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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 | :00:00. | :00:18. | |
join us for this special edition of World Business Report. In this | :00:19. | :00:23. | |
programme we will look at stories from around Asia that are having an | :00:24. | :00:27. | |
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 | :00:43. | :00:51. | |
the world's top jobs? China dominated the headlines this year. | :00:52. | :00:57. | |
At one point, Shanghai stocks tumbled by more than 30% in a few | :00:58. | :01:00. | |
weeks. And the government intervened. Some estimate they | :01:01. | :01:11. | |
eventually spent over $200 billion. A challenging year for the mainland | :01:12. | :01:16. | |
economy, but what is our outlook for 2016? You are absolutely right, 2015 | :01:17. | :01:22. | |
was a very challenging year for China's economy. And the year I | :01:23. | :01:26. | |
think that the Chinese economy really accepted the fact that slower | :01:27. | :01:31. | |
growth is in store for the world's second largest economy. Let's just | :01:32. | :01:36. | |
pull out some of the forecasts we are expecting for China's growth in | :01:37. | :01:41. | |
2016, as you can see the numbers that are coming up now, pretty much | :01:42. | :01:46. | |
everyone is saying that growth will be below 7%. Don't forget, 7% is the | :01:47. | :01:54. | |
figure that China said it needed to grow at in order to keep jobs, wages | :01:55. | :02:00. | |
and inflation stable. But they did expect in October that 6.5% is good | :02:01. | :02:05. | |
enough of a growth target, and we are seeing some estimates coming a | :02:06. | :02:08. | |
little bit below that at some coming in higher. Interest rate cuts, | :02:09. | :02:15. | |
stabilisation initiatives, the Chinese government and the central | :02:16. | :02:18. | |
bank did whatever they could to stabilise the economy. Yes, they | :02:19. | :02:24. | |
did. And they were criticised, at least the state bank was criticised | :02:25. | :02:32. | |
for trying to manipulate the market. We saw in the aftermath of the huge | :02:33. | :02:36. | |
stock market crashes that you alluded to earlier in the programme. | :02:37. | :02:39. | |
The Chinese government did try pretty much everything. Let's take a | :02:40. | :02:43. | |
look at some of the watchword for the future. How will they try to | :02:44. | :02:48. | |
push growth in the future? They are going to focus on innovation and | :02:49. | :02:55. | |
entrepreneurship. And it is the same story we have heard, moving from | :02:56. | :03:02. | |
investment based to consumption and services -based economy. Will lead | :03:03. | :03:10. | |
the interest rate cuts? They did cut interest rates six times over the | :03:11. | :03:14. | |
course of last year, but here is something our viewers might find | :03:15. | :03:18. | |
interesting, there will be some cuts on duties of luxury items and select | :03:19. | :03:23. | |
electronics to try to boost consumption and spending in China | :03:24. | :03:26. | |
this year. Thank you for joining us. | :03:27. | :03:30. | |
While there have been genuine worries about China's economy, it is | :03:31. | :03:35. | |
still an enormous market, which businesses craved to catch. This | :03:36. | :03:40. | |
year, China signed a free-trade agreement with Australia. Quality | :03:41. | :03:45. | |
food and other natural products are in high demand from the mainland's | :03:46. | :03:53. | |
growing middle class, and Australia wants to be first in line to supply | :03:54. | :03:59. | |
them. Olive groves as far as the eye can | :04:00. | :04:06. | |
see. This oil is produced primarily to make soap. And it is China bound. | :04:07. | :04:14. | |
There is a change in demand, they are looking for green and | :04:15. | :04:20. | |
sustainable resources. The olive oil skincare company is one of a growing | :04:21. | :04:22. | |
number of Australian brands targeting Chinese consumers. These | :04:23. | :04:30. | |
businesses are capitalising on a spate of food safety scares in China | :04:31. | :04:34. | |
and a growing Chinese market that can afford to be choosy. Today, a | :04:35. | :04:38. | |
Chinese delegation from an online store that sells Australian product | :04:39. | :04:45. | |
to Chinese consumers, is visiting a facility to give a first-hand look | :04:46. | :04:51. | |
of what they will be selling online. These young women know the Chinese | :04:52. | :04:55. | |
market well. People nowadays are more concerned about health, not | :04:56. | :04:59. | |
necessarily cheap product. We can afford higher-priced product, and | :05:00. | :05:06. | |
Australian made product have high-quality and people have more | :05:07. | :05:11. | |
trust in it. At the moment, the number of Australian brands Chinese | :05:12. | :05:14. | |
shoppers are familiar with is relatively low, but savvy marketing | :05:15. | :05:19. | |
and the recently signed free-trade agreement could change that. It is a | :05:20. | :05:26. | |
matter of educating the consumer, because there are enough outward | :05:27. | :05:30. | |
looking Chinese consumers who want to get on the bandwagon, and that | :05:31. | :05:33. | |
will spread throughout the middle-class. This is the new | :05:34. | :05:37. | |
company hoping to spread that knowledge. The supermarket style | :05:38. | :05:45. | |
showrooms commerce and wine tastings, will help to promote | :05:46. | :05:51. | |
Australian brands. China is a market bursting with opportunity, the | :05:52. | :05:52. | |
challenge will be cracking it. In South East Asia, perhaps the most | :05:53. | :06:04. | |
significant story this year was Myanmar. A peaceful election and | :06:05. | :06:09. | |
positive signs that the military will allow the party of Aung San Suu | :06:10. | :06:15. | |
Kyi to take power next year. 2016 may also see female leaders in | :06:16. | :06:18. | |
Taiwan and in the US, so what can we predict about the coming 12 months? | :06:19. | :06:28. | |
We caught up with Daniel Franklin, editor of the World in 2016. The | :06:29. | :06:39. | |
hope is that the transition to a new government will be a stable one, and | :06:40. | :06:44. | |
there will be a lot of eyes on Aung San Suu Kyi, who cannot be president | :06:45. | :06:51. | |
but he will be pulling the strings behind the presidency, and how much | :06:52. | :06:58. | |
real power transfers as a result of this election win for her party. | :06:59. | :07:02. | |
There is a huge interest in Myanmar has a big new market. I think it | :07:03. | :07:08. | |
will take some time to those opportunities to really come | :07:09. | :07:12. | |
through. Let's have a look at some of the predictions for 2016. One is | :07:13. | :07:17. | |
that women will be at the heart of the decisions. What kind of role | :07:18. | :07:23. | |
will women play in 2016? I think if you look at who will be at the heart | :07:24. | :07:28. | |
of the big decisions, if you look at the US election, Hillary Clinton is | :07:29. | :07:33. | |
the candidate to beat. In Europe, Angela Merkel is the central figure, | :07:34. | :07:42. | |
whether in response to the refugee crisis or to Britain's demand for a | :07:43. | :07:47. | |
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 | :07:56. | :08:00. | |
Taipei election will be female president. I think it is striking in | :08:01. | :08:07. | |
its own right. What you excited about in 2016? I think technology | :08:08. | :08:13. | |
generally is always an area where there is a lot of excitement. Some | :08:14. | :08:17. | |
of the surprises we will find in 2016 will come from technology. | :08:18. | :08:22. | |
Virtual reality is something we will hear a lot about, which launches of | :08:23. | :08:26. | |
new product is, and perhaps one company to watch is one rather | :08:27. | :08:36. | |
secretive firm, which Google has invested heavily in. In the medical | :08:37. | :08:41. | |
area there is a lot of work being done around the world on types of | :08:42. | :08:48. | |
body parts, not actual body parts but things that resemble body parts, | :08:49. | :08:54. | |
being drove Seoul grown in test tubes. All the noise -- organoids. | :08:55. | :09:06. | |
Yes, it will be the year of organoids. That is if this edition. | :09:07. | :09:12. | |
Thank you for watching, happy holidays and we will see you again | :09:13. | :09:14. | |
in the New Year. In Saudi Arabia, fire investigators | :09:15. | :09:18. | |
are examining the burnt out remains | :09:19. | :09:22. |