:00:00. > :00:00.substance. Those are the latest headlines. Now
:00:00. > :00:21.it is time for the latest financial news.
:00:22. > :00:26.Shaping the future of China. Party leaders meet this weekend to agree
:00:27. > :00:30.reforms that could have a massive effect on the global economy.
:00:31. > :00:34.Counting the cost of deadlock in Washington. US jobs numbers may
:00:35. > :00:47.reveal a slump in high ring and a rise in unemployment in October. ``
:00:48. > :00:52.hiring. In just a moment, we will have a
:00:53. > :00:57.full report on the US jobs figures. First, our top story. What will
:00:58. > :01:01.China look like in the coming decade? It is a key moment for the
:01:02. > :01:06.nation as its new leaders hold a meeting this weekend to set the
:01:07. > :01:09.course for the next 5` ten years. Many believed that economic reforms
:01:10. > :01:14.agreed this year could prove as important as those under Deng
:01:15. > :01:20.Xiaoping, in 1978, and Jiang Zemin in 1993, which effect to be opened
:01:21. > :01:21.up China to capitalism and begin nearly four decades of phenomenal
:01:22. > :02:31.economic growth. As you saw, the potential reform of
:02:32. > :02:35.this. China's currency, the yuan, will be one of the areas most
:02:36. > :02:39.closely watched in the business world. At the moment it is strictly
:02:40. > :02:43.controlled. Moves to liberalise it could see it becoming one of the
:02:44. > :02:51.most used currencies in the world, alongside the dollar and the euro.
:02:52. > :02:54.Hong Kong, an international financial centre that has directly
:02:55. > :03:00.benefited from china's opening to the world. The reforms that have
:03:01. > :03:04.propelled china's rise will force launched 35 years ago. They have
:03:05. > :03:09.been instrumental in reshaping not just Hong Kong's famous skyline, but
:03:10. > :03:13.also the global economic order. That is why the meeting this weekend of
:03:14. > :03:17.the Communist Party's central committee is potentially so
:03:18. > :03:23.important. Local investors are hoping to get an indication of
:03:24. > :03:28.China's next age of development. The currency traders want to know how
:03:29. > :03:34.the Chinese currency may be freed in the coming years. They tend to be
:03:35. > :03:37.big picture meetings. It is principles, not details and
:03:38. > :03:44.timelines. We are expecting a chimp `` a continuation of the present
:03:45. > :03:50.trend. A quite rapid development of the capital. It would allow foreign
:03:51. > :03:54.investors greater access. The speed with which Shanghai's free trade
:03:55. > :04:00.zone was set up the sum is proof to some of the government's ``
:04:01. > :04:03.intentions. Other changes could include expanding the property and
:04:04. > :04:07.consumption taxes, allowing the market a greater say in setting
:04:08. > :04:11.interest rates, and further relaxing the one child policy for some
:04:12. > :04:17.families. With reform hopes running so high, this watcher says it is
:04:18. > :04:21.important to understand the limits. Xi Jinping has made it very clear
:04:22. > :04:28.that stability and also the protection of state interest will
:04:29. > :04:34.also be top priorities. What it means, there are several dozen big
:04:35. > :04:37.clans at the top of the party which control a big chunk of the economy.
:04:38. > :04:44.The western interests of the major ones, and the power blocs, will be
:04:45. > :04:48.protected. In the hazy world of Chinese politics, it is sometimes
:04:49. > :04:51.hard to see the difference between reformers and hardliners. The
:04:52. > :04:59.outcome of their power struggle is what will shape the country's
:05:00. > :05:04.future. He is a senior economist at ANZ in
:05:05. > :05:10.Hong Kong. Many thanks were joining us. As we went here ring from our
:05:11. > :05:14.reporter, we already had a taste of some of the reforms and the speed
:05:15. > :05:23.with which the free economic zone was set up near Shanghai. Is this a
:05:24. > :05:27.taste of what is to come? Or the new initiatives, including the
:05:28. > :05:35.free`trade zone, is clear that the new government led by Xi Jinping,
:05:36. > :05:42.has a determination and willingness to push China economically into the
:05:43. > :05:45.next age. China is no longer the world's factory. Inflation and wages
:05:46. > :05:50.have been rising over the past several years. It has to have a
:05:51. > :05:53.structural change of the underlying economic fundamentals in order to
:05:54. > :06:00.push the growth to a sustainable manner. Doing things such as
:06:01. > :06:05.allowing the currency to appreciate, giving markets more of a say in the
:06:06. > :06:10.setting of interest rates, but in order for all of these developments
:06:11. > :06:15.to take place, there needs to be a reshaping of the internal problems,
:06:16. > :06:21.the development of a modern welfare state, for example. Obviously it is
:06:22. > :06:26.not free from challenge. They run many domestic challenges that the
:06:27. > :06:30.new government needs to tackle, especially for the industrial
:06:31. > :06:33.structure of China. It has been biased towards manufacturing and
:06:34. > :06:37.heavy industry, but there is an overall aim and goal for the
:06:38. > :06:43.government to rebalance the economy to become more consumption led
:06:44. > :06:49.instead of investment led. From that perspective, China needs to do a
:06:50. > :06:55.lot, including some structural change, ranging from the changing of
:06:56. > :06:59.the one child policy, to cracking down some of the state dominance in
:07:00. > :07:07.certain economic set this. `` sectors.
:07:08. > :07:11.They say a week is a long time in politics, but it seems that 16 days
:07:12. > :07:15.can also make an huge difference in economics. Figures out on Thursday
:07:16. > :07:20.showed the economy was growing at a healthy pace and the three months to
:07:21. > :07:24.the end of September, but that was before the 16 day shutdown that
:07:25. > :07:30.paralysed much of the US government and saw thousands of federal workers
:07:31. > :07:34.are sent home. On Friday, October employment figures will give us the
:07:35. > :07:41.first shot of the damage. They are expected to show that US employers
:07:42. > :07:47.created 125,000 jobs in October. To put that into perspective, the
:07:48. > :07:52.monthly average sofar is 178,000. The jobless rate is also expected to
:07:53. > :08:04.have gone up to 7.3%, from 7.2% in September.
:08:05. > :08:09.Lighting up America's won me. This New Jersey company installs lighting
:08:10. > :08:19.and audio equipment at events, including big concerts with Elton
:08:20. > :08:23.and Justin Timberlake. He started the business 30 years ago in his
:08:24. > :08:27.parents' garage. The firm survived the recession and in recent years,
:08:28. > :08:31.it expanded and hired more staff. Things were starting to look up, but
:08:32. > :08:39.then the US government came to a standstill. To have the government
:08:40. > :08:44.to make it harder for you, with things such as the shutdown, and the
:08:45. > :08:50.sequestration, it is very challenging and frustrating. We are
:08:51. > :08:54.in the same boat as any small business. We are working hard,
:08:55. > :09:02.putting in long hour was, trying to build something, and the government
:09:03. > :09:06.in many ways is getting in your way. Small businesses like this are
:09:07. > :09:12.believed to generate two thirds of new jobs created in America's on me.
:09:13. > :09:15.But this is just one of many companies that are feeling slightly
:09:16. > :09:22.less confident about the economy because of the political deadlock in
:09:23. > :09:26.the capital. The deadlock resulted in much of the US government in
:09:27. > :09:30.paralysis, with hundreds of thousands of federal employees
:09:31. > :09:35.suddenly out of work for two weeks. It also took a toll on confidence
:09:36. > :09:40.among small business owners. The political disagreement is not yet
:09:41. > :09:44.fully resolved. The issue is not over. All that Congress agreed was
:09:45. > :09:50.to put off the issue for a few months. It is hard to gauge the
:09:51. > :09:56.total impact. This is the third time it has happened in three years. That
:09:57. > :10:00.uncertainty could make businesses think twice before hiring more
:10:01. > :10:04.people. The US economy still needs to replace jobs that were lost
:10:05. > :10:15.during the recession. Without them, the economic recovery remains murky.
:10:16. > :10:18.That date is having an effect on market around the world with Asian
:10:19. > :10:21.stocks tracking losses on the US on renewed concerns that the Fed will
:10:22. > :10:41.start scaling back earlier than expected.
:10:42. > :10:47.This is BBC News. Only two in every 100 teapots about illegal immigrants
:10:48. > :10:48.result in a person being removed