S p losing about 20 points back to 1981. First up today volters heading to the polls in mitch, mississippi, hawaii and idaho today. John harang gewood is in washin tonight. We have four states voting today. We have michigan which is the big one. Mississippi in the south. Idaho and hawaii. That will come in very late and we have both front runners in this case hoping to preserve their momentum. The other alternatives trying to do something to interrupt it. If they dont donald trump and Hillary Clinton will be the nominees. First of all lets look at our survey monkey poll nationally. Hillary clinton expanded her lead into double digits. She is favored by a large margin in the state of michigan and mississippi. She is doing extremely well in Southern States with African American voters. On the republican side you have donald trump in double digits over ted cruz, marco rubio and john kasich and these numbers, 39 and 20 reflect what were seeing in the state of michigan. Now john kasich is hoping to come up late and both of the other candidates are hoping that trumps margin comes down to the point that they can build momentum heading into next week on march 15th when we shift a winner take all contest. Ohio where john kasich wants to compete and florida where marco rubio vows to compete. Well have to see if anybody get ace bump in the road tonight. Early signs are theyre not likely to get one. Well see what the results are. Interesting night ahead of us. Thanks for that. It does bring us to the intersection of politics and technology. Some of the biggest names in tech are getting involved in the 2016 election. According to the huffington post, tim cook, elon musk, sean parker all attended a forum trying to figure out how to stop donald trump. Also mitch mcconnell. House Speaker Paul Ryan and the list goes on. Bill crystal who lead this charge over at the National Review but this is speaking to where tech is right now . I got to actually pour cold water on part of this. Trying to do some leg work on this this morning. Talked to someone familiar with this meeting. Its tricky because the American Enterprise institute plemeeting supposed to be off the record. But im hearing that tim cook was not part of any specific conversation about donald trump at this meeting. Theres a lot swirling around because of this report but tim cook im hearing is not part of any discussion about donald trump. Thats important because of course donald trump had said some things specifically about apple and the iphone encryption case. Of course this is politically sensitive. Trump had called for a ban on apples products but im hearing that tim cook was not part of the discussion. The Washington Post puts a story on the front page about tim cooks activism going back to his hometown and trying to find the roots of it. It does raise a question, trump is a front runner so far and people are now looking at well what would happen if he really were president and if you look at the tech sector, trumps policies both stated and implied around tech are still fuzzy. Were not sure where he stands other than he doesnt like that apple or any other Company Making it outside of u. S. Boarders. If you dont make it in america you cant sell it in america or were going to tax you that much more. Fine but American Workers get paid more. Its going to cost more then or if theyre made overseas youre going to tax them more. I dont know if that makes economic sense necessarily. Trump has taken steps in recent weeks to modify his immigration views to something that would be more palatable to the valley. Has that not had any effect . I think a lot of people in the valley, all of these names that were talking about are very skeptical of a Trump Presidency in terms of what it would mean and it allows sort of more Skilled Labor to come into the u. S. And a lot of Tech Companies use it. It can and has been abused but i dont think that its a catch all that everyone using it is somehow abusing it. People are still unclear what it would mean. Its as much a big question mark with Tech Companies. What he would do and how he could make it more difficult for them to do their business. Trump is speaking to a big part of the country. I think you could draw big broad brush strokes. Theyre not in tech. Is that fair to say . And if anything, a lot of u. S. Trade policies tend to favor, right now, intellectual property, right . Getting those things and selling them to other countries and making it easier to sell manufactured goods to us. His policies, trump is talk more about the low skilled wage labor type jobs. He is speaking to that base. His trade ideas look more toward the industrial idea versus the information idea. Which is the whole path to states like wisconsin and well see about michigan tonight. Thats going to be a big tell if that audience is truly reseptember tif. But thats not the direction the country is headed in. We have been trying to transform from an industrialized base to information and high Skilled Labor base and i think that hasnt been fully figured out but thats something that our politicians need to really address and bring forward and i havent seen anything from trumps side speaking to that matter. Yeah. Also speaking of apple at least cofounder echoing apples arguments at last weeks congressional hearing. This is what he said on conan last night. Once you create it hackers will get into it and what if china says apple you have to give us a back door so we can get into any phone, even your government officials iphones and inspect them any time. Thats wrong. Security is an important thing. Millions of peoples accounts get exposed every day. So we have craig writing opeds and general counsel going to the hill and now veterans of the company on late night talk. He is a little bit of a loose cannon. Hes by no means part of apples messaging machine. He goes off the reservation but he makes of course an interesting point that many others have made that if you break encryption and it gets out there and china demands something similar for their citizens then you end up with the u. S. Government of course using plenty of encryption for government officials for their own purposes but rank and file citizens like you and me exposed and is that really the even actuality that we want to end up with. And i think the other thing it exposes is from the government side is that theyre trying to own this precedent, right . They have been able to access stuff in the past. They have asked apple and other companies we need access to this particular phone. Why theyre trying to make such a public display out of this one is still a mystery. Theyre losing the Public Relations battle on that front. What woz has been talking about and a lot of people in the valley is its not just unlocking one phone. Its not just one criminals phone. You make us do this it compromises the entire system. Thats sort of the benefit and hurdle of technology. Once you do it one way it effects everything at once. Which is why i thought it was curious that he criticized the specific case. Said they picked a lame case and he believes theres little to no information on this phone. Thats not the point. I think they picked a great case. Everybody knows this guy was a terrorist. Everybody knows that he killed people. So in that sense the initial outrage about apple not doing everything it could played into the governments hands. Im not sure that theyre losing the pr battle. Apple is doing a good job trying to get ahead of this one. The question is how skilled are they going to be in attacking and lobbying in essence congress to make the kind of law on encryption thats going to benefit apple and the rest of the Tech IndustryGoing Forward. What happen with the Supreme Court if this ends up there . And as we talked about on the show before is that apple traditionally hasnt been great in d. C. They havent had like a big presence in dc. Either a lobbying presence or working with legislators. This is one of the things where the law hasnt kept up with the tech and its as much on Silicon Valley to sort of figure it out with government as it is for government to come up with good solutions. Do you know what we havent talked about in awhile . Unit sales. Margins. This has totally blanketed any discussions. Were in a cycle where its not news every day but isnt that striking though . We dont talk about their business so much as we do their legal proceedings. Were in one of the periods where we know the iphone is going to be flat to negative. Most likely negative and were looking forward to the iphone 7. I bet you were talking about that a lot more come summertime. Now is not the time for the numbers. My mistake. We better wait for the 7 to come out before we get to that point. Thanks for coming. Of course. We do want to check on the markets. Right now trading down the dow is down about. 6 . The s p down slightly more around 16 points to 1985 and we have the nasdaq down about the same amount. Slightly less. About 33 or 34 points. Meanwhile shares of shake shack falling after same store Sales Guidance came in below estimates. However earns and revenue did top expectations. When we come back, more growth fears over the second largest economy in the world. One of the top china experts in the business on what you need to know plus a major slow down in vc investment could mean big trouble for a lot of Companies Looking to go public. Well tell you who stands to benefit and dangers to the World Economy continue to rise at least according to the deputy managing director. Hes with us to explain in a cnbc exclusive in a molt. Out on the town or in for the night, at t helps keep everyone connected. Right now at at t, buy one get one free on our most popular smartphones. No matter how you hang out, share every minute of it. Buy one get one free on our most popular smartphones. And right now, get up to 650 in credits per line to help you switch to at t. I have an orcogram we for an owen. E. Thats me. You should hire stacy drew. She wants to change the world with you. She can program jet engines to talk and such. Her biggest weakness is she cares too much. Thank you. My friend really wants a job at ge. Mine too. Im a wise elf from a far off shire. And sanjay patel is who you should hire. Thank you. Seriously though, stacy went to a great school and shes really loyal. You should give her a shot. Sanjays a team player and uh. Just how long can we expect growth for the worlds second largest economy to continue. Joining us from london, the managing director and vice chairman of asia pacific at jp morgan chase. Thank you for joining us. Thank you for having me. So about the health of the chinese economy, it was interesting to me real estate was also down in the most recent trade and i believe we have had a prominent mayor warning about increased leverage, about reduced down payments. Is the overall economy even at the Consumer Market shaky . Is that reflected in some of what were seeing even in real estate. Theres the Property Market as an example. Theyre booming in beijing, shanghai, shenzen but in lower tier cities theres a lot of oversupply so theres a lot of leverage in the system. Gdp has been growing but debt has been rising at a faster pace. You also mentioned the trade picture. Today the export numbers were quite disappointing. However well have to remember there are some seasonal factors. The month of february was very short because of Chinese New Year. The market was shut for the entire week during Chinese New Year so if you smooth out the seasonal factors i think going into marchand april the data should look a little bit better given that chinas leadership Just Announced a lot of policies to boost the economy. Speaking of which, going into the weekend, a lot of people said maybe one day theyll get off of this obsession with the gdp target. Its more of a Political Tool than an economic tool is going to arrange a sign that that will take on less of this overdose of importance . Well, you know, theres less obsession now with the actual growth rate. I think theres more emphasis now placed on the quality of growth. So theyre going to arrange, as you said, from 6. 5 to 7 during the five year plan which begins this year. So i think that Going Forward there will be a lot more emphasis on where the growth is coming from. Is it from the Service Industry . Is it from private consumption . I think people need to differentiate between the various sectors in the chinese economy rather than just focussing on the one number. The headline gdp figure. What do you expect the impact of all the turbulence to be on the Entrepreneurial Mind set in the cities in china. We have seen companies that are growing quickly. We have seen the rise, especially in tech of this entrepreneurialism in software and in entertainment and gaming. Is that taking a hit at all as we hear that it might be in Silicon Valley with this turbulence . Well, actually, entrepreneurship in china is alive and well. Lots of companies being created every day. Especially in sectors such aztec nolg, the internet, entertainment because theres a huge market for it. And during the mpc which is on going now in china the premiere announced a lot of tax cuts for small and medium sized enterprises. For the past many years we had liquidity for the large state owned companies but not a lot of credit for the small microcompanies so in the future hopefully the environment will be much more conducive for entrepreneurs to serve communities, to serve citizens in china that are really experiencing rising wealth. Theyre demanding a lot more. They want more technology. They want more consumer products. They want more games to play on their hand held devices. They want more travel so those are the bright areas. Basically the Service Economy and entrepreneurs that serve the middle class. Finally, you do say that their stance on physical policy is proactive. Youre looking for more reserve requirement cuts throughout the year. How worried are you about the lay offs in the steel and mining industries. The numbers are staggering for someone in the states. What does it mean for a country the size of china. Youre right. In terms of the physical policy they have increased the physical deficit from 2. 3 last year to 3 this year. Some of that money actually will be going toward social welfare provision. Helping laid off people find new jobs. But if you think about the size of the redundancies, in fact, its not very large. Theyre talking about 500,000 lay offs. But remember back in 1999 when he was in charge he laid off 30 Million People from the state owned enterprises so this time around i think the leadership is going to carrie out reforms at a much more steady and slow pace because they dont want social instability. They dont want too many people on the streets all at the same time. There will be a lot of job retraining. There will be a lot of social welfare provision so i think that number one priority as we all must know is social stability in china. All right. Wow, thats putting it into context. 30 million. Thank you so much for joining us from jp morgan. Thank you. Up next, a cnbc exclusive on the health of the global economy. The deputy managing director of the imf is going to join steve live when we come back. You dont want to miss it. Thank you very much. Thanks for joining us this morning. How are you . You had very strong words in your speech and a strong warning about the global economy. I want to know how far you go here. Are you warning that theres a potential global recession that were on the doorstep of . I dont think so. We still see growth recovery happening around the world but with a weak baseline and i think and the reason i am calling for action is that with the risks near at hand it seems like a good time to try to strengthen prospects for growth and diminish the vulnerabilities to risk right now. We had it from january and showed a down fwrad from october. Are you suggesting the next time that the imf guy come backs to this in a month or so that there will be another downgrade of the global economy. But right now were sticking to our baseline. Is in your comments also that the imf was not satisfied with the g20 that global Central Banks and authorities are not working together enough to combat the risks. This was a meeting in shanghai. Quite a successful meeting that everyone recognized and i think agreed with our assessment about where things stand. Europe and japan go further into negative territory do. L the Central Banks, the major Central Banks need to be coordinating policy. The Bigger Picture for me is a three pronged approach. You do need Monetary Policy to hold up Inflation Expectations and keep the economy on an evil keel but to avoid that Monetary Policy being zero sum, simply diverting demand away from others and not contributing to Global Growth and that can happen through making physical policy more growth friendly and emphasizing the kind of spending that would contribute to growth or where theres physical space actually making the posture stronger and countries around the world are seeing declining prospects and its important to see Structural Reforms that will be helping in the medium run but to taylor those so theyre not adverse to the short run as well. A lot of u. S. President ial candidates have been out there emphasizing the down side of free trade. The lost jobs, the lost wealth