:00:00. > :00:00.is needed to fight fraud. Now on BBC News, all the latest
:00:00. > :00:21.business news live from Singapore. With a property developer on the
:00:22. > :00:25.verge of bankruptcy, what other risks facing China's financial?
:00:26. > :00:27.Spend or save? We look at the cash habits of the youth in the
:00:28. > :00:38.Asia`Pacific region. Thanks for watching Asia Business
:00:39. > :00:47.Report, roared past interviewers around the world. Starting off with
:00:48. > :00:52.China. `` broadcasting to viewers. There are jitters in the property
:00:53. > :00:55.market. Growing concern about debt on the mainland, following the first
:00:56. > :00:59.domestic bond default earlier this month. In addition, there are
:01:00. > :01:09.worries that the property bubble in China is about to burst. Earlier, we
:01:10. > :01:16.heard about the outlook in the mainland's property sector. We
:01:17. > :01:23.definitely don't see hard landing in 2014. We have seen this before, back
:01:24. > :01:37.in 2011, because of the credit environment. But it has started to
:01:38. > :01:40.rebound. Given the current market, we think the property market will
:01:41. > :01:47.remain relatively stable in the months to come. But we hear of ghost
:01:48. > :01:52.cities in China, where there are vast areas of empty offices and
:01:53. > :01:59.housing. Is the Chinese government going to contribute to problems
:02:00. > :02:04.within the property market? In terms of urbanisation, you see that in
:02:05. > :02:11.2000, at the beginning of this century, the urbanisation rate was
:02:12. > :02:14.about 35%. Now we are about 53%. There is a huge increase in terms of
:02:15. > :02:20.the urbanisation and urban population. But in the past, the
:02:21. > :02:25.local governments have very much relied on the property market,
:02:26. > :02:32.mainly through sales, to find this kind of urbanisation. `` land sales.
:02:33. > :02:38.It has resolved issues like unaffordable residential prices in
:02:39. > :02:39.some cities. But in some cities, there are increasing concerns about
:02:40. > :02:50.oversupply. Meanwhile, the US federal reserve's
:02:51. > :02:53.meeting is currently under way, with the new chair Janet Yellen. The
:02:54. > :02:57.biggest test of her leadership will be how she manages the central
:02:58. > :03:03.bank's shift from firefighting mode back to neutral. More from
:03:04. > :03:11.Washington, DC. She is one of the most powerful
:03:12. > :03:16.women in the world. This Wednesday, Janet Yellen host her first news
:03:17. > :03:21.conference as Fed chairwoman. Her words can move the global financial
:03:22. > :03:27.markets. In Wall Street, economists say this is a transitional moment
:03:28. > :03:35.for the US central bank. Economy is gaining momentum and they are on the
:03:36. > :03:39.way. That's why the process of exiting the previous policy has
:03:40. > :03:42.begun. Managing a smooth exit from extraordinary and monetary policy,
:03:43. > :03:49.nation will be one of the main challenges. What can we expect?
:03:50. > :03:54.Tapering will continue. This means the Fed will still buy bonds, just
:03:55. > :03:57.not as many. The question Wall Street is watching closely is what
:03:58. > :04:01.will they say about forward guidance? It has had it won't raise
:04:02. > :04:08.rates as long as unemployment is above 6.5%. Unemployment in America
:04:09. > :04:12.has fallen faster than expected. But nobody believes the job market is
:04:13. > :04:17.terribly healthy. This threshold is likely to be scrapped. The change
:04:18. > :04:23.will be in how they knew was there forward guidance, their promise or
:04:24. > :04:31.`` or pledge that rates will be kept low. I bigger time frame will change
:04:32. > :04:36.from 2015 but we will see a change in how they talk about it. Janet
:04:37. > :04:39.Yellen may have more control over the world's economy than any other
:04:40. > :04:43.central banker but it will be the health of the US economy that will
:04:44. > :04:48.determine when she declares victory and lets borrowing costs go on.
:04:49. > :04:52.In other business is making headlines, the Japanese economy has
:04:53. > :05:01.reported its smallest trade deficit in nine months, at $8 billion, US.
:05:02. > :05:05.For February, exports gained nearly to% and imports grew by 90 cents.
:05:06. > :05:13.But the struggling currency means higher fuel costs. `` exports gained
:05:14. > :05:21.by nearly 10% and imports grew by nearly 9%. There are more
:05:22. > :05:25.temptations to spend. Are there more spenders or savers amongst the youth
:05:26. > :05:33.in the Asia`Pacific? We spoke to some of the younger generation. I
:05:34. > :05:39.don't have trouble paying my bills because they keep checking my
:05:40. > :05:44.expenses from my bank statements. I know how much I spend every month.
:05:45. > :05:49.At this moment, I can't afford a long`term financial plan because
:05:50. > :05:55.basically my monthly spends and my monthly income kind of balance. In
:05:56. > :06:05.my age, expense is something you can't control. The terms of needs
:06:06. > :06:11.and wants, at my age I have a lot of wants. I can't control my expenses
:06:12. > :06:16.that easily. Earlier, I spoke with someone who recently studied
:06:17. > :06:19.financial literacy amongst young people in the region and asked what
:06:20. > :06:25.is driving money habits amongst young people these days. Most young
:06:26. > :06:28.people when they start out at school don't have a lot of money. It's only
:06:29. > :06:33.really when they start to get a job that they start to take longer term
:06:34. > :06:39.things into account. Being more responsible with the money they
:06:40. > :06:42.spend? Absolutely. Things take time. Had this seen a difference in money
:06:43. > :06:47.mentality between the down here in Asia, head to the West? I don't
:06:48. > :06:53.think there's too much of a difference. `` compare to the West?
:06:54. > :06:57.Sometimes there can be Conservatives in some places, say northern Asia,
:06:58. > :07:02.Japan in particular, because of the circumstances. But broadly speaking
:07:03. > :07:06.I would say the concerns are very much the same. It's more a question
:07:07. > :07:11.of the underlying economic environment, which is very positive
:07:12. > :07:14.in Asia. And the internets makes it easier for people to shop online.
:07:15. > :07:19.How does this get in the way of saving versus spending? I don't know
:07:20. > :07:23.that it really gets in the way. It will use the internet for
:07:24. > :07:27.information. They rely on their peers, especially on social
:07:28. > :07:30.networks. So, they are really thinking about what they need to
:07:31. > :07:34.spend and will only go after the small amounts, because they don't
:07:35. > :07:38.have a lot of access to credit. They are thinking about the future as
:07:39. > :07:42.well. What you want to be when you grow
:07:43. > :07:48.up? Or are you too old for that question? Rennie said they wanted to
:07:49. > :07:58.be a pop star. In Korea, it would be a kapok star. `` many said. We spoke
:07:59. > :08:03.to someone who believes he has one of Asia's coolest jobs.
:08:04. > :08:17.TRANSLATION: The first time I ever performed on the big stage was
:08:18. > :08:18.through a TV audition show. I was one of the contestants and got
:08:19. > :08:29.selected for the top ten. Before, I played in an amateur band
:08:30. > :08:33.but not professionally. I never earned anything for singing.
:08:34. > :08:40.Sometimes I have to pay to get on stage. For me, those days were like
:08:41. > :08:45.shores again and again. I wasn't shores again and again. I wasn't
:08:46. > :08:51.sure whether my singing would leave me. It was just about doing it, and
:08:52. > :08:57.a music. Through this process, my dreams and passion became more
:08:58. > :08:59.focused. You get more disciplined and become more organised. I think
:09:00. > :09:14.that's how I grew. To get into K`pop, you have to
:09:15. > :09:16.prepare and work for it. If you want to do dans music, you really have to
:09:17. > :09:26.practise your downs moves to get noticed. `` dance moves. You have to
:09:27. > :09:33.train for a long time, so you can grab the opportunity. It requires a
:09:34. > :09:36.lot of time and effort. It's the kind of training before being able
:09:37. > :09:40.to stand in front of the cameras. Those already in the business may
:09:41. > :09:48.appear nonchalant at everyone has had their days of sweating blood.
:09:49. > :09:52.After my debut, the hardest thing of my new job was the changing
:09:53. > :09:57.lifestyle. Now, I have to wake up early in the morning, go to the
:09:58. > :10:04.gym, stick to a preplanned diet. They even forced me to quit smoking
:10:05. > :10:12.and even drinking. I think the coolest thing about becoming a K`pop
:10:13. > :10:17.star is I can pursue whatever music I want. I feel as true sense of
:10:18. > :10:21.exhilaration, `` the kind I never felt before. It isn't just the fans
:10:22. > :10:26.crying out, but the music you feel in your body. On stage, it is cool
:10:27. > :10:33.to be there. Able to sing at the top of your lungs.
:10:34. > :10:34.With that, we end this edition of Asia Business Report. Goodbye for
:10:35. > :10:47.now. The top stories: The search for the
:10:48. > :10:50.missing Malaysian airline has been widened to an area the size of
:10:51. > :10:55.Australia. Relatives of passengers onboard the plane had threatened to
:10:56. > :10:59.go on hunger strike. They are protesting at the lack of support
:11:00. > :11:02.and information. That Amir Putin has announced the formal annexation of
:11:03. > :11:04.Crimea, provoking international condemnation.
:11:05. > :11:05.`` Vladimir