and when the property market went down, those products very quickly had to be revalued. china, most of its debt is held in these shadow banks and in some of the bricks and mortar banks so the rate of decline can be slowed a little bit. however, the bigger issue is debt. overall, the debt in the property sector is huge. as much as 30% of bank assets, and that will take a long time to unwind, and the central of government is very reluctant to step in and probably can't have enough cash. under the circumstances, what needs to be done? the government has to make decisions on allocating defaults. will mortgage holders get hurt? that is what happened in the united states, lots of people lost lots of money in their housing. will the banks be squeezed? they can be but then you can't put the banks out of business because then you lose your financial system. so there will be a lot of investors, people in zhongzhi, who they thought could make a killing, and they are losing theirshirt, probably everything they put into these dodgy products, but to some degree it was their fault for thinking that this whole thing could go along. so i think there's not much that can be done in a structural downturn like this for the property industry except to try to allocate the pain in some reasonable fashion. other news making headlines this morning, foreign ministers from south korea, japan and china met over the weekend for the first time in four years, after covid and geopolitical tensions interrupted diplomatic interactions. it comes as tokyo and seoul have both grown closer to washington in recent months, much to beijing's displeasure. relations between china and the us have been tense recently especially over semiconductors, and south korea is home to some of the biggest chip—makers in the world like samsung. tensions have only eased recently, relatively, following a summit between president xijinping and joe biden earlier this month. let's also take you through some of the other big events that we are expecting through the week, and that we will be covering. the rising cost of living will be in focus in the coming days, with inflation numbers for october out of australia on wednesday. then later the same day we will also be looking at new zealand's central bank. that is due to make an interest rate decision that has been on hold since may, as inflation eases. then a day late on thursday it is south korea's turn to decide on interest rates, where rates have also been held in recent months. the same day, the big one we are looking out for in china that is due to give us a health check on its manufacturers, as investors hope for more signs of recovery in the world's second largest economy. ariana financial services tell me what to look for this week. the really big piece of data this week is going to be the pce inflation in the us. we have seen inflation move lower. that is likely to continue and there is a real risk we see a surprise to the downside this week. it is important because the fed has been on hold for several months now and if we see that inflation continue to slow, markets will decide that the fed is done hiking and they will start looking for rate cuts are seen at the end of 01 or early 02 next year. if inflation as we are talking about is coming down, where are you seeing the consumer spending being focussed? we are seeing inflation come down but consumers still feel the pain of cumulative inflation of the last couple of years, prices at a level basis are high and their incomes haven't kept up. so as we move through the end of this year and early next year we will see those consumers really pull back on their spending. household spending will slow, that will hurt the economy in the us, it will hurt the global economy and really increase the risk of seeing a recession at some stage. the focus point will be on china's pmi data. what are your expectations on that front? it is a really important piece of data because we are seeing china's economy begin to improve as cumulative impacts from monetary policy support roll through. i think this month we will probably see that a bit more clearly. the economy is just picking up a little bit, and we are going to see a sense that china is going to achieve its around 5% growth target this year and that will be a fairly critical piece of data coming out. inflation has an effect on consumer spending in the us. american shoppers spent a record $9.8 billion during the black friday sales last week. that is 8% higher from last year, and retailers are hoping to extend the black friday consumer spending boom this week on cyber monday, which focuses on online discounts. this is our business reporter. inflation and high mortgage rates have hit consumer hard this year. in the uk, black friday spending was expected to fall by more than a quarter to £5.6 million or $7 billion. the retailer argos had a playstation five gaming console, beats headphones and apple products were among the most popular place on the day. some consumers will hold out for different products on cyber monday with the risk of waiting is that some items will sell out, i've checked and that is certainly true in some cases. recent research by voucher code considered that pre—christmas retail spending in the uk was likely to rise by 3.3%, and in fact fewer products will be bought because of price rises. and the cost—of—living squeeze means gift spending might actually fall by 3%. in the us, adobe analytics expects shoppers to spend $12 million online on cyber monday, which marks the end of a traditional week of discounts around thanksgiving. world leaders will be gathering in dubai later this week for the cop 28 annual climate conference to discuss a host of issues. chief among them is how to bring emissions down. earlier this month in india, pollution levels in delhi reach toxic levels, ordering the top court there to stop farmers from burning crop residue. a problem a start—up in india is trying to stop that. every winter, air pollution chokes much of northern india. a major cause of that pollution is the smoke from crop fields cleared by burning to clear for the next harvest. but instead of being burned, straw and husks can be processed to make the main raw material for paper mills. these fully compostible pulp sheets, which can then be made into packaging or disposable tableware. the waste can even be turned into furniture. this brother and sister team are doing just that with their company in central india. we can help our farmers and we can also reduce the crop burning problem. it doesn't make sense at all. by using this abundant crop waste to create products we are also able to save our world's forests. government has been quite keen to promote companies that upcycle these millions of tonnes of agricultural waste. but the problem is creating additional value forfarmers, and that is why some of these companies that generate cover that up cycle this agricultural waste into biofuels or fertilisers are not seeing many takers. they are addressing this by paying more to farmers like this one, who was the first in the area to stop burning his fields. translation: as small farmers we don't have the resources - and the money to transport the waste so we burn it but if someone picks up the waste and pays us a good amount it is good for everyone. he is hoping more farmersjoin in. but the field to factory business is notjust about creating products but also a market to sell them, and that needs time. the big challenge of course is of the market itself. they have to compete with the existing market. for example they have to compete with the plastic industry, single—use plastic products for instance. these products are cheaper, they are already in the market. for crop—based companies, high transport and storage costs are also burdens to scaling up. he hopes that setting up small factories next fans could be the answer. one of the ways india tackles its burning problem. that is it on this edition of asia business report. much more on the bbc news website. thanks for watching and stay on with bbc news. bbc news, bringing you different stories from across the uk. locals say they live here for the countryside, the wildlife and the peace, but that could change, as a new prison is set to be built here. kevin bowdon and has lived in gartree for over 20 years. the concern is when i get up in the mornings and open my curtains, i'm not going to see the fields behind me, with the sheep and wildlife, i'm just going to see a wall of prison. plans were first submitted by the ministry ofjustice for a new prison adjacent to the current prison over two years ago. it was refused permission by houlbrook district council. however, that refusal has now been overturned on appeal by communities secretary, michael gove. i am astounded at this decision. i think it's completely the wrong decision, and as one member of the public described it this morning, they see it as a slap in the face for democracy. it has always been the wrong place. these are country lanes, a country area where they are trying to facilitate this. a spokesman for the mo] says it is critical in delivering the 20,000 extra places we need to keep dangerous offenders off the streets, and it will boost the local economy by creating hundreds of new jobs. protesters here say they will fight on. they are calling for a judicial review. for more stories from across the uk, head to the bbc news website. bbc news, bringing you different stories from across the uk. at the central methodist school, volunteers come together to put on the £1 pantomime. it is a take on cinderella. the twist here as she wants to play football, rather than go to the ball. # like a diamond in the sky. she has an evil stepmum. she has dreams of being a massive football— has dreams of being a massive football player. the dream is to show _ football player. the dream is to show your kids and everyone else _ to show your kids and everyone else that — to show your kids and everyone else that anyone can follow their— else that anyone can follow their dreams.— else that anyone can follow their dreams. ., their dreams. gareth southgate and serena _ their dreams. gareth southgate and serena weideman - their dreams. gareth southgate and serena weideman of - their dreams. gareth southgate and serena weideman of the i and serena weideman of the national team coaches, are in the cast. you are a world cup finalist this year! i manage the men's! and we've onem — i manage the men's! and we've one... anyway... there is support from local semiprofessional players. putting out there you should believe in yourself, no matter what people say to you. so, block out them haters and listen to yourself and good people around you. we are still trying to head in the direction the men are in and that is potentially where we want to do. it runs from december 4—9. details on how to go out on friday's social media accounts. hello and welcome to sportsday. the headlines: the man who helped english football have a seminal summer has passed away. terry venables has died at the age of 80. what a week forjannik sinner: he helps italy secure a first davis cup title in almost 50 yea rs. and max verstappen ends the most dominant season in four wins on history with — yep, you guessed it — another grand prix victory in abu dhabi. hello there. we'll start with the news that terry venables, a former england and barcelona manager, has died at the age of 80. his family say they are totally devastated by the loss of a wonderful husband and father, who passed away peacefully on saturday after a long illness. venables was the england manager at a home european championship in 1996 when football fervour gripped england as they reached the semifinals of the competition. it was their best major tournament achievement in 30 years. our correspondent andy swiss looks back at the life of terry venables.