:00:00. > :00:00.Allah' and that God commanded him to kill. Adebolajo and another man deny
:00:00. > :00:00.murder. Now on BBC News all the latest business news live from
:00:00. > :00:21.Singapore. Converting savers to spending `
:00:22. > :00:26.China Works to rebalance the economy. Will the latest methods it
:00:27. > :00:31.yield results? Fertile is the charm ` Everbright offers a share to Hong
:00:32. > :00:42.Kong. Aiming to raise billions of dollars. Welcome. We start in China
:00:43. > :00:47.where efforts to rebalance the economy will be examined again today
:00:48. > :00:50.in order to maintain rapid economic growth, the government wants to move
:00:51. > :00:56.away from manufacturing and exports and encourage people to spend more.
:00:57. > :01:01.The trouble is, growth in exports is a strong growth in imports is not
:01:02. > :01:07.what they had hoped. Today, more data will be pored over. How will a
:01:08. > :01:14.nation of savers gain the confidence to start spending? In China the
:01:15. > :01:21.debate is no longer just about the speed of economic growth, it is also
:01:22. > :01:26.about the type of growth. Leaders want to boost domestic consumption
:01:27. > :01:29.so they are less reliant on exports and government investment. The
:01:30. > :01:34.problem they face is that China is a nation of savers rather than big
:01:35. > :01:40.spenders. They save about one third of their disposable income. The
:01:41. > :01:45.government wants them to smash their piggy banks and go out and spend. It
:01:46. > :01:46.sounds like a lot of fun but many people here are deeply cautious
:01:47. > :01:52.TRANSLATION: From ancient times, the TRANSLATION: From ancient times, the
:01:53. > :01:59.Chinese have always been deeply afraid of having no money. I think
:02:00. > :02:03.most people save to raise their children and to take care of
:02:04. > :02:07.themselves when they are old. If not, who will buy house for your
:02:08. > :02:11.child? What would you do when you are sick? If you have a serious
:02:12. > :02:19.illness he will be in trouble if you have not saved enough. House of
:02:20. > :02:22.consumption is around half that of America. The government will have to
:02:23. > :02:26.spend more money providing pension as well as government health
:02:27. > :02:29.insurance. But with a billion plus people, that is going to cost a lot
:02:30. > :02:38.of money and take a long time. Even then, old habits die hard. Saving
:02:39. > :02:43.becomes part of the national DNA. Chinese banks have been the most
:02:44. > :02:52.profitable in the world and today, Everbright bank will kick off its
:02:53. > :03:00.listing. It is its third attempt to list in Hong Kong. An eye watering
:03:01. > :03:03.2.8 billion dollars. China Everbright ` at mid`sized, state
:03:04. > :03:09.owned lender based in Beijing. This is one of more than 800 branches
:03:10. > :03:14.around the country. It wants to comply to new rules that will need
:03:15. > :03:19.it to hold more money against the background of rising loan defaults
:03:20. > :03:23.in China. At a press conference in Hong Kong, executives have assured
:03:24. > :03:30.potential shareholders about its growth model. TRANSLATION: Our
:03:31. > :03:39.business is concentrated on two data. We serve China's most
:03:40. > :03:44.economically developed areas but in the past few years we have started
:03:45. > :03:50.to develop our business in inland China in line with national rules.
:03:51. > :03:54.Everbright has tried to raise money here in Hong Kong several times
:03:55. > :04:02.before but has had to cancel those plants because of lack of investment
:04:03. > :04:08.demand. It is hoping for times and charm. Its successful 2010 initial
:04:09. > :04:13.public offering came a few years after the Beijing government gave it
:04:14. > :04:16.billions of dollars to erase bad loans from its books. Now it is
:04:17. > :04:21.hoping to replicate the listings success in Hong Kong. But deadlines
:04:22. > :04:29.are still a worry. The bank has lined up a number of big names `
:04:30. > :04:33.cornerstone investors ` to give smaller investors more confidence.
:04:34. > :04:44.How worried should investors be about the rise in default loans of
:04:45. > :04:51.Chinese banks? We mapped out how far Chinese banks have come. Ten years
:04:52. > :05:00.ago, there was not lending in China. Despite what is being said, the
:05:01. > :05:04.banks have come a long way. They have 320 million credit cards in
:05:05. > :05:08.China. That has been what has led the profitability of the banks. It
:05:09. > :05:14.is important for the numbers in perspective. You look at default
:05:15. > :05:18.rates in other parts of the world ` less than 1% ` that is a small
:05:19. > :05:23.number, especially comparator bull to what you see on consumer lending
:05:24. > :05:26.portfolios in other parts of the world where it could be two or three
:05:27. > :05:30.times that. There are two things that need to come out of what we are
:05:31. > :05:36.seeing at the moment ` firstly, the trend. Eight quarters in a row
:05:37. > :05:41.stopped the worry is that 8`point all going up is a trend as the
:05:42. > :05:46.economy... If lending does a slow all we see that percentage Wrobel
:05:47. > :05:54.rapidly, then I think the second point is, the housing marker and the
:05:55. > :06:01.inflation and mortgage lending and repayment and how that my report out
:06:02. > :06:07.across the rest of the economy. If bad loans continue, what can the
:06:08. > :06:14.Chinese government to? Will they bail banks out? It is always
:06:15. > :06:18.possible, of course. It is a matter of speculation. In the broader
:06:19. > :06:23.terms, the Chinese government will need to do something because if it
:06:24. > :06:29.truly is a problem, then... It is to be said if America sneezes, the
:06:30. > :06:34.world catches a cold ` will now it applies to the Chinese as well.
:06:35. > :06:37.Anything that distracts the banks all slows this transition to
:06:38. > :06:42.consumer demand that you have referred to in China, will not be a
:06:43. > :06:48.good thing for world economies. The rise in interest rates? I think it
:06:49. > :06:52.is good it is good to end on a positive note. A lot of the
:06:53. > :06:56.credibility has been driven by a large spread of interest rates.
:06:57. > :07:01.Narrowing that spread it will encourage the banks to peak more. It
:07:02. > :07:08.will put more emphasis on risk management and skills. India's
:07:09. > :07:12.foreign investment regulator has referred a decision on Vodafone
:07:13. > :07:18.wanted to take full control of its Indian unit. The regulator said it
:07:19. > :07:24.postponed the decision as it is not received approval from the Interior
:07:25. > :07:32.Ministry. Operators are now allowed to fully owned the Indian
:07:33. > :07:39.businesses. EA has plans to cut 5800 jobs `` EAP yes. Airbus says job
:07:40. > :07:46.cuts will also lead to consolidation of its site across Germany, France,
:07:47. > :07:49.Spain and the UK. The redundancy programme will be phased over three
:07:50. > :08:03.years. The US government has cell. Remaining shares `` sold off
:08:04. > :08:05.remaining shares of the automaker. Treasury secretary said the rescue
:08:06. > :08:09.was necessary to save a million jobs. For more on that and other
:08:10. > :08:21.business headlines from around the world, you can go to our website.
:08:22. > :08:30.When the typhoon tore through this region, it came at the worst
:08:31. > :08:33.possible time for rice planters. The reserve potential for a large effect
:08:34. > :08:38.on prices and thousands of people dependent on food aid. Oxfam is
:08:39. > :08:48.paying workers to help clear the fields. Time now to clear the land,
:08:49. > :08:53.to make sure people get rice into these fields. It is a brace against
:08:54. > :08:58.time. They need to get the seat into the ground immediately, if they do
:08:59. > :09:03.not get them in by December, they will lose a harvest and they will
:09:04. > :09:09.not have a harvest till ten months time. They will be without food. If
:09:10. > :09:13.you enable people to grow their own food, it will feed their families
:09:14. > :09:19.for a year and for ever once they are back on their feet. People here
:09:20. > :09:23.have been mobilised and paid to make sure that these irrigation channels
:09:24. > :09:28.are clear will stop the typhoon, are clear will stop the typhoon,
:09:29. > :09:31.when it came, through a lot of debris all over this area and into
:09:32. > :09:36.these irrigation channels. It is really important that people have
:09:37. > :09:43.some sort of control over their own lives. But there are given some sort
:09:44. > :09:50.of choice. Think if people goods but what people want is money to be able
:09:51. > :09:55.to buy the things, it puts them in much more control, it gives dignity.
:09:56. > :10:00.These irrigation channels will be opened up and at that point, the
:10:01. > :10:04.seeds have to be in the ground. If we do not do it in the time we have
:10:05. > :10:09.got, these people will lose the chance of growing rice this season
:10:10. > :10:13.and that will have a big effect on their ability to feed their families
:10:14. > :10:18.but also on them feeding other people as well because for one sack
:10:19. > :10:26.of rice and we give people, they can grow 80 sacks of rice for selling
:10:27. > :10:28.and for eating. That ends this edition of Asia Business Report.
:10:29. > :10:37.edition of Asia Business Report Thank you for watching.
:10:38. > :10:42.Headlines: The security forces in Ukraine dismantle some protest camps
:10:43. > :10:46.in the capital Kiev and raid the party headquarters of the jailed
:10:47. > :10:48.opposition leader, Yulia Tymoshenko. Villagers in the Central African
:10:49. > :10:51.Republic are running for their lives and seeking shelter ` French forces
:10:52. > :10:59.have started to disarm rebels responsible for sectarian violence.
:11:00. > :11:01.The Work and Pensions Secretary Iain Duncan Smith has admitted that
:11:02. > :11:04.millions of pounds have been written off on computer systems during the
:11:05. > :11:08.introduction of universal credit the coalition's major reform of
:11:09. > :11:09.benefits. Our