the city wants to be counted among the likes of macao and singapore as marga or teague a reports. >> reporter: it sounds out like a golden oasis in the chaos of manila. the city of dreams. it's the third and latest billion dollars gambling resort to open in the philippine capital. 6.2 hectors of luxury. in manila's new purpose-built gambling strip called entertainment city. >> the vision was always to find the greatest locations in asia to build integrated resorts it's no ones their philippines is one of the fastest growing economies in anywhere in the world in the last few years, we want to build things that we are proud of. >> reporter: the government has been inviting investors hoping to fashion itself the next gaming capital of the asia pacific region. that's despite other gaming destinations like macao and singapore taking a hit in earnings correctly. officials here want to attract the regions growing middle classes and high flyers. >> this is our hopefully meaningful contribution to the efforts of the philippines to elevate the tourism industry as one of the main engines of eco

maria: i remember when china started a flight from beijing to macao.a game changer for macao. what is your thought of the global markets? we're expecting a-- >> the macao is a gambling thing. maria: and cuba? >> not now, but that's a major issue. maria: what's your sense of the global market today and sort of investing, i think-- at this moment in time, are we going to see a big selloff today as a result of what's going on in greece? >> look, i think the u.s. is the best market in the world now to investment and a flight of funds coming over here, no question about that. maria: even if you're seeing a changed regulatory environment, you talked about dodd-frank earlier. what's most onerous, they're dictating balance sheets. ge selling ge capital and some others pushing back on too big to fail. what's most onerous from your standpoint? >> the regulatory environment keeps you doing things you'd like to do and everything you do you have to clear with different regulators, they're all over you all the time. so it's a very hostile environment to run a busine

they can go to macao and gamble -- >> it sort of feels like the late '80s in japan. >> it is 1989 in japan. that's what we're saying today about china's dominance and in some ways -- in japan's case mercantile system in china's case, state-controlled system. when you take apart the chinese economy it is not that strong there is a lot of overcapacity. one read complained that i conflated our debt levels with total debt levels in china. but their debt is different than ours. if you look at state-owned enterprises, their corporate debt is government debt. municipal debt is what the government is buying there as part of their qe. debt levels are actually scarier in china than here in the united states. >> an important point for our viewers, understanding the differences between the indexes. shenzhen is sort of compared to the nasdaq. then you have the shanghai then the hang seng in hong kong which is sort of their dow. in china we have to look at what index and why. correct? >> yeah. shanghai was about to be included in the msci world index, then there was a deferral on that because thei

they're not gambling in macao but they are gambling in shanghai and shenzhen stock markets and becausea lot of foreign money in and internal money going out. >> nonetheless, you say it isn't indicative of what's happening in the chinese economy but a crash in the stock market would have an impact on the chinese economy. this is the world's second-largest economy. what worries me is that even further easing even further action by the central bank is not helping the stock market at this point anymore. >> mandy, i come at it from a very different point of view than zach does. i see this market action basically as the technicals now reflecting the underlying fundamentals in china economically which are horrible. you have a heavily export-dependent economy in china now seeing both its biggest customers, europe and the u.s. having significant issues. >> what are the issues peter? >> hang on zac. let me finish. i didn't interrupt you. >> they ran growth rates of 10% and now they've plummeted down to like 7%. they're probably on their way to 6% or 5%. the basic problem with klein is that it's