the capital of china's central clint and province received as much rain as it usually gets in the year. hundreds are trapped for hours, underground tunnels was flooded. this man says he was lucky to survive. high by impact of the flood water was so powerful that i have to remove my shirts on the back pack and everything except my pain. we smashed the upper part of the glass window to let some aaron. otherwise it would have been suffocating. the sudden torrential rainfall. quote, john jo, 7, the residence of god. these pedestrians formed a human chain to avoid being swept away. more than 10000 emergency workers have been deployed to help with rescue and clean up operations in the neighboring city of go needs. several people were killed and landslides, more than 200000, have been evacuated from their homes to safe areas. china's yellow river runs to hunted a province for the population of 100000000. authorities say a dab in the historic city of william has been severely damaged and could burst at anytime. where the experts say these are the worst for the ship. the region in recorded hist

and western europe are net importers of capital. china is a net exporter of capital. china is ambitious. these three factors are matched together on what is an astute program on the part of china, even if all projects don't make sense. third, linkages, we are seeing this with countries vying for attention from china, and new linkages mean new relationships that potentially mean end upending of existing relationships one thought were pretty secure. fourth, the result is myriad u.s. interests are impacted, national security, economic security, the granular things like the development of standards in the technology space and so on. of course this buildout will happen whether we are there or not, over the u.s., it is necessary to maintain leadership , maintain positioning in the world, and if we are to maintain a world conducive to u.s. interests, it is very critical that the uspa player -- that the u.s. be a player in this. we can't replicate what china does. we shouldn't, but we need to be a player in this. the question is, how do we play and with whom? with whom was ans

about 100 thousand people have been relocated from the capital of central china's -- province after arainfall led to widespread flooding and 12 deaths. 45 centimeters of rain fell over a 24 hour period. that is the most since records began for the city. it is a major producer of agricultural products and machinery. and the major area is home to a large factory. to hong kong, lawmakers will debate giving the government greater power to punish so-called doxxing offenses. a big tech coalition says it could affect their ability to provide services. they will discuss creating two types of offenses punishable by up to five years in prison. last month, companies including facebook, google, and twitter detailed objections to the new rules. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am su keenan. this is bloomberg. haidi: we have south korea's first trade data coming out at the moment for the month of july. exports rising 32.8% year on year. we are seeing imports rise in just over 46% year on

especially for china, it's about clamping down on currency control because that's what china fears the most massive amount of capital flowing out of china. be a big point. and they have no way of controlling or just when they're about to unveil this digital r and b. so it's not a big point like saying a cracked out on there is also the extend tags have been mentioned, ali bomb and the 10th and who own alley, bay, and we chat, both of whom got hit with these big fine. so it's a big industry overhaul to now get ready for this roll out of the arm. the digital are being which so far is not really gaining any traction at all. because a bloomberg interview found that chinese citizen showed very little interest in switching from mobile payment systems when my ali baba and $0.10, and others openly balk at the idea of a digital r and b, which is programmable, comes with ad hoc expiration date authorities access to real time data on their financial life. so after that, mary lou form response china found that ultimately they need to lay the groundwork for a more forced kind of adoption by basically removing all the other compe

china and the bubble that never pops. we are thrilled he could dance the story this morning, against the backdrop of a new capitalism in chinae new capitalism is simple. we are not going to let you be western. are you surprised by didi, by alibaba, and the news this morning of weibo? tom o: certainly some interesting develop its. jack ma getting into trouble last year. didi with concerns about data, and now the news that weibo will potentially be going private. this speaks to a few trends. firstly, the communist party clearly in no mood to brook any challenges to their authority. also, i think some legitimate concerns in china, as in other parts of the world, about the power of big tech companies. we see the white house and the congress in the united states. -- in the united states beginning to move again some of the big tech giants. perhaps china is actually a little bit further ahead on that agenda. tom k: how far are we from shao on lay -- from opening up? if that's what we are doing within our stocks and our capitalism in china? tom o: that's a really great way of phrasing it. one way of thinking about china is that it w

i'm here at one of the area that has been blocked by the to actual way, a capital city of central china as a whole. and i'm probably where the rest of it was through all the way that has a way for a capital role has left the only one se ring have proof of funds is right now, whether full cap say it will last until tomorrow. the latest from a local, i'm sorry to say the rainfall in a capital city hungry and let me clean up half of 3 days while it's probably year rainfall remains around $640.00 millimeters, which means the city has witnessed the whole year ring for each of the 3 days, the central theatre people's liberation army said on wednesday morning. it has sent for more than 3000 men and a 2 sets of equipment to fly to the plot and to carry out the rest, your walk in a sleepy emergency response level. a flat being raised to level once the railway operator has to have a carried out to ensure safety, such as the stopping services and the lowering the operation free at some residential area. so you must have to be caught up water supply and electricity. the providential flow control an

of the situation on the ground. i'm here, i want to say that it has been blocked by the way, in a capital city of central china as a whole, not probing where the rescue was due, all the way to has a re for in a capital state. central role has left the top one se ring. you have the funds with right now. the weather forecasts say it will last until tomorrow's latest from the local. i'm sorry to say the rainfall in a capital city hungry. i'm little bit of re days why it's probably year rainfall remains around $640.00 millimeters, which means the city has whoa, yeah, ring for each of the 3 days. the central theatre people's liberation army said on wednesday morning. it has sent for more than 3000 men and 8 defects of equipment to fly to the floods. want to carry out the rest, your walk in a sleepy emergency response level, a flat being raised to level one. the railway operator has to have carried out to ensure a safe place such as the stopping services and lowering the operation at some residential area seamlessly. the half of the cold water supply and electricity, the providential flag control and a drug really had a q

i'm here at one of the area that has been blocked by the to actual way in the capital city of central china as a whole, not probing where the rescue was due on the way to have a re for a capital role has left a call one say in the ring, you have for you to find it right now. the weather forecast say it will last until tomorrow's latest from the local authority and say the re for in a capital city hungry and let me clean up half of 3 days. well, it's probably year rainfall remains around $614.00 millimeters, which means the city has with me today the whole year ring for each of the 3 days. the central theatre people's liberation army said on wednesday morning. it has sent for more than 3000 men and a 2 sets of equipment supply to the flood and to carry out your walk in the city emergency response level, a flat being raised to level one. the railway operator has to have a parent asked us to ensure safety such services and lowering the operation region at the residential area. so you must have to be cut off the water supply and electricity. the providential flow control and it dropped really h

the west with capital calling the shots. china would not have been able to carry out the larger scale. poverty alleviation in history. capital doesn't hold their po, the call system out of the nile. and the largest scale poverty alleviation in history. are you interested in progress? china. ok. and in poverty, not progress. taken paid yet of our book here in the u. s. which is the best book, of course, because we're number one, but we don't read anymore books for losers who haven't discovered video games any who here in the us, we're getting ready to kick a millions of americans out of their homes because the government won't defend them against landlords during a pandemic. and this, despite the fact that there are over 17000000 vacant homes in the united states. now that is what i call progress. progress isn't getting rid of poverty. it's increasing it, which is good because it means that the very rich are taking that money from the poor to increase their wealth, which are billionaires totally our bunch of them live in outer space now, because they can no longer stand the smell of the unwashed masses plus, having so many empty millions of empty homes served as a teacha

and for more, i talked earlier to fraser, how we an expert on china, on the author of the book, read capitalism. and i asked him what the role of china's economy will be in 10 years from now? well look, i think if you're simply looking at the numbers, then the chinese economy is going to be bigger. it's probably going to continue to grow the headline growth rate, so will be lower. it will clearly be a very dominant player on the global economy. but the creative it will be how much it will be able to reach or will it's company to be able to reach beyond it. sure, sure. so far from that, i would also say, well, they're on the radar. it's very important to remember in china. i think you simply can't separate economics from politics. the party certainly does not do that. she didn't thing see the politics, instrumental as you can army. and i think it's very important to remember that because we're coming into much more volatile time, i believe are china and keeping those 2 things together. it's very important. you say that the shooting, paying as he is the party politics, politics, also instrumental

i'm here add to want to say that it has been blocked by the to actual way in a capital city of central china as a whole. probably where the rescue was due on the way that has a re for a capital role has left, it's called the only one se ring you have for the funds is right now. the weather forecast say it will last until tomorrow. the latest from a local. i'm sorry to say the rainfall in a capital city, a realistic time, little bit of 3 days while it's year rainfall remains around $614.00 millimeters, which means that they have witness ho year ring for each of the 3 days. the central theatre people's liberation army said on wednesday morning, it has sent more than 3000 men and a defects of equipment to fight to the plot. to carry out the rest, your walk in the city, emergency response level, a flat being raised to level one. the railway operator carries out mercer us to insure safety, such as the stopping services and the lowering the operation speed at some residential area. so you must have to be caught up water supply and electricity. the providential flow control and draw to relieve head

i want to say that it has been blocked, by the way, in a capital city of central china as a whole, not probing where the rest was still on the way to have the re, for in a capital states, it has left the top one se ring you have for you to find the right now weather forecast to say it will last until tomorrow, late. it's a from a local authority and say, the way for a capital city, a resource hungry i'm time the let me re days wise for year rainfall remains around $640.00 millimeters, which means that you have with me today as a whole year ring for each of the 3 days, the central theatre people's liberation army said on wednesday morning. it has sent for more than 3000 men and 8 defects of equipment to fight to the plot and to carry out the rest, your walk in the smithy, emergency response level, a flat being raised to level one. the railway operator has to have carried out to ensure a safe place such as the stopping services and lowering the operation at some residential area. so you have to be called total water supply and electricity. the providential flow control and a drug really

china. and the also of the book read capitalism. he joins us from singapore. good to have you with us. now, the full title of your book says the fragile financial foundation of china's extra ordinary rise. interesting, there is the world fragile. what role do you think will china's economy play 10 years from now? follow. i think if you're simply looking at the numbers, then the chinese economy is going to be bigger. it's certainly probably going to continue to grow the headline growth rate, so will be lower. it will clearly be a very dominant player on the global economy, but to create it will be how much it will be able to reach our company to be able to reach beyond that shit. sure. so far from that, i would also say, well, they're on the street, it's very important to remember in china. i think you simply can't separate economics from politics. the party certainly does not do that. she didn't thing see the politics, instrumental it konami. and i think it's very important to remember that because we're coming into much more volatile time, i believe are china and keeping those 2 things

and one of the things about cryptocurrencies is that it makes capital flow pretty easy >> that's definitely always been part of the chinay china has capital controls you're not supposed to take more than $50,000 out per year. crypto does make it easier to get around capital controls. we don't really have data indicating there are many but i think that's definitely a fear from chinese authorities >> emily, where do we go from here how important is china to the crypto market overall and what happens if china continues to crack down on individuals' use of it? >> that's a great question it is important. china is very important. when china basically shut down global exchanges we lost a lot of data but we know it's very important in mining. it would be a loss and we would see some short term impact when they tried to ban, it scooped the market but temporarily and there was a bull run. in terms of mining, mining might leave china but it will go elsewhere and could even come to north america. >> as you look at the crypto market broadly, there are lots of challenges. one is volatility that can scare people two is the concern ove

of china. it meshes a global need, which is extraordinary, with china's status as an exporter of capital. e u.s. and western europe -- our importers and china is an exporter. and china's ambitions. these factors are meshed together in what on the part of china is an extremely astute program. keeping us out of the projects makes sense. we see this happening with countries vying for infrastructure attention from china and those new linkages mean new relations and potentially upending of existing relationships or at least having 254 relationships we once thought were pretty secure. the result is u.s. interests are impacted from national security, economic security to more granular things like the development of standards in the technology space and so on. last, this goes out, this happens whether we are there or not. for the u.s., it is necessary to maintain leadership, to maintain our position in the world, and if we are to maintain a world for u.s. interest, it is critical that the u.s. be a player in this, a sensible player. we cannot replicate what china does and we shouldn't, but we need

capital is still there. we have a sense that they will be able to find it in china, hong kong, and the asia region? ram: there's plenty ofcess to china and even if we don't get it in the adr market in the u.s., many of us are set up for hong kong. a lot of it is finding the capital, in my opinion, and it's a function of how they find it. do we have to keep capital in hong kong, or will it be easier? if this is just a frictionless way to purchase a chinese company, my sense is that the capital will still find its way into chinese companies. it's about how much control the chinese government wants to have over its capital. joe: obviously, you know, this concerns what big companies can do with data and whether the interests of large companies are in line with the beijing party. you hear rumblings about it there. it's always rumblings when he filed against the big company. the actions are not as extreme or fast, but we know the lytic landscape has changed. is there any concern of a further escalation of that in the u.s.? or is it just going to be a lot of sort of lawsuits and stuff that doesn't go anywhere? ram: it's tough t

china has let everyone down. although there is plenty of private capital throughout china. capital is not allowed to dominate political power, like in the west, with capital calling the shots, china would not have been able to carry out the largest scale poverty alleviation history. capital doesn't hone their, told the cost. and i'll, and the largest scale poverty alleviation in history. are you interested in progress? china. ok. and in poverty, not progress. taken page out of our book here in the us, which is the best book, of course, because we're number one, but we don't read any more. books are for losers. who haven't discovered video game any who, here in the us, we're getting ready to kick millions of americans out of their homes, because the government won't defend them against landlords during a pandemic. and this, despite the fact that they are over 17000000 vacant homes in the united states. now that is what i owe progress. progress isn't getting rid of poverty, it's increasing it, which is good because it means that the very rich are taking that money from the poor to increase their wealth, which are billio

you have to have productivity along with labor and capital and china has some of the worst demographics not great productivity numbers. part of that is because of the command economy. there is not opportunity for people on the ground to respond to feedback loops on the micro level and allow for that spontaneous order that will help the economy to grow and innovation flourish. caroline: only a minute left, but do you think the leadership in china is willing to sacrifice economic growth for the control it wants? as big tech companies became behemoths and there became a power struggle between them and the global government, do you think they are going to see a retrench callback to protect data? >> with didi we saw the government is willing to sacrifice to protect their own interest. in a command economy like china, the interests of the state will always come first and that is the only certainty you have. caroline: thank you for talking all things china. we have not paid enough attention to crypto today, which is a massive void in our coverage. there was a story on the bloomberg at one poin

alix: we have been talking a lot today also about china, and how the end of capitalism feel is permeatinga. are you still busy with any deals in china? how do you see that evolving? frank: i am personally not busy in china at the moment, but my colleagues in our beijing and hong kong office certainly are. china is the second largest economy in the world. it may or may not at some point become the largest economy in the world. but it is certainly extra nearly important economy. i think that anyone who suggests that we can ignore china as a competitor, ignore the chinese market as an economy, is being foolish and shortsighted. we need to engage the chinese, recognize the issues and challenges. we need to recognize that it is part of the global landscape. guy: on that note we will leave it. thank you very much, indeed. frank aquila at sullivan & cromwell. coming up -- >> 3, 2, 1. release, release. clean release. a mission -- ignition. guy: one small step for richard branson, one large leap for space tourism. that conversation with chris kemp, astra ceo. this is bloomberg. ♪ ritika: this is "

one of the soldier isn't an oxide. capital isn't generally, which is controlling the chinese china. and we stablished people's republic of china under the rule of people in charge and a realized liberation of the country. and the people and new democratic children was by the winning of the new democratic fine revolution. finish. they will at half time saw that food, lizzie, food reason and to have it a lot the chan chung jock from him and tell you what the what offered. lose him and half way insured is in some way forbes. allah come but so abolished and equal to the teachings which was to me unequal treaties. and we fought a great do. i've seen a good sex, great, great success and wrong people of china and china and people who china show solemnly declared war to the world. so people shy now stood up, and the china being floated all being bullied, has gone for other way unless some harmony, louis realized, national, which of a nation strong vocal and had fun. finally the party united and let the child in. in denver, a stronger china show that reliance, achieving grace success in socia

is transitioning from being a global business hub, even an asian distance hub, to more of a capital gateway to china, hong kong's importance to the financial sector has increased because of u.s.-china financial tensions. so, hong kong is now that place where chinese companies are going public. it is where u.s. and other investors though, to gain exposure, to those companies. and it is worth financial services firms need to be. but the notion that hong kong is kind of an all-purpose hub, where you would put your data center or where you would put your technology or media operations -- i think that has already changed. nick: michael, thank you very much. >> thank you. ♪ judy: over the past several days, we have looked at america's broken childcare system, and some of the programs trying to address the challenges. in this final part of our series, raising the future, america's childcare dilemma, special correspondent and producer kate mcmahon examined a key question confronting the country. what now? >> it is the busy lunch hour at the bakery in downtown the brassica. the man beat -- downtown nebraska.

is transitioning from being a global business hub, even an asian business hub, to more of a capital gateway to china. so ironically, hong kong's importance to the financial sector has actually increased. because of u.s.-china financial tensions. so hong kong is now the place where chinese companies are going public. it's where u.s. and other investors go to gain exposure to those companies. and it's where financial services firms need to be. but the notion that hong kong is kind of an all purpose hub, it would be where you would put your data center or technology or media operations i think that's already changed. >> reporter: michael hirson thank you very much. >> thank you. >> woodruff: over the past several days, we've looked at america's broken child care system, and some of the programs trying to address the challenges. in this final part of our series, "raising the future: america's child care dilemma," special correspondent cat wise d producer kate mcmahon examine a key question confronting the country: what now? >> reporter: it's the busy lunchtime hour at sehnert's bakery and bieroc cafe in

china. the country unveiling a sweeping overhaul of its $100 billion education tech sector, banning firms from making profits, raising capital going public. the crackdown is part of a wider campaign against the internet sector. chinese adr's inner longest losing streak since 2019. news coming out of china continues to be problematic. a chief market strategist is joining us now. does this give you more pause when it comes to chinese tech, adr, and investment in general? matt: it does. one of the things we saw last year when alibaba first saw some big restrictions, we thought maybe it was a one-off thing, jack ma had gone too far with some of his comments about the chinese economy and government. and he stepped over the line and they smacked his hand pretty hard. we thought it was a one-off thing. we have learned this year it isn't. the past few months.ral exam didi is the most recent one, and then this weekend. the big impact on how people will invest over there. a lot of money has been invested in these educational tech companies, whether it be venture capital, private equity. that might disappear. that will pull on horns fo

have to wait until the corona viruses over it as i bought it, then greece, when the capital and china has capital key of the teenage and evident that are sure you cannot sign in for chinese state really has a lot of money and it wants to invest in green, a, c, d, o you trying to come to greece as a friend by the, not the way the west colonized asia or africa in the past. he said, you know, i mean, because i see the chinese approaches then we here that we invested, you know, and it's a win win situation for us both she's, i can use or do you want, i can hear me. the real estate lobby is profiting from the deal with the chinese more than most other sectors to attract foreign money. the greek government started issuing so called golden visa in 2013. so well, this is the apartment on the 5th floor. welcome to this lovely apartment in the heart of downtown office is surrounded by some of the best areas, in essence, if used to be with 2 bedrooms. and now we are fixing the another, a 3rd bedroom and the next truck bathrooms. this is the living room. nice and spacious, fully furnished. there are 3 bedrooms, lik

of coven. 19 china is now trying to prevent a health crisis. from getting worse. the outbreak started launching has spread to 6 provinces, the capital b jane, and now chanting. one of the was biggest cities, day and night. china is doing water, das, best testing tens of millions of people. it is reasons to be concerned. child funds, which was like the variant is more transmissible without strong prevention and control measures without strong therapeutic and immunization capabilities. the regeneration speed is very fast. earlier within $4.00 to $5.00 days, the viral load increased $2.00 to $3.00 times. but now within 3 days, the viral load may increase $5.00 to $7.00 times. tens of thousands of people have been put under locked down in beaching, an in chunks of province at a 1000000 more in the tourist hotspot of them here in hunan. for china, which imposed the was 1st lockdown, its strict methods, a proven and effective passage high you had habits are existing prevention control measures are effective. the conclusion was drawn based on 2 basic understanding. the 1st is the scientific community understanding of the virus. it is still

of politically sensitive court cases have been scrubbed from online databases. >> with towering skyscrapers lining the riverbanks, shanghai could e.a. shrine to capitalism. the metropolis is china's financial center and one of its economic engines, but it is also where the chinese communist party was born 100 years ago. in this sml house where a dozen young idealists met in secret for their first congress. today, it is a museum, and for the ruling party's now 90 million members, one of the many holy sites of the people's republic of china. people have come from all over the country to visit, often booking tickets several days in advance. the site was renovated and reopened in earlyune by shanghai's party secretary. one of the main attractions is the first chinese translations of the communist manifesto. visitors heaped praise on the party that has ruled china for the past 71 years. >> they have led us into a new world. for me and the country, the party has put us on a more prosperous path. >> the chinese communist party represents a renaissance for us in the world. it allows the chinese people to be respected internationally. >> the party represents my mother. without her, i woul

revolution, toppling the mountains, including federalism and bureaucratic capitalism, and establishing the people's republic of chinait made people masters of the country and secured our nation's independence and liberated the people. it changed china's history to the state of total unity that exists in all of china. and to all those unequal treatments imposed on our country, all the privileges from the powers and china, they created the conditions for realizing the nation. through tenacious struggle, the party and the chinese people showed the world that the chinese people have it. [applause] president xi: two realize national rejuvenation, we will unite the chinese people to build a stronger china, achieving great success by tearing up social solutions. we eliminated the system that has assisted china for thousands of years and established socialism under a basic system. enterprises such as construction , we overcame oppression, and hegemonic tyrants. the most extensive and profound social changes to the chinese nation. -- a struggle, to show the world met the chinese people will. from the old world while building

that will give them more control and more of a say in that process for chinese companies. >> we do believe that china is clamping down. i don't know if it's capitalt the biden administration's policies, which are a continuation of the trump administration's policies. i think that's been the biggest surprise for china and i think for most investors, we thought that the u.s./china saber rattling would diminish somewhat that has not what you will not see us do with chinese stocks is pull out of those names that are more endemic to china itself. >> when you look at the relationship between the u.s. and china, in most sectors and industries that at least where there's interface between u.s. and china, there was real tension. and the participants in the u.s. had been pushing back publicly against china. but the exception was financial services >> the stimulus was kind of comical about it, is the stimulus is causing consumer behavior to be elevated. you know who benefits from the consumer behavior, what's the strongest economy in the world for the 12 months ending in the first quarter? it's china china is benefitting tremendously from our stimulus becau

hijacked by capital -- china's radical overall of its $100 billion educational tech sector. ad of fed decisions. in the u.s. and china set for high-level talks, with tension high. shery: take a look at the market open. japan is coming back from a long holiday weekend. we are seeing the nikkei gaining ground with consumer, discretionary, and material stocks leading the game in japan, playing a little catch-up. we're seeing the yen holding at about 110 low against the u.s. dollar. we are talking about the japanese yen being this year's weakest g10 performer. we will watch what impact that has on the equity market. the 10 year yield is holding at the level right now. we are watching for the bank numbers coming up in a half hour. take a look at the kospi. gaining .3% and extending three sessions of gains. we saw the korean won and kospi rise on the technical rebound, given that we have the won's rapid drop last week and a risk on sentiments of concern with growth around the world. and of course, what's happening with those virus infections, as we see record numbers there. haidi: