19/03/2014 Asia Business Report

is needed to fight fraud. Now on BBC News, all the latest

business news live from Singapore. With a property developer on the

verge of bankruptcy, what other risks facing China's financial?

Spend or save? We look at the cash habits of the youth in the

Asia`Pacific region. Thanks for watching Asia Business

Report, roared past interviewers around the world. Starting off with

China. `` broadcasting to viewers. There are jitters in the property

market. Growing concern about debt on the mainland, following the first

domestic bond default earlier this month. In addition, there are

worries that the property bubble in China is about to burst. Earlier, we

heard about the outlook in the mainland's property sector. We

definitely don't see hard landing in 2014. We have seen this before, back

in 2011, because of the credit environment. But it has started to

rebound. Given the current market, we think the property market will

remain relatively stable in the months to come. But we hear of ghost

cities in China, where there are vast areas of empty offices and

housing. Is the Chinese government going to contribute to problems

within the property market? In terms of urbanisation, you see that in

2000, at the beginning of this century, the urbanisation rate was

about 35%. Now we are about 53%. There is a huge increase in terms of

the urbanisation and urban population. But in the past, the

local governments have very much relied on the property market,

mainly through sales, to find this kind of urbanisation. `` land sales.

It has resolved issues like unaffordable residential prices in

some cities. But in some cities, there are increasing concerns about

oversupply. Meanwhile, the US federal reserve's

meeting is currently under way, with the new chair Janet Yellen. The

biggest test of her leadership will be how she manages the central

bank's shift from firefighting mode back to neutral. More from

Washington, DC. She is one of the most powerful

women in the world. This Wednesday, Janet Yellen host her first news

conference as Fed chairwoman. Her words can move the global financial

markets. In Wall Street, economists say this is a transitional moment

for the US central bank. Economy is gaining momentum and they are on the

way. That's why the process of exiting the previous policy has

begun. Managing a smooth exit from extraordinary and monetary policy,

nation will be one of the main challenges. What can we expect?

Tapering will continue. This means the Fed will still buy bonds, just

not as many. The question Wall Street is watching closely is what

will they say about forward guidance? It has had it won't raise

rates as long as unemployment is above 6.5%. Unemployment in America

has fallen faster than expected. But nobody believes the job market is

terribly healthy. This threshold is likely to be scrapped. The change

will be in how they knew was there forward guidance, their promise or

`` or pledge that rates will be kept low. I bigger time frame will change

from 2015 but we will see a change in how they talk about it. Janet

Yellen may have more control over the world's economy than any other

central banker but it will be the health of the US economy that will

determine when she declares victory and lets borrowing costs go on.

In other business is making headlines, the Japanese economy has

reported its smallest trade deficit in nine months, at $8 billion, US.

For February, exports gained nearly to% and imports grew by 90 cents.

But the struggling currency means higher fuel costs. `` exports gained

by nearly 10% and imports grew by nearly 9%. There are more

temptations to spend. Are there more spenders or savers amongst the youth

in the Asia`Pacific? We spoke to some of the younger generation. I

don't have trouble paying my bills because they keep checking my

expenses from my bank statements. I know how much I spend every month.

At this moment, I can't afford a long`term financial plan because

basically my monthly spends and my monthly income kind of balance. In

my age, expense is something you can't control. The terms of needs

and wants, at my age I have a lot of wants. I can't control my expenses

that easily. Earlier, I spoke with someone who recently studied

financial literacy amongst young people in the region and asked what

is driving money habits amongst young people these days. Most young

people when they start out at school don't have a lot of money. It's only

really when they start to get a job that they start to take longer term

things into account. Being more responsible with the money they

spend? Absolutely. Things take time. Had this seen a difference in money

mentality between the down here in Asia, head to the West? I don't

think there's too much of a difference. `` compare to the West?

Sometimes there can be Conservatives in some places, say northern Asia,

Japan in particular, because of the circumstances. But broadly speaking

I would say the concerns are very much the same. It's more a question

of the underlying economic environment, which is very positive

in Asia. And the internets makes it easier for people to shop online.

How does this get in the way of saving versus spending? I don't know

that it really gets in the way. It will use the internet for

information. They rely on their peers, especially on social

networks. So, they are really thinking about what they need to

spend and will only go after the small amounts, because they don't

have a lot of access to credit. They are thinking about the future as

well. What you want to be when you grow

up? Or are you too old for that question? Rennie said they wanted to

be a pop star. In Korea, it would be a kapok star. `` many said. We spoke

to someone who believes he has one of Asia's coolest jobs.

TRANSLATION: The first time I ever performed on the big stage was

through a TV audition show. I was one of the contestants and got

selected for the top ten. Before, I played in an amateur band

but not professionally. I never earned anything for singing.

Sometimes I have to pay to get on stage. For me, those days were like

shores again and again. I wasn't shores again and again. I wasn't

sure whether my singing would leave me. It was just about doing it, and

a music. Through this process, my dreams and passion became more

focused. You get more disciplined and become more organised. I think

that's how I grew. To get into K`pop, you have to

prepare and work for it. If you want to do dans music, you really have to

practise your downs moves to get noticed. `` dance moves. You have to

train for a long time, so you can grab the opportunity. It requires a

lot of time and effort. It's the kind of training before being able

to stand in front of the cameras. Those already in the business may

appear nonchalant at everyone has had their days of sweating blood.

After my debut, the hardest thing of my new job was the changing

lifestyle. Now, I have to wake up early in the morning, go to the

gym, stick to a preplanned diet. They even forced me to quit smoking

and even drinking. I think the coolest thing about becoming a K`pop

star is I can pursue whatever music I want. I feel as true sense of

exhilaration, `` the kind I never felt before. It isn't just the fans

crying out, but the music you feel in your body. On stage, it is cool

to be there. Able to sing at the top of your lungs.

With that, we end this edition of Asia Business Report. Goodbye for

now. The top stories: The search for the

missing Malaysian airline has been widened to an area the size of

Australia. Relatives of passengers onboard the plane had threatened to

go on hunger strike. They are protesting at the lack of support

and information. That Amir Putin has announced the formal annexation of

Crimea, provoking international condemnation.

`` Vladimir