:00:00. > :00:19.In a few minutes' time, it will be time to have a look at the
:00:20. > :00:21.International press. -- international.
:00:22. > :00:23.Now, it's time for World Business Report.
:00:24. > :00:25.China's Premier hails the opportunties of economic
:00:26. > :00:27.globalisation but warns against the dangers of unfair growth
:00:28. > :00:31.It's 50 years since the world's first cash machine sprung up
:00:32. > :00:36.in a London suburb - but does the ATM have a future?
:00:37. > :00:54.In the last hour or so, China's Premier Li Keqiang has been
:00:55. > :00:55.hailing the benefits of economic
:00:56. > :00:57.globalisation, saying it brings unpredencented opportunity for all.
:00:58. > :01:01.But he also warned the World Economic Forum in the north-east
:01:02. > :01:02.Chinese city of Dalian that fairness is essential,
:01:03. > :01:05.or else people will feel left behind by the rapid
:01:06. > :01:09.But it's not necessarily that straight forward,
:01:10. > :01:11.because many countries are caught in a wave
:01:12. > :01:13.of political populism, which means their leaders
:01:14. > :01:17.For instance, the hosts China have their work cut out just
:01:18. > :01:19.to provide the economic growth to keep living standards
:01:20. > :01:26.After the USA, China is the world's second largest economy,
:01:27. > :01:29.with a value of $11 trillion - they account for almost 15%
:01:30. > :01:37.of what the world produces each year.
:01:38. > :01:41.However, it's home to 19% of the world's population.
:01:42. > :01:44.With the number of people growing, so too are the number and size
:01:45. > :01:52.For example, the brand new eco city of Xiongan which will house 2.5
:01:53. > :01:57.All those people are also fuelling the government's ambitions for China
:01:58. > :02:01.It's already home to almost 100 unicorns -
:02:02. > :02:03.private companies worth more than $1 billion -
:02:04. > :02:06.their combined value is estimated at a staggering $445.6 billion.
:02:07. > :02:09.And some of the best known names with global ambitions are Decacorns.
:02:10. > :02:12.Start-ups worth over $10 billion - such as Ali Baba's Ant Financial,
:02:13. > :02:22.smartphone-maker Xiaomi and Tencent Music.
:02:23. > :02:25.Let's hear a bit of China's Premier Li Keqiang told the meeting
:02:26. > :02:37.Globalisation is changing our world with an unprecedented speed, rats
:02:38. > :02:43.and depth. It has provided limitless opportunities for all economies. But
:02:44. > :02:48.if inadequate measures are taken, it may lack inclusive growth. In other
:02:49. > :02:54.words, it will create a problem of Venice -- growth. Some people will
:02:55. > :02:55.benefit more than other groups, and traditional industries and jobs may
:02:56. > :03:03.feel the impact. With me is Linda Yueh,
:03:04. > :03:05.who is Professor of Economics Let's start ith that
:03:06. > :03:19.issue of fairness, in a country with such a huge
:03:20. > :03:22.population, how can China ensure that all of it's population benefit
:03:23. > :03:30.equally from globalisation? In some ways, China has already
:03:31. > :03:35.managed globalisation somewhat better than other countries. China
:03:36. > :03:45.is on the cusp of eradicating extreme poverty. It means that there
:03:46. > :03:50.could be, less than 3% who live on a dollar 95 per day. So, in absolute
:03:51. > :03:57.terms, growth in China is already more inclusive. But there is still
:03:58. > :04:01.this idea that China is not an equal society. The political backlash we
:04:02. > :04:13.have seen in other countries, such as in Europe or the United States,
:04:14. > :04:21.where it is felt that globalisation benefits ridiculous sectors, that
:04:22. > :04:25.inequality can lead to political unrest. That is something that China
:04:26. > :04:30.is very worried about. More importantly, China has begun to take
:04:31. > :04:35.a global role on the world stage to say, this is how we should change
:04:36. > :04:38.globalisation. It is partially a reaction to Donald Trump pulling
:04:39. > :04:44.back. But I think China's track record is not as good, they are as
:04:45. > :04:48.unequal as the United States even though China is Communist.
:04:49. > :04:52.What does China want to get out of this?
:04:53. > :04:59.The Prime Minister speaks there every year. It is the only event
:05:00. > :05:03.that takes place outside of the meeting in January in Switzerland.
:05:04. > :05:08.It is really intended to highlight Chinese businesses. Now, we can name
:05:09. > :05:17.a few Chinese businesses, but it would have been a struggle a few
:05:18. > :05:24.years ago. So, the goal is to highlight their tech companies and
:05:25. > :05:32.show that China is innovative. It can grow, because it is now home to
:05:33. > :05:37.hundreds of big tech companies. It reassures a lot of people that with
:05:38. > :05:41.the focus on technology and innovation, that China will continue
:05:42. > :05:48.to expand in a stable way, even if growth slows down to six and a half
:05:49. > :05:52.% or more. We also heard China say again that they are not going to
:05:53. > :06:01.have a hard landing. We will have to see whether businesses really
:06:02. > :06:06.address what is on the mind of the lot don't make a lot of China's
:06:07. > :06:11.economists, that is the amount of debt that is accumulating in the
:06:12. > :06:14.system. I think that is what is to watch for.
:06:15. > :06:17.It's 50 years to the day since the world's first cash machine
:06:18. > :06:20.or ATM was opened at the Enfield branch
:06:21. > :06:24.There are now three million of them around the world.
:06:25. > :06:28.But in an era where we increasingly use everything but cash to pay
:06:29. > :06:31.for the stuff we buy, does the technology that was once
:06:32. > :06:45.1967, a revolution. The first money from a hole in the wall. You put in
:06:46. > :06:50.a voucher and a code, and he got ten ?1 notes. This television celebrity
:06:51. > :06:57.had a go, and the cash machine was born. This is what we've come to.
:06:58. > :07:04.There is a Banksia, on these ones, you can open a bank account, sign in
:07:05. > :07:10.your name, it will take my photo as well. Just to prove that it's me.
:07:11. > :07:16.You will be able to see and talk to bank staff directly on the screen.
:07:17. > :07:20.You can take out money using your mobile phone. You don't have to have
:07:21. > :07:26.a card. We are light years ahead of 50 years ago. Is this the sort of
:07:27. > :07:31.banking we actually want? We are doing our banking on our mobile
:07:32. > :07:38.phones and laptops. Why do I need to do it at a cash machine? You are not
:07:39. > :07:43.the only user. The machine is a piece of real estate. What can you
:07:44. > :07:53.do at a kiosk with an expensive real estate? What can you bring to it?
:07:54. > :07:56.It's a piece of real estate which changed our lives, because he did
:07:57. > :08:06.not have to worry about when banks might be open. Never accept money
:08:07. > :08:12.from strangers! Now cash itself is under threat thanks to mobile
:08:13. > :08:18.phones. The chief cashier agrees the cash machine has to do other things.
:08:19. > :08:23.Even if you can do something else, people will be looking at what else
:08:24. > :08:27.they can do. They might be looking at trading shares on a cash machine.
:08:28. > :08:32.I think some people will be striving to get more from that machine. You
:08:33. > :08:37.want to get a 1-stop shop. This one will show you if someone is looking
:08:38. > :08:44.over your shoulder, reassurance you might want if they close your bank
:08:45. > :08:49.branch to replace it with a machine. We used to have about 20,000 bank
:08:50. > :08:57.branches in the UK, soon we will have 4000. Future ATMs will actually
:08:58. > :09:01.provide 99% of all the services that people can get from bank branches
:09:02. > :09:06.today. It is not a weld everyone will welcome, but the technology
:09:07. > :09:08.unleashed in the 1960s is still transforming the way we bank, half a
:09:09. > :09:09.century later. The latest prosposal to reform
:09:10. > :09:16.the US healthcare system would leave about 22 million Americans
:09:17. > :09:18.without medical insurance. The version proposed
:09:19. > :09:20.by Senate Republicans has been assessed by the non-partisan
:09:21. > :09:26.Congressional Budget Office. They also say it would reduce
:09:27. > :09:30.the budget deficit by $321 billion, thanks to cuts to Medicaid,
:09:31. > :09:32.which provides health cover The White House has rejected
:09:33. > :09:38.the accuracy of the assessment. Lot's of noises from the US
:09:39. > :09:55.supporting further interest rate That's it from me. I will be back
:09:56. > :10:00.with the paper review in a few minutes.
:10:01. > :10:04.The amount of taxpayer money the Queen receives to carry