tv Business - News Deutsche Welle October 18, 2017 3:15pm-3:31pm CEST
i mean up ahead on in china says it's open for business but investors want to see action as well as floods. then fizzling from our business desk we'll have that story for you coming up shortly meanwhile you can almost check out a website busy w. dot com you can also follow us on twitter as well as on facebook that was in use drop the do seventy degree news for ben facility and the business news coming up shortly. nationalists are on the rise with morning glory to make your country great again that is their slogan their focus put your nation first i am taking you know global trade to highlights different shades of nationalism and to find out what the nation need to use. to share your story join the conversation here on to w.
unto itself on the facebook. why are million people in east africa threatened by starvation what are the causes of the situation . we focus on five specific problem areas. these huge journalistic projects trying to find the answers why africa goes green our topic this week on d w news online. at the. opening up chinese president xi jinping kicks off the communist party congress trying to convince investors his economy will become more and more open to the world. doubling down beijing threatens to make the great firewall of china even more impact. trouble cracking down on b.p.'s and turning the page on
a greek tragedy after years of economic hardship leaders promise growth is said to return. and been physical and that's to business investors call it promise for teak they want action from china the leader of the world's second biggest economy has cast himself as a champion of globalization as the top economy the us were traits but is president xi and in his first term he disappointed many on market reform especially in the debt ridden state sector this time he opened his week long party congress with even more pledges valid to protect the legitimate rights and interests of foreign investors said all businesses registered in china will be treated equally u.s. and european firms have banned from certain sectors and forced to share their technology with local competitors to gain access she also wants to strengthen state firms that could be good if it means tackling debt but foreign business groups see
it as a push to foster home grown companies in key industries. and raising joins us now from singapore and conrad boos and from frankfurt and dale let's start with you what signs a year seeing suggesting she could get somewhere with economic reforms in a new five year term. well but he started with a detailed report card of his achievements as for me in the first five years and he's looking ahead with details of how he's going to face the challenges that are going to face shine in the next five years so that's a positive optimistic direction that he's trying to take a lot of it a lot of mention words on china really forming in the markets as well and financial systems that particularly close attention to the exchange rate as well as its currency as well as its financial systems at the core of it all what about china's
debt there are growing concerns the accumulation of credit could trigger a financial crisis. you know it's interesting china's bad spoke in a whisper of this debt mountain over the course of the last few months this year and we've not heard much about it and what they're going to what they're going to do about it we might be relieved to hear that part of these reforms that he see himself has mentioned does involve reforms in the fiscal systems and he recognizes that a lot of that has to start with the local government debt as well which is what's causing the pileup ok so china has been talking much about that but what about europeans conrad what's the take from frankfurt on chinese day. well the fact that the chinese didn't read it or that the president there didn't really talk a lot about that is what people call here an elephant in the room because everyone here is discussing
a lot about the large amount of debt in china the international monetary fund estimates that the amount of debt in relation to g.d.p. in china is that two hundred and fifty percent this would be called totally unsustainable here in europe a country with such a high debt to g.d.p. ratio would not really find it easy to get credit on the financial markets what's positive or why this is contained in china has to do with the fact that this is mostly domestic debt i mean it is debt to chinese creditors the chinese have large amounts of holdings are in foreign currencies that's sort of muffling. the risk there and. of course this contributes to the fact that you know the risk by ratings agencies is seen relatively contained s.n.p. recently lowered the rating to a plus not very bad but the chinese at the time were not amused ok well let's leave
the elephant in the room for the moment and ken foreign businesses really expect equal treatment with chinese firms all of a sudden. well what you mentioned earlier about promises that seat that very well insured fortunately a lot of top foreign investors and economists are not very optimistic about that promised even changing all of their creates a serious seem more of the same of. the same story i just different versions of it i think that market openness really at the end of it is still going to be second to be. focused of the fall conrad there's no doubt the chinese economy will soon be number one but what sort of economy will it be do you think we're going to get another usa or another europe. well it looks like in terms of economies china wants to be sort of both they want a strong services sector they want
a strong consumption by private households but they want to remain a big manufacturer and they want to be market leaders in terms of technology it looks like you know especially the technology part makes competition tougher in the future for us here in europe also for the americans and also despite what the president said there in beijing today about more openness it's likely that this is continuously going to be a very much of a top down managed country and economy. and for us there in frankfurt and and praying in singapore with a financial analysis on china thank you. for president she's promise of an open economy sounds nice but what about an open exchange of information internet censorship the so-called great firewall of china is a problem for critical domestic users and a lot of foreign companies and the government is threatening to crack down on begins which tunnel data traffic abroad. i'm calling is
a german company that provides data system consultancy to foreign firms with operations in china. the beijing government is now planning to block access to virtual private networks all v.p.n. these encrypted connections that tunnel data traffic to a proxy server. cost just a few euros and have become a critical tool for secure communication between foreign based companies and their headquarters. they're also used by millions of individuals to circumvent china's censorship system. because. most of our clients are very concerned. if not horrified upon it. because of how dependent their come on v.v. ends. for been going on for. the author of interfered with b.p.'s before especially in the run up to communist party congresses but the regime
had appeared wary of enforcing a complete lockdown on v.p. ends probably out of consideration for the business world but in the new year beijing will order telecoms providers to close the data tells us if this is serious this time they mean it and they'll go through with it too. many details remain unclear. but for the european business community in beijing china's internet policy has always been troublesome. we see it as kind of sort of a tax on doing business in china and and that's not good for trying to you what you were looking at creating more productivity more efficiency in the economy certainly ensuring that companies have readily timely and stable access to information is important and it hurts foreign companies even more and there's more in store for those companies a new law on cyber security introduced even more rules to an already highly restricted technology regime certain data may now only be stored on the main one
for example for foreign companies in particular the assessments and adjustments involved will be a major burden. it's in this with the service ultimately the cyber security law means that you're not being compliant you can get your company into serious trouble . it could even mean the company being closed down or having to disclose all of its data and no company want to start this mission we're going to get to my. what is already clear is that the new law will make life difficult for smaller foreign based enterprises and prevent others from even starting up here. greek prime minister alexis tsipras says his country is turning the page of so much economic hardship forecasts point to two percent growth this year a greece's goal of quitting its bailout program next year could be over the optimistic. warm embrace for christine legarde the head of one of the institutions keeping his country of flows the greek prime minister and the i.m.f.
chief both won greece to return to self-reliance as soon as possible with that in mind alexis tsipras presented an optimistic outlook for the future of the greek economy. after several years of for economic depression greece is turning parade's. acute risks and the certainty. subsided. become omic recovery is gaining traction. indeed the two thousand and seventeen expected growth rate of. approximately close to two percent has not been seen something like that since two thousand and seven but is the outlook really that rosy let's take a look at the numbers one in five greeks are still lies of work figures released by the country statistic agency on tuesday showed that the economy actually contracted
last year and g.d.p. at one hundred seventy six billion euros was down from the year before those figures have come as a surprise demanders had been expecting modest growth despite the i.m.f. appears ready to support greece's desire for an imminent exit from its third bailout program i believe that a resolute implementation of this program together with an agreement with the greece's european partners on debt relief or essential to support greece return to sustainable growth and a successful exit from any official financing as soon as next year. and that got there from the international monetary fund cracking the whip as usual but grace's forecast a little more optimistic nice doing business with him. he
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