U.S. shouldn't say anything about Belt and Road: Michael Bloomberg

Media mogul Michael Bloomberg is interviewed on the sidelines of the Bloomberg New Economy Forum in Singapore on Tuesday. (Caixin/Liu Yanfei)

China is doing what it should be doing with its Belt and Road Initiative, and the U.S. should be doing the same thing and should not say anything about China's efforts, billionaire media mogul Michael Bloomberg told Caixin in a Tuesday interview on the sidelines of the Bloomberg New Economy Forum he organized in Singapore.

Bloomberg's words, as well as the forum, come amid rising concerns about China's attempt to challenge the Western-dominated global economic and financial order. The Belt and Road Initiative is one of the programs seen as a tool for China to achieve such a goal.

Beijing first announced this initiative in 2013, calling on broad participation to develop infrastructure along the land-based ancient Silk Road and a maritime route connecting China and Europe. The program involves around 70 countries and regions, which together comprise more than 60% of the world's population.

Through this effort, China is establishing customer bases and supply sources, and “America is not doing that much different,” Bloomberg said.

Over the past few months, the world has witnessed an escalating conflict between the two largest economies, marked by a tit-for-tat tariff war and U.S. accusations of forced technology transfers and intellectual property theft.

“There will always be spats, but I don't foresee a day when either country feels that they have to end relationships,” Bloomberg said. “I don't think it's a cold war.”

Bloomberg is a critic of the trade war that U.S. President Donald Trump launched against China. Also, he’s unsatisfied with many of the Trump administration's domestic policies.