:00:00. > 3:59:59Treasury says a new design that's more difficult to replicate is
:00:00. > :00:00.needed Now on BBC News all the latest
:00:00. > :00:20.business news live from Singapore. A property developer on the verge of
:00:21. > :00:24.bankruptcy. What are the risks facing China's financial system?
:00:25. > :00:32.Spend or save? We look at the habits of youth in the Asia`Pacific region.
:00:33. > :00:40.Thank you for watching Asia Business Report.
:00:41. > :00:43.We start with China. The looming bankruptcy of a mainland property
:00:44. > :00:47.developer that owns billions to domestic banks is causing jitters in
:00:48. > :00:51.the property industry. There are growing concerns about that in
:00:52. > :00:55.China, following the first domestic bonds default earlier this month.
:00:56. > :00:59.There are also worries about a property bubble in the mainland
:01:00. > :01:03.which might burst. A consultant working in property, based in
:01:04. > :01:14.Shanghai, shared his outlook earlier. It will cool down but we
:01:15. > :01:22.definitely do not see a hot `` hard landing. Back in 2011 we saw this,
:01:23. > :01:28.because of a credit environment, property cooled down but it started
:01:29. > :01:33.to rebound in 2012 and 2013. Given the current market environment, the
:01:34. > :01:40.property market will remain relatively stable in the months to
:01:41. > :01:46.come. We hear of ghost cities in China where there are vast areas of
:01:47. > :01:54.empty offices and housing. Is the Chinese government contributing to
:01:55. > :02:03.the problem? Yes, I think in terms of organisation, in 2000, at the
:02:04. > :02:08.beginning of the century the oven is a rate was 35% and now it is 35%.
:02:09. > :02:19.There is a huge increase in urbanisation. Local governments have
:02:20. > :02:23.very much relied on the property market to find this kind of
:02:24. > :02:27.urbanisation so that has resulted in issues like what you just
:02:28. > :02:35.mentioned. There are unaffordable prices in cities but in the lower
:02:36. > :02:45.tier cities, there is increasing concern about the oversupply of
:02:46. > :02:48.property. The US Federal reserve's two`day meeting is under way. The
:02:49. > :02:53.biggest test of the leadership of the new chair will be how she shifts
:02:54. > :03:00.from firefighting mode back to neutral.
:03:01. > :03:04.She is one of the most powerful women in the world. This Wednesday,
:03:05. > :03:11.Janet Yellin posts first news conference as chairwoman. On Wall
:03:12. > :03:18.Street, economists say that this is a transitional moment for the US
:03:19. > :03:22.central bank. The economy is gaining momentum and they are on their way
:03:23. > :03:29.and this is why the process of exiting accommodative policy has
:03:30. > :03:33.begun. Managing a smooth exit from extraordinary monetary policy
:03:34. > :03:39.accommodation is one of the main challengers. What can expect?
:03:40. > :03:47.Tapering will continue. The Fed will still buy bonds, just not as many.
:03:48. > :03:51.Wall Street is watching whether `` what the Fed will say about forward
:03:52. > :03:57.guidance. They have vowed not to raise rates as long as unemployment
:03:58. > :03:59.was above 6.5%. Unemployment in America has fallen faster than
:04:00. > :04:04.expected but nobody believes that the job market is terribly healthy.
:04:05. > :04:09.This threshold will likely be scrapped. The change will be in how
:04:10. > :04:15.they nuanced their forecasts, what they call forward guidance. I do not
:04:16. > :04:22.think that their timeframe on interest rates will change to 2015.
:04:23. > :04:29.But you will see a change in how they talk about it. She may have ``
:04:30. > :04:34.she may have more control than any central banker, but it will be the
:04:35. > :04:45.health of the US economy that determines when she declares victory
:04:46. > :04:47.and lets borrowing costs go up. The Japanese economy has reported its
:04:48. > :04:55.smallest trade deficit in nine months. Exports rose nearly 10%. The
:04:56. > :05:02.Japanese yen against the dollar remains much higher. That translated
:05:03. > :05:09.to another trade deficit for a 20th straight month. Young people have
:05:10. > :05:11.access to more information than ever before about personal finances but
:05:12. > :05:15.there are more temptations to spend online. What are the youth of today
:05:16. > :05:23.doing with their money? Are they saving it or spending it? Are
:05:24. > :05:27.reported comes from Jakarta. I do not have trouble paying my bills
:05:28. > :05:35.because they keep tracking my expenses from my bank statements so
:05:36. > :05:42.I know how much you spend. I can't afford a long`term financial plan
:05:43. > :05:48.yet because my monthly spend and my monthly income balance. At my age
:05:49. > :05:58.expenses is something that you can't control. We know about needs and
:05:59. > :06:02.wants at my age, but I have a lot of wants so I cannot control my
:06:03. > :06:08.expenses that easily. Earlier I spoke to an analyst from MasterCard
:06:09. > :06:14.which completed a study in financial literacy among young people in the
:06:15. > :06:19.region. Most young people at school do not have a lot of money so it is
:06:20. > :06:30.only when they start to get a job that they are starting to take it
:06:31. > :06:34.seriously. Being more responsible? Things take time. Have you seen a
:06:35. > :06:42.difference in mentality between the young in Asia compared to the West?
:06:43. > :06:47.Not really. You could say that there can be some conservatism in some
:06:48. > :06:55.places, northern Asia and Japan for example, but broadly speaking the
:06:56. > :06:59.concerns and issues are the same. It is more about the underlying
:07:00. > :07:04.economic environment. The Internet has made it easier for people to
:07:05. > :07:09.shop online. How does this get in the way of saving versus spending? I
:07:10. > :07:12.do not think it gets in the way. What happens is that people use the
:07:13. > :07:17.Internet for information. They rely on their peers and social networks.
:07:18. > :07:22.They are thinking about what they need to spend and then go after the
:07:23. > :07:29.smaller amounts because they do not have a lot of access to credit in
:07:30. > :07:37.they're thinking about the future. `` and they are. What do you want to
:07:38. > :07:45.be when you grow up? Or are you too old for that question? Many said
:07:46. > :07:46.they wanted to be a pop star. How does this job in Korea rank with
:07:47. > :08:06.others? TRANSLATION: The first time ever
:08:07. > :08:13.performed in a big stage was through a TV audition show. I was one of the
:08:14. > :08:22.contestants and got selected for the top ten. Before, I played in an
:08:23. > :08:27.amateur band but not professionally. I never owned anything for singing.
:08:28. > :08:34.Sometimes they had to pay to get on stage. For me, those days were like
:08:35. > :08:40.a relentless wave hitting the shores again and again. I was not sure
:08:41. > :08:46.where my singing would lead me. It is just about doing it, playing
:08:47. > :08:52.music. Through this process, my dreams and passion became more
:08:53. > :09:02.focused. You get more disciplined and become more organised. That is
:09:03. > :09:07.how I grew. To get into Kpop, you have to prepare and work for it. If
:09:08. > :09:11.you want to do dance music, you really have to practise your dance
:09:12. > :09:16.moves to get noticed. For those who want to play in a band, they have to
:09:17. > :09:21.train for a long time until they find opportunities and they can grab
:09:22. > :09:29.the chance. The bottomline is that it requires a lot of time and
:09:30. > :09:36.effort. `` bottom line. Those already in the business may appear
:09:37. > :09:42.nonchalant, but everyone had days of sweating blood. After my debut, the
:09:43. > :09:47.hardest thing in my new job was the change in lifestyle. Now I have to
:09:48. > :09:52.wake up early in the morning, go to the gym, stick to a preplanned
:09:53. > :10:01.diet. They even forced me to quit smoking and drinking. I think the
:10:02. > :10:07.coolest thing about becoming a Kpop Star is that I can pursue whatever
:10:08. > :10:10.music I like. The fillet true sense of exhilaration, like I have never
:10:11. > :10:14.felt before. It is not just the felt before. It is not just the
:10:15. > :10:19.fans, but the music that you feel throughout your body. On stage it is
:10:20. > :10:28.to be there, able to sing at the top of your lungs.
:10:29. > :10:43.Thank you for investing your time with us. Sport Today is next. The
:10:44. > :10:46.main news stories this hour. The search the missing Malaysian airline
:10:47. > :10:52.has been widened to an area the of Australia. Relatives of passengers
:10:53. > :10:53.threatened their hunger strike in protest at