1 00:00:02,720 --> 00:00:07,200 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,720 --> 00:00:12,360 Speaker 2: This week, thousands of Chinese lawmakers are gathering in Beijing 3 00:00:12,520 --> 00:00:16,760 Speaker 2: for the annual meeting of the NPC, the National People's Congress. 4 00:00:17,079 --> 00:00:23,120 Speaker 1: The National People's Congress is China's parliament. It reads drafts 5 00:00:23,200 --> 00:00:24,320 Speaker 1: and passes laws. 6 00:00:24,880 --> 00:00:28,680 Speaker 2: John lu Is, Bloomberg's senior executive editor for Greater China 7 00:00:28,840 --> 00:00:29,639 Speaker 2: based in Beijing. 8 00:00:29,960 --> 00:00:32,720 Speaker 1: The number one thing that happens at the Congresses on 9 00:00:32,760 --> 00:00:36,640 Speaker 1: the first day, China's premiere gives what is equivalent to 10 00:00:37,040 --> 00:00:40,120 Speaker 1: the State of the Nation Address for China. He comes 11 00:00:40,159 --> 00:00:43,239 Speaker 1: out and says how the country is doing, how it 12 00:00:43,280 --> 00:00:45,800 Speaker 1: did in the past year, and then he lays out 13 00:00:45,800 --> 00:00:47,959 Speaker 1: some very important targets for the coming year. 14 00:00:49,479 --> 00:00:51,519 Speaker 2: I want to report to you on the work of 15 00:00:51,560 --> 00:00:56,960 Speaker 2: the government for your deliberation and also for comments. For 16 00:00:57,040 --> 00:01:00,960 Speaker 2: twenty twenty five, Beijing set an ambitious GDP growth target 17 00:01:01,080 --> 00:01:04,680 Speaker 2: of about five percent, and Premier Lie Cheung declared that 18 00:01:04,920 --> 00:01:10,800 Speaker 2: vigorously boosting consumption is the government's top priority. To help 19 00:01:10,920 --> 00:01:14,640 Speaker 2: ramp up domestic demand, Beijing plans to expand its public 20 00:01:14,680 --> 00:01:19,080 Speaker 2: spending by borrowing at a record level. The government raised 21 00:01:19,120 --> 00:01:22,160 Speaker 2: the general budget deficit to around four percent of GDP, 22 00:01:22,600 --> 00:01:25,759 Speaker 2: the highest level in more than three decades. But it's 23 00:01:25,840 --> 00:01:28,760 Speaker 2: unclear whether that kind of stimulus will be enough to 24 00:01:28,800 --> 00:01:32,120 Speaker 2: help the Chinese economy, whether the storm ahead, and then 25 00:01:32,160 --> 00:01:34,120 Speaker 2: of course there's the wild card. 26 00:01:34,520 --> 00:01:37,960 Speaker 1: China's economy is in this really awkward position at the moment. 27 00:01:38,600 --> 00:01:43,720 Speaker 1: Property is struggling, domestic consumption is weak. The only good 28 00:01:43,720 --> 00:01:46,479 Speaker 1: thing about the economy has been exports, and now that's 29 00:01:46,520 --> 00:01:48,920 Speaker 1: in real danger because of Donald Trump and because of 30 00:01:48,960 --> 00:01:51,520 Speaker 1: the tariffs of the United States is imposing. So going 31 00:01:51,520 --> 00:01:54,080 Speaker 1: into the future, the question is what can China do 32 00:01:54,200 --> 00:01:57,440 Speaker 1: to overcome all these challenges, And the problem is there 33 00:01:57,480 --> 00:01:59,320 Speaker 1: isn't a solid, guaranteed solution. 34 00:02:01,160 --> 00:02:04,840 Speaker 2: Welcome to The Big Take Asia from Bloomberg News. I'm wanh. 35 00:02:05,120 --> 00:02:07,560 Speaker 2: Every week we take you inside some of the world's 36 00:02:07,560 --> 00:02:11,560 Speaker 2: biggest and most powerful economies and the markets, tycoons and 37 00:02:11,720 --> 00:02:16,359 Speaker 2: businesses that drive this ever shifting region. Today on the show, 38 00:02:16,600 --> 00:02:20,840 Speaker 2: Beijing plans to get people to spend, spend, and spend, 39 00:02:21,000 --> 00:02:24,280 Speaker 2: but how and will Trump's trade war get in the 40 00:02:24,320 --> 00:02:32,080 Speaker 2: way of those efforts. On Wednesday, Premier Lee Chiang kicked 41 00:02:32,080 --> 00:02:35,360 Speaker 2: off the National People's Congress with China's twenty twenty five 42 00:02:35,480 --> 00:02:39,280 Speaker 2: Government work report. It reviewed the health of China's economy 43 00:02:39,400 --> 00:02:41,960 Speaker 2: and laid out a policy roadmap for the coming year. 44 00:02:42,400 --> 00:02:45,639 Speaker 2: Bloomberg's John Liu and his team have been closely reporting 45 00:02:45,720 --> 00:02:48,320 Speaker 2: on what's coming out of the meetings this week, John, 46 00:02:48,440 --> 00:02:51,000 Speaker 2: what's the biggest thing you were watching out for in 47 00:02:51,040 --> 00:02:52,360 Speaker 2: the government report this year? 48 00:02:52,600 --> 00:02:55,440 Speaker 1: So the three things we were really keen on finding 49 00:02:55,480 --> 00:02:57,800 Speaker 1: out were one, what was the GDP tar you're going 50 00:02:57,840 --> 00:03:01,160 Speaker 1: to be for twenty twenty five? The target of about 51 00:03:01,200 --> 00:03:03,280 Speaker 1: five percent, which is the same as it was for 52 00:03:03,320 --> 00:03:04,200 Speaker 1: twenty twenty four. 53 00:03:04,520 --> 00:03:07,720 Speaker 2: Now, keeping the country's growth rate level might not sound 54 00:03:07,760 --> 00:03:10,320 Speaker 2: like a big deal to an outsider, but the Chinese 55 00:03:10,360 --> 00:03:14,440 Speaker 2: economy is facing serious headwinds right now. John says. Just 56 00:03:14,560 --> 00:03:17,880 Speaker 2: how serious those headwinds are and how difficult it will 57 00:03:17,919 --> 00:03:20,880 Speaker 2: be to reach that goal was reflected in another number 58 00:03:20,960 --> 00:03:24,000 Speaker 2: that was released this week, the borrowing threshold. 59 00:03:24,200 --> 00:03:28,000 Speaker 1: They were going to expand the budget deficit for the 60 00:03:28,040 --> 00:03:30,640 Speaker 1: central government to about four percent of GDP. That's the 61 00:03:30,800 --> 00:03:34,839 Speaker 1: biggest that it's been since nineteen ninety four, since they 62 00:03:34,880 --> 00:03:37,840 Speaker 1: had some major changes in how they calculate fiscal deficits, 63 00:03:37,840 --> 00:03:41,480 Speaker 1: and so it's really the biggest on record. What that says, though, 64 00:03:41,560 --> 00:03:44,240 Speaker 1: is they're going to spend a lot more money to 65 00:03:44,360 --> 00:03:46,440 Speaker 1: have the same growth they had in twenty twenty four, 66 00:03:46,520 --> 00:03:49,320 Speaker 1: So they're spending a lot more money to basically stay 67 00:03:49,360 --> 00:03:52,680 Speaker 1: in place. So that's actually not a very optimistic signal 68 00:03:52,720 --> 00:03:53,520 Speaker 1: for the rest of the year. 69 00:03:54,320 --> 00:03:58,480 Speaker 2: Consumption. People buying dishwashers are going out to restaurants made 70 00:03:58,520 --> 00:04:01,640 Speaker 2: up less than forty five percent of China's GDP growth 71 00:04:01,720 --> 00:04:04,440 Speaker 2: last year. That's the lowest since two thousand and six 72 00:04:04,680 --> 00:04:07,880 Speaker 2: and excludes the pandemic year of twenty twenty. In most 73 00:04:07,880 --> 00:04:11,400 Speaker 2: developed economies, that number would be typically between sixty percent 74 00:04:11,440 --> 00:04:15,680 Speaker 2: to eighty percent. Basically, people in China are feeling kind 75 00:04:15,680 --> 00:04:18,400 Speaker 2: of broke right now, so they're not spending as much 76 00:04:18,640 --> 00:04:22,480 Speaker 2: as fast and this creates a vicious and dangerous cycle. 77 00:04:22,800 --> 00:04:25,800 Speaker 1: People are just not willing to spend, and that has 78 00:04:25,839 --> 00:04:30,160 Speaker 1: resulted in companies need to compete more aggressively to get business, 79 00:04:30,200 --> 00:04:33,159 Speaker 1: and mostly they've been doing that by cutting prices. And 80 00:04:33,200 --> 00:04:35,760 Speaker 1: so if companies are cutting prices, they have less money 81 00:04:35,800 --> 00:04:37,839 Speaker 1: that they're bringing in that they can then give to 82 00:04:37,880 --> 00:04:40,240 Speaker 1: their workers that they can use to hire more workers, 83 00:04:40,279 --> 00:04:43,960 Speaker 1: and that results in households feeling even more uncertain about 84 00:04:43,960 --> 00:04:47,080 Speaker 1: the future, and it motivates people to save even more 85 00:04:47,240 --> 00:04:49,640 Speaker 1: to spend even less. It's a very vicious and very 86 00:04:49,760 --> 00:04:50,560 Speaker 1: dangerous cycle. 87 00:04:52,640 --> 00:04:56,000 Speaker 2: To achieve the five percent growth target, the Chinese government 88 00:04:56,120 --> 00:04:59,320 Speaker 2: has a laundry list of issues to overcome. Some are 89 00:04:59,360 --> 00:05:02,839 Speaker 2: long term, like the country's aging population, which is putting 90 00:05:02,880 --> 00:05:07,080 Speaker 2: pressure on an already strained pension system, but others are 91 00:05:07,120 --> 00:05:10,760 Speaker 2: more pressing, like the property market. The real estate market 92 00:05:10,880 --> 00:05:13,400 Speaker 2: used to be one of the country's biggest growth drivers, 93 00:05:13,720 --> 00:05:15,560 Speaker 2: but it's been in a slump for the last several 94 00:05:15,640 --> 00:05:19,520 Speaker 2: years and it remains deep in trouble today. John It 95 00:05:19,600 --> 00:05:22,520 Speaker 2: sounds like the real estate crisis has affected almost every 96 00:05:22,520 --> 00:05:26,240 Speaker 2: region of China and certainly every level of society. How 97 00:05:26,279 --> 00:05:28,360 Speaker 2: are local governments then dealing with that? 98 00:05:28,880 --> 00:05:33,000 Speaker 1: Many local governments around China are very indebted. They've borrowed 99 00:05:33,000 --> 00:05:35,200 Speaker 1: a lot of money to build the infrastructure over the 100 00:05:35,279 --> 00:05:38,600 Speaker 1: last decade or so, and now as economic growth slows, 101 00:05:38,680 --> 00:05:41,880 Speaker 1: they're finding it harder to generate tax revenue from those 102 00:05:41,960 --> 00:05:45,400 Speaker 1: infrastructure projects to pay them off, and so as a result, 103 00:05:45,600 --> 00:05:47,960 Speaker 1: there's less money to go around. They have to pay 104 00:05:48,000 --> 00:05:51,120 Speaker 1: the interest on those borrowings. That means they have less 105 00:05:51,400 --> 00:05:54,920 Speaker 1: for new projects, they have less potentially to pay government 106 00:05:55,000 --> 00:05:58,640 Speaker 1: workers to provide public services, and so the central government. 107 00:05:59,160 --> 00:06:02,240 Speaker 1: The plan has been for the central government to borrow 108 00:06:02,320 --> 00:06:05,039 Speaker 1: and then to give that money over to the local 109 00:06:05,080 --> 00:06:07,360 Speaker 1: government to pay off the debt. And so basically you're 110 00:06:07,400 --> 00:06:10,520 Speaker 1: transferring the debt load from the local level to the 111 00:06:10,520 --> 00:06:11,760 Speaker 1: central level and. 112 00:06:11,720 --> 00:06:15,400 Speaker 2: Also on the government's list of priorities turning around a 113 00:06:15,440 --> 00:06:16,799 Speaker 2: sluggish job market. 114 00:06:17,000 --> 00:06:19,560 Speaker 1: So the job market, I think the pain point that 115 00:06:19,600 --> 00:06:22,839 Speaker 1: has been most pronounces with youth unemployment. There was even 116 00:06:22,839 --> 00:06:25,360 Speaker 1: a period when they stopped publishing the data for youth 117 00:06:25,400 --> 00:06:28,480 Speaker 1: unemployment because it was so high. In the summer of 118 00:06:28,520 --> 00:06:30,719 Speaker 1: this year, we are going to get a record number 119 00:06:30,720 --> 00:06:33,400 Speaker 1: of new graduates hitting the employment market, and so that's 120 00:06:33,440 --> 00:06:36,320 Speaker 1: going to add additional pressure on the government to create jobs. 121 00:06:37,400 --> 00:06:40,000 Speaker 1: How they go about doing that, I think it looks 122 00:06:40,040 --> 00:06:43,000 Speaker 1: like right now they are putting an emphasis on private enterprise, 123 00:06:43,320 --> 00:06:45,400 Speaker 1: and if you look at the data, the vast majority 124 00:06:45,400 --> 00:06:49,480 Speaker 1: of jobs, especially in Chinese cities, comes from the private sector, 125 00:06:49,480 --> 00:06:52,520 Speaker 1: and so it looks like that the government's main push 126 00:06:52,560 --> 00:06:56,040 Speaker 1: there is to try and reduce regulation, to try and 127 00:06:56,240 --> 00:06:59,200 Speaker 1: reduce the amount of scrutiny on private enterprises and hopefully 128 00:06:59,240 --> 00:07:02,520 Speaker 1: that translates into to a more robust sector and more jobs. 129 00:07:02,680 --> 00:07:04,760 Speaker 2: I mean, the private sector does seem to be something 130 00:07:04,800 --> 00:07:07,440 Speaker 2: of a point of light for China's economy. We've certainly 131 00:07:07,480 --> 00:07:09,440 Speaker 2: seen some big gains made in the last year, right 132 00:07:09,480 --> 00:07:12,840 Speaker 2: particularly in tech. You've got deep seek on the AI front, 133 00:07:13,080 --> 00:07:16,160 Speaker 2: You've got tech giant Huawei surprising people with their phones, 134 00:07:16,760 --> 00:07:19,560 Speaker 2: and that seems to bode well for domestic consumption, which 135 00:07:19,600 --> 00:07:21,320 Speaker 2: is a big target for the Chinese government. 136 00:07:21,360 --> 00:07:25,600 Speaker 1: Right So, I think if China, as it has proclaimed 137 00:07:25,920 --> 00:07:28,640 Speaker 1: at the NPC that it wants to make boosting domestic 138 00:07:28,680 --> 00:07:31,000 Speaker 1: demand the number one priority, if it can do that, 139 00:07:31,000 --> 00:07:33,920 Speaker 1: that would actually be very helpful for domestic innovation, I think, 140 00:07:33,960 --> 00:07:37,760 Speaker 1: because what you would see is companies here in China 141 00:07:37,960 --> 00:07:42,480 Speaker 1: being able to potentially raise prices, having more customers, and 142 00:07:42,520 --> 00:07:46,200 Speaker 1: that would in turn results in greater profitability, which means 143 00:07:46,200 --> 00:07:47,640 Speaker 1: they have more to invest in R and T. 144 00:07:48,360 --> 00:07:51,720 Speaker 2: Now, John, is there anything that's going well in China's economy. 145 00:07:52,440 --> 00:07:57,280 Speaker 1: I think that the stability in the housing market that 146 00:07:57,320 --> 00:07:59,960 Speaker 1: we've seen in the last couple of months is very encouraged. 147 00:08:01,160 --> 00:08:05,640 Speaker 1: I think that the AI innovations, the breakthroughs that we've 148 00:08:05,680 --> 00:08:09,040 Speaker 1: had with deep seek, even with Tenson and Ali Baba 149 00:08:09,080 --> 00:08:13,760 Speaker 1: introducing their own large language models, that's helped produced a 150 00:08:13,800 --> 00:08:18,320 Speaker 1: lot of confidence. I think when the stock market goes 151 00:08:18,400 --> 00:08:21,400 Speaker 1: up as it has because of those innovations, that leads 152 00:08:21,560 --> 00:08:25,240 Speaker 1: people to feel more confident about the future, and maybe 153 00:08:25,360 --> 00:08:28,000 Speaker 1: they think, you know what, I'll go and have a 154 00:08:28,080 --> 00:08:31,400 Speaker 1: nice dinner out, I'll buy a nice bag, I'll splurge 155 00:08:31,400 --> 00:08:33,800 Speaker 1: on something. And if enough people do that, it could 156 00:08:33,840 --> 00:08:35,440 Speaker 1: start to turn things around. 157 00:08:36,360 --> 00:08:39,680 Speaker 2: Another bright spot has been exports. About a third of 158 00:08:39,760 --> 00:08:43,720 Speaker 2: China's GDP growth came from net exports last year. And 159 00:08:44,000 --> 00:08:45,680 Speaker 2: what could possibly go wrong. 160 00:08:45,920 --> 00:08:49,200 Speaker 3: We've been ripped off for decades by nearly every country 161 00:08:49,240 --> 00:08:53,640 Speaker 3: on Earth, and we will not let that happen any longer. 162 00:08:54,040 --> 00:09:07,080 Speaker 2: That's after the break. As premierly wrapped up his work 163 00:09:07,080 --> 00:09:09,480 Speaker 2: report in the Great Hall of the People in Beijing, 164 00:09:09,880 --> 00:09:12,200 Speaker 2: President Trump, on the other side of the world, was 165 00:09:12,240 --> 00:09:16,160 Speaker 2: getting ready to address Congress in Washington, DC. In his 166 00:09:16,280 --> 00:09:19,600 Speaker 2: first speech to both chambers since returning to office, Trump 167 00:09:19,679 --> 00:09:21,439 Speaker 2: defended the use of tariffs. 168 00:09:21,720 --> 00:09:27,199 Speaker 3: Whatever they tariff US other countries, we will care off them. 169 00:09:27,280 --> 00:09:30,800 Speaker 3: Let's recip wi goal back and forth whatever they tax us, 170 00:09:31,920 --> 00:09:34,720 Speaker 3: we will tax them. 171 00:09:34,840 --> 00:09:37,760 Speaker 2: John, How do you think Trump's speech to Congress might 172 00:09:37,800 --> 00:09:41,239 Speaker 2: have been received by Chinese leaders in Beijing? 173 00:09:41,760 --> 00:09:46,040 Speaker 1: If you talk to policymakers, there is a broad assumption 174 00:09:46,360 --> 00:09:49,439 Speaker 1: amongst them that Trump is looking for a deal. That's 175 00:09:49,480 --> 00:09:54,079 Speaker 1: reinforced by when President Trump talks about how great a 176 00:09:54,160 --> 00:09:57,240 Speaker 1: relationship he has with President husing Ping, and so I 177 00:09:57,240 --> 00:10:01,080 Speaker 1: think when Chinese officials here President Trump telling Congress these 178 00:10:01,080 --> 00:10:05,040 Speaker 1: things about more tariffs, more taxes, all of this stuff, 179 00:10:05,640 --> 00:10:07,320 Speaker 1: I think they take it astride and they're trying to 180 00:10:07,360 --> 00:10:11,280 Speaker 1: figure out what they can do to get the best 181 00:10:11,280 --> 00:10:14,280 Speaker 1: deal they can and what President Trump wants. 182 00:10:14,600 --> 00:10:16,880 Speaker 2: Do you think with these tariffs that we've seen so far, 183 00:10:17,080 --> 00:10:20,240 Speaker 2: this trade war could escalate like it did in twenty eighteen. 184 00:10:20,800 --> 00:10:24,920 Speaker 1: I think the officialdom in Beijing expects things to get 185 00:10:24,960 --> 00:10:28,480 Speaker 1: more heated. But I think Beijing is balancing that with 186 00:10:28,920 --> 00:10:34,000 Speaker 1: the damage that President Trump is causing to America's relationship 187 00:10:34,000 --> 00:10:39,199 Speaker 1: with other countries Canada, Mexico, Europe, the Global South, and 188 00:10:39,280 --> 00:10:41,880 Speaker 1: I think Beijing's sort of viewing it in a more 189 00:10:42,080 --> 00:10:45,680 Speaker 1: holistic sense, in that, yes, all these tariffs on Chinese 190 00:10:45,720 --> 00:10:47,319 Speaker 1: goods are going to hit the economy, and that is 191 00:10:47,360 --> 00:10:50,280 Speaker 1: going to have a negative impact. But at the same time, 192 00:10:50,679 --> 00:10:55,000 Speaker 1: maybe all of these actions by the Trump administration undermining 193 00:10:55,040 --> 00:10:58,760 Speaker 1: the American partnerships and relationships that it has with countries 194 00:10:58,800 --> 00:11:01,600 Speaker 1: around the world, that creates more space for China to 195 00:11:01,640 --> 00:11:07,440 Speaker 1: actually strengthen it's trading relationships, links, it's diplomatic relationships with 196 00:11:07,559 --> 00:11:09,760 Speaker 1: all these other countries who have been distanced by the 197 00:11:09,800 --> 00:11:10,640 Speaker 1: Trump administration. 198 00:11:11,040 --> 00:11:13,280 Speaker 2: Well, that would be a smart approach. Right when door closes, 199 00:11:13,360 --> 00:11:15,200 Speaker 2: you try to look for others. Is there a risk 200 00:11:15,280 --> 00:11:18,360 Speaker 2: there that US tariffs if they continue, if if they're 201 00:11:18,400 --> 00:11:22,360 Speaker 2: piling on, could that dent that five percent growth target? 202 00:11:22,480 --> 00:11:25,280 Speaker 1: I think it certainly could. When those tariffs get high enough, 203 00:11:25,600 --> 00:11:28,480 Speaker 1: any advantage will be taken away, and so at a 204 00:11:28,520 --> 00:11:31,480 Speaker 1: high enough rate, it will do real damage to Chinese 205 00:11:31,520 --> 00:11:34,520 Speaker 1: exporters and that will have a real impact on the economy. 206 00:11:34,600 --> 00:11:37,760 Speaker 1: In turn. What rate that is, I think it's hard 207 00:11:37,800 --> 00:11:42,280 Speaker 1: to theorize, but I would expect Beijing to be ready 208 00:11:42,360 --> 00:11:45,839 Speaker 1: to provide more support as those tariffs go up. 209 00:11:46,440 --> 00:11:49,360 Speaker 2: So, with all that we've talked about, the challenges at 210 00:11:49,360 --> 00:11:53,920 Speaker 2: home and beyond, is China's growth target of five percent achievable? 211 00:11:54,440 --> 00:11:58,640 Speaker 1: The five percent target for GDP to me, is a 212 00:11:58,760 --> 00:12:03,600 Speaker 1: relatively pessimistic target. It's in combination with the fact that 213 00:12:03,640 --> 00:12:07,400 Speaker 1: they've also pledged a record amount of deficit spending and 214 00:12:07,480 --> 00:12:11,040 Speaker 1: so China is having to spend more to stay in place. 215 00:12:11,520 --> 00:12:14,720 Speaker 1: That to me suggests the government is looking around the world. 216 00:12:14,760 --> 00:12:16,839 Speaker 1: It's looking at what the United States is doing, it's 217 00:12:16,880 --> 00:12:19,840 Speaker 1: looking at what's happening in Europe, and it's thinking this 218 00:12:19,920 --> 00:12:22,079 Speaker 1: year is going to be a tough year, and they're 219 00:12:22,400 --> 00:12:25,480 Speaker 1: trying to be realistic about what they can get done. 220 00:12:25,760 --> 00:12:29,720 Speaker 1: I think they didn't want to lower the target because 221 00:12:29,880 --> 00:12:32,600 Speaker 1: it would have sent I think the wrong signal to 222 00:12:33,200 --> 00:12:36,319 Speaker 1: bureaucrats around the country that maybe they didn't have to 223 00:12:36,360 --> 00:12:37,920 Speaker 1: work as hard, they didn't have to try as hard. 224 00:12:38,000 --> 00:12:40,959 Speaker 1: It would have also sent the wrong message to financial 225 00:12:41,040 --> 00:12:45,360 Speaker 1: markets in terms of what to expect, how ambitious, how 226 00:12:45,440 --> 00:12:48,240 Speaker 1: much effort the government is going to put into making 227 00:12:48,240 --> 00:12:51,400 Speaker 1: the economy better again, reviving growth again. And so it 228 00:12:51,559 --> 00:12:55,600 Speaker 1: sort of is an acknowledgement of the challenges, but also 229 00:12:55,960 --> 00:12:59,200 Speaker 1: trying to show that the central government is up to 230 00:12:59,240 --> 00:13:01,440 Speaker 1: the task of trying to tackle those challenges. 231 00:13:05,200 --> 00:13:07,800 Speaker 2: This is the big take Asia from Bloomberg News. I'm 232 00:13:07,880 --> 00:13:11,400 Speaker 2: wan Ha. This episode was produced by Young Young, Naomi 233 00:13:11,480 --> 00:13:14,440 Speaker 2: M and Jessica Beck. It was edited by Patti Hirsh 234 00:13:14,520 --> 00:13:17,120 Speaker 2: and Daniel ten Kate. It was fact checked by Naomi 235 00:13:17,160 --> 00:13:19,880 Speaker 2: and Young and mixed and sound designed by Alex Duguerra. 236 00:13:20,480 --> 00:13:23,640 Speaker 2: Our senior producer is Naomi Shaven. Our senior editor is 237 00:13:23,679 --> 00:13:28,040 Speaker 2: Elizabeth Ponso. Our executive producer is Nicole Beemster Bower. Sage 238 00:13:28,040 --> 00:13:31,400 Speaker 2: Bowman is Bloomberg's head of podcasts. If you liked this episode, 239 00:13:31,480 --> 00:13:33,920 Speaker 2: make sure to subscribe and review The Big Take Asia 240 00:13:34,040 --> 00:13:36,920 Speaker 2: wherever you listen to podcasts. It really helps people find 241 00:13:36,920 --> 00:13:39,280 Speaker 2: the show. Thanks for listening, See you next time.