why not engage china or encourage china to join. china receptive to joining that and you can have some universal rules of international trade and finance. >> i think actually it's interesting when you said that obama says -- actually, actually, is pretty emphatic about not using that kind of language. there is an impression among some that that is the intent actually, if you look at a slightly different way, designed to enhance the american relationship with other countries. and in the beginning chinese trading foreign-policy officials were opposed to the idea. and today if you talk to people in beijing people come to washington and say we recognize in the long run this is not that bad. thethe united states had not signed the trade deal with asia, the so-called pivot would have been a military exercise all about security. this reminds or so, it'sso, it's a much broader part of the relationship they just security. i wouldn't count out the idea that we may find ourselves. >> am going to make you run. >> my question, when i left china

ford is not the biggest car soldr and china, but it 1.7 million cars in china last year.remains a huge contribution to the rest of the world. this is something that, you know, the rest of the world should appreciate more. [laughter] francine: you pointed to something also a lot of observers do under estimate which is the strength of consumer spending and it is the strength of services. how resilient are those two when you look at the chinese economy? mrs. xin: i think, still, the dynamic force of the chinese economy is its entrepreneurialism and its private sector and especially the low to medium sized companies. not the gigantic s.o.e.'s though they come out with a lot of power, it is the millions and millions -- that matter the most. in that regard the reforms still need to be more focused on giving them the support whether a capital market support or tax support, monetary support. those are very important for the continuous growth. that will continue to be the growth engine for china and now from where i sit i see incredible innovation coming from the young, internet,

china sea. most of you are familiar with the claim that began in 1947 that basically is called the cows come as that's what it looks like to 80% of the south china sea. we are there now circling around some of these fortress garrisons which china is trying to turn into real territory. that is a flashpoint and of course you have the issue of taiwan. china calls it the renegade province, an island of over 20 million people who are right now really depressed and afraid for two reasons. one is that they see china swirling like a python and circling them and they also see the u.s. which may no longer have the resolve to stand with taiwan. i interviewed one professor who proposed a grand bargain that basically trained taiwan for peace everywhere else. everybody also talked to didn't think that was such a great idea but it does reflect the fact that if push comes to shove, we might not have american forces standing up for taiwan like bill clinton did in 96 or eisenhower did several times in the 50s. an

china. how do you seeing this now in 2015 and moving forward, what is the next step? how do you look at it in a future oriented way? what's missing, too? >> i think the question you posed maybe earlier to jiayang as what does it mane to read western reporting as a native chinese is an interesting one. for me i remember when i was able to read the "the new york times," when i read reports on china, it felt like seeing an x-ray of china. and what i mean by that is the bones all seemed to be in the right place, but what i had in my head with the flesh and the veins, all of that seemed -- it seemed all very accurate. i felt like western reporters must have done a conscientious job. this was in the early mid-'90s but that sense of i want macy that i felt to the country and in myself i think the warring allegiances of, i mean, keep in mind i spent first and second grade in china and was exceptionally slow as an english learner. so was very much, you know -- still felt very much nobody could truly

there is a new china. you can speak to that new china.hink we are going through a cyclical, you can't help but go over that adjustment. that last two or three years. it comes at a bad time for the rest of the world are in when you look at its impact on commodity prices. when you look at the vulnerability of the rest of the world in terms of anna terry policy, that's a bad combination. we'll get past that. a bad year in china is a great year in almost any other country. francine: do you question their commitment to structural reform? is there a danger? christine: we went through a couple of years of intense discussions with the chinese of parties because we were going to review the baskets of currency that define the value. this is what central banks around the world use. if you asked me if the chinese of 40's would complete the forms they had to take in order to satisfy the criteria of that currency, i would've said i don't think so. when the authorities their mind and are determined for strategy, we have seen in that case an absolute det

we can do this in china. of course consequently 30 years later the interest of was tragic for these families. they lost their only child in many cases. one of the first i did after that was families who in a matter of weeks for russia not to do reverse vasectomies to reverse the sterilization process they had been forced to undergo. >> host: there is a term that there's ever been a distinctly can, it is this one. can't talk about what that means? >> guest: it is a term that means the parents who have lost their only child is really a phenomenon. recently it started from an earthquake. nobody called it that back then. about a million now with about 76,000 have been joining. what makes them different is they have tried beijing for more benefits and more help. to lose an only child of the chinese context of the many cases to lose economic security. family was still very important so when you lose your only child, your retirement plan. that is just a pure economic sense, but then there's emotional issues and issu

china. several new yorker magazine correspondents talk about covering china from the asia society in new york city. this runs 90 minutes. >>> good evening, everyone. good evening. tonight is a sellout and it's so great to have you all here on this rainy and cold but very festive time in new york. and for a really fabulous evening. this evening the new yorker on china, a look back at four decades of reporting on china is indeed a special night and also a convergence of two anniversaries. the new yorker is celebrating its 90th this year. it was one of the first western media to have access to china after the revolution? 1949. and of our five distinguished guest panelists tonight, one who is not a guest, our own orville schell, they have collectively over 100 years of observation and writing on china. and i think you will all find this very enlightening and no doubt entertaining. this includes of course our own orville schell whose asia societies center on u.s.-china relations, arthur ross dire

about china. she quote has yet to publish any prize-winning books on her homeland unlike her come patriots up and down the table. she's produced a terrific piece on a bank in chinatown that was weirdly the one bank that was prosecuted in the financial catastrophe. we're doing this slightly in age. evan oshos lived in beijing from 2005 to 2013. he was a staff writer for the chicago tribune and i stole him in 2008. his first piece in china for us was about an gold medalist in boxing. for years he's written about a barber who beat the house and the cow and the triad gangs that tried to extract the money from him in all of the ways you can predict, as well as profiles of influential people. and earlier this year the president of china, an absolutely remarkable fete of reporting especially when you don't have access to the subject. last year he published a book called "the age of ambition" which basically won every award under the sun. peter hessler, to my far right drinking some mountain dew which the

china's that affect purchase of them? reporter: there was a long stream of rhetoric about how china was the biggest holder of united states debt, seeking to have the position of power but that has come down so much. , that was outflows the biggest monthly decline on record. were expecting something around $23 billion. that was a massive shock. is china on a treadmill to hell? reporter: it raises the question for u.s. treasuries. so far, it seems that analysts think that volatility in china, the concerns of for the economics put down, all of this will drive investors to united states debt, because it is seen as a safe haven. all signs pointing to a strong recovery there. money managers snapped up 42% of the u.s. debt at auction. to steml look at ways how much they are spending. rishaad: thank you. angie: let's take a look at the oil prospects with ramsey our copy. 10% -- what is the market focused on? all eyes are on china. we saw a drop last week after the turmoil with devaluing the chinese yuan. it is the world's second

there is a new china. you can speak to that new china. the new board, the entrepreneurship.nk we are going through a cyclical -- you can't help but go over that adjustment. that will last two or three years. it comes at a bad time for the rest of the world, because when you look at its impact on commodity prices -- and not just commodity prices, but the other economies in brazil and so on -- and when you look at the vulnerability of the rest of the world, in terms of monetary policy, that's a bad combination. we'll get past that. a bad year in china is a great year in almost any other country. francine: madame lagarde do you , question their commitment to structural reform? what are the dangers, if the structural reforms are not being pushed through? madame lagarde: we went through a couple of years of intense discussions with the chinese authorities, because we were going to review the baskets of currency that define the value. it is the elusive currency of the imf. if you asked me, if the chinese authorities would complete the reforms, that they had to take in order to sat

. >>> china's vice president told an audience at the world economic forum that china's economy is on track and will remain an important driving force for global economic growth. he also talked about the priorities of this year's g-20 summit to be hosted by china in september. this is about 35 minutes. >> dear friends, it's my great honor to introduce d=el irki ha the vice president of china. it is my extreme pleasure to welcome you to davos. i met you the first time 20 years ago, and since that time, we have cultivated the framework of our overall partnership with china a special friendship. vice president li, your country is presently so much in the eyes of people assembled here in davos, and many of you told me they are particularly interested in hearing from you related to the present fertility or potential fertility of a chinese economy, and i'm sure particularly with the upcoming plan so that your country will find the right policy mix as it has always done in the past. and i think over the last days, we heard again some encouraging signs coming out from china. in this context i

all about china.hy? >> first of all, china's economy has been on a downward path for the past two or three years. and that has been felt globally. theas been reflected in earnings of certain companies around the world and their share prices. we have been living with and digesting china's slowdown, even if we haven't realized it, for some time. if you have a selloff or a series of selloffs in china, it's not really a reflection of the long-term downward trend. stockhe fact that china's market has been completely out of sync with the reality of the chinese economy for the past year or more. there was a bubble. when the bubble burst, the government intervene to prop up prices at unrealistic levels. overdueare seeing is an correction to an overpriced market. the sell off doesn't mean there is some new thing happening in china that the rest of the world has to react to. angie: you're absolutely right. a lot of china watchers point mainland activity is mostly retail investors. this is a momentum driven plac

by china. you one to one life in talking about vietnam's and how they want us back. >> bid from the chinese didn't india but we have more friends than wait. [laughter] is a great place to start. i gave you clues today and the sympathetic but just to add to that point in thin tube go to another region is important point. we haven't mentioned are the two other points better dash. china's gdp is dropping bid is scheduled to drop more. it is projecting in the three and 4% range of 2020 with the world bank projections that seems to be what we're coming ask but they started to use populations. >> the whole idea of a comprehensive national power, china had that 200 years never taken apart. by american and what i see is happening with the china commission which is bipartisan never publicans and democrats and fiber its because when we give in to north in since he do the ideal but obviously they'll have a job to buy them. this is the nervous on the economy. each year to push out that is to get to give th

china is different. is that factor a lot of people should pay attention to. >> how inclusive will china's growth be in the future? on two ld like to speak lines. i think paying attention to the growth of s.m.e. is important for china. s.m.e. has a huge potential and vitality and it's an important sector for solving nemployment. last year we underwent an adjustment but the year end result was better than the earlier predictions, paving the form as tructural re has been criticized on this financial sector in china. as a banker, the loans to s.m.a. is a manifestation of inclusiveness in china, in our and 1.8 statement trillion to spend on s.m.e. f course we could do better. inclusiveness includes another aspect. , any very determined industry, any sector that is environmental protection we would resolutely not allow them to be established. able to klum a new and greater economy in china. >> we'll follow that with when trade is stagnant, or will china take the role the u.s. has had for years in spurring dema

with that high-speed rail of china. by the end of 2015 to have succeeded with under 20,000 kilometers. with a hundred billion invested. and 90,000 kiloliters. one reason of the rapid development with those technologies with elevation with independent intellectual property rights. this improves a that a primary driving force. in the future the chinese government will make the most of scientific and technical and industrial revolution the opportunity with that implementation to develop industries in services and efforts will be made to improve traditional manufacturing and smart upgrading with technology with innovation. the third example of new incubators said judges -- by the end of 2015 to have over 2500 interfaces. and in the number is still growing by over 20 percent every day. going forward to encourage and develop quality innovation so everyone to innovate to have that opportunity with labor knowledge technology to be invigorated where the entire society will be really neat -- released. said china will meet the cha

which they have in china? they have everything in china. peter first went to live in china with the peace corps which sent him teach english at a teachers' college in a small city in the southwest from 1996 to 1998 and that became the subject of his astonishing first book, "river town." in 1999 he, moved to beijing to become a freelancer and the following year he started writing, thank god, for "the new yorker." he wrote a trilogy of books about the country and the other two are "oracle bones" and "country driving." he also published a collection of pieces from china called "strange stones: dispatches from east and west." he now lives with his wife and 5-year-old twins in an equally gentle and calming and underpopulated place, cairo. jianying zha has lived in china and the united states over the years and writes, i don't know how she does this, unbelievably fluently and elegantly in both languages, not that i would know about chinese but i'm absolutely sure that's the case. pop: oks include "china how soap operas and best sellers are changi

and so it will benefit china as china moves on.nd on the corruption side which you just mentioned earlier on, i never seen determination as i see right now in fighting corruption. and many times -- >> rose: there are high level officials being put on trial and put in jail. >> that's right. >> rose: came from a huge power base especially in the national security field. >> the depth and width of which is enormous. and i think china, the leadership is termed to -- determined to clear out the country to a rule base law base. >> rose: rule of law base. >> rule of law base country. >> rose: does xi jinping have support of the standing committee and the people who are in charge of china and the policies he enacted in which in many cases more authoritarian. i mean, he has judgment from outsiders and more power into the presidency. >> i think you need to look at it this way. the western press often speculate on this power with his accumulation power. the fact is that, you know, he has leadership style which is very persuasive, very reasonab

's republic in china in 1949. security analysts, debate whether china trajectory will lead to a great war. experts disagree on conflict we cannot avoid the impact. afterall china sneak attack on u.s. forces stationed at pearl harbor 74 years ago many thought the idea of war between japan and the united states unimaginable. this is why peter's book and accompanied documentary series are so important. they distill down and raise issue to have analysts understood and to inform a broader audience. they have fashioned a career out of the enterprises each is built around a book and he has published ten could inning several related to china. a professor and dwish economist at the school of business at university of california irvine feater is here to tell us more about crouching tiger what china's militarism means for the world. peter. >> thank you patrick great pleasure to be meerp great honor. i really appreciate the new center for americans sponsoring this and patrick a special thanks to you. when i was doing filming

charlie: when you look at china and its relationship, what is china doing in the south china sea?he certainly cause a lot of concern among their neighbors. think the history of the south china sea, you have to go back to president roosevelt's activities. he called for a cairo meeting just before the end of the second world war and outlined what the defeated nations should do on a territory and the point was made that all the territories taken away from the nations that japan or germany had occupied should be given back. declaration, these areas were clearly defined as the territory of china. clearly defined. so from the chinese point of view, it is not only a long history about china -- charlie: from the american point of view and your neighbors they see it very differently. tung: they see it somewhat differently. and what china has done is despite strong feelings of historic rights, china has that been assertive, they have not been aggressive because often these islets, or whatever you call them, over 30 of them are with the vietnamese. chinese only have eight and the others are

for people to blame all of this on china, china is a victim more than a cause.he real cause is the american central-bank -- the american government and central banks running up debt. china is a victim like everyone else. i understand your point of view is china is a victim. , theu move the on that world could go back into recession. do you agree? do you worry that a debt bubble busting in china? jim: there is no question that there is debt in china. in 2008, when we had a problem, china could help bail us out. america spent a lot of money but we didn't have any saved the. -- any saved up. china does have that now. now.es have debt it's nothing like america or britain. you are going to have bankruptcies in china. i hope the government lets it go bankrupt. that is going to scare a lot of people and be disruptive. that, are worried about dish if you're worried about that, look at the united states. china has staggering reserves. francine: jim, you're not too worried. does it mean the market should be a lot more confident about how china handles itself? listen, i ma

it is day one of the greater china conference, the ubs greater china conference.ore in the next hour with the ubs ceo. turning now to the first word on the stories making headlines around the world. showing the tv is celebration of last week's nuclear test with senior military officials. kim called the test a self-defensive step and it was a legitimate right of a sovereign state. united states has called on china to support actions against the north. said theynot -- they were not informed of the weapons test for -- beforehand. a strong response from the u.s., flying a b-52 armor over the peninsula. 's decision toul resume broadcasts in the d military size -- demilitarized zone. the two countries are being pushed closer to war according to korean officials. mexico is moving towards extradition of el chapo to the united states. chapo humiliated the authorities last july by escaping from prison for the second time. house has criticized sean penn for his october interview with el chapo at a secret jungle location. it was for a rolling stone article. some say sean penn

we're not that end and on china for trade. -- dependent on china for trade. the china's import and to european economy. exports from germany are very important. currency relationships are a concern people have as well. mohammed said in his last comment, china is slowing but not collapsing. i want to underscore that. china is not collapsing. it is still growing at a decent rate and at a rate that is the envy of the rest of the world. gross talks about further currency devaluation or appreciation in china. formula,o the old which is manufacturing. confidence about the american investment experience. despite the perception of impending doom, we continue to fundamental and historical backdrop favored the intermediate term upside potential -- the key to me is the fixed environment. we did not crack it today. we didn't go to 199. bob: couldn't agree with you more. the fixed income market is saying this is not a disaster. this is not an implosion. treasuries is the first place he would see that happen, and you are correct, that is not the case. the u.s. consumer job

china has now i think by 2015 china will have one every for chinese will be a retiree and so if china were to call to the governments own country it would be the world's third-largest country. with the china as the three largest populist countries and that really hasn't anything to do with the policy that basically with the big population growth or the cohort before the policy that basically just living longer. but the problem the policy has is that it reduces the working population that you need to support this army and that is the big issue. unless there is a war or something committees people will definitely grow older and that is happening so some of the other problems like the gender imbalance and whether this results in a warlike china some of the speculations we don't know for sure. we definitely know that despite displayed group of elderly people age and that will raise a hold of issues for china. >> host: said today we are seeing it began to slow after three decades of rapid growth. as any of that related to the one child policy? >> guest: it is because one of the problems th

has china actually created a moment of opportunity for the u.s., china and south korea to work together to impose costs on north korea and to reverse north korea's efforts to become a nuclear weapons state? >> and costs often take the form of sanctions and we look at iran whether you look at the nuclear deal or not the sanctions were effective in getting iran to the table, particularly the banking sanctions, taking iran off the swift system. we don't have the same tools when it comes to north korea because it's substantially more isolatethan iran and other places that the u.s. has helped sanctions against. >> that's correct. a lot of people in congress have wanted to put secondary sanctions against north korea. i think there are several bills in capitol hill right now that are gaining momentum as a result of this test. but north korea is such a hard target in the international community. it is not like they're big international traders, the things they have been trying to procure are items that they can use for their nuclear and missile programs which are already under sanction by the u

and we are talking china.ith the new five year plan being presented in 2016, how can the world's second-largest economy shift gears without stalling its growth engine? and what does the market volitility tell us about the perception of china, and the task facing chinese regulators? well, we have, i am pleased to say, an a-star panel. thank you so much for coming on. jiang jianqing, chairman of the board of the industrial & commercial bank of china. christine lagarde, the managing director at the imf. fang xinghai, vice chairman of china's securities regulatory commission and director general at the intercontinental economic department. gary cohn, president at goldman sachs. zhang xin, chief executive officer and co-founder at soho china. and ray dalio, chairman and chief executive officer at -- chief investment officer at bridgewater associates. thank you so much for joining us. ray dalio, is there something that the west misunderstands about chinese markets? and does that exacerbate the volatility we have see

that leads me to the third point, when we talk about china, knowing that china -- china is very involved, it may have its own agenda about what it wants to do, but the question is besides pressure on china, we have heard a lot and i am not saying that is not important, but what are the ways of harnessing with china? what are the opportunities at this moment? thank you. mr. chairman: thank you. if there are no other opening totements, then i will move the panel. first of all, introducing three vexperts. first is dr. cha. it is good to see you again. gner.r. bruce klin a seniorbonnie glaser, advisor for asia at the center for international studies. we are thrilled to have all of you today and thank you for making time available. first of all, dr. cha. mr. cha: thank you mr. chairman. representative sherman and members of the committee, it is an honor to to you --speak to you today. urgency and i think there is a great deal of urgency. there are elements of deterrence and crisis and instability. i do not think the north korean fully comprehend. it can also be the case that this young north

much of the concern is on china.t's important to note that this was the first day of the china circuit breaker, the system wide circuit breaker. the csi 300, a big index in china is the main benchmark there. when the market drops, the csi drops 5% or more, there's a 15-minute halt if it drops 7%, you are halted for the day. as for the decline, nobody thinks the psi numbers were the main cause. most people think it was the proposed lifting of the insider selling allowed on previously halted stocks. they'll do that on friday. that's the proposal. others feel it was circuit breakers and themselves the problem. halting at 5% and 7% is a narrow band for a market as volatile as china. most people feel they will make changes in that, they have not announced anything. shanghai down, and the shenzhen down. the shenzhen affected by this trading change on friday. just for the purposes in the u.s., the u.s. revised its circuit breakers back in 2012. we have halts at 7% and 13% in the s&p 500, those are 15-minute halts, like chin

there's a new china. i think we're going through a cyclical -- you can't help but go over that cyclical adjustment. that will last maybe two or three years. it comes at a bad time for the rest of the world. when you look at its impact on commodity prices, not only commodity prices, the other economies of brazil and so on, and you look at the vulnerability of the rest of the world, that is a bad combination. but we will get past this in terms of china. a bad year in china is a great year in almost any other country. guy: metta month -- francine: madame lagarde, do you question their commitment to structural reform? mr. fang: we -- we went through intense discussions with chinese authorities. we were going to review the special drawing right baskets of currencies which define the value of the special drawing rights, which is that sort of elusive currency of the imf which central banks around the world use. if u.s. to me whether chinese authorities would complete the reforms they have to undertake to satisfy

look at china.inally scrapped those wretched circuit breakers that caused market to shut down on monday and yesterday. there are reports that state-run investment funds drove markets higher. they started investing in the market. so much for a communist government. shanghai, it was crazy day but ended up almost 2%. let's move on to europe. modest gains across the board.

by china. and, yes, dialogue is the way to do this. and we hope for a better result. i actually, as i said, i'm not somebody who is fatalistic about things. at the same time, we have to work for good results. i look forward to working with all of my colleagues in the region, including the chinese, to get an outcome that's a win-win-win-win for everybody. that's what we've always stood for. everybody rises. that's our philosophy. mr. eide: that was good. secretary general, when you either, as secretary general of nato, or your colleagues who are prime minister, defense minister, foreign minister heir -- minister, are discussing where to go, how do you properly judge between the issues, i'm referring here to deputy prime minister's point, there are certain challenges which are there every day, terrorism reminds us of its existence on a weekly basis. then there are these potential threats which are normally not occurring, which one may end up forgetting because they're not happening and only when

this evening the new yorker on china, look back at four decades of reporting on china is a very special night and also a convergence of two anniversaries. the new yorker is celebrating his 90th. one of the 1st to have access to china after the revolution, and of our five distinguished guest panelists, one who is not a guest i will talk about in a moment, they have collectively over 100 years of observation in writing on china and i think you will find this very enlightening and no doubt entertaining. centering on us china relations, the director and founding director. hello. yes. and i have learned recently the 1st contribution was in the70s when the new yorker produced five consecutive issues on china. solely devoted, quite a thing the 70s. and i have also learned orval was so delighted with his 1st paycheck that he went and bought tractor for his ranch in california and says this is following directives to head to the countryside. very good. sixtieth anniversary since the founding by john d rockefeller the 3rd. as part of that i've been up to the archives and quantico and became curio

that is what happened in china.s a major misunderstanding among several towards china that explain its cheapness. i think a lot of people don't understand that this is a service sector economy primarily now. it is being driven by companies like j.d..com and alibaba, not being driven by petro china or new 100 storyf a skyscraper. you can see that in all the numbers coming out of china. service sector is driving the economy, it is the biggest part of the economy. that transition has actually already happened. i think a lot of people don't realize it. haidi: when you think of the service economy, when you think about the new economy that jean peng is trying to push forward tothat xi jinping is trying push forward, it is alibaba, and those companies. it has yet to trickle through. mark: if you drive across the border to shenzhen, there are thousands of names. there is a disconnect the tween the rest of the world and china -- between the rest of the world and china, because the gates are closed. but there are investment

this for the rest of china. that was very tragic for these families have lost there only child so one of the first things that i did to do reverse a vasectomies or that sterilization process. >> if there is the term talk about what that means. >> parents who have lost there only child. it is a phenomenon that nobody knew what to college and then 76,000 but consistently tried to lobby their she because the argument they are the only child but china hasn't developed a social safety net. so that is making your economic sense but the issues as far as getting into a nursing home. . . down 201 child family situation, you don't really have the status unless your parent. use that parental status. >> one of the things that has always been interesting, when you talk to young people even though we know about the bases of operation and everything else, sometimes they will say, if it hadn't been for this policy i never would've gotten the college. what do you make of that? and also, it's perilous to try to describe chinese a

like every other country, china is going to do what is best for china.hey need to get the supporters going again. the easiest way to do that is to devalue the currency. you want to reform your economy but they are large and historic industries. they employ a lot of people. you're not going to reform it in a way to puts those people out of work. the service sector has to provide jobs to take up the slack. this takes time. and the rest of the global economy is not really firing on all cylinders. i devalue the currency right now and i'm a big oil importer, it will not hurt as much as when oil was $100. they can still keep importing ore, all the things they will need over the next 20 years as they grow their economy. rishaad: the move to the downside for the dramaticnot been that has it? andrew: people are concerned that there was going to be another big hike. they are aware of the international consequences. going forward they will have to be more transparent. maybe not overly transparent because that has got as many risks as has the other way. china histor

people are queuing up to talk to china. the goldman sachs president expects devaluation in six months. joining the increasingly crowded field in driverless cars. google and haslett -- tesla have more confidence. the china market is getting underway at the bottom of the outward. and malaysiaiwan are just getting underway. yvonne: looking pretty good so far in the asian markets after weise saw the best game in 3.5 years last week. boosted by mario draghi, ecb president talking a bit about march being a big time for expanding stimulus. more central-bank plays this week. up .101%., we are off some of the gains that we saw at the start of the session. rising as much as 1%. oil is a 100 come -- backup, it rebounding and extending the gains on friday after rising 9% or 11 are sent on thursday and friday. legal fight up a percent. fire, is falling 4.3%. airline stocks are falling today. we are seeing taiwan and singapore coming online right now and sings the mother gains -- and singapore. datad see japan trade coming out in the las

china is playing wargames.v says that a pla exercise imposed vehicles, spider jets, and long-range rockets. the exact time and location of the drills was not being clear, but china is saying they were launched after the vote in taiwan last saturday. a british judge has ruled that president clinton probably -- putin probably approved the 2006 murder of a russian spy in london. the spy became a critic of moscow, and the judge said forensic evidence indicates that hisrussian agents despite drink with radioactive planarian -- linoleum. he said it was politically driven and went further damage relations between britain and russia. act of congress, but children in washington are finally able to play in the snow on capitol hill, with a blizzard heading straight for the city. the capital's police force say they will not be enforcing a long-standing ban on sledding. it is a potentially paralyzing storm, the lawmakers are telling the cops do, and we are not making this up, chillout. global news 24 hours a day, hour by 24

it is not good for china.hen there is a spill-over affect into the regional trading partners that may trigger competitive devaluation. it may trigger wider ramifications for world trade. the one to watch in terms of impact is the yuan. that is the bigger issue. >> the thing is how does this all then -- this is the first time we have really seen an equity route in china really have a huge effect globally. we have seen it take place before, but does this mean that we are getting a chinese economy that is getting more and more ingrained in the global system, or are people worrying about their individual prisons as women? >> goldman sachs said last year was the first year china did impact on the global market. people saying what is happening in the first week of the year may be enough to keep china on hold longer than people anticipate. look at the underlying economy. the route we have had on the chinese market is six months old. under the bonnet. retail sales holding up. housing prices stabilizing. there are indi

the south focused on china sea and china and japan.ou have north korea there, perhaps the most dangerous. this area is essential in global growth picking up. we have a downturn in china. we have uncertainties in japan. politicalreally big and global economic story. the relations between the north and the south, could they get worse? jonathan: they could get worse. they are deeply embarrassed by this. north korea is meant to be the little brother. but china can't exert the kind of influence that it wants to over this small, pretty poor nation. tom: let's first look at the yen reaction, bring it out. this is the intraday. we moved down. that is a stronger yen, that is around 10:00 p.m. last night. jonathan fenby, i like a you mentioned the linkage between china and north korea. let's take the idea of tension it ist important city -- an important geographic moment. rivers the tension on the between china and north korea? jonathan: it's funny, it is a mixture of things. the chinese don't want north koreans to come over the border. on the o

china will set the tone.se the market's been onto any jobs number, the better afterwards. >> china certainly. if we can follow up with a very good jobs number, then i think we can rally. then people will say the u.s. is on the right path in terms of job creation. the big number mike and i were talking at the break was wages. >> going to sleep tonight watching that china market? >> absolutely. >> thank you for joining me. that's it for us on "closing bell" we hands things off to "fast money." >> thank you. fast money starts right now live from the nasdaq market site overlooking new york city's times square. i'm melissa lee. the man who correctly called the dollar rally over a year ago and august swoon says the recession is here and things could get worse. >>> plus another day, another low for apple. almost 30% off its may highs. could this be your best chance to buy it? or has apple become a no touch stock? oil hitting a 12-year low today. one of the institutional investors top energy analyst says crude could

it was rushed through to conform to china's plans. a meeting to ask about local residents' opinions was held just two days before the ceremony. about 200 people attended. the seats were full, and officials from the development company stressed that the impact on residents would be small. >> translator: the construction work will not affect people's lives. it will be carried out safely. >> reporter: about 240 hectors of farmland along the planned route remains in dispute. many people expressed concern. >> translator: problems are certain to arise over the expropriation of land. it won't be easy to find alternative plots for farming. >> translator: residents should be given more opportunities to voice their opinions. >> reporter: the question now is whether the developers will be able to acquire the necessary ground and financing. china's high-speed railway project in indonesia faces many challenges. the project may have gotten under way, but not everyone appears to be on board. yusuke ota, nhk world, jakarta. >>> people in vietnam are

the real power is china. china controls north korea.now, they say they don't have that much power or that much control, i think they say that to taunt us because they like seeing what's china has great control over north korea. north korea wouldn't exist if it weren't for china. ave to use china and, you know, ideally they do it without any threat. they should do it for their own well being, if we have to use the threat we have as we have economic threat. >> all right. well, you talk about economic threat, the news today out of china and, you know, with what their economic situation is practically, you know, caused upheaval in every world market. china is not doing particularly well today and unfortunately it's effecting us. >> well, you know how poorly they are doing? they are going to be up about 6.5% this year. and that's more than we have gone up in decades. i mean, you look at 6.5%. so if we go 2% we're happy. they're going to be 6.5%. so china has got difficulties and i agree with that because they are sitting on a little bit of a

dollar it's going to make china more expensive as well. that spreads to china's corporates.ault it's going to be a domino effect. the reality is that china-u.s. have a dependent economy. they could come out with policies that benefit both countries, hopefully. >> lauren: tracy, thank you so much. tracy yu in studio, nicole. >> nicole: a lot of the candidates took aim at front runner hillary clinton, including jeb bush. >> she's under investigation with the fbi right now. if she gets elected her first hundred days, she might be going back and forth between the white house and the courthouse. >> nicole: we are keeping a close eye on markets. s&p 500 down 34, nasdaq down 84. you're watching fbn:am, first look at morning markets and breaking news. stay with us. ♪ ♪ >> if you become the nominee, who the hell knows if you can even serve in office. >> on the issue of citizenship, donald, i'm not going to use your mother's birth against you. >> someone who lies to the families of those four victims in benghazi can never be president of the united states. [cheers and applause] >> nic

china was such that the beast. when it reduces its currency like that, it makes me nervous about other emerging markets. this is currency intervention and manipulation of the market at its best. talk to us about the contagion impact. i've got a chart of the dollar, the asia-dollar index. we are breaking trends within the basket. you've got see ny, 40%, hong kong dollar, korean won, indonesian rupee. how much more momentum is there in terms of contagion within the region? let's talk about the interbank rate. i think what we're looking at here, i spent a weekend looking at the pboc's balance sheet. they have the ability to do domestic qualitative easing, to offset the domestic effect of this, which is the result of their attempts to balance the external account and keep the currency stable. trying to hold the domestic currency stable is having an impact. to hold the balance sheets stable is my initial conclusion of how to deal with that. i think you have absolutely thetion marks over sustainable growth rate of this r