as eunice yoon reports from beijing, it's a big shift for that country's economy. >> reporter: china is creating its own version of the fdic. government has been talking about it for years and we finally have an actual launch date. may 1st. that's sending a signal to the markets that the government here is willing to make good on some of its pledges to reform the financial sector. under the new scheme, chinese deposits will be guaranteed up to 500,000 or 81,000 u.s. dollars. the move makes formal and official to what extent the chinese government is willing to protect chinese savers. the move is seen as a way for the government to be able to close down troubled financial institutions without creating public panic, especially if the economy continues to slow down and put pressure on the banks. the program is also seen as an important step towards even deeper financial reform. paving the way for the long awaited end of state controlled interest rates. for "nightly business report," i'm eunice yoon in beijing. >> while china is working to reform its banking sector the way americans bank

let's go out to eunice that joins us live from beijing with all the latest eunice. >> thanks a lot wilfred number met expectations and then it is the worst growth we have seen since the depths of the global financial crisis. the main focus was on the march data because everybody here was expecting a pick up. instead we had a tapering. that's suggesting that the economy is continuing to decelerate and is headed for slower growth. now the data suggested to many economists that the policy makers are going to have to do something about this slow down. a lot of people have been talking about how the policy makers are going to cut interest rates or have combinations of interest rate cuts and requiring banks to reserve less cash on hand in order to prop up growth but overall it looks as though policy makers are still not panicked yet and i say that because the premiere came on state radio ahead of the numbers released and was preparing the public saying there was downward pressure on the economy but the people would have to prepare for further economic difficulties and led many people here to bel

joining us to discuss, eunice yoon yoon. what a day to be here.the same way the impact of the moves are sending the market here to 200 points. is that logical? >> it was a big move. a loot of people were talking about what we know and what is clear is that the policymakers are much more nervous than they were six months ago, just because of the economic data that's been coming out and the fact that in january and february, we thought there was going to be bad data and in march we thought there would be momentum and uptick. after that a continuous momentum rolling in the right direction. we saw a bit of a tapering and that's one of the reasons -- >> former treasury secretary hank paulson came out last week i think he was promoting a book -- >> he is. >> he talked about -- he came out and said basically, listen you can play monetary games here. the chinese government can play monetary games but at the end of the day there has to be structural reform in china. >> yes. >> do you think they believe they can get away with fiddling around with monetary p

thanks eunice. >> 13 minutes to go before the closing bell.e going to hit new highs on the s&p 500? we're sitting right on that number. we're up about 1.7% on the week for the s&p 500. there we are at 2,118. that would be record-closing territory. >> lots more ahead, the s&p and the nasdaq aiming to close at those records, plus the summer movie season kicking off better than ever. >>> and maria shriver, has data about the american dream that may surprise you. don't go anywhere. when the moment's spontaneous, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid l

for "nighlty business report," i'm eunice un in beijing. >>> and today the president said he plans to drop cuba from the list of state sponsors of terrorism. that marks another step in his efforts to improve economic relations with the island nation. >>> a s ahead, are u.s. companies issuing too many u.s. dividends at the head of growth. the head of a top u.s. asset manager thinks so. >>> walmart prevails in a shareholder case we told you about last week. a court in philadelphia overturned a district court ruling that would he required the world largest retailer that include a shareholder proxy that the fcc had declined to include. it called for the company's board to set policy on selling assault-style weapons. >> the fcc refused to include it on the grounds that if approved it could interfere with the walmart day-to-day operations. >>> results from csx, the railroad reports an increase of $0.45 a share, a penny better than estimates. and revenues were higher than a year ago. they said freight volumes grew and were able to charge higher rates and that pushed shares higher. and the co

eunice yoo. >> reporter: these chinese phones claim many firsts. first to use a special usb port for charging to support wireless hdmi. to compete directly with the iphone 6 on apple's home turf. the lu 1, lu 1 max of letv. you probably haven't heard of it but in china, letv is a probably streaming site for videos and live tv. sort of like a netflix but with its own movie studio smart tvs and now branded phones to rival the iphone 6. letv phones are high end. they're competitive with apples but much cheaper. the lu 1 costs $246 and the lu 1 pro sets you back $110. the company said not to worry about the low margins on the phones but to make money off of memberships to its massive library of tv shows and movies. letv offers everything from chinese seriess like "house of cards" and sports events like the ncaa driving viewership of more than 500 million. letv plans to sell its phones in china in may. and it hopes to market the lo 1 pro in the u.s. and have it here by the end of the year but some critics say the company is in over its head because unli

we're shand by eunice in beijing. how worry should we be about this bleep we're seeing in the data?> i think there are a lot of people who are worried about this data because normally this time of year we do see a surge in factory activity because the lunar holiday is over. there are plenty of distortions in the first two months of the year but things start to settle down a bit. that's one of the reasons why. a lot of analysts believe we're going to see a pick up about 10% or so for this month. that was one of the reasons why investors were taken by surprise and in combination the export figures not looking very good. also the import figures fell as well and that was suggesting to many here that the demand for chinese goods really isn't holding up in the way that they thought. it's not only here at home but also overseas so there have been plenty of questions today as to what the growth is really going to look like and we have the first quarter numbers coming out on wednesday and most people had expected to see a growth you know holden at about 7% or so. now there's a lot of discuss

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our eunice uhn got an interview. >> the dow's slump has been a major slump for casino players who haveambling is legal. but the government has put in place an anticorruption and austerity drive which has affected the businesses there. in addition to the problems that steve wynn sees in macao, he also sees weakness in vegas heading into an election year. >> i don't look for healthy growth in '15 in las vegas. perhaps in '16. maybe when we have a change in administration. if we do get one. we'll get a more business-friendly, job-friendly government in washington that will allow us to have a more robust recovery. >> he also addressed to me the very public dispute between his company's borpd and his ex-wife. his ex-wife has been critical of the board for what she believes is a lack of diversity. he said that that notion is preposterous and said that now that she's out he believes that the company is going to go forward without the drama. >> i don't remember what her criticisms were but most of them were sort of self-serving and weren't very accurate as i recall. but i kept my peace during

with me now, cnbc's eunice yuan.re starting to arrive but already we're starting to see some knockoffs. >> like this one. the iwatch it's been out for two months. you know how josh was talking about how notifications an issue, i don't think you'll have a problem with this watch. it looks a lot like the apple watch, but -- >> does it work? >> it does but it doesn't have a touch screen -- it has very basic functions, like -- >> like the time. >> it's 2:15. but it does have a pedometer, as well. so it can, in some ways monitor your health. but overall, functions are very, very basic what do you expect though $30. >> it's $30. >> between $30 to $50, depending on how good your negotiating skills are. >> this is pretty close. >> it is. >> i mean, you've seen the actual apple watch, correct? >> yeah. >> there's very little difference. aside from the functions. >> aside from the functionality. although it is getting better and better at least that's what we're being told. this one also syncs with android phones, not an iphon

joining us now is eunice visiting all the way from china. you actually brought one. >> this is it.it actually is better than the go pro, and it is half the price at only $64. you were running the video before. the video looks pretty similar when i talk to a lot of super geeky friends of mine they will say actually the video for the go pro is better. but actually when you think about it this is the first generation. so this is the first generation xiaomie and this is the hero for go pro. the e is only sold in china but it's really worth watching what they do globally because we've seen a lot of chinese iterations of kind of a go pro rifle come up and they're never very good because they don't know how to integrate the technology. xiaomi has been able to integrate the technology very well. the app works wonderfully with android phones and most of the phones out there are android. >> is it only a matter of time because xiaomi's ceo has talked about expanding, particularly in emerging markets places like brazil with the phone. it's a matter of months maybe a year before that thing goes

eunice joins us this morning to tell us more about it from beijing.ood morning eunice. >> good morning, guys. well china's gdp came in at 7% for the first quarter. this largely came in line with expectations but it is the slowest level of growth this country has seen since the depths of the global financial crisis. the focus was on the march data because instead of the pick up that everybody was expecting we saw a tapering and that suggests to many people here that the economy is decelerating and headed for even slower growth so the data was suggesting to many economists and raised many expectations among economists that the authorities are going to have to come in and take some action. some combination of interest rate cuts or cuts to the rrr. the level of cash that bank versus to have on hand. the authorities, though didn't seem to be pushing the panic button just yet in the run up to the release of the data the chinese premiere actually came on state radio and spoke to the public and said that there was downward pressure on the economy but this is

eunice thank you very much. that's an incredibly interesting story and obviously we'll hear much more out of it but thank you for sharing all of that with us today. >>> it's no secret biotech's been booming. the nasdaq biotech index more than tripled in the last five years and so has another area. real estate in cambridge mass. that's one of biotech's capital cities. meg terrell joins us now with more. i have stories about famous biotech people and i have been to their houses. alex rich over there discovered a certain type of dna. but anyway, go ahead, meg. >> that's why we're doing this story with you this morning. we're right here. as you said one of the callal city of biotech. you can't look to a corner here and not see construction that's all tied to this biotech boom and everybody wants to be next to mit this hot bed of technology and life sciences work. that's squeezing rents up and sending vacancy rates down to historic lows. they have doubled in the last ten years to $71 per square foot. rates have hit a

let's bring in ron insana editor after -- and normally in beijing, but today right here next to me eunice yu. you wrote a piece last week on cnbc.com about a potential chinese bubble and of course you came on our shore and talked all about it. does one move make a difference in your thinking? to me it smacks of desperation. >> i understand why china wants to ramp up lending, though lending to whom i think is an important question. they have overbuilt the infrastructure, i don't so joe where the money goes. they tried at the same time to tamp down speculation. shanghai has doubled in the past year. i would be nervous that when we tried qe or launched qeu. we were at the lows testify the market cycles. they're doing it at the highs, certainly to lift asset prices temporarily, but i think this would be a more risky place than six years ago. >> i think ron makes an excellent point, they're trying to get more lending happening that this at the same time a lot of overbuilding and some are saying this is the start of an aggressive easing cycle. do you think this is maybe too much? >> i think the

when things did not go orrin's way, he would call ted's's sister eunice.ealth insurance program, and ted passed, offering a tobacco tax and asking, are you for joe camel and the marlboro man for millions of children who lack adequate health care? that is the kind of friendship that is unique to the senate calling in mind to what john calhoun once said, i don't like can reclaim, he is a bad man, an imposter, a creator of wicked schemes, i would not speak to him, but by god, i love him. [laughter] so sure, orrin hatch once called ted one of the most major danger s to the country, but he also stood up and asked in ted's last months that we all pray for ted kennedy permitted the point is that we can fight on almost anything, but we can come together on some things, and those some things can mean everything to a whole lot of people. it was common ground that led ted and orrin to a compromise to give millions of children health care. it was common ground that led ted and chuck grassley to cover kids with disabilities. it led ted and others to fight for others wi

i wanted to respond to a couple of eunice's points. the last thing we need to worry about right now is rushing. because it is a very long process, i mean i think nina is exactly right. we've really been forced to drop services before the vision comes and david, i'm very brought up short how many times this has been said but it will be a fairly major investment and it will take a long time and nina -- one of nina's points i agree with all of them really critical one it really does involve a lot of work to figure out who are these taxpayers, why they behave the way they behave. we have no impression that everyone will gain from technology. what we're trying to do is get ahead of the such low tech response that we're inefficiently using people like in "the wall street journal" -- "the washington post" article where trained advisers were giving out deli line tickets to people who are trying to get into a tax assistance center. so nina is exactly right. we do have to figure out a migration strategy and the idea is to bring -- to free up the

eunice what prompted this? >> well there are a lot of different reasons.he chinese government as you said is creating it's own version of the fdic and the government has been talking about this for many years but we finally have a launch date. may 1st. that's sending a signal to the markets that the government is willing to make good on some pledges to reform the financial sector. under the new scheme chinese deposits will be guaranteed up to 500,000, that's about 81,000 u.s. dollars. to what extent the chinese government is willing to protect chinese savers. people also see this as a way for the government to allow itself to close troubled financial institutions without creating public panic as the economy continues to slow down and put pressure on the banks and the program is seen as an important step to deepen financial reforms paving a way to a long awaited end to interest rates controlled not by the state but by the markets hopefully at some point soon guys. >> yes we'll talk about banks right now. the picture being painted for this earnings season is

we're going to talk to eunice in just a moment. oil prices a gain of 26 cents. looking at wti sitting at $26 a barrel. in the bond market the ten-year note is yielding 1.7%. well below 2%. 1.87% looks like a pretty good return. when you are looking at zero returns in other government bonds including in germany. >>> the dollar is up against the euro which is 1.07 again down against the yen. gold prices barely budged. 1,203.an ounce. >> >>> getting in gear futures are up right now, but the street still feeling the sting of friday's nearly 300 point slide. we should talk about what happened there. the drop erasing almost all of this year's gains. it's going to be a long week with the threat of a greek exit looming. what do we think actually happened? how much of it was a bloomberg terminal going, how much was china? >> china stock futures after they closed on friday with the news were down about 5 to 6% and then you throw in the decline in europe and still some concerns with earning overall, but even friday was noise. the trading range in the s&p 500 has been 20-20

scale to our peers in sacramento based on size regarding an update on the search we've held oust bob eunice and myself held 0ig9 dlups for each the 4 finalist all 4 firms had the same exact amount of time we've addressing holding a second round of final interviews here added our site between april 13th next week and april 22nd and we're conducting reference calls as many as consists of 5 per clients and 5 managers and 3 former clients so sums 13 references we're being complete in our examination of the general consultant search we hope to have a recommendation from the board if not in may that concludes my presentation. >> no questions? from victor in the audience is she here and she is not we plan to interview her when we have more one to interview 2 >> to introduce you to we'd like electro to have two or three but again, a wonderful person easy to work with kindhearted and tenacious with managers in terms of due diligence open up for public comment on item number 8. >> seeing i'll close public school thank you for the report please call item number 9. >> thank you commissioner makras makr