:00:00. > :00:00.kill. Adebolajo and another man deny murder. Now on BBC News all the
:00:00. > :00:16.latest business news live from Singapore.
:00:17. > :00:25.Converting savers to spend as ` china Works to rebalance the
:00:26. > :00:39.economy. The third time is a charm ` a share offer in Hong Kong aiming to
:00:40. > :00:44.raise $3 billion. Welcome. We start in China where efforts to rebalance
:00:45. > :00:47.the economy will be examined again in order to maintain rapid economic
:00:48. > :00:51.growth, the government wants to move away from manufacturing and
:00:52. > :00:56.encourage people to spend more. The trouble is, growth in exports is
:00:57. > :01:04.strong but growth in imports is not what they hoped. Retail sales data
:01:05. > :01:10.will be pored over. How will a nation of savers gain the confidence
:01:11. > :01:14.to start spending? In China, the debate is no longer just about the
:01:15. > :01:19.speed of economic growth, it is also about the type of growth. Leaders
:01:20. > :01:24.want to boost start domestic consumption and relaxed reliance on
:01:25. > :01:29.export and government investment. The problem they may face is that
:01:30. > :01:35.China is a nation of savers rather than expend as. They save about one
:01:36. > :01:41.third of their disposable income. They want to bust of plan their
:01:42. > :01:43.wallets and go out and spend. It sounds like a lot of fun but many
:01:44. > :01:45.people here are deeply cautious. people here are deeply cautious
:01:46. > :01:49.TRANSLATION: From ancient times, people here are deeply cautious.
:01:50. > :01:51.TRANSLATION: From ancient times the TRANSLATION: From ancient times, the
:01:52. > :01:57.Chinese have been deeply afraid of having no money. I think most people
:01:58. > :02:03.say to raise their children and to take care of themselves when they
:02:04. > :02:07.get old. If you do not save, who escaped by a house for your child,
:02:08. > :02:11.what would you do if you get sick? You will be in real trouble if you
:02:12. > :02:17.have not saved enough and you become ill. In order to change that, the
:02:18. > :02:22.government will have to spend more money in providing pensions as well
:02:23. > :02:26.as a government health insurance. With a billion plus people, that is
:02:27. > :02:33.going to cost a lot of money and take a long time. And even then, old
:02:34. > :02:37.habits die hard. Saving remains part of the DNA here. The Chinese banks
:02:38. > :02:44.have been among the most profitable in the world. One bank will kick off
:02:45. > :02:48.it shares ahead of its listing next week. It is a big banks third
:02:49. > :02:56.attempt to list there and it is forecast to raise an eye watering
:02:57. > :03:02.$2.8 billion. China ever bright ` at mid`size, state owned based in
:03:03. > :03:06.Beijing. One of 800 branches in the country. It is raising funds to
:03:07. > :03:11.comply with new rules that require writ to hold more money on its looks
:03:12. > :03:16.against a background of rising loan defaults in China. At a press
:03:17. > :03:25.conference in Hong Kong, the bank 's executives have assured shareholders
:03:26. > :03:33.about its growth model. TRANSLATION: Business is concentrated in two
:03:34. > :03:38.areas ` those who understand us will know we are concentrating on China's
:03:39. > :03:45.most developed areas. We have started to develop our business in
:03:46. > :03:48.inland China. Ever bright has reportedly tried to raise money here
:03:49. > :03:53.in Hong Kong several times before and has had to cancel those plans
:03:54. > :03:59.because of weak investment demand. Clearly, it is hoping the third time
:04:00. > :04:04.is of the charm. The bank is listed in Shanghai. Its successful 2010
:04:05. > :04:08.public offering came just a few years after the Beijing government
:04:09. > :04:13.gave ever bright billions of dollars to erase from its books. Now it is
:04:14. > :04:20.hoping to replicate the listing in Hong Kong. The bank has lined up a
:04:21. > :04:31.number of big names ` cornerstone investors ` in order to give smaller
:04:32. > :04:34.shareholders more confidence. How worried should investors be about
:04:35. > :04:44.the rise in defaults on loans in China? An expert mapped out how far
:04:45. > :04:48.Chinese banks have come. Ten years ago there was a consumer lending in
:04:49. > :04:54.China. Despite what is being said, the Chinese banks have come a long
:04:55. > :05:00.long way. We have 320 million credit cards in China. That is largely what
:05:01. > :05:03.has given the profitability of the banks as well. It is important to
:05:04. > :05:08.put these numbers in some respect it because when you look at default
:05:09. > :05:13.rate in other parts of the world, it is slightly less than 1% and that is
:05:14. > :05:19.a fairly small number can parable to what you see in other parts of the
:05:20. > :05:27.world where it could easily have been two or three times that. What
:05:28. > :05:32.has come out of what we see now it is at trend `8/4 in a row ` eight
:05:33. > :05:38.points all going up, that is pretty much a trend. If lending does a
:05:39. > :05:45.slow, or we're going to see that percentage rate more rapidly. This
:05:46. > :05:50.second point, the housing marker and inflation and the repercussions of
:05:51. > :05:55.which to sing mortgage lending and repayment, more importantly, and how
:05:56. > :06:01.might that trickle down to the rest of the economy. If that loads to
:06:02. > :06:07.continue, what will the Chinese government do? Began to see them
:06:08. > :06:11.bail banks out? `` are we going to see them. It is always possible. It
:06:12. > :06:16.see them. It is always possible It is the matter of speculation. The
:06:17. > :06:20.Chinese government will need to do something because if it truly is a
:06:21. > :06:24.problem, is to be said if America sneezed the world catches a cold but
:06:25. > :06:31.now at the same is true of the Chinese. Anything that distracts the
:06:32. > :06:35.banks will slows this transition to consumer demand you referred to in
:06:36. > :06:45.China, will not be a good thing for the world. The recent move to
:06:46. > :06:50.liberalise? It is good. A lot of probability in Chinese banks is due
:06:51. > :06:56.to larger spreads of interest banks. It will mean more competition. It
:06:57. > :07:04.will put more emphasis on risk management and skills. India's
:07:05. > :07:08.foreign investment regulator has deferred a decision on Vodafone
:07:09. > :07:14.wanted to take full control. The regulator said it postponed the
:07:15. > :07:25.decision because it is not received approval from the interior ministry.
:07:26. > :07:29.The US government has sold off its remaining shares in General Motors,
:07:30. > :07:38.resulting in a $10 billion loss. The government bailed out the automaker
:07:39. > :07:43.during the 2008 financial crisis. Treasury secretary said the rescue
:07:44. > :07:52.was necessary to save a million jobs and prevented the auto industry from
:07:53. > :07:58.collapsing. The ABS plastic at 58,000 jobs. The parent of
:07:59. > :08:02.headmaster says the job cuts will also lead to a consolidation of its
:08:03. > :08:09.site across Germany, France, Spain and the UK. A redundancy programme
:08:10. > :08:14.will be phased over a three`year period. For more on all those
:08:15. > :08:36.stories, log on to our website. When a typhoon high`end `` typhoon
:08:37. > :08:49.Haiyan. That risky potential for food aid. Time to clear the line, to
:08:50. > :08:55.make sure people get rice into this field. It is a brace against time.
:08:56. > :08:59.They need to get the seeds into the ground immediately. It is a brace
:09:00. > :09:05.against time. If they do not, they may not have a harvest for ten
:09:06. > :09:11.months time. If you give them food aid, it will only feed them for a
:09:12. > :09:15.week, if you are able to allow them to grow their food, it will mean
:09:16. > :09:19.they can feed their families for a year and for ever once they are back
:09:20. > :09:22.on their feet. People have been immobilised and paid to make sure
:09:23. > :09:30.these irrigation channels are cleared. The typhoon, when it came,
:09:31. > :09:33.through a lot of debris through this area and into the irrigation
:09:34. > :09:39.channels. It is important that people have some sort of control
:09:40. > :09:48.over their lives. That there are given some sort of choice. Yes, we
:09:49. > :09:53.can give people help but what people want is to be in control. It gives
:09:54. > :09:59.them dignity. These irrigation channels will be opened up and at
:10:00. > :10:03.that point, it the seeds have to be in the ground. If we did not do it
:10:04. > :10:08.in the time we have, these people will lose the chance of growing rice
:10:09. > :10:14.this season and that will have a big effect on their ability to feed
:10:15. > :10:18.their family and also on them feeding other as well. The one sack
:10:19. > :10:28.of rice we give people, they can grow 80 sacks of rice for selling
:10:29. > :10:29.and eating. That ends of this edition of the Asia Business Report.
:10:30. > :10:39.Thank you for watching. The top stories this hour: The
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:10:43. > :10:47.Kiev and raid the party headquarters of the jailed opposition leader
:10:48. > :10:50.Yulia Tymoshenko. Villagers in the Central African Republic are running
:10:51. > :10:58.for their lives and seeking shelter ` French forces have started to
:10:59. > :10:59.disarm rebels responsible for sectarian violence. The