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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:14. | |
Hoping for the best but fearing the worst. We look at China's latest | :00:15. | :00:22. | |
growth numbers which will be released soon. And we navigate the | :00:23. | :00:34. | |
country's massive traffic problems. Good morning! It is Friday. Thank | :00:35. | :00:40. | |
you for joining us. I am Rico Hizon. We start with China. | :00:41. | :00:47. | |
Investors are closely watching the mainland today with the world's | :00:48. | :00:52. | |
second-largest economy about to unveil its latest economic growth | :00:53. | :00:57. | |
numbers. Many are speculating it will be the slowest in seven years. | :00:58. | :01:05. | |
The growth numbers may come in soon so we will speak to someone about | :01:06. | :01:10. | |
this. It is certainly appearing as if the data over the last few months | :01:11. | :01:19. | |
is improving. We had trade data out earlier this week showing that | :01:20. | :01:24. | |
exports in China, the key indicator of how they are doing, was so much | :01:25. | :01:32. | |
better in March. Let's take a look at this graph to get a sense of | :01:33. | :01:38. | |
their economy and how the slowdown has come about over the last few | :01:39. | :01:44. | |
years. You can see the dip from the time of the 2009 financial crisis. | :01:45. | :01:51. | |
It has been going downwards. Economists are expecting anywhere | :01:52. | :02:05. | |
between 6.6 to six .8%. This is all part of the narrative. It is about | :02:06. | :02:09. | |
the fact that China is managing this transition from an economy that has | :02:10. | :02:14. | |
been focused on manufacturing and investment and is now trying to turn | :02:15. | :02:19. | |
the corner and focus more on services and innovation. It is a | :02:20. | :02:22. | |
painful transition and it will take time. That is what the numbers will | :02:23. | :02:27. | |
show today. Very challenging in that transition. We were surprised with | :02:28. | :02:34. | |
the IMF, that they gave a very gloomy assessment of the world | :02:35. | :02:37. | |
economy but they upgraded China's economic growth. They did indeed, by | :02:38. | :02:46. | |
a point of a percentage point. But beyond the numbers it is important | :02:47. | :02:50. | |
to recognise how China is doing this. How did you go from being in | :02:51. | :02:54. | |
the economic doldrums in the last two years to say they are turning | :02:55. | :02:59. | |
the corner, the IMF is giving them an upgrade, it is about the same | :03:00. | :03:04. | |
formula they are using, throwing money at the problem. More | :03:05. | :03:07. | |
investment and more stimulus, kicking the can down the road. | :03:08. | :03:13. | |
Credit, credit, credit. What kind of impact will this have on Asia? The | :03:14. | :03:19. | |
IMF says that any 1% decline in GDP growth in China knocks off about .2% | :03:20. | :03:25. | |
of growth on the GDP countries as a whole. -- G20. What happens to China | :03:26. | :03:35. | |
matters to Asia. We buy stuff from them, we sell stuff to them, so if | :03:36. | :03:39. | |
they do better it is Gujarat but it is a declining trend. -- it is good | :03:40. | :03:51. | |
but. The ability of the world's wealthy to hide their money is a hot | :03:52. | :04:01. | |
topic in Washington DC. They are trying to figure out what to do | :04:02. | :04:05. | |
about industrial scale international tax avoidance. We spoke to The World | :04:06. | :04:12. | |
Bank president. Transparency is the way of the future. We will not go | :04:13. | :04:15. | |
backwards and become less transparent overtime. The notion | :04:16. | :04:22. | |
that you can hide illicit wealth or avoid paying taxes, I hope that will | :04:23. | :04:30. | |
be an idea that gets eroded. It is straightforward for us. When state | :04:31. | :04:34. | |
officials take state resources away when people do not pay their or | :04:35. | :04:38. | |
corporations do not pay them it is very bad for the poorest. -- taxes. | :04:39. | :04:50. | |
It is even more aggressive in developing countries which is the | :04:51. | :04:56. | |
opposite of what you want to see. 84% of loans, at least for the | :04:57. | :05:03. | |
private sector, actually end up in offshore tax havens. What do you say | :05:04. | :05:10. | |
to taxpayers in developed nations who are worried about where their | :05:11. | :05:14. | |
development money ends up? When the money is given to us we audit every | :05:15. | :05:19. | |
single project. We have an entire team that looks at corruption. Most | :05:20. | :05:26. | |
reports come from our own staff, because they know we have to watch | :05:27. | :05:31. | |
out for these corrupt practices. If you want to look at end organisation | :05:32. | :05:37. | |
that follows the money perfectly look at us. -- an. Some of our | :05:38. | :05:43. | |
finance people actually followed the account. I would say to taxpayers, | :05:44. | :05:50. | |
you have nothing to worry about. The International Monetary Fund. They | :05:51. | :05:59. | |
say they has been progress on tax evasion but she told the BBC's | :06:00. | :06:04. | |
HARDtalk that more needs to be done and it has to be universal. What is | :06:05. | :06:15. | |
called base erosion and profit shifting projects applied to | :06:16. | :06:21. | |
corporate is in the main and I think that is an area where it needs to be | :06:22. | :06:28. | |
made universal. -- corporates. The automatic exchange of communication | :06:29. | :06:31. | |
between countries. The problem is everyone has to be part of it. If | :06:32. | :06:38. | |
you have little holes in the system creative thinkers and tax | :06:39. | :06:41. | |
optimisers, and there are plenty of those and they have great minds and | :06:42. | :06:46. | |
imaginations... It needs global leadership. Definitely. And it needs | :06:47. | :06:51. | |
to be totally comprehensive and it needs to include the implementation | :06:52. | :06:58. | |
are obvious. -- arm of it. Christine Lagarde. The figures of the G-15 | :06:59. | :07:08. | |
revealed it was at a turning point. -- 2015. Total income showed its | :07:09. | :07:15. | |
first solid gains. The boss of Sony says the landscape is indeed | :07:16. | :07:22. | |
changing. This is without any doubt the future for the industry. Paid | :07:23. | :07:27. | |
subscription is what is bringing value. 68 million paid subscribers | :07:28. | :07:33. | |
around the world up from 41 million. We should see hundreds of millions | :07:34. | :07:39. | |
in the future hopefully. But we need to increase the speed of growth. | :07:40. | :07:44. | |
Paid subscription is the one that is generating the growth right now in | :07:45. | :07:52. | |
terms of value for the artists and rights holders, but we are actually | :07:53. | :07:58. | |
agnostic to it as long as the remuneration for artists is there. | :07:59. | :08:04. | |
On Friday, the Indian capital is introducing another round of car | :08:05. | :08:09. | |
registration. There will be a fortnight of restrictions dictating | :08:10. | :08:16. | |
which cars can be on the road. -- we went out to meet a business designed | :08:17. | :08:23. | |
to help people navigate the system. I am 30 years old and live in | :08:24. | :08:31. | |
Delhi. -- 13. I thought of making a website that | :08:32. | :09:03. | |
would help people to find a commute partner. It is common to not know | :09:04. | :09:10. | |
your neighbours. So this website helps you find someone in the same | :09:11. | :09:12. | |
place at the same time. I was told by a business that my car | :09:13. | :09:37. | |
pooling website was very strong. So the public could be benefited a lot. | :09:38. | :09:44. | |
We saw it was a brilliant idea. The name was very catchy. As a result | :09:45. | :09:48. | |
many people registered. In the second phase we are expecting they | :09:49. | :09:53. | |
will be many more people since the awareness has increased multifold. I | :09:54. | :09:58. | |
see many problems in my surroundings. These small problems | :09:59. | :10:06. | |
will only lead to a better in the if they are corrected. A brilliant | :10:07. | :10:13. | |
teenager. A quick look at the markets. This is what is happening | :10:14. | :10:18. | |
in the Asian markets. Next currently. -- mixed. | :10:19. | :10:26. | |
Thank you so much for investing your time with us. I am Rico Hizon. Sport | :10:27. | :10:37. | |
Today is up next. Have a great | :10:38. | :10:39. |