25/12/2015 World Business Report


25/12/2015

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co-ordinated attacks and had been reduced to carrying out suicide

:00:00.3:59:59

bombings. Hello and welcome, glad you could

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join us for this special edition of World Business Report. In this

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programme we will look at stories from around Asia that are having an

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impact on business conditions worldwide. 2015 has been mostly

:00:28.:00:33.

about China, we look at the trickle effect of a slowdown in the world's

:00:34.:00:42.

second largest economy. And, could this be the year women take more of

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the world's top jobs? China dominated the headlines this year.

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At one point, Shanghai stocks tumbled by more than 30% in a few

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weeks. And the government intervened. Some estimate they

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eventually spent over $200 billion. A challenging year for the mainland

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economy, but what is our outlook for 2016? You are absolutely right, 2015

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was a very challenging year for China's economy. And the year I

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think that the Chinese economy really accepted the fact that slower

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growth is in store for the world's second largest economy. Let's just

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pull out some of the forecasts we are expecting for China's growth in

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2016, as you can see the numbers that are coming up now, pretty much

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everyone is saying that growth will be below 7%. Don't forget, 7% is the

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figure that China said it needed to grow at in order to keep jobs, wages

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and inflation stable. But they did expect in October that 6.5% is good

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enough of a growth target, and we are seeing some estimates coming a

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little bit below that at some coming in higher. Interest rate cuts,

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stabilisation initiatives, the Chinese government and the central

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bank did whatever they could to stabilise the economy. Yes, they

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did. And they were criticised, at least the state bank was criticised

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for trying to manipulate the market. We saw in the aftermath of the huge

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stock market crashes that you alluded to earlier in the programme.

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The Chinese government did try pretty much everything. Let's take a

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look at some of the watchword for the future. How will they try to

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push growth in the future? They are going to focus on innovation and

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entrepreneurship. And it is the same story we have heard, moving from

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investment based to consumption and services -based economy. Will lead

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the interest rate cuts? They did cut interest rates six times over the

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course of last year, but here is something our viewers might find

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interesting, there will be some cuts on duties of luxury items and select

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electronics to try to boost consumption and spending in China

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this year. Thank you for joining us.

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While there have been genuine worries about China's economy, it is

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still an enormous market, which businesses craved to catch. This

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year, China signed a free-trade agreement with Australia. Quality

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food and other natural products are in high demand from the mainland's

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growing middle class, and Australia wants to be first in line to supply

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them. Olive groves as far as the eye can

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see. This oil is produced primarily to make soap. And it is China bound.

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There is a change in demand, they are looking for green and

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sustainable resources. The olive oil skincare company is one of a growing

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number of Australian brands targeting Chinese consumers. These

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businesses are capitalising on a spate of food safety scares in China

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and a growing Chinese market that can afford to be choosy. Today, a

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Chinese delegation from an online store that sells Australian product

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to Chinese consumers, is visiting a facility to give a first-hand look

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of what they will be selling online. These young women know the Chinese

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market well. People nowadays are more concerned about health, not

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necessarily cheap product. We can afford higher-priced product, and

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Australian made product have high-quality and people have more

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trust in it. At the moment, the number of Australian brands Chinese

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shoppers are familiar with is relatively low, but savvy marketing

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and the recently signed free-trade agreement could change that. It is a

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matter of educating the consumer, because there are enough outward

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looking Chinese consumers who want to get on the bandwagon, and that

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will spread throughout the middle-class. This is the new

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company hoping to spread that knowledge. The supermarket style

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showrooms commerce and wine tastings, will help to promote

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Australian brands. China is a market bursting with opportunity, the

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challenge will be cracking it. In South East Asia, perhaps the most

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significant story this year was Myanmar. A peaceful election and

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positive signs that the military will allow the party of Aung San Suu

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Kyi to take power next year. 2016 may also see female leaders in

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Taiwan and in the US, so what can we predict about the coming 12 months?

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We caught up with Daniel Franklin, editor of the World in 2016. The

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hope is that the transition to a new government will be a stable one, and

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there will be a lot of eyes on Aung San Suu Kyi, who cannot be president

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but he will be pulling the strings behind the presidency, and how much

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real power transfers as a result of this election win for her party.

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There is a huge interest in Myanmar has a big new market. I think it

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will take some time to those opportunities to really come

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through. Let's have a look at some of the predictions for 2016. One is

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that women will be at the heart of the decisions. What kind of role

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will women play in 2016? I think if you look at who will be at the heart

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of the big decisions, if you look at the US election, Hillary Clinton is

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the candidate to beat. In Europe, Angela Merkel is the central figure,

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whether in response to the refugee crisis or to Britain's demand for a

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new deal and Europe. Janet Yellen is a big player, we have people like

:07:48.:07:55.

Aung San Suu Kyi in Myanmar, and probably the likely winner of the

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Taipei election will be female president. I think it is striking in

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its own right. What you excited about in 2016? I think technology

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generally is always an area where there is a lot of excitement. Some

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of the surprises we will find in 2016 will come from technology.

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Virtual reality is something we will hear a lot about, which launches of

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new product is, and perhaps one company to watch is one rather

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secretive firm, which Google has invested heavily in. In the medical

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area there is a lot of work being done around the world on types of

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body parts, not actual body parts but things that resemble body parts,

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being drove Seoul grown in test tubes. All the noise -- organoids.

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Yes, it will be the year of organoids. That is if this edition.

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Thank you for watching, happy holidays and we will see you again

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in the New Year. In Saudi Arabia, fire investigators

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are examining the burnt out remains

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