:00:00. > :00:00.Trust. Those are the latest headlines. Now
:00:00. > :00:16.on BBC News all the latest business news live from Singapore.
:00:17. > :00:22.China's imports unexpectedly fall, we ask what the government has to do
:00:23. > :00:28.to encourage growth. Please, please! Come on! The whole cage is shaking.
:00:29. > :00:32.Our correspondent drops into a virtual shark tank to give you a
:00:33. > :00:41.sneak peek at the latest in gaming technology.
:00:42. > :00:43.Welcome to Asia Business Report. The latest trade numbers from China have
:00:44. > :00:49.increased the pressure on the government to do more to support
:00:50. > :00:53.growth. Exports rose in May, but imports fell down 1.6% from one year
:00:54. > :00:59.earlier. Indicating weak domestic demand in the world 's
:01:00. > :01:04.second`largest economy. The Barclays chief China economy `` economist
:01:05. > :01:08.told me that the surplus was disappointing and another sign that
:01:09. > :01:13.the government has to act. We have been calling a couple of weeks ago
:01:14. > :01:20.for more significant monetary easing. In past weeks, we have seen
:01:21. > :01:23.the State Council has announced further targeted easing measures in
:01:24. > :01:30.terms of cutting reserve requirements for banks. Selectively.
:01:31. > :01:33.And in expanding the lending to small enterprises. Last Friday, we
:01:34. > :01:41.had bank regulators announcing that they would change alone to `` law to
:01:42. > :01:48.deposit regulations. That being said, the government need further
:01:49. > :01:58.monetary easing, especially the Premier looks keen to achieve the
:01:59. > :02:04.7.5 gross target for this year. Would you say that if there is not a
:02:05. > :02:13.rate cut, that target is RSS? Yes, even though the first quarter rose
:02:14. > :02:22.within 4%, it could drag down a property investment and overall
:02:23. > :02:26.investment activities `` risk. There are further downside risks this
:02:27. > :02:34.year. More policy easing and possibly in the form of interest
:02:35. > :02:39.rate cuts to lower the financing cuts for the economy is necessary.
:02:40. > :02:45.Revised data from Japan shows the world 's third`largest economy grew
:02:46. > :02:49.1.6% in the first quarter of 2013. Ahead of an increase in sales tax,
:02:50. > :02:54.it is the strongest expansion in more than two years and slightly
:02:55. > :02:58.faster than economists forecasted. China's Foreign Minister is in India
:02:59. > :03:04.for talks on trade and boosting economic cooperation. He has made
:03:05. > :03:07.his Indian counterpart for the first high`level meeting between the
:03:08. > :03:12.countries since the prime minister became India's new leader `` met.
:03:13. > :03:17.India runs a $14 billion trade deficit with China. Narendra Modi is
:03:18. > :03:20.expected to renew his country 's demands for greater market access
:03:21. > :03:24.and to reduce that gap when he meets the Foreign Minister today. India's
:03:25. > :03:28.government will deliver their first budget in the next few weeks, one of
:03:29. > :03:32.the key priorities will be infrastructure. India has struggled
:03:33. > :03:37.in the past to get big projects off the ground, that has cost jobs,
:03:38. > :03:42.investment and economic growth. We look at why they are stuck and what
:03:43. > :03:45.can be done. If things had gone according to
:03:46. > :03:50.plan, this would now be a bustling construction site. It is the land
:03:51. > :03:56.where mum buys new airport is supposed to be built. Authorities
:03:57. > :04:01.have been unable to start work ``Mumbai's. They don't have all the
:04:02. > :04:05.land they need for the project. A small part of the area is owned by
:04:06. > :04:13.villagers. They are not willing to sell it. I would demand from the
:04:14. > :04:18.beginning has been compensation, which is critical to secure our
:04:19. > :04:22.future. What the authorities are offering us now is lower than that.
:04:23. > :04:27.The acquisition is one of the reasons why many projects have been
:04:28. > :04:31.delayed. Across India, hundreds of infrastructure projects have made no
:04:32. > :04:35.progress, because developers have failed to cut through red tape. Most
:04:36. > :04:41.of the pending ones are related to road building or infrastructure for
:04:42. > :04:47.energy, like power stations, minds, and oil and gas projects. As well as
:04:48. > :04:52.getting hold of the land in need, environment and forest clearance has
:04:53. > :04:56.been another major hurdle ``mines. The new government is under pressure
:04:57. > :05:02.to get these infrastructure projects off the ground as quickly as
:05:03. > :05:09.possible. That said, kickstarting projects alone would be enough. They
:05:10. > :05:14.also need completely new plans. You need a growth rate of six or seven,
:05:15. > :05:18.not even going up to nine. That was the trajectory we initially planned.
:05:19. > :05:23.There are these new projects that we need to get started in the system.
:05:24. > :05:27.It is important that we had to plan for the new building. Without that,
:05:28. > :05:31.we will be unable to achieve the kind of growth that we are looking
:05:32. > :05:35.for. For that to happen, the government has to first address the
:05:36. > :05:42.concerns of villages like these. Without the support of locals, and
:05:43. > :05:46.friendly policies for investors, they will find it difficult to
:05:47. > :05:51.achieve their target of building new infrastructure worth $1 trillion in
:05:52. > :05:55.the next three years. Infrastructure is a big issue for all levels of
:05:56. > :05:59.government, with local authorities across the globe often struggling to
:06:00. > :06:06.manage scarce resources in the face of rapidly growing your own urban
:06:07. > :06:11.populations. `` rapidly growing urban
:06:12. > :06:16.populations. We heard that the neck `` the best way to meet the
:06:17. > :06:20.challenge is by creating more businesses. You have to adapt the
:06:21. > :06:24.city to the consumption, you could have a city with 1 million, 2
:06:25. > :06:28.million, half a million, knowing more or less what they need in terms
:06:29. > :06:33.of resources for the consumption. Then look at the business, make the
:06:34. > :06:38.business plan, and so, OK, I have 5 million, half the consumption
:06:39. > :06:44.needs... I would need this much water, wood, energy, this kind of
:06:45. > :06:50.food. Do I have that in house? Do I have them in my business? Do I have
:06:51. > :06:55.them in my ecosystem? Should they be imported? With the world 's major is
:06:56. > :07:04.`` the world resources effectively run at moment? In some, yes, but
:07:05. > :07:09.mostly no. They cannot do it alone. The mayor can manage the city, but
:07:10. > :07:13.the city is complex. When you have the business sector and consumer
:07:14. > :07:20.associations, you had to bring them together. Seared together and work.
:07:21. > :07:24.And use trade`offs, but people do not like that. `` see it. How likely
:07:25. > :07:31.are governments to factor in the cost of pollution and climate change
:07:32. > :07:35.into their plans? If you look at negotiations, they are so sensitive
:07:36. > :07:41.today, that they are unable to find a way out. At the end of the day,
:07:42. > :07:45.the way out is to try to see how we can contribute to climate
:07:46. > :07:50.mitigation. We have the challenge now to make sure that are changing
:07:51. > :07:56.our consumption, and then we can really make things happen. But, we
:07:57. > :08:01.are not asking people not to consume, but tell them to consume
:08:02. > :08:05.differently. Sony has overtaken Nintendo for the first time in eight
:08:06. > :08:09.years, selling close to 90 million game consoles in the last financial
:08:10. > :08:14.year compared to its rivals, just over 16 million. There is another
:08:15. > :08:19.technology being developed by Sony, a prototype virtual reality
:08:20. > :08:24.headset. We sent our correspondent to the industry 's largest trade
:08:25. > :08:27.fair in Los Angeles. We dropped him into a virtual shark tank to have a
:08:28. > :08:31.look at how the technology is shaping up. It is nerve wracking. I
:08:32. > :08:39.have been told to expect a shark attack. I am inside of this noise
:08:40. > :08:54.robust cage. They look friendly enough! O! Please! Please! Come on!
:08:55. > :08:58.The whole cage is shaking `` Oh! It really isn't safe here! You are
:08:59. > :09:03.fully immersed in this experience. You are in a diving catch, not
:09:04. > :09:07.looking it `` not looking at it on a string, you are experiencing it. We
:09:08. > :09:11.want to get an emotional response from people, when you are in there,
:09:12. > :09:16.you are face to face with the shark attacking your page. We pretty much
:09:17. > :09:20.have emotional response from everyone. I can look down and see my
:09:21. > :09:28.feet. My knees are bending, that is incredibly weird. `` pretty much
:09:29. > :09:32.have that emotional response. I have 360 degrees vision, it is very
:09:33. > :09:37.immersive. Literally underwater. I feel like I should wear a wetsuit.
:09:38. > :09:41.Will this be mainstream in the gaming industry? Will it be an
:09:42. > :09:45.amusing sideshow? I think first stars are aligned for virtual
:09:46. > :09:52.reality now, we have the technology to make it fast enough so there is
:09:53. > :10:00.no latency. `` I think the stars. Those baselevel things are achieved
:10:01. > :10:05.and it is about creating experiences. I don't think he has
:10:06. > :10:14.good intentions! Oh no! That is dangerous! It is exciting, to get
:10:15. > :10:17.our hands dirty. It is new ground. We are all about creating compelling
:10:18. > :10:24.experiences and this is a good opportunity to do that. How can I
:10:25. > :10:39.get out of here? I think I may have died! You can check out all of that
:10:40. > :10:52.on the website. Go to the E3 Page on the website. Let's have a look at
:10:53. > :10:58.the Asian markets now. If you have a look around the region...
:10:59. > :11:08.That is it for this edition of Asia Business Report. Thank you for
:11:09. > :11:18.watching. You are watching BBC News. The top
:11:19. > :11:19.stories: Heavily armed gunmen