:00:15. > :00:17.Today, Xi Jinping is in Moscow to meet the Russian President,
:00:18. > :00:23.Trade is set to be top of the agenda as China looks to push its vision
:00:24. > :00:29.But Beijing is also looking further afield for some fresh impetus.
:00:30. > :00:31.From today, global investors can buy Chinese company debt
:00:32. > :00:39.through an exchange for the very first time.
:00:40. > :00:45.Chinese President Xi Jinping is in Russia for talks
:00:46. > :00:52.Trade is set to be top of the agenda ahead of the G20 meeting of global
:00:53. > :00:57.The visit will be President Xi's sixth tour to Russia since taking
:00:58. > :01:02.And their meetings seem to be bearing fruit.
:01:03. > :01:04.According to Chinese statistics, trade between the two increased
:01:05. > :01:08.by over 26% in the first four months of the year,
:01:09. > :01:20.Russia will be a key component of China's 'Belt and Road'
:01:21. > :01:22.initiative - an ambitious multitrillion-dollar project that
:01:23. > :01:28.will link Europe and Asia via the historic silk road.
:01:29. > :01:31.Beijing is a major driving force behind the project -
:01:32. > :01:33.the Chinese government has already agreed to help finance
:01:34. > :01:35.the high-speed rail line between the two Russian cities
:01:36. > :01:42.With me is Dr Daragh McDowell, principal Russia analyst
:01:43. > :02:02.Is to do with the G20? It is very convenient for them to meet on the
:02:03. > :02:06.way to Hamburg while sending a strong message from both Beijing and
:02:07. > :02:10.Moscow's key point that this is a very Keilor leash on for both of
:02:11. > :02:15.them, that these two nations are engaging with the world together a
:02:16. > :02:18.little bit. Now, how much of that is actually the case in reality as
:02:19. > :02:23.opposed to the symbolism is another question. Why would they want to do
:02:24. > :02:27.that? For both sides, the reason something to be gained by combining
:02:28. > :02:32.political clout for Russia, there is a sense that in order to balance
:02:33. > :02:37.against the west or in order to resist a kind of European- American
:02:38. > :02:44.unilateralism in global affairs with a balance with China. With China, it
:02:45. > :02:48.is simply more the continual demonstration of economic and
:02:49. > :02:53.political clout going from being a game player on the world stage to
:02:54. > :02:58.being a game maker, again set up. Is this like them saying to the west
:02:59. > :03:05.you are slightly yesterday 's power centre? We are today? To a certain
:03:06. > :03:09.extent. The objectives between the two sides are different and this is
:03:10. > :03:13.what causes a certain degree of tension. China is a rising power and
:03:14. > :03:18.it's trying to make the rest of the world comfortable with that to avoid
:03:19. > :03:21.the perception of a threat from increased Chinese power which is why
:03:22. > :03:27.you have seen the focus on initiatives like 'Belt and Road'.
:03:28. > :03:31.Russia is more of a declining power and is looking to find ways to
:03:32. > :03:36.either stabilise or upset the global order in such a way that its
:03:37. > :03:41.position is maintained. We will see that in the G20 also. China is going
:03:42. > :03:46.to be focused on more positive gains with Europe in terms of how it
:03:47. > :03:49.actually build the infrastructure, the economic engagement, whereas
:03:50. > :03:57.Russia will be more about sanctions and Ukraine. Tomic about the silk
:03:58. > :04:02.Road. -- tell me. This is definitely a Chinese project, Russia is a key
:04:03. > :04:07.component of this. It is more the question in Central Asian states,
:04:08. > :04:11.Kazakhstan, Uzbekistan, where there has long been a division of Labour
:04:12. > :04:15.between the two sites with China recognising that Russia has a
:04:16. > :04:20.security interest where. As the former Soviet power, and all these
:04:21. > :04:25.sorts of things, where China has becoming more economically engaged.
:04:26. > :04:28.Now, you know, it's coming to the point where China is more and more
:04:29. > :04:33.supplanting Russia and it's a question of how you manage that
:04:34. > :04:37.relationship. Everything you say seems to be that Russia is on the
:04:38. > :04:40.back foot here. Is it trying to write a long on the coattails of
:04:41. > :04:46.China or actually be an equal partner? This is the thing. In terms
:04:47. > :04:52.of resources on loan, people, economy, Russia is vastly inferior
:04:53. > :05:02.to China, it is an asymmetrical relationship and always will be. The
:05:03. > :05:06.way that Putin has set up his own political regime, how he has
:05:07. > :05:09.legitimised that, it doesn't really allow him to take an openly
:05:10. > :05:13.subordinate position to say that we are the junior allies of the Chinese
:05:14. > :05:16.and there is a lot to be had in presenting this as an equal
:05:17. > :05:20.partnership of some sort but it isn't. It really isn't. Thank you
:05:21. > :05:21.very much indeed. Let's stay with the world's
:05:22. > :05:23.second largest economy. China has just opened
:05:24. > :05:25.up its corporate bond market Starting from today,
:05:26. > :05:29.institutions such as banks and hedge funds will be able to buy
:05:30. > :05:31.Chinese company debt Our correspondent Juliana Liu
:05:32. > :05:48.joins us from Hong Kong. How important is this? This is quite
:05:49. > :05:53.significant. It's something that has been long-awaited. As you know,
:05:54. > :05:58.China's on the market is the third-largest in the world with US
:05:59. > :06:02.dollars, a larger actually than its stock market and before today,
:06:03. > :06:07.foreigners owned only 2% of all of the debt generated out of China.
:06:08. > :06:13.After this scheme launched, British banks said it had already completed
:06:14. > :06:17.its first such transaction and when the online interface was unveiled at
:06:18. > :06:24.the ceremony this morning, the announcer said there were 86 foreign
:06:25. > :06:30.investors online and transacting. 86, is that a success? We don't know
:06:31. > :06:33.yet. We won't for another few weeks or months. But it certainly
:06:34. > :06:39.something we are watching and in of the opening, the Bont marking up for
:06:40. > :06:43.bond market is impressive. If it risky? Do people worry about Chinese
:06:44. > :06:48.corporate debt? There has been rumours and worries about the level
:06:49. > :06:55.of debt in China. That's right. There are worries. And the quality
:06:56. > :07:02.of Chinese debt. But this is simply an opening. The hope is as you may
:07:03. > :07:07.recall MCSI, with the index provider decided whether or not to include
:07:08. > :07:10.Chinese stocks, it had to consider whether or not overseas investors
:07:11. > :07:14.had enough access to it was looking at stocks are not only stocks that
:07:15. > :07:18.were accessible via Hong Kong so the hope is that will be a similar story
:07:19. > :07:22.for Chinese bonds and the best Chinese bond available via Hong Kong
:07:23. > :07:25.will be included in global indices in the weeks and months. Good to
:07:26. > :07:26.talk to you. On Saturday, the President
:07:27. > :07:28.of the Philippines Rodrigo Duterte According the World Bank's latest
:07:29. > :07:34.projections, the economy is set to expand between 6.5%
:07:35. > :07:36.and 7% this year - this makes it the second fastest
:07:37. > :07:39.growing country in Asia. Nestor Espenilla Junior is one
:07:40. > :07:41.of the men responsible He's just been appointed as governor
:07:42. > :07:46.of the country's central bank. Earlier he spoke to
:07:47. > :08:02.the BBC's Rico Hizon. The one thing that disturbs all of
:08:03. > :08:06.us is that yes, the risk roof, but the growth is not happening for all
:08:07. > :08:12.of us so people are getting left behind, so that is why we need to
:08:13. > :08:19.strengthen our policy across the broad front for the financial
:08:20. > :08:22.sector, we are committed to promote greater national inclusion to
:08:23. > :08:28.promote more access to this is very important for broadening the effects
:08:29. > :08:32.of prosperity to the whole economy. In Asia you have Japan and China
:08:33. > :08:37.with high debt levels, and you have the wreck that negotiations, the US
:08:38. > :08:42.protectionism. Could this trigger another global financial crisis in
:08:43. > :08:50.another shape or form? The world is certainly facing out a lot of
:08:51. > :08:54.uncertainty. If you look at the data, we are doing quite well in
:08:55. > :09:00.some key countries are beginning to seemingly mend their economies. But
:09:01. > :09:04.that would -- element of uncertainty, we have identified that
:09:05. > :09:08.his strong so it is a good reason not to be complacent and for us, we
:09:09. > :09:12.have to forge ahead with the reforms that we have been doing for the last
:09:13. > :09:16.decade or so. Nestor Espenilla Junior there on the governor of the
:09:17. > :09:17.country's central bank. Iran says the French energy giant,
:09:18. > :09:22.Total, is to sign a contract worth almost $5 billion to develop
:09:23. > :09:24.an offshore gas field. It's Iran's biggest foreign deal
:09:25. > :09:27.since most economic sanctions against the country
:09:28. > :09:31.were lifted last year. India introduced a landmark reform
:09:32. > :09:34.to its tax system over the weekend. The Goods and Services Tax replaces
:09:35. > :09:37.hundreds of individual state-based levies, and is expected
:09:38. > :09:40.to transform the nation of 1.2 billion people and its two trillion
:09:41. > :09:45.dollar economy into a single market. But it was met with resistance
:09:46. > :09:47.by opposition parties, who dismissed the launch event
:09:48. > :09:51.as a "publicity gimmick". The British government has announced
:09:52. > :09:58.it's withdrawing from a 50-year-old -- Don't forget you can get in touch
:09:59. > :10:08.with me and some of the team Stay with us because we will be
:10:09. > :10:18.doing the newspapers in about five minutes.
:10:19. > :10:21.Figures out today show for the first time in nearly a decade,
:10:22. > :10:24.more nurses and midwives are leaving the profession in the UK
:10:25. > :10:28.than joining it - that's according to the Nursing