27/06/2017 World Business Report

In a few minutes' time, it will be time to have a look at the

International press. -- international.

Now, it's time for World Business Report.

China's Premier hails the opportunties of economic

globalisation but warns against the dangers of unfair growth

It's 50 years since the world's first cash machine sprung up

in a London suburb - but does the ATM have a future?

In the last hour or so, China's Premier Li Keqiang has been

hailing the benefits of economic

globalisation, saying it brings unpredencented opportunity for all.

But he also warned the World Economic Forum in the north-east

Chinese city of Dalian that fairness is essential,

or else people will feel left behind by the rapid

But it's not necessarily that straight forward,

because many countries are caught in a wave

of political populism, which means their leaders

For instance, the hosts China have their work cut out just

to provide the economic growth to keep living standards

After the USA, China is the world's second largest economy,

with a value of $11 trillion - they account for almost 15%

of what the world produces each year.

However, it's home to 19% of the world's population.

With the number of people growing, so too are the number and size

For example, the brand new eco city of Xiongan which will house 2.5

All those people are also fuelling the government's ambitions for China

It's already home to almost 100 unicorns -

private companies worth more than $1 billion -

their combined value is estimated at a staggering $445.6 billion.

And some of the best known names with global ambitions are Decacorns.

Start-ups worth over $10 billion - such as Ali Baba's Ant Financial,

smartphone-maker Xiaomi and Tencent Music.

Let's hear a bit of China's Premier Li Keqiang told the meeting

Globalisation is changing our world with an unprecedented speed, rats

and depth. It has provided limitless opportunities for all economies. But

if inadequate measures are taken, it may lack inclusive growth. In other

words, it will create a problem of Venice -- growth. Some people will

benefit more than other groups, and traditional industries and jobs may

feel the impact. With me is Linda Yueh,

who is Professor of Economics Let's start ith that

issue of fairness, in a country with such a huge

population, how can China ensure that all of it's population benefit

equally from globalisation? In some ways, China has already

managed globalisation somewhat better than other countries. China

is on the cusp of eradicating extreme poverty. It means that there

could be, less than 3% who live on a dollar 95 per day. So, in absolute

terms, growth in China is already more inclusive. But there is still

this idea that China is not an equal society. The political backlash we

have seen in other countries, such as in Europe or the United States,

where it is felt that globalisation benefits ridiculous sectors, that

inequality can lead to political unrest. That is something that China

is very worried about. More importantly, China has begun to take

a global role on the world stage to say, this is how we should change

globalisation. It is partially a reaction to Donald Trump pulling

back. But I think China's track record is not as good, they are as

unequal as the United States even though China is Communist.

What does China want to get out of this?

The Prime Minister speaks there every year. It is the only event

that takes place outside of the meeting in January in Switzerland.

It is really intended to highlight Chinese businesses. Now, we can name

a few Chinese businesses, but it would have been a struggle a few

years ago. So, the goal is to highlight their tech companies and

show that China is innovative. It can grow, because it is now home to

hundreds of big tech companies. It reassures a lot of people that with

the focus on technology and innovation, that China will continue

to expand in a stable way, even if growth slows down to six and a half

% or more. We also heard China say again that they are not going to

have a hard landing. We will have to see whether businesses really

address what is on the mind of the lot don't make a lot of China's

economists, that is the amount of debt that is accumulating in the

system. I think that is what is to watch for.

It's 50 years to the day since the world's first cash machine

or ATM was opened at the Enfield branch

There are now three million of them around the world.

But in an era where we increasingly use everything but cash to pay

for the stuff we buy, does the technology that was once

1967, a revolution. The first money from a hole in the wall. You put in

a voucher and a code, and he got ten ?1 notes. This television celebrity

had a go, and the cash machine was born. This is what we've come to.

There is a Banksia, on these ones, you can open a bank account, sign in

your name, it will take my photo as well. Just to prove that it's me.

You will be able to see and talk to bank staff directly on the screen.

You can take out money using your mobile phone. You don't have to have

a card. We are light years ahead of 50 years ago. Is this the sort of

banking we actually want? We are doing our banking on our mobile

phones and laptops. Why do I need to do it at a cash machine? You are not

the only user. The machine is a piece of real estate. What can you

do at a kiosk with an expensive real estate? What can you bring to it?

It's a piece of real estate which changed our lives, because he did

not have to worry about when banks might be open. Never accept money

from strangers! Now cash itself is under threat thanks to mobile

phones. The chief cashier agrees the cash machine has to do other things.

Even if you can do something else, people will be looking at what else

they can do. They might be looking at trading shares on a cash machine.

I think some people will be striving to get more from that machine. You

want to get a 1-stop shop. This one will show you if someone is looking

over your shoulder, reassurance you might want if they close your bank

branch to replace it with a machine. We used to have about 20,000 bank

branches in the UK, soon we will have 4000. Future ATMs will actually

provide 99% of all the services that people can get from bank branches

today. It is not a weld everyone will welcome, but the technology

unleashed in the 1960s is still transforming the way we bank, half a

century later. The latest prosposal to reform

the US healthcare system would leave about 22 million Americans

without medical insurance. The version proposed

by Senate Republicans has been assessed by the non-partisan

Congressional Budget Office. They also say it would reduce

the budget deficit by $321 billion, thanks to cuts to Medicaid,

which provides health cover The White House has rejected

the accuracy of the assessment. Lot's of noises from the US

supporting further interest rate That's it from me. I will be back

with the paper review in a few minutes.

The amount of taxpayer money the Queen receives to carry