CC-Transcript

• 00:00China obviously is an important part of this administration’s foreign and economic policy. You’ll be meeting with your Chinese counterparts. What will you tell them in the sense of how they they obviously are aware that there’s huge imbalances. Their manufacturing capacity is enormous, especially things like automobiles. How will you help them understand that? It’s not just about talking, it’s about executing. Well, look, I don’t think I have to help them understand. I think they understand very well. And it’s just a matter of impetus and will. So I believe I first went to Japan in 1990, 91, within 12 months of the peak of the bubble and a decade of that unwind, a decade of malaise. And then in 2012, I ran across for 2011, he was running for Prime Minister Shinzo Abe, and he knew that Japan needed change and implemented it very quickly. Ten years later, more than ten years later, Japan has had a remarkable economic run. And I think that they are Chinese counterparts that will come to this realization and some of our policies. Sometimes it takes an external push, right? Alternatively, what I have said previously, there is an opportunity for a big deal here that the US is looking to rebalance to more manufacturing. The identity of that would be US consumption. If China is serious on less dependence on export led manufacturing growth and a rebalancing toward a domestic economy. I think they use the term dual circulation. Well, it’s right now it’s really singular circulation. And if they want to rebalance, let’s do it together. This is an incredible opportunity. And I think if the Bridgewater founder, Ray Dalio, were to write something, he could call it a beautiful rebalancing.