The ongoing International Finance and Infrastructure Cooperation Forum in New York were supposed to focus on investment opportunities involving China and the US. But participants this year had something different to consider -- escalating trade tensions between the world's two biggest economies. Karina Huber reports.  

KARINA HUBER "The event was held at the headquarters of Bloomberg LP, the global financial services data and media company, in New York. The company's CEO Michael Bloomberg, also the former mayor of New York City was the first to speak. He stressed the importance of the US-China relationship."

MICHAEL BLOOMBERG CEO, BLOOMBERG L.P. "The stakes I think couldn't be higher. China is the largest trading partner the United States has and we are China's largest trading partner and cooperation between the US and China is critical to meeting all of the challenges facing our world - from economic growth and trade to security and climate change and each of countries benefit from the others' success and the world benefits when we work together."

Bloomberg said he is traveling to Washington on Thursday where financial leaders will be convening for the International Monetary Fund's Spring meeting. He said he is going there to deliver a message - that a trade war is in no one's interest.

He went on further to say that a trade war would be a big drag on the U.S. economy and for that reason the vast majority of US businesses are opposed to tariffs. Xiangyan Song, Chief Representative of the People's Bank of China, was the next to speak. He talked about some of the recent progress made on reform in China and said that China will continue to open up its financial sector markets at a faster pace. But he said he expects more opportunities for Chinese financial firms abroad in exchange.

XIANGYAN SONG CHIEF REPRESENTATIVE, PEOPLE'S BANK OF CHINA "It must be understood that further financial opening up should be in both ways. Opening up does not only mean welcoming foreign financial institutions to come into the Chinese market but also means facilitating the Chinese financial enterprises and investments to participate in the global market."