:00:00. > :00:00.of the Commons Home Affairs Committee.
:00:00. > :00:14.Now on BBC News, all the latest business news live from Singapore.
:00:15. > :00:27.Will the leaders of the world's biggest nations economically find
:00:28. > :00:34.common ground in the G20 in Chinaof China's development bank tells us
:00:35. > :00:39.why the G20 is so important for the country. -- The head of. Good
:00:40. > :00:43.morning, Asia. Hello, world. I'm Rico Hizon. Thank you for investing
:00:44. > :00:46.your time with us for this edition of Asia Business Report. It's a
:00:47. > :00:51.Monday. It is the start of a new trading week. It is the second day
:00:52. > :00:56.of the G20 Summit and already some major points of difference are
:00:57. > :01:03.merging. Japan has issued a pointed statement outlining concerns over
:01:04. > :01:07.Brexit. Today, China and the UK will be discussing the mainland's
:01:08. > :01:13.investment in the nuclear power stations. Will this be overshadowed
:01:14. > :01:19.by these issues? We have the details of. China's big moment to
:01:20. > :01:26.demonstrate its position as a responsible Steward of the global
:01:27. > :01:34.economy has finally arrived. Day one of the G20 Summit had the usual
:01:35. > :01:41.choreographed moves with the leaders photograph. That was meant to signal
:01:42. > :01:46.to the world, the assembled press, that the leaders of the big
:01:47. > :01:51.economies are serious about policy co-ordination and cooperation. There
:01:52. > :01:56.are though, of course, always areas of disagreement and tension. Some of
:01:57. > :02:00.those come to the fore in the bilateral meetings that take place
:02:01. > :02:08.on the sidelines. For example, the US and Chinese residents had
:02:09. > :02:14.exchanges over the Warnie issues, not least the tensions in the South
:02:15. > :02:19.China Sea. -- thorny. It is on the second day of the G20 Summit, today,
:02:20. > :02:25.that one of the trickiest bilateral relationships to calibrate will
:02:26. > :02:31.really come to the fore. The British Prime Minister will meet her Chinese
:02:32. > :02:35.counterpart with the whole issue of China's major decision to invest in
:02:36. > :02:41.a number of British nuclear power stations now hanging in the balance.
:02:42. > :02:44.Following her decision to place that whole deal under review, Theresa May
:02:45. > :02:49.comes here with what she hopes will be a message of reassurance. The
:02:50. > :02:55.message that return is still open for business. But there is little
:02:56. > :03:00.doubt that China still has concerns. Along with the wider issue of
:03:01. > :03:04.Britain's decision to leave the European Union, they will linger for
:03:05. > :03:10.some time yet, and may well overshadow whatever messages of
:03:11. > :03:19.positive action and progress emerged in the final G20 Summit document.
:03:20. > :03:24.And that was John Sudworth at the G20 summit. It is seen as an
:03:25. > :03:33.opportunity for China to play a leading role in global affairs, but
:03:34. > :03:37.are they in charge of fixing the global economy? We put that question
:03:38. > :03:45.to the head of their global bank. Of course China is very serious. They
:03:46. > :03:48.say there should be no policy of beggar thy neighbour. It is not
:03:49. > :03:56.possible to urge somebody to do something. That is my point. China's
:03:57. > :04:02.reform will not get stalled. And he said we will not make a U-turn. Some
:04:03. > :04:06.of the observers of China's policies they talk is cheap. Their argument
:04:07. > :04:12.is that if you want China to help kickstart global growth, then to
:04:13. > :04:17.dismantle the huge state-owned enterprises and provide more access
:04:18. > :04:23.for China's own enterprises and foreign ones, that is the way to do
:04:24. > :04:28.it. You know I am a Chinese national and you may say I am biased, but we
:04:29. > :04:34.are not just talking, we are doing. Action is very much expensive but
:04:35. > :04:40.talk is cheap. Both parties need to do the same. That is why I think the
:04:41. > :04:47.G20 in Hangzhou is very important. China does not believe it should
:04:48. > :04:52.dominate. Dominance will not create a great leader. That is one side of
:04:53. > :04:58.China's face to the world. But another face, and I have to raise
:04:59. > :05:02.this, is the territorial disputes in the South China Sea, the maritime
:05:03. > :05:09.disputes. Is there a conflict on what you are trying to do in
:05:10. > :05:16.international financial institutions and the security side? Is that task?
:05:17. > :05:22.I am sorry to be tough on this choice, not because I am Chinese,
:05:23. > :05:28.but because when you look at cases, this kind of tribunal verdict has
:05:29. > :05:33.never, ever been valid, has never, ever been honoured, respected, or
:05:34. > :05:38.accepted by the British, by the Americans, by none of these
:05:39. > :05:42.countries which will accept this. I do want to get into the details of
:05:43. > :05:48.who was right and who is wrong in the South China Sea or the East
:05:49. > :05:53.China Sea, we can't. But what I am asking you is does the distrust,
:05:54. > :05:57.does the tension over these issues under my... I am sorry to say
:05:58. > :06:01.distrust was created by some people who have no business here. We Asian
:06:02. > :06:06.countries are willing to sit down and talk is out. I will say if some
:06:07. > :06:15.countries have no business here, back off. It will be easy to work it
:06:16. > :06:20.out that way. I will say the efforts by our bank to promote global and
:06:21. > :06:27.regional conductivity will probably be helpful for very, very good
:06:28. > :06:33.resolution of these issues. When people see that working together,
:06:34. > :06:41.cooperation, is the solution, not war and military conflicts. Apart
:06:42. > :06:48.from the G20 Summit, US jobs are also in the spotlight. Expanding the
:06:49. > :06:52.US economy added another 151,000 in August, fewer than expected. But
:06:53. > :06:57.Wall Street had higher expectations the Federal Reserve may hold off on
:06:58. > :07:04.the read write. The Nikkei is up to start the new trading week. I asked
:07:05. > :07:08.if uncertainty surrounding the Fed's direction will continue. We need to
:07:09. > :07:17.know where we stand. That is right. The difference on of will they,
:07:18. > :07:23.won't they, hike, compared to other banks. That is hurting flows into
:07:24. > :07:26.emerging markets potentially. Regardless, it is not even
:07:27. > :07:30.controversial any more to say this, regardless of whether they get one
:07:31. > :07:34.more hike or none, this will be the shallowest rate hike in history, but
:07:35. > :07:40.we need to know when it is over. That will be and major turning
:07:41. > :07:46.point. Even between now and then, could this have an impact on
:07:47. > :07:50.emerging Asian currencies? If we are getting to the point where markets
:07:51. > :07:54.are convinced we're getting that hike within a few weeks they could
:07:55. > :07:58.be negative pressure. But in the meantime, I think waiting for it to
:07:59. > :08:03.come and knowing it could be as late as December, it could be like the
:08:04. > :08:07.post- Brexit reaction, any nerves about what comes later, people are
:08:08. > :08:12.climbing a wall of worry at the moment on that. And this
:08:13. > :08:22.telecommunications giant is offering what it says is the cheapest data
:08:23. > :08:29.card on the cheapest 4G network. India is tried to tap into China's
:08:30. > :08:32.communications producers. This has ramped up the battle between Indian
:08:33. > :08:38.telecommunication firms to get more customers. They are promising
:08:39. > :08:43.high-speed 4G Internet and our promising cheaper prices. To try to
:08:44. > :08:47.put a smartphone into the hands of as many people as possible, at the
:08:48. > :08:51.heart of its plan our hands of like this. They cost under $50. The
:08:52. > :08:56.company already has a network standing of over ?18,000 and over
:08:57. > :09:01.200,000 villages. Their aim is to try to reach 90% of India's
:09:02. > :09:07.population within one year. These are the absolute lowest data rates
:09:08. > :09:12.anywhere in the world. It has been a six year wait for Reliance chairman.
:09:13. > :09:17.He is India's richest man and throwing his resources behind it
:09:18. > :09:21.could spell trouble for other companies. Little trouble critics
:09:22. > :09:24.accuse it of unfairly undercutting competitors. India's telecom
:09:25. > :09:31.operators make most of their money from voice calls rather than data,
:09:32. > :09:33.and announcing free phone calls could seriously threaten other
:09:34. > :09:39.operators. But most people in India access the Internet through their
:09:40. > :09:43.phones, so the next phase of revenue growth will come from data packs.
:09:44. > :09:49.The cheapest plans of $2 a month with services free until next year
:09:50. > :09:55.are concerning critics. I am worried about it. Businesses controlling
:09:56. > :10:02.stakes and start-ups and content, even in the telephone, mobile
:10:03. > :10:06.services, that worries me. And it should worry the regulator as well
:10:07. > :10:11.at some stage. With over $20 billion invested already, this is the
:10:12. > :10:14.biggest venture of its kind. But this is a country where Internet
:10:15. > :10:18.speeds are really slow and the problem of calls dropping out are
:10:19. > :10:21.part of day-to-day life. So cheap deals may get customers early on,
:10:22. > :10:29.solving these problems will guarantee keeping them. BBC News,
:10:30. > :10:33.India. And with that, thank you so much for investing your time with us
:10:34. > :10:35.on Asia Business Report. I am Rico Hizon. Sport Today is up next. See
:10:36. > :10:40.you soon. THEME PLAYS. In Hong Kong, the counting
:10:41. > :10:46.of votes is continuing in the territory's
:10:47. > :10:48.legislative elections. A record-high turnout has delayed
:10:49. > :10:51.the publication of results