香港首份五年规划将公布，聚焦北部都会区

Now I'm here in Hong Kong, where chief executive John Lee is set to unveil the city's first ever five year plan. The blueprint seeks to align priorities with Beijing by preserving Hong Kong's capitalist system here, a bastion of capitalism that really has built this financial hub. You're watching the China show. I'm Yvonne Man and good morning, I'm David Glass. We are counting down to the opening of these markets across Greater China.

Let's get to your top stories today. The U.S. ten year yield settles below 5% after hitting its highest level in decades. And that's as traders brace for an upcoming fed rate hike. Tech stocks are trading mix after a meeting between Howard, Left Neck and anthropic executives. Now, U.S. Treasury Secretary Scott Benson says he is meeting with Chinese Vice Premier Li Fung. That's ahead of a summit between President XI and President Trump on the agenda.

The war in Iran and Beijing imposed a sweeping exit rules on Chinese citizens seeking to protect state secrets, sensitive technology, and skilled talent from foreign influence. Good morning once again to all our viewers is joining us right now. Some special coverage given it's a very big day in Hong Kong. I know we say that on a semi-regular basis, but this one is very different. Of course, we were talking about this time yesterday in the lead up today.

What are we expecting out of John Lee today? Yeah, it's a big day for Hong Kong, as you say a big day for the chief executive, John Lee. He has put his personal stamp on this new blueprint that he has set to avail in just about two hours time, and it's going to be a first for Hong Kong, this sort of top down economic framing. This is a planning tool that has largely been used by the mainland's Communist Party since 1953.

There, we're talking about seven decades now. Up until now, Hong Kong has been much more of a capitalist sort of system here, more free market, externally driven. And so how Hong Kong aligns its priorities with the mainland mainland's national strategy is certainly going to be very interesting here. We're set to hear that from John Lee about what that sort of project is going to look like here. And certainly the key question is, is Hong Kong going to set an economic target similar to what we see in mainland China?

Of course, you know, recently China has been a little bit less quantitative when it comes to their growth targets. But certainly what form that could take, what macro indicators we could see for Hong Kong and what is going to be the new growth driver. The centerpiece of this five year plan is going to be the northern metropolis. This is, of course, that new zone that borders with Shenzhen. This is set to be the gateway to the greater Bay area here with science parks, housing units, commercial floor area, as well as building this sort of university town that could be five times more the size of Manhattan.

So certainly there's a very ambitious urban development planning that is underway there as well. So what would determine success of that as Hong Kong, of course, diversifies away from its traditional growth drivers, whether it's property finance trade to more of these key industries like I microelectronics, uh, advanced manufacturing, the like. So certainly if we get any details on what these sort of metrics could look like for this northern metropolis could be quite telling, especially for the private sector where they can further take part in this urban development.

Yep. Of course, we're stay tuned, of course, for our special coverage there, uh, with Yvonne just outside here today. And of course, we are going to be counting down, of course, to that address, uh, from John Lee. And I think as Yvonne was just pointing out there. Of course, we have lots of conversations coming through on the ground there where she is. Michelle Kwok of HSBC and says Raymond Young will be joining us, as well as Cara, saying there, uh, I'm of course to talk all things, uh, investment here on the China show.

It's a big day. As we were talking about yesterday, Seung Gong, the eager young gay hwa. All right, uh, that takes a straight into the market action today. Uh, we're looking at us. Futures coming up. Costs B, Taiwan is coming online. Steady as she goes ahead of the Fed's three day look at a ten year yield. Just below. Just above. And where we are currently back below that five handle there 4.99%. Uh it's also a big day as it pertains to Chinese commodities.

So obviously the Iran situation goes into where you are on this record level on Shanghai crude. We've never been at this record 3%. On the upside, Shanghai, this is the delivered price, of course. Uh, on energy, uh, we're looking at okay. Now that's supposed to be uh, iron ore prices. The conversation around steel mills and the industry body calling for output curbs. One to watch as we go into the session today. A50 futures we have a 30 year Cegb sale and dollar trying to back above 671.

Also very much in focus that a given of course to comeback in the US dollar and a 30 year yield. Yeah there we go. You know north of 5% on the US 30 were sub 2.2 on the Chinese 30 year ago. Okay. That takes us straight into the conversations that are on the long end. You have Treasury Secretary Scott betting of course, that separately, he will be meeting his Chinese counterpart, Kelly Fung, this weekend. That comes ahead of this planned summit between the two president later next week with China.

We have had some very good private discussions, and I look forward to those continuing this weekend when I meet my Chinese counterpart, the the Vice Minister, we Fung, and I'm sure it will continue during President XI. Straight state visit. For more on this, let's bring in our Chief North Asia correspondent. Stephen Engle is here with us on set, but he, in a few days will be headed to Washington for the summit. That's right.

I mean, look, of the people I've talked to in the lead up to this summit dating back to the May summit in Beijing, is that there haven't been a lot of at least public or high level talks. You heard Scott Benson just talk about a lot of good private conversations, but they haven't really indicated what the deliverables might be. We know that the Chinese leadership and those who are preparing for this, another summit that's coming up within a week from tomorrow, uh, want deliverables for Xi Jinping to go to all the way to Washington, D.C.?

What are the Chinese going to be asking for? We already know that they sort of set a priority that Taiwan is a red line. They re-emphasize that there were reports that they could even possibly cancel this summit if Donald Trump pushes the go button on that 4 billion pending arms sales package to Taiwan. That would be quite an interesting development if he chooses to do that either before, during or after. But right now, it looks as though Scott Besson and Holly Fung will be meeting along with Jamison Greer, the US Trade Representative, and some of the negotiators from the Chinese side.

We're hearing from the FDA that it's going to be in New York on Sunday, but we we have reporting that it's going to be this weekend. So it's sort of an ADHD approach to these, you know, delayed, um, procrastination to get to real high level talks ahead of and maybe kind of negotiate some of those deliverables, uh, for the next Thursday when they meet, they have a state dinner and the like. But what's going to come out of this?

Expectations are fairly low, but there could be some. There's obviously be discussions on Iran. Uh, Besant wants to talk to, uh, Hu-lee Fung about sanctions. And the war is now at least seven months long, and I is going to be probably very high on the agenda. Given what has happened, no doubt with the dialogue over the last week since anthropic put out that big paper 3800 pages about the threat to humanity that I opposes, China has said that's fear mongering.

Uh, also, we have Chinese state media coming out today