:00:00. > :00:00.charged in connection with the death of her son. Time now for Asian
:00:00. > :00:19.business report. The figures are out. It is official
:00:20. > :00:23.that China's economy is slowing down. We take a look at the
:00:24. > :00:32.implications. The bank account for every adult in the country. India's
:00:33. > :00:36.bold ambitions. Welcome to Asia Business Report. The news we have
:00:37. > :00:43.been waiting for. The figures are now out. Fresh data shows the world
:00:44. > :00:47.'s second-largest economy expanded by 7.7% in the final three months of
:00:48. > :00:54.last year as opposed to the same period the previous year 2012. They
:00:55. > :01:00.exceeded the target of 7.5%, but it is the worst they have seen 14
:01:01. > :01:05.years. I was told earlier why the slowdown is necessary for the world
:01:06. > :01:10.'s second-largest economy. This is a positive development. They need to
:01:11. > :01:16.slow down. There is an ongoing structural slowdown in our view that
:01:17. > :01:19.the leadership and government needs to accommodate. We expected growth
:01:20. > :01:26.in the fourth quarter. People need to get used to a new way of thinking
:01:27. > :01:33.about Chinese growth. It will be slowing down in the coming years. It
:01:34. > :01:39.won't be a straight line throw -- slowdown. In our view, we will see a
:01:40. > :01:48.continued gradual deceleration of the next decade. Is that a good
:01:49. > :01:52.thing? Will policymakers be happy? There is a difficult line they are
:01:53. > :01:57.trying to trade. The leadership thinks they need a certain amount of
:01:58. > :02:01.growth to keep employment up. The growth target has always been about
:02:02. > :02:05.making sure there has been enough employment to keep employment
:02:06. > :02:10.robust. As you change models, the shift towards service. They can have
:02:11. > :02:15.robust employment growth, although growth will slow down. It happens
:02:16. > :02:22.because services are inherently less productive. Employment will keep up.
:02:23. > :02:27.They may not be pleased about the number. The fact that they are
:02:28. > :02:34.accommodating the slowdown is a good thing. Speaking to me from a very
:02:35. > :02:38.windy Beijing. They need growth to provide prosperity as well. To
:02:39. > :02:44.secure long-term growth, the economy needs to change. One held place is
:02:45. > :02:52.the new free-trade zone which has opened in Shanghai for months ago.
:02:53. > :03:00.Not much appears to have happened. The old warehouses and factories are
:03:01. > :03:05.still here just as they were four months ago when this plot of land
:03:06. > :03:13.was formally opened as part of the free trade zone. Behind the scenes,
:03:14. > :03:15.there has been a flurry of activity. More than 40 business consultancies
:03:16. > :03:21.like this one have been set up to help thousands of interested
:03:22. > :03:29.companies register inside the zone. Rents have doubled, and there is a
:03:30. > :03:34.sense of idealism and adventure. China is entering a new era. The
:03:35. > :03:39.free-trade zone could be a connecting point between China and
:03:40. > :03:45.the world. As a young man, my dream is based on my country 's dream. I
:03:46. > :03:48.hope to achieve something here. On the edge of the free-trade zone
:03:49. > :03:55.there is a reminder of China's existing model of growth based on
:03:56. > :04:01.energy intensive and heavy industry. The zone is supposed to be all about
:04:02. > :04:03.moving to a new model. Creating the conditions to encourage financial
:04:04. > :04:11.and service sector companies that are vital to a consumer economy.
:04:12. > :04:14.Despite the high hopes, four months after the signs went up, some are
:04:15. > :04:19.beginning to wonder if it will have anything like a significant impact
:04:20. > :04:25.on growth as was hoped. Policymakers appear to be moving cautiously. Some
:04:26. > :04:30.of the boulder promised measures like full currency convertibility
:04:31. > :04:35.and interest rate liberalisation remain aspirational rather than
:04:36. > :04:40.reality. There is no shortage of pioneering companies hoping to get
:04:41. > :04:44.themselves a foothold. Whether this really is the gateway to China's
:04:45. > :04:47.future, the next big leap forward in economic reform, well, there is not
:04:48. > :05:00.yet enough detail. Now for an ambitious plan in India.
:05:01. > :05:03.Banking is a priority. The plan has been put forward to give every adult
:05:04. > :05:15.is a bank account by 2016. The 60 years old and has never had
:05:16. > :05:20.bank account. He sells vegetables to make a living from the shop just
:05:21. > :05:26.outside his home. It is hard for him to save much. Whatever he says is
:05:27. > :05:33.stashed away in his home. TRANSLATION: The bank is about an
:05:34. > :05:37.hour 's walk away. There are some private lenders slightly closer, but
:05:38. > :05:42.I can't trust them with my money. If there was a government bank closer,
:05:43. > :05:48.I would deposit there. It is not worth it right now. This is a suburb
:05:49. > :05:52.of the commercial capital. Many people here don't have bank accounts
:05:53. > :05:57.because there isn't a bank branch that is close enough. Around a third
:05:58. > :06:01.of the population doesn't have access to bank accounts. There is no
:06:02. > :06:04.proposal to change that and bring more people from lower income
:06:05. > :06:10.households like these into the formal financial system. An expert
:06:11. > :06:15.panel set up by the reserve bank of India has recommended special banks
:06:16. > :06:20.opened up that are focused on those earning low wages. By 2016, every
:06:21. > :06:26.adult in India should have a bank account. It is a big target. The
:06:27. > :06:35.country is home to more than 1.2 billion people. In 2010, India
:06:36. > :06:39.launched a massive scheme to give every person a unique identification
:06:40. > :06:43.number. It's a process that is still under way, and likely to completed
:06:44. > :06:48.next year. The bank panel believes that if bankcards are linked to
:06:49. > :06:56.this, 2016 may be an achievable goal. To really get people to use
:06:57. > :07:00.these accounts, thousands of new bank branches will also need to be
:07:01. > :07:03.opened up. If customers are only depositing very small amounts, there
:07:04. > :07:09.are questions about whether these branches would be financially
:07:10. > :07:16.viable. There are ambitious goals, but achieving them is key for
:07:17. > :07:20.equitable growth in the country. We've already talked about slowdown
:07:21. > :07:25.in China's growth which has made investors look to other parts of
:07:26. > :07:30.Asia. One area is the world of art. Southeast Asia is largest art show
:07:31. > :07:37.wrapped up. As we found out, artist to seeing their work exchanging
:07:38. > :07:41.hands at record prices. I am at the largest art fair with over 150
:07:42. > :07:47.galleries from all around the world showcasing art as diverse as art
:07:48. > :07:52.installations and more traditional forms such as painting and
:07:53. > :07:58.sculpture. The question for a would-be art collector or investor
:07:59. > :08:04.isn't wood so cheap bewildering amount of choice, where do you
:08:05. > :08:12.start? It's a question I put to an avid Singaporean collector of
:08:13. > :08:17.south-east Asian art. I have collected for many years, and
:08:18. > :08:23.somehow revolve around south-east Asian art simply because it is the
:08:24. > :08:28.territory I grew up. It is accessible and eight have known the
:08:29. > :08:38.artists through the years. Southeast Asia is still in its infancy as far
:08:39. > :08:46.as value is concerned. It is not a detriment, but we know this region
:08:47. > :08:53.of growth will get wealthier. Art will surely appreciate. He would be
:08:54. > :08:58.pleased with what is on offer. Art from Southeast Asia dominates the
:08:59. > :09:07.stage that with Indonesian pieces like this reigning bad taking centre
:09:08. > :09:11.stage. Record-breaking prices has overshadowed offerings from
:09:12. > :09:14.elsewhere in Asia. A projected slowdown and crack down on increased
:09:15. > :09:22.spending may lead to a shift in interest. The Asian chairman of
:09:23. > :09:25.options agrees. We had a great year last year. It was a record year for
:09:26. > :09:31.sales. We had growth of over 30%. One success story was south-east
:09:32. > :09:37.Asian art which has seen a lot of interest and new interest regionally
:09:38. > :09:42.and internationally as well. As a result not only are so growth of the
:09:43. > :09:47.economy, but also as the economy grows and Asia is part of
:09:48. > :09:52.everybody's mind set, there is a lot of international interest in what
:09:53. > :09:56.goes on in Asia. Investors are taking a serious look at art from
:09:57. > :10:08.this part of the world. An interest that was reflected on the show for
:10:09. > :10:09.its first night. The markets were at in a hesitant to move after last
:10:10. > :10:25.night 's GDP figures. The trading is a bit thin because
:10:26. > :10:29.Equity is lacking. That is the way it is looking at the moment. This is
:10:30. > :10:39.the last edition from me. Thanks for joining us.
:10:40. > :10:47.This is BBC News. These are the top stories. Both the United States and
:10:48. > :10:49.Syria's main opposition group have voiced their disapproval over Iran's
:10:50. > :10:50.invitation to peace talks beginning this