to a point about china, a question about china and a point about china and the united states. i think a fascinating question and a crucial question for china, one that really is the one that lies behind this book would even beyond the importance of this book, it's important for china too which is whether china is ever going to be something different from what it is. here is what i mean. if you look back over 30 years in china you see places on recognizably different in countless ways. i was first there in the mid-1980s when my family and circumstances that i will tell you about if you ask, it was a very different place. we went around places and we had to get visas to get in there. now of course it is different, but it is different in a way that some chinese people think is reaching a limit, that the development model based on its low-wage factories where they make the ipad i hold in my hand that cost $500 only $50 in china come is that the formula for them to get rich in in the long-run? it's one thing to assemble products for apple in a different thing to have your own apple

soybeans are 60% of -- is sold to china. one-third of u.s. cotton is sold to china. china is also an important market for u.s. automobiles and aircraft. china also is in long-term market for

now there is fear of china. how does that compare -- how does that compare now, and secondly, is the fear and worry a good response? >> thing about japan, let me say something about that and i think two of the most interesting countries i have been in a japan and china. there are obviously some similarities in terms of their look and feel and operations. being in japan was like living inside a watch where everything is so tightly machine, you admire the precision. there is not a lot of extra room for you. where is china is living in a giant rugby scrum. i still think that the japanese were actually more threatening to the united states and china. you have these head-to-head national champions. yet toshiba and toyota and there are no counterparts for those in china. japan is still a rich country. it has had political catastrophes of its own. japan and china, i think there was reason to be more fearful of japan. on the phenomenon of fear itself, i didn't article about two years ago after moving back from china, tr

japan and china have failed to narrow their differences over the islands in the east china sea. the state owns one of them. it's been renting the others from a japanese family since 2002. the islands are claimed by taiwan and china. also protested the entry of three chinese boats. the coast guard warned the boats to leave japanese territory but the chinese side reportly said they were engaged in legitimate duties. also referred to the government's negotiations to purchase some of the islands from their private japanese owner. he said peaceful and stable control of the islands is important. he referred to similar disputes involving countries including china, philippines and vietnam and islands in the south china sea and said the issue should be resolved between related parties. >>> south korean president's plan to strengthen ties with japan backfired. his idea is relatively simple, a diplomatic deal with better security as its goal. but the opposition, the media, and the public lined up against it for reasons political and historical. shery ahn picks up the story from seoul. >> r

a stake in some joint project in china. either in transporting gas or industry being it should do it but if your all that is surely interesting but it definitely requires expert assessment to exclude. you mentioned transportation tronson aft head mr talkative has taken part in the visit is infrastructure already ready to start delivery since six months or is there still a work that needs to be done. we certainly need to do the preparing to rework premier li we need to grieve on the roots and the prices construction itself won't take long judging from experience building in oil pipeline from russia you know to china's east coast pipeline that stretches three kilometers across russian territory and another nine hundred kilometers across china the corporations involved in the project including this a talker is trying to manage to build this pipeline within a very short period of time modern technology and its capabilities make pipeline construction operation even when the hearing is s. challenging as it is in the. territory. l

china sea issue. asean and china head into wednesday's talks with very different outlooks on how best to resolve the south china sea issue. asean favores a multilateral framework but china wants separate bilateral negotiations. here is an indepth report on the view from beijing. >> reporter: in the run-up to the meeting, chinese foreign ministry's position is that asean is not a right forum for resolving the south china sea dispute. >> translator: discussions between asean foreign ministers are an important forum but not an appropriate place to talk about issues in the south china sea. >> china has been giving the issue a high profile in the domestic media. state-run news agency stationed reporters on a boat in the ship of the oceanic administration and broadcast daily updates on its voyage. >> reporter: the effective chinese control offered encouragement to soldiers stationed there. >> reporter: china seems determined to deepen its presence to keep a check on the united states. secretary of state hil

they're making money in china. at the same time, as the close relationship is going on, many chinese companies are working in san francisco in california. i would like to name a few. the tsl, ciuts, just to name a few. these are successful chinese companies working here. as the american companies in china, the chinese companies working in california in san francisco are also making contributions to job creation and the development of the economy in local areas. we're thinking these are very good signs. as the previous speakers mentioned, we paid a visit to the united states last february. governor brown proposed that we set up a working group for the u.s., a state, and china provinces to cooperate. we call this a working group, a joint working group of provinces and the states. at that time, the vice president made a very good, very positive response for the proposal. after the vice-president returned to china, we worked very hard on the proposal and my visit this time is to further the proposal. to make further fo

soybeans are 60% of -- is sold to china. one-third of u.s. cotton is sold to china. china is also an important market for u.s. automobiles and aircraft. china also is in long-term market for u.s. service industry. in this area, the u.s. has done a long time service. at the same time, the chinese want to prepare -- entrepreneurs are interested in making investments in the united states so there are more and more chinese companies coming to the united states and investments. according to chinese statistics, for the last 18 months, the chinese investment in the united states grew by 18-40% -- by 14%. it is up to $6 billion. the investment is still a small figure. it is growing very fast. today, our common interests have expanded and interdependence has been deepened. now, as the impact of the financial crisis still lingers, both china and the united states have committed to transforming their economic growth. their economic growth models by increasing input in some new areas like new energy, high- tech, high end manufacturing, i.t., bioscience, etc. these could translat

and it's all china. it's not india. it's not the other regions. it's really almost all china. they do have presence in other countries. i like a company like domino's pizza. i any they have a great inward focus going to india and other markets in asia as well. >> rich, i understand you think this pullback is actually an outstanding buying opportunity so, you beg to differ with ron. >> that's exactly it. look, mandy, the problem with the strategy of waiting for a pullback in high conviction names like this is when you get that pullback you don't trade the pullback, you don't want it because things look so ugly. the reality is with the stk down 18% from an all-time high -- >> it's still expensive. 18% down it's still expensive. i think -- you know, the u.s. is a real bad overhang for the company. i'm concerned with that. >> what is interesting to me is rich is pretty bullish about at least the environment for riskier assets. i think yum has been a defensive trade for people who wanted to get that growth but didn't want to stray into cyclicals. we'll see. when i look at nike, ano

gas pipeline gas exports in china mean new opportunities precious trade with east asia china is the biggest market but it's not the only one in the region. china in turn does one russian gas which because it has in under supply of energy it is the regions of china that are meant to receive russian gas do suffer considerable shortage is energy resources. if this goes for sides china is pursuing a shift to environmentally friendly energy sources as a vital part of the economic strategy so we have a buyer who wants to buy and a seller discourse to sell. for a negotiated price the parties will end up with i understand you'd like me to give you a specific rate in dollars per thousand cubic meters but i have no answer. in principle we keep telling our chinese friends their russia wants its downstream markets to be equally rewarding. that is willing to sell or gas to asian customers including china at no lower price than what we charge from europe. or after all which has been a customer for decades here to let me rephrase my question as far as i understand you just confirmed that this new x. for t

but china and taiwan claim the islands as their own. i ask the pilot about the sdf's competing missions when it comes to dealing with china. >> translator: i think we need to share information because we have a common interest in fighting piracy activities. >> reporter: this list shows the schedule of escort activities. the sdf coordinates with china, india and other countries in taking turns to protect ships in the area. >> translator: we share information with the militaries of china, india and the u.s. i believe that protecting japan-related ships in this area will contribute to safeguarding the japanese economy. >> reporter: china has had delicate relations with countries such as japan and india. they are at odds over territorial claims and other issues. but off the coast of africa, those countries are putting those differences aside to fight a common threat of piracy and protect civilian ships. >> nhk world's toru nakai is back in tokyo. he came by the studio to give us her insight into his report on the gulf of aden. here's his co

is china now. i would just use a very simple one talking about in the old days coffin was this black, sinister thing, and everybody, you have to be hided away from the public, and my family used to put it in my bedroom, would cover it up with a different table cloth or with a newspaper so people wouldn't see. and everything build. if you got caught and then they would, my father could have lost his job, and all the punishment. but nowadays coffin suddenly becomes a very auspicious symbol because coffin, the chinese word also rhymes with the word fortune and promotions. so sometimes everybody in chin today in their relentless pursuit of money, material wealth right now, we're going through all capitalistic. and the coffin suddenly becomes this very auspicious thing. i heard that sometimes if you give a gift to somebody, government official be, you just give them a little miniature coffin. they put it on your, they put it on their desk. [laughter] it's a reminder of their fortune and upcoming promoti

europe is china's biggest trading partner. china's consumption also remains low. the central bank's move aims to support the country's economy and secure jobs with stronger monetary easing. the u.s. filed a complaint about china with the world trade organization on thursday. the u.s. is claiming that china has imposed anti-dumping duties on american car imports. the chinese trariffs are on auts and affect 92,000 cars and sport utility vehicle a year. $3 billion worth of u.s. exports to china. china has been iing tariffs and says the auto undindustry i subs didz subsidized. they have 60 days to resolve the dispute. after that the u.s. can ask a wto panel to deal with the matter. the trade complaint came as president barack obama hit the campaign trail in ohio. analysts say the obama administration is backing the car industry. ahead of the november presidential election. >> just this morning my administration took a new action to hold china accountable for unfair trade practices that harm american automakers. americans and america workers build better products than

so, china -- let's startith od one of the biggest constraintses in china is soybeans. it is a big input for the food that is consumed there, uike any othe fd --orporation, eaoyans inghinere n able to produce adequately to supporthe demands at home. you can see here, this is percentage of world consumption and world produion. roci 2utiassive gapan this is good news for the united states in case obama and mr. romney are looking for how to create jobs. soybeans and there's a big prodti --out is a big bilthokal ass nses o t decisions for you here in the u.s., but more generally, you can see that for china, this is a very big opportunity for them to keep importing and they do. maeemnhi u c s china's falling below the world average in terms of water units. this is actually led to some very aggressive action by china. one of the big stories that has tended to hit the newspaper wires quite a t is thi speereho river out of india. and there have been some public announcements by both the prime prie ofndow india and t they'll work together but the need for fresh water in china is

china. a well regulated market, we could go back to your previous book, which i have about the role of government and large they corporations and industrial policy -- america has one variation of the market. i think most of the countries to embrace the market, which is why they might be the one institution that still has some real utility. >> i am not trying to disparage this, it has a great function. if you're asking if it will be global, the answer is no. in the postwar period, leading up until 2008, the capturing about was unheard of. i think that we are now in a world that is heading towards more diversions and more fragmentation. we certainly see that in the desires of other countries over time to diversify, in terms of currency, not today, but certainly over the long term they want that and they wouldn't necessarily supported in 2008. facebook does have an ipo. it was 500,000 chinese, i believe, that are on the internet -- you talk about capitalism and tenderness wisdom, the chinese wa

from china. host: we watched that segment yesterday and we saw jessica stone, an american reporter, doing that story. does the story get at the complexity and how nervous are actions them -- anxious americans feel? guest: i certainly hope we do. this is early days and i cannot emphasize that there are still developing programming. we hope to go to four hours toward the end of the year or early next year. we are refining the kind of reports and still hiring people. , the numbers of reporters that will be reporting to our news de in washington. it will be something like 35 different reporters all over. we have just taken on people in los angeles, san francisco, houston, texas and the miami so we are developing all of this. at the combination of exploring these issues and having a fair amount of time to devote to this, will eventually allied affairs. investment in the

but this british compiler of the china rich list reveals an extraordinary statistic -- 60% of china's billionaires' would like to emigrate. you can see why. life here is an unceasing struggle. for the first time, more people live in china's cities and countryside, all competing for resources, room to live, even for the polluted air they breathe. the unease spread to the middle class's which has grown sixfold in the past decade. this man works for motorola and his wife is a lawyer. they live the chinese dream come yet part of the dream is to get out. >> if you are rich enough, you can take your whole family there. if you have enough money, you can take your family to move to somewhere else, maybe canada or wherever. >> his son takes a fencing lessons. it's good training. life in china is a battle. what about those people whose efforts created the chinese merkel? their lives have been badly disrupted and they've flooded into this city to work long hours at mindless tasks. simply giving people more money has not had the result china's leaders expected. >> before, we thought we would slow

into more specific china, china picture. t br? spa it oimlkg og is. i guess i classify this in two areas. i will spend time specifically detailin this china's three-prd oao sof moooval suth l haes of neocolonialism, labor and environmental issues tat china is often accused of, use of prisoners and se. rt tvd con wiikreht a t iiman. inas oyu noy ha an opportunity to talk more about what's going on around the world. 'mgoitost f o nde, gl nd ic. e h ets t ctth r d global demand. the first one as you can see from this slide is a global population. the world's population roughly exedt ety llpe otelne yon l rte urha i have in front of you that a lot of thademand pressure will be coming from the emerging markets. today almost 90% of thewor 12 ftepatlin ngdepe economies. i want o state very clearly up front that thispio thas b th or cxta actually many sociologists and demographers believe that it will not be seen again after we plateau out at round 10 billion i ve isuoe.l 10. yl lg il i t i e think is a sociologist with some democra

in the ruling, the wto says china discriminates against foreign banks by providing china union pay with a monopoly in processing of electronic payments denominated in 9 the chinese currency. kirk said the decision will help u.s. companies and increase american jobs as more efficient credit and debit payment systems in china enable consumers to buy more goods. he added that china should honor its wto commitments and eliminate the discrimination. china's commerce ministry spokesperson released a comment saying the u.s. claims have not been accepted and the government will decide on how to respond after examining the wto report. >>> east team war ruling party announced it reached an agreement with two other parties to form a coalition government. the country's first president after it obtained independence ten years ago is likely to remain in power as prime minister. gusmao's party, the team for reconstruction, gained the most votes in the country's parliamentary election on july 7th, but failed to get a jort. it'll form a coalition with the democratic party. the alliance will hold a total

big exposure to china. from a technical standpoint that chart really looks like ge is going to take a hit. that's one that i would be looking to take profits in at this point. you can always buy it back. one point that comes to mind, even if china's gdp slows to 8% still phenomenal. what we are having is the removal of a tail wind. we have brick nations that were propping up, a weak u.s., a weak europe. at best it's a neutral. even though it's growth it will be taking away as we are obviously talking about it from the global economy but in a bigger way. i don't think you can look at it in an isolated way. look at it overall wholistically. it's a neutral at best but it will be a headwind. q two, three and maybe four. >> if people are looking on china and emerging markets to bail out the economy it won't happen. ge's energy infrastructure is one of the i would go with apple. >> despite the fake apple stores? >> that tells you how successful the brand is there. i was a skeptic saying they would be priced out o

india worry about china. >> india does worry about china. i would prefer to use china as a very strong ally to forge a relationship with china which would be a sustaining one. and i think it could be done. >> rose: su have appointed your successor or whatever you did. >> yeah. >> a successor is in place. >> yes. >> as someone obviously who you wanted to come. so what is your life going to be like now? how are you going to spend your days? >> i have thought about that. first of all i think everybody goes through a period where you say you want to have the time to do things you, that you never had the chance to do. and part of that will be to do nothing but that won't last very long. so i haven't thought through, i'm going to continue to be the chairman of the foundation. >> right. >> i will focus on i will focus on rural development. conservation of water and my most visible goal is to do something in nutrition to children in india, and pregnant mothers because that would change the mental and physical health of our population in years to com

the ministry also said china is sending warships more frequently to the south china sea and east china sea. the latter home to the sekaku islands claimed by china and taiwan. the paper expresses concern over china's reluctance to disclose military information. the report will be released to the public after being submitted to the cabinet later this month. >>> the joint panel will include foreign and defense officials. >> translator: we would look to discuss with u.s. officials what we can do to express public concerns jane pin japan. the marines will conduct test flights near the base next month. they'll begin full operations of the aircraft in okinawa in october. the deployment is important to strengthen japan's deterrence and ensure security over the southern islands. a series of accidents involving the osprey alarmed residents across the aircraft's flight path. two of the planes have crashed already this year. >>> chinese leaders are making another move in their campaign to assert control over disputed territory in the south china sea. now in charge of a city that consolidates admin

and the way china thinks says that china wanted economic prosperity in order to continue to develop the country so they could deal with the kind of tensions that are naturally there within the society. >> how does that change that dynamic, the fact that the economic growth rate is dechining programs below eight percent? >> what is really interesting about the current slowdown is that it is coinciding with the period of greater civil unrest in different parts of the country. you didn't see this in early 2009, in early 2009, i was going into factory towns and there were -- and people just left. just crowds of people were gone. this time, you don't see quite that level of flight from the factory towns back to industrial languages, but what you are seeing around the country is a much greater willingness to confront the authorities on, for example, environmental projects that are environmentally sensitive. you are definitely seeing more protests than you have seen in years, the power of pro. >> rose: the power of protests have an impact in beijing? >> it does. mostly, though, the protest

and from the china contractors association. and the president of the foreign trade and economic relations commission. and the deputy director general, department of commerce of the inner mongolia, autonomous region. the director of economic and trade office of [unintelligible] province. i would like to mention that locally, we have a city council member from fremont, ms. sue chan and supervisor malia cohen is in the house. thank you for coming. i remember not long ago when vice-president -- the vice- president visited the united states and i traveled to los angeles with our mayor at the time and what an event. and now a few months later, san francisco is probably hosting the seminar with the ministry of commerce. it shows that our golden mountain continues to attract chinese. has never stopped since the 1800's and because san francisco continues to be the city of innovation and full of peril spirit, we will continue to seek an inflow of inbound chinese businessmen and investors. may i invite our mayor, edwin lee, to the podium?

coming to china to grow wine. a french wine group that owns one of the most popular brands among chinese consumers started planting this vin glaeyard in shandong province in march. john heads the project. he also helped find the location. >> how long does it take for you to find this place? >> three years. four years. >> reporter: he says shandong's climate and soil are suited for wine production. the brittle soil does not lap up water and lets the roots grow deep. >> 15 years ago when i come in china, all my friends tell me, you are crazy. you cannot make a good wine in china. now he said all people come and we can make a good wine, sure. >> reporter: the owners plan to start selling rolely made wine in four years. they aim to produce quality wines. they also want to show crazyc -- chinese consumers how wine is made. >> chinese people understand how to -- and need to understand how to drink wine, how to know this wine is good or not. and these need time. but we want want our vineyard also to explain. >> reporter:

that china has also seen huge construction project -- >> china has also seen huge construction projectsn many provinces. such developments have consumed much of the money the government has pumped into the economy. when spending in china drops, it affects many german exporters. china is germany's third biggest trading partner. technical manufacturers a specially have felt the pinch in china. their profits in china have already dropped by more than 10% over last year. >> all in all, german firms have chalked up that profits in china, whether from sales to chinese customers or outsourcing manufacturing to cheaper locations there. >> german investment in china has been stalled for decades, but the slowdown both there and here in europe has some companies very anxious about what the future holds. >> chinese officials are doing their best to allay those fears. >> china has long been known for white hot growth rates and cheap labor, offering massive potential to foreign companies. this german businessman has been living there for 20 years. his company, based in germany, makes automobile headl

chen's departure from china was facilitated by an organization called china aid.ob foo is it's founder and president. foo says that while china has had incredible economic growth, the government has stepped up monitoring of citizens and human rights violations. >> i would rather see china become a great country instead of economic times without freedom. >> following the recent rapid growth, china is now a major world force. it is able to stand up to criticism over human rights issues and territorial disputes. >> we can't reject this. >> on the other hand, the united states desperately needs china's cooperation in tackling a range of issues to the middle east and korean peninsula. this has led it to mute criticism of china's human rights violations. cohen believes the only way human rights will improve in china is through came aids in the country and he will play a role. >> we hope he will play a role but he could also disappear into the great american midst like so many others who credhave come h. >> chen says he does plan to go back to china to continue advocatin

and it's the same -- the situation in the southd china sea and the situation in the east china sea. same in the sense that the chinese claim sovereignty of the islands that exist in these two seas. and they're not ready to make any concessions about the sovereignty claims. so as far as that is concerned, the issues are similar. and we'll also in a similar position with the southeast asian nations that we have to find some constructive solution without touching upon, perhaps, the sovereignty issues because the sovereignty issues are very difficult to solve. and the chinese side knows this so their proposal to the japanese in the 1970s and onward as far as senkakus are concerned is that we will shelf the sovereignty issues and perhaps conduct a joint development of the resources around the -- in the area. >> professor akia takahara from the university of tokyo talking to us earlier. >>> people in china are involved in territorial disputes on another front. they are haggle with southeast asian nations over parts of the south china sea which is potentially rich in natural resources. chi

the ministry also said china is sending warships more frequently to the south china sea and east china sea. the latter is home to japan's islands which are claimed by china and taiwan. the white paper expresses concern over china's reluctance to disclose milary information. the report will be released to the public after being submitted to the cabinet by the end of this month. >>> chinese leaders are making another move in their campaign to assert control over disputed territory in the south china sea. a mayor is now in charge of the new city that consolidates the country's administration of three island chains. southeast asia nations also claim sovereignty over the islands. chinese authorities established samcha city which includes the separately and parasail islands. the news agency says the district's ledges laifshg congress appointed a deputy, deputy mayor, and directors. the director says the new government is fully aware of its historical importance. he restate china's claims over the islands and pledged to contribute to the management development and protection of the territory

and there's no appeal in china. so if you go to court for one of these crimes and you're sentenced to death, they just take you out in the backyard, kneel you down and put a bullet in the back of your head. there's no appeal, you don't get to say bye to mom, it's all over. so, but where this gets, i think, particularly scary is, um, there is a -- [inaudible] in new york a few years ago where they had representatives of the beijing government meeting with some americans and some doctors who were posing as consumers of organ for transplant. and they had these representatives of china had a price list. and it was how much different organs can cost if you want to buy 'em. and they said we will shoot to order. so they were saying we -- you just tell us what you want, and we'll get it for you. and investigations that have come out since then, it's been shown that prosecutors in china and judges have a list of what is in particular demand at that time. so if someone comes before a court, the prosecutor and the judge knows

china business council. ohio is, obviously, a crucial swing state but it's not the only one with the story. look at pennsylvania. the next stop on president obama's tour, china is pennsylvania's second biggest export market. 3.5 billion dollars a cheer come from china to pennsylvania. chemicals and machinery and minerals are the reason. virginia, another swing state. china is number two in exports. colorado, another swing, it's third. those states export hundreds of millions of dollars worth of machinery and computers to china. you get the point. so our question tonight is -- should we be biting a hand that feeds us? outfront tonight, stephanie cutter, president obama's campaign manager, i talked to her a few moments ago and i started by asking her why the president is going after china. >> well, erin, your comment on biting the hand that feeds you, you know, we do trade a lot with china and we want to continue trading with china but we want a level playing field and we want a level playing field for u.s. co

is china now. onlkabinhe o use a very sle ysfi t black, sinister thing, and everybody, you have to be hided away from the public, and my family used to put it in my bedroom, would cover it up with a different tablclot o wit nsp pe dn s everything build. if you got caught and then they would, my father could have lost his job, and all the punishment. but nowadays coffinuddly comea vuio sol caco,th esrd sohymes with the word fortune and promotions. so sometimes everybody in china today in their relentless pursuit of money, marial weth rhtowein ugl calc. th cnde becomes this very auspicious thing. i heard that sometimes if you give a gift somebody, government official be, you just give them a little miniature coffin. they put it on your, they put it on their des [lgh ainofhtu >>o if y he a meeting with mayor emanuel, don't follo that. [laughter] >> that's why we were joking when the original title of my ok w cald fi kr. thtld t thechine readers when they read "the coffin keeper" is such an auspicious

has gone way too easy on china he thinks china is developing technologically financially and that we're giving them the green light to do so so i did speak to him though a little bit about this change this potential change with latin america here's what he said. in the any lunatic and gangster that runs his country with an iron hand can get a deal with china and you know you've got hugo chavez down in venezuela who's trying to destroy democratic government inch by inch and it was best friends of fidel castro who long ago destroyed democracy and his country. was trying to become the best friend of all all of the gangsters some people say that's just doing good business not imposing moral standards on other countries just saying you know what if i can make some money from you i'm going to help you there's some people believe and. i don't think that and that does reflect some american businessmen as well as other kind of person i am and i don't think that's the kind of person most americans are. so as i also talk to the congressman about the issue of trade certainly a lot of people in this

they are trying to deal with territorial skirmishes involving china and the south china sea. the disputed waters are thought to hold vast reserves of valuable natural resources. the asean foreign ministers will hold a week of meetings and they'll also sit down with chinese and japanese counterparts. nhk world's dhra dhirakaosal has more. >> the code of conduct is what everyone is talking about, otherwise known as the coc, proposed legally set of protocols for resolving disputes in the south china sea. asean foreign ministers discussed the coc. it will also be high on the agenda involving china over the coming days. cambodian prime minister thein sein said they should use this week's meetings with china, the united states and japan and other countries to make progress on regional security. >> reporter: several southeast asian nations, including vietnam and the philippines are at odds with china over sovereignty of islands in the south china sea. the area is a potential source of oil and gas reserves. at monday's meeting, asean ministers agreed on the basic elements of the code

to china to grow wine. a french wine group that owns one of the most popular brands among chinese consumers started planting this vineyard in march. he heads the project and he helped find the location. how long does it take for you to find this place? he says the climate and soil are suited for wine production. the soil does not lap up water, and the roots grow deep. >> 15 years ago when i come in china, all my friends say to me, you are crazy. you cannot make good wine in china. now all people come and we can make good wine, sure. >> reporter: the opener's plan to start selling locally made in four years. they aim to produce quality wines. they also want to show chinese consumers how wine is made. >> chinese people understand how to -- and need to understand how to drink wine, how to look whether this wine is good or not. but we want also to explain this. >> reporter: chinese and foreign winemakers work hard to spread the wine culture among the chinese, hoping to encourage them to buy more wine. >> and ou

china takeover?hat is their next potential target? lots of questions on this front. let's get answers. erin from the u.s. china business council. daniel rosen. erin, we talk about a china takeover. i would imagine we are a long way from having all the fears about china taking over the globe. really? >> yes. i think that probably is accurate. the u.s. is the largest economy in the world. china is coming up fast. you about which would be realistic. china really -- their companies have been going out and investing in the past five to six years. we are just seeing the first part of that. based on some data we received from the china council and promotion of international trade really only 10% of chinese companies that are investing overseas are trying to use mergers and acquisitions to do that. most are doing it through greenfield investment. >> dan, we are to assume this is going to continue and outbound investment jumps 48% in the first half of the year in china. >> absolutely. china's starting point i

china's red hot economy is cooling, we look at what the slowdown means for u.s. corporate earnings, and the global economy. >> susie: and one company is making a big push into china, marriott international, a look at its latest earnings and strategy. >> tom: that and more tonight on "n.b.r.!" >> tom: markets were clearly disappointed today the federal reserve does not seem ready to act right away to boost the economy. minutes from the fed's june meeting show only a few policy makers wanted to expand a bond buying program known as quantitative easing to lower interest rates and boost the economy. but as darren gersh reports this is now really a question of timing. >> reporter: the fed was not willing to give markets an immediate monetary fix, but the latest readings from its policy making committee show a couple more lukewarm reports on the labor market might change that. >> and if these employment reports are still weak like this last one, i think a strong case could be made for the fed to expand its balance sheet and try to support the economy more. so, at that