Five Takeaways From New Economy Forum 2019 Day Two

(Bloomberg) -- Here are the key takeaways from the second day of Bloomberg’s New Economy Forum in Beijing. Click here for our TOPLive blog.

• The rivalry between the U.S. and China remained a key theme, especially on technological innovation. Jerry Yang, co-founder of Yahoo, called for the two nations to embrace cooperation and avoid paranoia. Former U.S. trade representative Michael Froman said a phase-one trade pact would largely be a purchase deal
• Companies and investors emphasized they’re still positive on the Chinese market. HSBC Chief Noel Quinn said China will become even more important for supply chains as emergence of consumers forces businesses to move closer, while Pimco’s Vice Chairman John Studzinski said his firm is excited about China opening up its financial services market
• Rising geopolitical risks and the adoption of new technologies are being seen as the biggest global issues in 2020. Former Goldman Sachs Group president Gary Cohn said the global economy will suffer if countries don’t work together
• Protectionism and populism, in the context of the trade dispute and Brexit, were also key points for discussion. Cohn said a phase-one deal was a fairly easy win-win for both nations, but long-term solutions are elusive. Philip Hammond, former U.K. Chancellor of the Exchequer, said the worst outcome of the coming election is for a small Tory majority
• Chinese President Xi Jinping, in remarks to foreign dignitaries including some who attended the NEF, said his nation wants to work toward a phase-one pact with the U.S. on the “basis of mutual respect and equality.” He reiterated China didn’t initiate the trade war but said the nation would fight back “when necessary”

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.

To contact the reporter on this story: Eric Lam in Hong Kong at elam87@bloomberg.net

To contact the editors responsible for this story: Adrian Kennedy at adkennedy@bloomberg.net, Subramaniam Sharma, Tuhin Kar

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