Browse content similar to 08/11/2013. Check below for episodes and series from the same categories and more!
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substance. Those are the latest headlines. Now | :00:00. | :00:00. | |
it is time for the latest financial news. | :00:00. | :00:21. | |
Shaping the future of China. Party leaders meet this weekend to agree | :00:22. | :00:26. | |
reforms that could have a massive effect on the global economy. | :00:27. | :00:30. | |
Counting the cost of deadlock in Washington. US jobs numbers may | :00:31. | :00:34. | |
reveal a slump in high ring and a rise in unemployment in October. `` | :00:35. | :00:47. | |
hiring. In just a moment, we will have a | :00:48. | :00:52. | |
full report on the US jobs figures. First, our top story. What will | :00:53. | :00:57. | |
China look like in the coming decade? It is a key moment for the | :00:58. | :01:01. | |
nation as its new leaders hold a meeting this weekend to set the | :01:02. | :01:06. | |
course for the next 5` ten years. Many believed that economic reforms | :01:07. | :01:09. | |
agreed this year could prove as important as those under Deng | :01:10. | :01:14. | |
Xiaoping, in 1978, and Jiang Zemin in 1993, which effect to be opened | :01:15. | :01:20. | |
up China to capitalism and begin nearly four decades of phenomenal | :01:21. | :01:21. | |
economic growth. As you saw, the potential reform of | :01:22. | :02:31. | |
this. China's currency, the yuan, will be one of the areas most | :02:32. | :02:35. | |
closely watched in the business world. At the moment it is strictly | :02:36. | :02:39. | |
controlled. Moves to liberalise it could see it becoming one of the | :02:40. | :02:43. | |
most used currencies in the world, alongside the dollar and the euro. | :02:44. | :02:51. | |
Hong Kong, an international financial centre that has directly | :02:52. | :02:54. | |
benefited from china's opening to the world. The reforms that have | :02:55. | :03:00. | |
propelled china's rise will force launched 35 years ago. They have | :03:01. | :03:04. | |
been instrumental in reshaping not just Hong Kong's famous skyline, but | :03:05. | :03:09. | |
also the global economic order. That is why the meeting this weekend of | :03:10. | :03:13. | |
the Communist Party's central committee is potentially so | :03:14. | :03:17. | |
important. Local investors are hoping to get an indication of | :03:18. | :03:23. | |
China's next age of development. The currency traders want to know how | :03:24. | :03:28. | |
the Chinese currency may be freed in the coming years. They tend to be | :03:29. | :03:34. | |
big picture meetings. It is principles, not details and | :03:35. | :03:37. | |
timelines. We are expecting a chimp `` a continuation of the present | :03:38. | :03:44. | |
trend. A quite rapid development of the capital. It would allow foreign | :03:45. | :03:50. | |
investors greater access. The speed with which Shanghai's free trade | :03:51. | :03:54. | |
zone was set up the sum is proof to some of the government's `` | :03:55. | :04:00. | |
intentions. Other changes could include expanding the property and | :04:01. | :04:03. | |
consumption taxes, allowing the market a greater say in setting | :04:04. | :04:07. | |
interest rates, and further relaxing the one child policy for some | :04:08. | :04:11. | |
families. With reform hopes running so high, this watcher says it is | :04:12. | :04:17. | |
important to understand the limits. Xi Jinping has made it very clear | :04:18. | :04:21. | |
that stability and also the protection of state interest will | :04:22. | :04:28. | |
also be top priorities. What it means, there are several dozen big | :04:29. | :04:34. | |
clans at the top of the party which control a big chunk of the economy. | :04:35. | :04:37. | |
The western interests of the major ones, and the power blocs, will be | :04:38. | :04:44. | |
protected. In the hazy world of Chinese politics, it is sometimes | :04:45. | :04:48. | |
hard to see the difference between reformers and hardliners. The | :04:49. | :04:51. | |
outcome of their power struggle is what will shape the country's | :04:52. | :04:59. | |
future. He is a senior economist at ANZ in | :05:00. | :05:04. | |
Hong Kong. Many thanks were joining us. As we went here ring from our | :05:05. | :05:10. | |
reporter, we already had a taste of some of the reforms and the speed | :05:11. | :05:14. | |
with which the free economic zone was set up near Shanghai. Is this a | :05:15. | :05:23. | |
taste of what is to come? Or the new initiatives, including the | :05:24. | :05:27. | |
free`trade zone, is clear that the new government led by Xi Jinping, | :05:28. | :05:35. | |
has a determination and willingness to push China economically into the | :05:36. | :05:42. | |
next age. China is no longer the world's factory. Inflation and wages | :05:43. | :05:45. | |
have been rising over the past several years. It has to have a | :05:46. | :05:50. | |
structural change of the underlying economic fundamentals in order to | :05:51. | :05:53. | |
push the growth to a sustainable manner. Doing things such as | :05:54. | :06:00. | |
allowing the currency to appreciate, giving markets more of a say in the | :06:01. | :06:05. | |
setting of interest rates, but in order for all of these developments | :06:06. | :06:10. | |
to take place, there needs to be a reshaping of the internal problems, | :06:11. | :06:15. | |
the development of a modern welfare state, for example. Obviously it is | :06:16. | :06:21. | |
not free from challenge. They run many domestic challenges that the | :06:22. | :06:26. | |
new government needs to tackle, especially for the industrial | :06:27. | :06:30. | |
structure of China. It has been biased towards manufacturing and | :06:31. | :06:33. | |
heavy industry, but there is an overall aim and goal for the | :06:34. | :06:37. | |
government to rebalance the economy to become more consumption led | :06:38. | :06:43. | |
instead of investment led. From that perspective, China needs to do a | :06:44. | :06:49. | |
lot, including some structural change, ranging from the changing of | :06:50. | :06:55. | |
the one child policy, to cracking down some of the state dominance in | :06:56. | :06:59. | |
certain economic set this. `` sectors. | :07:00. | :07:07. | |
They say a week is a long time in politics, but it seems that 16 days | :07:08. | :07:11. | |
can also make an huge difference in economics. Figures out on Thursday | :07:12. | :07:15. | |
showed the economy was growing at a healthy pace and the three months to | :07:16. | :07:20. | |
the end of September, but that was before the 16 day shutdown that | :07:21. | :07:24. | |
paralysed much of the US government and saw thousands of federal workers | :07:25. | :07:30. | |
are sent home. On Friday, October employment figures will give us the | :07:31. | :07:34. | |
first shot of the damage. They are expected to show that US employers | :07:35. | :07:41. | |
created 125,000 jobs in October. To put that into perspective, the | :07:42. | :07:47. | |
monthly average sofar is 178,000. The jobless rate is also expected to | :07:48. | :07:52. | |
have gone up to 7.3%, from 7.2% in September. | :07:53. | :08:04. | |
Lighting up America's won me. This New Jersey company installs lighting | :08:05. | :08:09. | |
and audio equipment at events, including big concerts with Elton | :08:10. | :08:19. | |
and Justin Timberlake. He started the business 30 years ago in his | :08:20. | :08:23. | |
parents' garage. The firm survived the recession and in recent years, | :08:24. | :08:27. | |
it expanded and hired more staff. Things were starting to look up, but | :08:28. | :08:31. | |
then the US government came to a standstill. To have the government | :08:32. | :08:39. | |
to make it harder for you, with things such as the shutdown, and the | :08:40. | :08:44. | |
sequestration, it is very challenging and frustrating. We are | :08:45. | :08:50. | |
in the same boat as any small business. We are working hard, | :08:51. | :08:54. | |
putting in long hour was, trying to build something, and the government | :08:55. | :09:02. | |
in many ways is getting in your way. Small businesses like this are | :09:03. | :09:06. | |
believed to generate two thirds of new jobs created in America's on me. | :09:07. | :09:12. | |
But this is just one of many companies that are feeling slightly | :09:13. | :09:15. | |
less confident about the economy because of the political deadlock in | :09:16. | :09:22. | |
the capital. The deadlock resulted in much of the US government in | :09:23. | :09:26. | |
paralysis, with hundreds of thousands of federal employees | :09:27. | :09:30. | |
suddenly out of work for two weeks. It also took a toll on confidence | :09:31. | :09:35. | |
among small business owners. The political disagreement is not yet | :09:36. | :09:40. | |
fully resolved. The issue is not over. All that Congress agreed was | :09:41. | :09:44. | |
to put off the issue for a few months. It is hard to gauge the | :09:45. | :09:50. | |
total impact. This is the third time it has happened in three years. That | :09:51. | :09:56. | |
uncertainty could make businesses think twice before hiring more | :09:57. | :10:00. | |
people. The US economy still needs to replace jobs that were lost | :10:01. | :10:04. | |
during the recession. Without them, the economic recovery remains murky. | :10:05. | :10:15. | |
That date is having an effect on market around the world with Asian | :10:16. | :10:18. | |
stocks tracking losses on the US on renewed concerns that the Fed will | :10:19. | :10:21. | |
start scaling back earlier than expected. | :10:22. | :10:41. | |
This is BBC News. Only two in every 100 teapots about illegal immigrants | :10:42. | :10:47. | |
result in a person being removed | :10:48. | :10:48. |