:00:00. > :00:15.Now on BBC News, all the latest business news live from Singapore.
:00:16. > :00:23.To the 20 biggest economies that a new goal: Generated $2 trillion in
:00:24. > :00:28.extra output over the next five years.
:00:29. > :00:34.How Filipinos in Hong Kong are helping to boost local business.
:00:35. > :00:41.Thanks for joining us for this edition.
:00:42. > :00:47.The world 's most powerful financial leaders to boost global economic
:00:48. > :00:51.growth by more than $2 trillion in five years. The group of the world
:00:52. > :00:56.'s 20 largest economies made a pledge over the weekend at a meeting
:00:57. > :01:01.in Sydney, Australia. They need to generate an average increase of 2%
:01:02. > :01:07.over and above the growth already predicted. The US Treasury Secretary
:01:08. > :01:12.said it was a significant improvement. As we look across the
:01:13. > :01:17.world, we see a global economic recovery, one in which activity
:01:18. > :01:21.remains weak and global demand is still deficient. That's why the
:01:22. > :01:24.decision in Sydney to focus on growth strategies is so
:01:25. > :01:28.significant. These strategies will help address the near term
:01:29. > :01:33.challenges of high unemployment, uneven economic growth and weak
:01:34. > :01:39.domestic demand as well as the long-term difficulties which demand
:01:40. > :01:44.structural reform. Efforts to structure the Chinese economy will
:01:45. > :01:49.continue. He said that several issues needed to be dealt with. Tyre
:01:50. > :01:57.TRANSLATION: We contributed to 50% of the global growth in 2009, 2010.
:01:58. > :02:00.That is not sustainable. Now our contribution needs to be a little
:02:01. > :02:07.lower in the future. If that is possible. We should gradually lower
:02:08. > :02:11.the leveraged ratio and make sure that our money is spent on things
:02:12. > :02:15.which we should spend money on. Meanwhile, we should make our
:02:16. > :02:19.financing more disciplined. On one hand, we should they just bad debts.
:02:20. > :02:23.On the other hand, we should cut local governments to borrowing
:02:24. > :02:30.proper amount of money. Earlier, I spoke with the managing
:02:31. > :02:37.director of the World Bank. I asked him how the G20 group had come up
:02:38. > :02:44.with $2 trillion figure. Tyre the first element is that the growth is
:02:45. > :02:51.the new name of the game. We are supporting the objective. The
:02:52. > :02:57.precise figure is based on an analysis provider jointly by the
:02:58. > :03:02.World Bank, the OECD and the IMF, but this is not the most important
:03:03. > :03:07.thing. The most important is growth. That is the name of the game. It
:03:08. > :03:14.needs to benefit everybody. It improves equality. Where will this
:03:15. > :03:21.money be coming from? To drive this growth? Many countries around the
:03:22. > :03:26.world have bulging Budget deficits. It isn't just about the Budget and
:03:27. > :03:32.taxpayers' money. It is about making the economy work better. It is about
:03:33. > :03:35.private money and investment and opportunities. Structural reform. In
:03:36. > :03:41.certain countries, it will be a labour market and in others, tax
:03:42. > :03:44.reform. In sum, property market. It is not just about money but
:03:45. > :03:49.reforming the economy and reforming it correctly and working for the
:03:50. > :03:56.quality of that growth. Is the political will that reform? To
:03:57. > :04:02.change all of this? It has or has been a problem over the past
:04:03. > :04:08.decades. Noes structural reforms has been part of the economy for 3000
:04:09. > :04:11.years. The good news is that it is easier when everybody agrees that
:04:12. > :04:15.structural reform should be coming together. It is not just singling
:04:16. > :04:20.out one country or another. Everybody faces structural reform
:04:21. > :04:25.issues whether it is a Europe or Asia. If we do it jointly, we can do
:04:26. > :04:30.it better. We can just act correctly. It seemed a great
:04:31. > :04:36.message. He mentioned Asia. Asia has been a key growth centre
:04:37. > :04:39.over the past decades. -- you mentioned Asia. How much will Asia
:04:40. > :04:46.contribute, in review, contribute to this growth. It means it has been a
:04:47. > :04:53.great engine for many years and it will continue to be one. 40% of
:04:54. > :04:58.global growth origin 18 Asia, specifically. In other news: In an
:04:59. > :05:03.effort to reach a deal on the US debt retreads own, the trade --
:05:04. > :05:06.transpacific partnership continued in Singapore today. They arrived on
:05:07. > :05:10.Saturday and will meet until tomorrow. They missed the deadline
:05:11. > :05:15.last year to close the deal but they say that they are more hopeful of
:05:16. > :05:19.getting one done in 2014. It includes 12 countries from around
:05:20. > :05:24.the Pacific Rim. It notably excludes China.
:05:25. > :05:30.Looking to upgrade their facilities to attract..., but in China, some
:05:31. > :05:35.hotels are looking to downgrade to retain business. This is because
:05:36. > :05:39.Chinese government officials are banned from using luxury hotels in
:05:40. > :05:44.an effort to curb spending. I spoke to one expert who explains that the
:05:45. > :05:48.austerity drive has meant the following for the hotel sector. What
:05:49. > :05:54.has happened here is that since November, 2012, there has been a
:05:55. > :05:58.pulling back of government employees spending money in international
:05:59. > :06:02.5-star hotels or in 5-star hotels in general in China. That means that
:06:03. > :06:05.international operators had taken a short-term reduction in their
:06:06. > :06:10.day-to-day business in bars and restaurant in hotels. As
:06:11. > :06:16.international hotel operators, what we all do is look for other business
:06:17. > :06:22.to replace that business. There are many other types of segments of
:06:23. > :06:27.business in the hotel industry which use hotels that are not government
:06:28. > :06:31.officials. There is international operators who bring people into
:06:32. > :06:35.China. Tourists and business travellers and those are the people
:06:36. > :06:42.who tend to stay in internationally ranted hotels. Is a strategy now to
:06:43. > :06:47.attract more mainland and foreign tourists rather than government
:06:48. > :06:50.business? It is government, business travellers, and one of the things
:06:51. > :06:56.which are happening across Asia and China leads the way on this is the
:06:57. > :07:01.emergence of domestic travel. If you look at the statistics which we have
:07:02. > :07:07.been compiling since the mid- 70s as a percentage of -- GDP, China spent
:07:08. > :07:13.20% on building infrastructure. In 2009, they are spending 45% on
:07:14. > :07:18.building infrastructure. When you build roads and ports and airports
:07:19. > :07:26.and rail a high-speed rail, that enables people to travel and when
:07:27. > :07:29.people travel, they use hotels. That 435,000 additional people coming
:07:30. > :07:31.into China the moment is all on the back of this massive infrastructure
:07:32. > :07:36.spending which has been happening in China in the last 20 years or so.
:07:37. > :07:39.That causes people to be able to travel who were not able to travel
:07:40. > :07:45.before. When people travel, they need hotels. From an international
:07:46. > :07:47.hotel operator's point of view, we bring in tourists and business
:07:48. > :07:53.travellers outside of China but also we now cater to the Chinese
:07:54. > :07:59.travellers travelling within the country.
:08:00. > :08:03.Moving on to other stories. When people leave home and live overseas
:08:04. > :08:08.for work, it is often a financial decision but they do not benefit
:08:09. > :08:11.alone. Industries are emerging to serve foreign workers. In Hong
:08:12. > :08:15.Kong, thousands of women from the Philippines are employed and their
:08:16. > :08:20.income has spurred demand for companies to help them. They send
:08:21. > :08:24.their earnings home. We report on the expat economy.
:08:25. > :08:31.Relaxing and catching up with friends on the weekend. Filipinos
:08:32. > :08:36.hundreds of miles from home who have come to Hong Kong to work. You may
:08:37. > :08:40.be forgiven for thinking that we are no longer in China. You won't hear
:08:41. > :08:44.much Cantonese or Mandarin being spoken in this part of town, not
:08:45. > :08:49.today when the Filipino domestic workers of Hong Kong are here,
:08:50. > :08:52.enjoying their day. To cater to their needs, dozens of businesses
:08:53. > :08:59.have popped up in the shopping more. -- shopping centre. This
:09:00. > :09:08.domestic helper has worked in Hong Kong for almost 20 years. And worked
:09:09. > :09:16.here for my family. -- Heidi worked here for my family and my children.
:09:17. > :09:24.This is so that they have a good life. INAUDIBLE.
:09:25. > :09:31.She sends home about $400, half her salary, every month. These are
:09:32. > :09:36.vitally important financial icon for people all over Asia. Globally,
:09:37. > :09:40.India is the largest recipient of with $71 billion received, followed
:09:41. > :09:46.by China with more than $60 billion and the Philippines with about $26
:09:47. > :09:50.billion. This man works for one of the many companies offering
:09:51. > :09:54.remittance services. It is part of the bank and charges $2 50 per
:09:55. > :10:00.transaction. He says that competition is getting fierce. Year
:10:01. > :10:04.after year, the banks are moving in. You can see all over that this is
:10:05. > :10:13.going along. To stay ahead, they offer different
:10:14. > :10:17.discounts in an effort to attract customers.
:10:18. > :10:25.Other companies are going further. They either organised singing
:10:26. > :10:28.competitions to their brand... These women came to Hong Kong to support
:10:29. > :10:30.their families. Their presence is generating a whole industry in their
:10:31. > :10:40.host city. Thank you so much for investing your
:10:41. > :10:51.time with us. Next it is Sport Today.
:10:52. > :10:56.The top stories this hour: The UN has delivered a damning report,
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:11:04. > :11:04.about closer