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most secure areas of the city. Those are the latest headlines from | :00:00. | :00:00. | |
BBC World News. Now for the latest financial news in World Business | :00:00. | :00:00. | |
Report. China's economic growth rate falls | :00:00. | :00:22. | |
to a still impressive 7.7%. But that is still a rate most other countries | :00:23. | :00:25. | |
can only dream about. And the gender gap is still alive | :00:26. | :00:30. | |
and well. New research shows female graduates ask for much lower | :00:31. | :00:32. | |
starting salaries than their male colleagues. | :00:33. | :00:39. | |
Welcome to World Business Report. I'm Sally Bundock. | :00:40. | :00:49. | |
Also, bad news from Deutsche Bank. It is hit with costly fines. | :00:50. | :01:00. | |
Economic growth in China, the world's second largest economy, was | :01:01. | :01:04. | |
at its slowest for 14 years in 2013. Its gross domestic product expanded | :01:05. | :01:07. | |
7.7% from the year before - the slowest pace of growth since 1999. | :01:08. | :01:20. | |
However,. It was better than the government's target of 7.5%. China | :01:21. | :01:27. | |
needs a high level of growth to provide new jobs and prosperity and | :01:28. | :01:30. | |
so the focus now is on economic reform and one place where that is | :01:31. | :01:34. | |
meant to be on display is in the new free trade zone, which opened in | :01:35. | :01:37. | |
Shanghai four months ago. Here's our correspondent, John Sudworth. | :01:38. | :01:48. | |
So far, not much appears to have happened. The old warehouses and | :01:49. | :01:54. | |
factories are still here. As they were four months ago when this plot | :01:55. | :01:57. | |
of land was formally opened as part of Shanghai's new free-trade zone. | :01:58. | :02:04. | |
Behind the scenes, there has been a flurry of activity. More than 40 | :02:05. | :02:09. | |
business consultancies have been set up to help thousands of interested | :02:10. | :02:14. | |
companies register inside the zone. Rents have more than doubled. There | :02:15. | :02:19. | |
is a sense of idealism and adventure. TRANSLATION: China is | :02:20. | :02:23. | |
entering a new era with new leadership. The free trade zone | :02:24. | :02:29. | |
could be a connecting point between China and the world. As a young man, | :02:30. | :02:34. | |
my game is based on my country's dream. I hope to achieve something | :02:35. | :02:42. | |
here. On the edge of the free-trade zone, a reminder of China's existing | :02:43. | :02:47. | |
model of growth, based on energy intensive heavy industry. The zone | :02:48. | :02:51. | |
is supposed to be about moving towards a new model, creating the | :02:52. | :02:57. | |
conditions to encourage the financial and service sector | :02:58. | :02:59. | |
companies that are vital to a consumer economy. But despite the | :03:00. | :03:06. | |
high hopes, four months after the signboards went up, some beginning | :03:07. | :03:15. | |
to wonder whether it will have a significant impact. People are | :03:16. | :03:21. | |
moving cautiously. Bold measures like full currency convertibility | :03:22. | :03:25. | |
remains aspirational rather than reality. There is certainly no | :03:26. | :03:30. | |
shortage of pioneering companies hoping to get themselves a foothold. | :03:31. | :03:36. | |
But whether this really is the gateway into China's future, the | :03:37. | :03:40. | |
next big leap forward in economic reform, there is not enough detail | :03:41. | :03:52. | |
to judge. David Wilder from Market News | :03:53. | :03:54. | |
International joins me now from Beijing. There is quite a delay | :03:55. | :04:05. | |
between my speaking and David hearing. Please bear with us. What | :04:06. | :04:11. | |
is your take on this figure, 7.7% growth for 2013. It is not a good | :04:12. | :04:17. | |
figure. But it is not a bad one either. The good news is, as you | :04:18. | :04:27. | |
say, it is above last year's target of 7.5%. It reflects a slowing | :04:28. | :04:37. | |
investment and slowing output. But the bigger problem is investment is | :04:38. | :04:42. | |
actually making up a bigger proportion of the growth then seen | :04:43. | :04:49. | |
in 2009 and 2003. That reflects the idea the government has resorted in | :04:50. | :04:54. | |
the middle of last year to the kind of a moderate version of the | :04:55. | :04:59. | |
stimulus than we are used to seeing, as growth need the 7.5% | :05:00. | :05:10. | |
target. The bigger question is, why is it slowing? Local governments are | :05:11. | :05:19. | |
borrowing more amounts of money even though the economy is growing a | :05:20. | :05:24. | |
little bit slowly. That is the biggest concern in the 2014. I was | :05:25. | :05:29. | |
going to ask you about your concerns. The worry about the amount | :05:30. | :05:35. | |
of money borrowed. Risky debts. A lot of banks have warned China this | :05:36. | :05:48. | |
year. What is your view? The current support is, will there be a limb and | :05:49. | :06:00. | |
type crisis? -- Lehman Brothers type crisis? The economy is borrowing too | :06:01. | :06:04. | |
much and going too slowly. The government needs to sort it out. The | :06:05. | :06:11. | |
problem with that is that low volumes of credit implied and a lot | :06:12. | :06:14. | |
of weight of growth. Will that be tolerated when the government needs | :06:15. | :06:20. | |
growth? Deutsche Bank has reported a | :06:21. | :06:33. | |
surprise loss for the fourth quarter of 2013, after releasing its latest | :06:34. | :06:35. | |
results earlier than expected. Overall, Deutsche said it posted a | :06:36. | :06:38. | |
pre-tax loss of just over one billion euros for the final quarter | :06:39. | :06:44. | |
of 2013. In dollars, that's $1.5 billion. The bank said that | :06:45. | :06:47. | |
litigation costs and restructuring had weighed heavily on its financial | :06:48. | :06:50. | |
performance. The legal bills mounted up to 528 million euros for the | :06:51. | :06:54. | |
period, while revenues fell 16%. We'll see how shares in Deutsche | :06:55. | :06:57. | |
shares react to this news this morning when trading starts in a few | :06:58. | :07:03. | |
hours' time. Shares of Japan's Nintendo plunged | :07:04. | :07:06. | |
18% at the open in Tokyo after the gaming giant warned it would swing | :07:07. | :07:11. | |
back into the red. The news comes as Nintendo slashed its global sales | :07:12. | :07:14. | |
forecast for its flagship Wii U game console from nine million units to | :07:15. | :07:16. | |
2.8 million consoles. The company also scaled back its expectations | :07:17. | :07:19. | |
for its 3DS portable game console from 18 million units to 13.5 | :07:20. | :07:26. | |
million. However, Nintendo president Satoru Iwata claimed that there are | :07:27. | :07:29. | |
no short-term plans to reshuffle management. | :07:30. | :07:38. | |
Female graduates are not asking for the going rate salary, compared to | :07:39. | :07:43. | |
their male counterparts setting out at the beginning of their career. | :07:44. | :07:46. | |
Graduate-jobs.com measured results over a ten-year period and found | :07:47. | :07:49. | |
that female graduates request lower starting salaries than male | :07:50. | :07:59. | |
graduates. Also, the starting salary requested by female graduates in the | :08:00. | :08:01. | |
UK is ?1,438 lower than male graduates. | :08:02. | :08:06. | |
With me is Gerry Wyatt, operations director at graduate-jobs.com. You | :08:07. | :08:16. | |
found this out. How did you come to the conclusion? How did you measure | :08:17. | :08:21. | |
this? Every graduate and visit our site and register is to use our | :08:22. | :08:28. | |
service, we ask them, what would you want your starting salary to be? We | :08:29. | :08:35. | |
did that over ten years. We did that with 500 million graduates. The | :08:36. | :08:43. | |
salary difference between males and females over ten years has been | :08:44. | :08:49. | |
relatively consistent. Women on average request a salary that is | :08:50. | :08:52. | |
about ?1000 less than their male counterparts. In 2011, the gap | :08:53. | :09:03. | |
widened to ?1400. Is it true to say that in a lot of graduate jobs, the | :09:04. | :09:08. | |
salary is kind of fixed? N in your career, when you can negotiate and | :09:09. | :09:13. | |
say what you wish to earn, it that not the case? Absolutely. In | :09:14. | :09:20. | |
entry-level roles, the salary is fixed. This is purely based on the | :09:21. | :09:24. | |
question of what you want to be paid. Why is that capital they are? | :09:25. | :09:36. | |
There are a few reasons. -- gap still there. Female graduates tend | :09:37. | :09:45. | |
to gravitate towards media, advertising and marketing. In the | :09:46. | :09:51. | |
downturn, those industries may have been hard hit. Those salaries may | :09:52. | :09:58. | |
have come down. Women may have reflected their expectations | :09:59. | :10:01. | |
differently. That could be one reason. Hopefully, we are in a | :10:02. | :10:07. | |
period of recovery so that gap might start closing. There is also | :10:08. | :10:15. | |
potentially... There has been research about the gender pay divide | :10:16. | :10:28. | |
the past few years. Maybe females are responding to the fact that | :10:29. | :10:31. | |
there does appear to be salary divide. Will keep an eye on that. | :10:32. | :10:32. | |
Thank you. There is the slowing growth in the | :10:33. | :10:47. | |
world's number two economy. A new action plan to improve | :10:48. | :11:11. | |
standards of mental health treatment will be launched by the Government | :11:12. | :11:14. | |
today. The Deputy Prime Minister, Nick Clegg, has set out 25 areas | :11:15. | :11:18. | |
where changes are needed and says mental health should have an equal | :11:19. | :11:20. | |
priority with physical health. Michael Buchanan reports. | :11:21. | :11:32. | |
At a hospital in Kent, Nick Clegg he's from | :11:33. | :11:33. |