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Now it's time for World Business Report. | :00:00. | :00:16. | |
Growth figures from the world's second biggest economy | :00:17. | :00:20. | |
We take a look at what goes into the making of the world's most | :00:21. | :00:28. | |
popular television series, Game of Thrones. | :00:29. | :00:36. | |
In a minute we'll also find out why Lloyd's of London believes a massive | :00:37. | :00:45. | |
cyber attack could cost the global economy more than some | :00:46. | :00:47. | |
But we begin with China's economy, which has grown more than expected | :00:48. | :00:53. | |
in the second quarter of this year - by 6.9%. | :00:54. | :01:00. | |
It matters because the country, regarded as the world's factory, | :01:01. | :01:03. | |
As you can see here it's a far cry from how things used to be - | :01:04. | :01:09. | |
this shows how for much of the last 25 years China has been | :01:10. | :01:12. | |
One of the big worries is this number. | :01:13. | :01:15. | |
258% is the size of China's debts compared to it's economy. | :01:16. | :01:18. | |
That means it owes more than two and a half time everything it makes | :01:19. | :01:22. | |
Much of the debt is linked to the red hot property market | :01:23. | :01:26. | |
which the government is trying to cool. | :01:27. | :01:28. | |
The cost of new housing in major cities rose 10.4% in May. | :01:29. | :01:31. | |
The government also looks likes it succeeding with another problem. | :01:32. | :01:34. | |
This year Chinese firms have spent $75.2bn on foreign merger | :01:35. | :01:37. | |
and acquisitions which is down almost half on the same time | :01:38. | :01:40. | |
Financial regulation has become a top priority | :01:41. | :01:44. | |
And over the weekend he's been at a meeting of regulators | :01:45. | :01:51. | |
in Beijing where he called for the country's central bank | :01:52. | :01:54. | |
to take a bigger role in managing financial risks. | :01:55. | :01:58. | |
With me is Linda Yueh, Professor of Economics | :01:59. | :02:00. | |
6.9%, how reliable is this a figure? Many will say it is never that | :02:01. | :02:19. | |
reliable. In a sense, we probably expect a slowdown in the second half | :02:20. | :02:23. | |
of the year so it will probably come in closer to target and the reason | :02:24. | :02:28. | |
is that China has been meeting their growth target by stimulating the | :02:29. | :02:34. | |
economy which is added to the debt. Expectation is that China should | :02:35. | :02:40. | |
slow its economy somewhat but the more reliable figures are factory | :02:41. | :02:46. | |
output and retail sales and both came in stronger than. Factory | :02:47. | :02:54. | |
output a key indicator grew by 7.6% in June. Retail sale, another key | :02:55. | :03:01. | |
indicator especially in terms of Chinese consumption which is more | :03:02. | :03:08. | |
sustainable, grew by 11% so those figures suggest the Chinese economy, | :03:09. | :03:15. | |
on the real economy side, are actually resilient and somewhat | :03:16. | :03:18. | |
readjusting more to domestic demand than export. It is this a just and | :03:19. | :03:26. | |
of the economy which is that target, really. Still an awful lot of | :03:27. | :03:32. | |
reforms to be an act did. -- enact did. Other concerns that too much | :03:33. | :03:45. | |
work still needs to be done? It beat market expectations but the concern | :03:46. | :03:49. | |
is how much of that is still being fuelled by the government stimulus | :03:50. | :03:54. | |
especially around credit. That is probably why markets would like to | :03:55. | :03:59. | |
see a greater slowdown than last year. 6.7% last year and the | :04:00. | :04:06. | |
expectation is that China should slow its economy down because most | :04:07. | :04:10. | |
people would rather see a more sustainable slower growth rate for | :04:11. | :04:17. | |
China, already a middle income country, then mimicking the past 25 | :04:18. | :04:24. | |
years. As it becomes middle income it needs to adjust to a slower pace | :04:25. | :04:32. | |
of growth and to accept it. Then I think some of the reforms become | :04:33. | :04:38. | |
more palatable, including the financial, which is one of the main | :04:39. | :04:43. | |
reasons why it loan growth is such a problem because it is not properly | :04:44. | :04:46. | |
allocated by the market interest rates. Markets would like to see | :04:47. | :04:51. | |
that and slower growth rather than something that could ultimately end | :04:52. | :04:59. | |
rather badly. Thank you very much for talking to us. | :05:00. | :05:00. | |
The second round of Brexit negotiations will begin in Brussels | :05:01. | :05:03. | |
Ahead of the meetings between UK and EU officials, | :05:04. | :05:07. | |
the UK's finance minister has warned that businesses are delaying | :05:08. | :05:09. | |
investing in the UK because of the uncertainty surrounding Brexit. | :05:10. | :05:13. | |
Speaking to the BBC, Philip Hammond explained the need | :05:14. | :05:16. | |
for clarity, and a smooth transition process. | :05:17. | :05:23. | |
It is absolutely clear that businesses, where they have | :05:24. | :05:29. | |
discretion over investments and can hold off, are doing so and you can | :05:30. | :05:35. | |
understand why - they are waiting for more clarity about what the | :05:36. | :05:39. | |
future relationship with Europe will look like and the way to get the | :05:40. | :05:44. | |
economy moving and restore business confidence and then consumer | :05:45. | :05:47. | |
confidence is to give as much clarity as possible as early as | :05:48. | :05:52. | |
possible which is why I have been talking a busy all or five weeks of | :05:53. | :05:56. | |
the importance of a transitional arrangement. | :05:57. | :05:58. | |
In other news About 4 out of 10 British firms say Brexit has | :05:59. | :06:14. | |
In a report on cyber crime, Lloyds estimated that in the most | :06:15. | :06:17. | |
likely scenario, a malicious hack would take down a cloud service | :06:18. | :06:20. | |
provider, with estimated losses of $53 billion dollars. | :06:21. | :06:23. | |
That's roughly the same cost as Superstorm Sandy, | :06:24. | :06:25. | |
the hurricane that hit the east cost of the United States in 2012. | :06:26. | :06:28. | |
But that's just the average estimate. | :06:29. | :06:30. | |
Lloyd's believes that because of the uncertainty around | :06:31. | :06:32. | |
calculating cyber losses, the damage could be as high | :06:33. | :06:35. | |
as $121 billion, or as low as just $15 billion. | :06:36. | :06:40. | |
China's President Xi Jinping has called on the country's Central Bank | :06:41. | :06:43. | |
It's the most popular TV show of all time, | :06:44. | :06:46. | |
the most downloaded show of all time and is shown in 170 countries. | :06:47. | :06:49. | |
And last night, fans were rewarded after more than a year of waiting, | :06:50. | :06:54. | |
with the premiere of the show's penultimate season. | :06:55. | :07:16. | |
Over six seasons, TV fantasy Game of Thrones has captured the imagination | :07:17. | :07:29. | |
of millions of people. But far from the seven kingdoms, the costumes, | :07:30. | :07:32. | |
ran the sets and authentic armoury that feature in the show is serious | :07:33. | :07:39. | |
business for a few firms in India. Send them at least two options. It | :07:40. | :07:45. | |
is not just Game of Thrones. This business supplies props to many | :07:46. | :07:55. | |
films. We still have the art of hand embroidery alive. They cannot get it | :07:56. | :08:03. | |
in the West so whatever we do, it is a very handmade, it is very period | :08:04. | :08:12. | |
looking. I am in geek heaven. I do not know where to begin. I spotted | :08:13. | :08:18. | |
the sword from the Game of Thrones but nothing can beat John Snow and | :08:19. | :08:24. | |
here is my chance to try my hand at his cloak which is fairly heavy and | :08:25. | :08:30. | |
to top it all, I have his sword as well. What is John Snow without his | :08:31. | :08:39. | |
trusted weapon? This is where the swords are made. The largest | :08:40. | :08:45. | |
factories of its kind. They make every type of sword from heavy steel | :08:46. | :08:52. | |
to light titanium. It supplies two armies around the world but it's | :08:53. | :08:56. | |
swords are not sold commercially in India. Domestic business is only 10- | :08:57. | :09:05. | |
15%. Sometimes it can stretch in the 30%. But it is mostly seasonal. But | :09:06. | :09:17. | |
these are the details that make the story come alive on the big screen | :09:18. | :09:23. | |
and, as long as the battles go on, it means more business on the | :09:24. | :09:25. | |
workflow here. Lets check in with the financial | :09:26. | :09:37. | |
markets: The Nikkei is closed for a public holiday today - | :09:38. | :09:40. | |
will be interesting to see how investors will react to the news | :09:41. | :09:44. | |
that Sony is in the final stages of talks to acquire French music | :09:45. | :09:47. | |
distribution and label services Other indices have | :09:48. | :09:50. | |
mainly risen in Asia following another record | :09:51. | :09:53. | |
close on Wall Street, however Shanghai stocks fell | :09:54. | :09:54. | |
after that data came through showing China's economy grew more | :09:55. | :09:57. | |
than expected in the second quarter. | :09:58. | :09:59. |