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year. Now on BBC News all the latest | :00:00. | :00:17. | |
business news live from Singapore. China's Premier opens the World | :00:18. | :00:20. | |
Economic Forum with an assurance the government is working to prevent a | :00:21. | :00:29. | |
sharp economic slowdown. We speak to Philip chief executive on why he is | :00:30. | :00:32. | |
betting on healthcare equipment to boost growth in Asia. | :00:33. | :00:40. | |
Thank you for joining us for this edition of Asia Business Report. | :00:41. | :00:48. | |
China wants you, that was Premier Ricky Chung message to business | :00:49. | :00:52. | |
leaders in his opening speech at the World Economic Forum. It comes after | :00:53. | :00:57. | |
a wave of antimonopoly investigations into foreign | :00:58. | :01:01. | |
companies including Microsoft. That has raised concerns that they have | :01:02. | :01:05. | |
been targeted by Beijing to limit the competition. The Premier gave | :01:06. | :01:10. | |
words of reassurance on China's economy, saying measures are in | :01:11. | :01:17. | |
place to prevent a sharp slowdown. China's economy is resilient and has | :01:18. | :01:21. | |
much potential and space to grow and we have a full range of tools of | :01:22. | :01:26. | |
macro control. The measures are good for now and for the long`term. They | :01:27. | :01:31. | |
will enable us to prevent major fluctuations and make a hard landing | :01:32. | :01:36. | |
less possible. Our correspondent is there for us on Day two. No measures | :01:37. | :01:47. | |
to address the economic problems from the Premier but still a sense | :01:48. | :01:52. | |
of confidence about the outlook and progress of the reform programme. | :01:53. | :01:56. | |
With me is the executive vice president of the world's biggest | :01:57. | :02:01. | |
food company, and Nestle. Many thanks for joining us `` Nestle. The | :02:02. | :02:05. | |
Premier gave a bullish outlook on the economic growth in this country. | :02:06. | :02:10. | |
You are a huge company in China. How do you see the consumer market? We | :02:11. | :02:16. | |
globally see a general headwind in the economic outlook across all | :02:17. | :02:24. | |
countries. It was good to see the Premier as a global leader | :02:25. | :02:27. | |
recognising the slowdown in the global economy and outlining plans | :02:28. | :02:32. | |
to tackle it by energising the young people, by innovation, small | :02:33. | :02:40. | |
enterprises, two `` to release entrepreneurialism. Our business in | :02:41. | :02:46. | |
China is still growing. We have pockets that grow fast and others | :02:47. | :02:50. | |
that don't. You have to learn from what works well and transfer it to | :02:51. | :02:54. | |
areas that don't work well. In general, what we see is when there | :02:55. | :02:57. | |
is real innovation and consumers perceive real value of those | :02:58. | :03:02. | |
segments show strong growth. A concern for the foreign community | :03:03. | :03:06. | |
has been the apparent targeting of foreign companies and a range of | :03:07. | :03:10. | |
industries including the milk powder sector. Do you think it is a level | :03:11. | :03:13. | |
playing field for a foreign companies in China? Nestle has been | :03:14. | :03:17. | |
in China for 30 years and to my knowledge we are the only company | :03:18. | :03:22. | |
that has invested in a local milk district and we buy fantastic | :03:23. | :03:25. | |
quality milk from inner Mongolia and northern China. We have worked with | :03:26. | :03:33. | |
local communities and provincial and central governments and have had | :03:34. | :03:36. | |
nothing but the greatest support from every level of society in | :03:37. | :03:39. | |
China. Do you think the difference for a company like Nestle is that | :03:40. | :03:43. | |
you are relatively local, that two thirds of revenue comes from joint | :03:44. | :03:48. | |
sector products. It could be an advantage `` joint`venture. More | :03:49. | :03:52. | |
than being with local companies, what is important is we have | :03:53. | :03:59. | |
invested in the farm sector in upgrading skills and output levels | :04:00. | :04:02. | |
and we have plugged into the local communities. What is your advice to | :04:03. | :04:06. | |
other companies working in this landscape? Particularly when you | :04:07. | :04:11. | |
hear those concerns from Chambers of commerce that there is perhaps | :04:12. | :04:14. | |
anticompetitive behaviour against foreign companies. We haven't felt | :04:15. | :04:22. | |
that kind of allegation. My advice to most companies would be to plug | :04:23. | :04:27. | |
into the local society and try to create value for the local community | :04:28. | :04:31. | |
at the same time to become part of the local economy. Thank you very | :04:32. | :04:38. | |
much. There are a lot of challenges facing China. The food industry is | :04:39. | :04:44. | |
one of its fastest growing. Our correspondent at the World | :04:45. | :04:47. | |
Economic Forum in China. The rate of inflation on the | :04:48. | :04:50. | |
mainland has eased more than expected in August, to a four`month | :04:51. | :04:54. | |
low of 2%. Further evidence the economy is | :04:55. | :04:58. | |
slowing but gives authorities room to stimulate growth if need be. | :04:59. | :05:04. | |
Despite the low rate, food prices remain high. Our correspondent is an | :05:05. | :05:09. | |
applet `` analyst and gives us a forecast of food prices. With pork | :05:10. | :05:14. | |
prices rising, food inflation might pick up. We don't expect inflation | :05:15. | :05:22. | |
to go above 3.5% this year. What about utility price reforms? Could | :05:23. | :05:27. | |
this push inflation over the coming quarters? It could be a factor. They | :05:28. | :05:35. | |
are talking about introducing tiered pricing for gas and water, making up | :05:36. | :05:41. | |
3% of the CPI deal, which will impact, gradually, local governments | :05:42. | :05:44. | |
will gradually introduce it over the course of the next year. With core | :05:45. | :05:52. | |
inflation prices between 1.2`1.3%, does this give the central bank some | :05:53. | :05:55. | |
leeway to further ease interest rates? Inflation is not a concern | :05:56. | :06:02. | |
when it comes to monetary policy. The primary concern is credit | :06:03. | :06:08. | |
growth. Excess credit growth, credit growing farther than nominal GDP. | :06:09. | :06:14. | |
That is what the main concern is. It is why policymakers have not been as | :06:15. | :06:18. | |
active in monetary stimulus as they were in 2012. | :06:19. | :06:25. | |
China's producer price insect `` index, PDI, prices paid to companies | :06:26. | :06:29. | |
has been falling for more than two years as that is due to a | :06:30. | :06:34. | |
combination of a drop in prices for raw materials and excess capacity in | :06:35. | :06:38. | |
many Chinese industry. What you think of the brand`name | :06:39. | :06:43. | |
Phillips? `` when you think. You might think of lighting and | :06:44. | :06:46. | |
electronics but half of its business is focused on healthcare. The Dutch | :06:47. | :06:50. | |
company is selling its home entertainment division and is | :06:51. | :06:54. | |
betting on business in Asia due to the ageing population. That includes | :06:55. | :06:57. | |
a multimillion dollar investment in a regional headquarters in | :06:58. | :07:02. | |
Singapore. Our correspondent asks Phillips' chief executive what is | :07:03. | :07:07. | |
behind this push into Asia. Hundreds of millions of people | :07:08. | :07:11. | |
without enough doctors and nurses. Through the pioneering efforts that | :07:12. | :07:15. | |
we are doing in Singapore, together with innovation partners, I am sure | :07:16. | :07:19. | |
that we can innovate the healthcare system in this region may be faster | :07:20. | :07:23. | |
than in the United States or Europe where people are perhaps a little | :07:24. | :07:28. | |
bit more conservative. Which countries and regions are driving | :07:29. | :07:31. | |
growth for Phillips? Over five years, we have seen strong growth | :07:32. | :07:36. | |
from the emerging countries, especially Asia, where we have seen | :07:37. | :07:41. | |
double`digit growth. In an era where Europe is stagnant. I am pleased | :07:42. | :07:47. | |
with our growth here. 35% of Phillips' revenue comes from this | :07:48. | :07:50. | |
region. Going forward, we will see a little bit more bumpy ride after | :07:51. | :07:56. | |
all, the world economy is facing headwinds. Nevertheless, with our | :07:57. | :08:03. | |
focus on improving healthcare, bringing energy efficient lighting | :08:04. | :08:07. | |
and focusing on people's well`being, we expect growth in all areas. They | :08:08. | :08:10. | |
must be competition from cheap rivals in Asia. That is right. Even | :08:11. | :08:16. | |
though we are the global leader in healthcare solutions we see new | :08:17. | :08:21. | |
competition coming from China, Japan and Korea. We see these competitors | :08:22. | :08:24. | |
are focusing very much on standalone products. That's not really what | :08:25. | :08:31. | |
hospitals need. Hospitals are looking for an integrated solution. | :08:32. | :08:35. | |
How is technology affecting your business and the focus of your | :08:36. | :08:40. | |
research and development? This is the 21st century and big date and | :08:41. | :08:44. | |
the internet Lee a role in all new solutions. `` big date. That applies | :08:45. | :08:51. | |
to healthcare. `` play a role. The date can bring healthcare providers | :08:52. | :08:55. | |
closer together and enable collaboration between primary care | :08:56. | :08:58. | |
physicians and specialist clinic and Hospital 's `` data. The data can | :08:59. | :09:04. | |
help analyse diagnostics and come to better conclusions. We provide | :09:05. | :09:08. | |
clinical decision`making support so that the same amount or staff can | :09:09. | :09:12. | |
help more patients. This can be extended to the home, where patients | :09:13. | :09:19. | |
with chronic afflictions, such as cardiac failure, heart failure, can | :09:20. | :09:24. | |
be supported to live a good life at home. | :09:25. | :09:30. | |
CEO of Phillips. Microsoft is in talks to take over the videogame | :09:31. | :09:36. | |
studio behind Minecraft the deal to buy the Swedish studio could be | :09:37. | :09:40. | |
around $2 billion. Reports suggest it could be signed this week. Mojang | :09:41. | :09:46. | |
said it had sold 54 million copies of its game. Since then, it has been | :09:47. | :09:50. | |
released for XBox One and PlayStation 4, further boosting | :09:51. | :09:55. | |
sales revenue. We all know that Apple Mac fans can and will do | :09:56. | :09:59. | |
anything to get there hands on the very latest gadgets from the tech | :10:00. | :10:03. | |
giant `` Apple. Here is a queue at one store on your screen in Tokyo | :10:04. | :10:07. | |
where Apple devotees have lined up waiting for the new iPhone six and | :10:08. | :10:12. | |
six plus to go on sale. They have set up camp even though the device | :10:13. | :10:15. | |
won't be released until next week. TRANSLATION: I haven't determined | :10:16. | :10:22. | |
which the buyer, I will think over it slowly and deeply for the next | :10:23. | :10:25. | |
nine days to make my choice before the launch. TRANSLATION: I am | :10:26. | :10:29. | |
counting down the ladies until the launch of iPhone six. TRANSLATION: | :10:30. | :10:36. | |
It is a chance for us iPhone fans to get together once per year and say | :10:37. | :10:39. | |
hello to each other, like a street festival. | :10:40. | :10:50. | |
Also releasing at the same time are South Korea, Singapore and Hong | :10:51. | :10:54. | |
Kong. Here is a look at the markets. Asia is edging lower in trade after | :10:55. | :10:59. | |
Barack Obama vowed to fight Islamic State militants scaring away in vest | :11:00. | :11:03. | |
is. Thank you for investing your time with us. | :11:04. | :11:12. | |
`` investors. I am Mike Embley in London with a | :11:13. | :11:17. | |
new story is this hour: President Obama | :11:18. | :11:19. |