since Deng Xiaoping initiated the open door policy in 1978, China's economy has gone from under $150 billion to nearly $18 trillion last year. Now that growth is slowing down with possible repercussions for the rest of the world, according to the head of the WTO. If China's economy continues to slow, the way we are seeing that will have a big impact on what happens to the world economy. And U.S. officials like deputy treasury secretary Wally adeyemo say that the open door isn't as open as it used to be. In addition to having resilient supply chains, we want to make sure that American companies are competing on a level playing field with companies in China and around the world and that's why we've taken actions like restraining the ability to ship some key components. But Bridgewater's ray dalio, who's been back and forth to China over the last 30 years, insists that, despite all the problems, he wouldn't bet against Beijing over the long term. I think the longer term picture in China is still bright because I know the people and I know the culture and I think it's good, but they have major issues now. And

Coming up next