for instance, for minors has continued to crack down on, on the tech companies like ali baba dd, intense. and i think it's all meant to be part of a key campaign leading up to the 20th chinese congress party national party congress. the next year in 2022. that will probably result in she g paying being given an unprecedented 3rd term as the leader of the chinese communist party at the general secretary as well as the president of the people's republic and the chairman of the central military session. here the thing though, i mean you mentioned specifically the online gaming the, the chinese authorities will say, well, these records regulations are really meant to protect children and adolescents. so could this just be seen as the beijing reaction to what it describes as social or cultural issues that are being caused by certain industries? it's so yes, i agree, that's what the chinese congress party will say and has that. and frankly, there is probably some truth to that, but if you take it as one part of an overarching campaign again, you know, in light of the crack down now on the ente

ben, as part of this new regulatory climate, chinese authorities have told 10 cent and ali baba that they must open their wall, the gardens as they put it. what does this mean for competition? yeah, what means a couple of things. it certainly means less competition in terms of being able to build up your own space. so companies like 10 cent and, and alley bob are being told, look, you can no longer block links to other websites. so if you're, you know, one of those alibaba, e commerce sites, you can't block people from being able to access 10 sit and vice versa. so that's the 1st thing that they're being told because what they're being told is you're creating a monopoly. you're building a system that's going to force the users to come within your wall garden and stay there and all the interaction has to be there. so there's already some changes taking place. for instance, we know that $0.10 we chat pay is already being used on alibaba. technology that's now taking place and it's going to where alley pay is going to be used on $0.10 properties. so the idea here is to create a better e

chinese government lead a pretty broad-based crackdown across the technology sector, names like ali babaajor players in the market like didi have felt the wrath of beijing. that underlines the controlling technologies is a priority for the regime at the moment. in the past when they said cryptocurrency and bitcoin are banned and troublesome, they carried less weight than they do now. this is very high up on the roster of priorities for beijing at the moment. that is why we are seeing more of a reaction today. nancy: could you tell us why this is so high up the roster? why is china so keen on banning cryptocurrencies? oscar: across their actions they are taking on the tech sector, what we see is more of a desire to exert or re-exert control over the chinese populatio the chinese economy. there is a feeling the tech sector has become too powerful. in the private sector, the traditional private sector, things like alibaba, it's abt controlling data. in cryptocurrency is about the ability to circumvent the traditional financial system china has quite a tight control over. by offshore exchang

david: do you think that large chinese technology companies ali , baba, tencent, baidu, bytedance ando forth can have their technology become very dominant or important the united states and around the world. and are we in a world now we're competing with chinese technology companies for market share outside the united states and china? reid: we are already in that world. if you look at things that alibaba is doing, in terms of starting the ali pay and everything else into south america, into africa, i think the notion of the technological platforms of the future are in deep -- there is a fast-moving competition between companies in silicon valley and companies in china. and i think that is part of systems will be the systems that , which the world operates. , i think is in deep competition. we are already seeing chinese platform companies beginning to make strong inroads into the u.s. bytedance and tiktok is an obvious one. you see it also in drone manufacturing and dgi. there's a whole bunch that are already that are already getting massive global relevance and you can see it alread

what do you make of the statements that we heard from executives from ali baba intends that thing they support aging goal to narrow the country's wealth gap. even if it ends up hurting their own company. well as no doubt who's in charge in china, and you know that there's one person in charge of china. and the companies that have benefited enormously from the rise of china, that in some people's opinion is facilitated by the policies of the communist party of china. you know, those executives, those founders, those owners of those companies. a being coal to account now and told hey you have to do a little bit more than line your own pockets. we need to see a spread this wealth, a distribution of wealth. and this is a very similar, very similar story to what we're seeing and hearing in the west where the rich are getting richer and you know, capitalism is being converted from shareholder capitalism to stakeholder capitalism . in many ways, it's analogous, but the chinese government as calling the shots here and basically saying to these companies, don't forget who brought you to the dan

respect, and also those with operations in china, those dealing with large internet platforms, such as ali babauiring greater vigilance to understanding your supply chains and your security measures that impact on china. do you think this is too much, in terms of how stringent these laws are, or is it actually a good thing, it is increasing our protection �*s in good thing, it is increasing our protection 's_ our protection 's in some respects. _ our protection 's in some respects. we _ our protection 's in some respects, we are - our protection 's in some respects, we are seeing | our protection 's in some - respects, we are seeing very familiar things brands liberally with governments and regulators showing greater emphasis on protecting data subjects for the likes of you and i had to control what is happening to our personal data, but there are other elements, the enhanced security relates also to national security levels, so, there are other strands in there, which could cause some concern. it is not the first time we have seen data protection laws focus on localisation in the jurisdiction.

for instance, for miners has continued to crack down on, on the tech companies like ali baba dd and said that think it's all meant to be part of a campaign. leading up to the 20th chinese congress party national party congress. and next year in 2022. that will probably result in c, g ping being given an unprecedented 3rd term as the leader of the chinese communist party at the general secretary as well as the president of the people's republic and the chairman of the central military mission. priests has lost one of its leading classical music figures composed mckissick thrilled. bacchus died on thursday in a career studying decades. he came to symbolize political resistance as well as the molten face of greek music, where he challenged looks back at his life. come on my boy, me its pluck strings again and its dance me instantly recognizable and instantly say greece. scott. mika said the ruckus didn't just soundtracks over the greek, the movie soundtracks his country to the world and with it countless greek holidays and to vern meals. ah, but this musical achievement was just one chapter

the arrest of the ex- ali baba manager.eed on the news? >> a few months back, there were allegations from the alibaba employee she was raped -- her allegation was that she was raped by her manager during a business trip. the police investigated it. and china, there's a dual system, for criminal statute, which is more serious, requires a trial, can result in the person, if found guilty, doing several years in jail. there's a different system for infractions such as drunk driving, where the police without trial can simply send someone to 15 days to what they call administrative detention. what they are saying is, during the police investigation, they said they did not find enough evidence to charge this alibaba manager with rate. they charged them instead with forced indecency. now this is the prosecutor coming back and saying forced indecency is not a a crime under the criminal statute but under this lesser administrator statute, that seems to be what's happening. the manager is being sentenced to 15 days administrative dete

but as a form of payment method, basically it's in the same category. paypal pay, paul dollars, ali baba bucks, which are accepted everywhere. yeah, that really is interesting to see the countries that are trying to push more toward the digital currency kind of saying, hey, look over here at the shiny thing rather than looking at bitcoin. now been, you have warned about the disruption created by bitcoin in places like el salvador . and a new report indicates that all salvatore's new crypto wall, it could cost western union up to $400000000.00 a year. are we likely to continue to see more push back against moves like the one we're seeing and i'll solve it or? i think we will. i, you know, jeffrey tucker earlier this week called me a pessimists. i think i'm a real, more than a pessimists. so think about the horse in the buggy, right. so bitcoin encrypted currency, that's the automobile. the horse and buggy. you know, the crowd is out. western union is the horse and buggy. nobody needs them anymore. they've become obsolete already. $400000000.00 loss from just el salvador, creating wallet.

let's say ali baba.ce, 165 and third-down that beijing wants to break up the payment system and it's pretty similar to paypal the largest called allie pay we know its own by ali baba which had the record-breaking ipo block as well as if you want to talk about property development. stuart: tell me. susan: china one of the biggest in the country has the 3 billion-dollar black stone being blocked by beijing in the stock creator by 30% over hong kong trade and the electric car maker as industry maker said there was too many of them in the country, doesn't it sound like beijing is being anticapitalist and maybe cutting off their nose despite their face and herded the largest companies in china? stuart: it sounds to me like xi jinping is doing the work of bernie sanders and senator elizabeth warren, cracking down on big tech. susan: i wonder if that is a compliment to him, you never know. stuart: i can be in dangerous ground i guess. tell me about tesla, the model y in china. how much are they raising the pric

>> nancy, we have been for months covering this story now in china it started with ali baba arguablyhen you had the issues with their ipo here, we've seen them crack down on everything from after school tutoring to video games which can only be played three hours a week arguably to seema's point this property crackdown could be part of that. do you sit back and wait for the end of the story or do you see any opportunities as an investor >> kelly, i think you definitely have to sit back i mean every investor knows that stock -- asset -- and now the chinese government in competing with you in somewhat unpredictable manner so i think -- however, i think from their standpoint it is entirely calculated and well thought out. they're worried about the demographics that they face going forward, and so this is an attempt, a long line of attempts to get the middle class into a place where things are more affordable and they can have more children. we really saw it with the for-profit schools crackdown and then, of course, all of the ancillary aspects you mentioned. i think investors need to be

this is affecting the game makers in china but also marketplaces, ali baba, jd.com, who is going to touchhen you don't know where beijing is going to clampdown. stuart: all those americans who put money in chinese tech stocks lost it. china walked away with our money. you could put it like that, you could make that argument. we are into the market four minutes, the dow winners, nike is top of the list. home depot, apple, boeing, producers are telling me this in my years thinking i can't read it. we have the screen closer to me, the s&p 500 winners headed by, i am still squinting, i can't read that. let's move on to the nasdaq, pushed the screen closer to me. semi conductors, advanced chipmakers, all of the more most of them, tesla on the list at 7:59. there are other movers including macy's, $21 a share, what is the story? >> the stock rally 30% from here, better pricing, management, goldman sachs having a conference and we are cautiously optimistic on the holidays but watching carefully these supply issues with regards to women's shoes, can't get the input wherever they get them. >> they

we are seeing a lot of pain, not just big companies like ali baba, and us investors have to give carefule, starbucks and apple with chinese consumers buying their products so if china continues on this path which i think they will, the chinese companies that even us companies. stuart: something to watch out for. that's not going away. watch out for that. i want to talk about archer. the electric plane taxi guys. you invested in them. they had a bad day last friday and a bad day yesterday. how come they are not doing well. >> with great leadership and fully funded, had a great fundamental investment base. this is a moonshot investments. i have ownership in the company, never allocated to this name. they yield outsized returns in the next several years. we will be witnessing electric aircraft taking to the skies, in the next several years. dime the day-to-day change. stuart: is a moonshot in your in it. >> and i minute and they produce the return if this works well. stuart: thanks very much. i'm going to talk about snoop dogg lucy has revealed he's the person behind the mysterious crypto-b

maria: your mooning the midmorning movers, jpmorgan and ali baba, jpmorgan went live with a credit cardith us this morning. >> great retail numbers, we shape up for a strong holiday season as long as shoulder stocks with items, that is the key. maria: christian. >> a lot of clouds on the horizon, larry kudlow talk about the shock from the democratic tax hike, values very high, time to place in defense. maria: have a great day, thanks for being here. "varney and company" begins right now. stuart: that look like a seersucker suit that tepper is wearing. what do i know about fashion? the great anxiety continues, the long expected correction, a lot of nailbiting, the longer this huge rally continues but in the early going flat to slightly lower prices across the board.

they are reigning tech that require 50% of profits on top of the tax rate like ali baba and ten centing in a real market there. you still have an economy with a closed capital account imagine if dollars start heading out? the chinese. >> the economy's quotes, his new system is saying this is a system that doesn't exist anywhere else in the world, calls for common prosperity of more equal distribution of wealth achieved through government intervention in the economy and more steps to tax the rich to share the fruits of their skechlts i read it i thought maybe bernie wrote this i see similar sentiment. here's another quote western capitalism focuses too heavily on the single minded pursuit of individual wealth, leading to inequality, social injustice, i mean, this is what i hear every day here. >> but what's important, joe, are you hearing the narratives spun what is important is to look at the fact the fact is china has 400 million people they have been able to lift out of abject poverty into what they call the middle class there are still a billion living under abject poverty in the

. >> ali baba cell enough 2% after china said it's looking at breaking up allie pay, that the divisionnces have been stark from the chinese communist party on its crackdown on business, a big thank you to joe and monica, it was nice being with you guys thank you for joining. we will see you again soon, "varney & company" begins right now, take it away. stuart: good morning maria and good morning, everyone, without exception we've open the show with news of a stock market rally same thing again today, the markets rebounded this monday morning from last week's losses, maybe debt buying. the dow shows again a likely gain at the opening bell of over 200 points, the s&p up a solid 29 and the nasdaq up close to 100 points that is a monday morning rally