A power from brewing within the like the property sector in china. And more importantly, if you look at the curious list that we see right now, the major differences that eric run may be considered as a highly leverage player and done or is not. Uh, basically, regulators do not like it so much because of this the i left bridge. All right, for if you look at country dot industrial manage to meet all the regulatory requirement of the free red lines were supposed to deem it to the cricket, the ss um to some of the highly leverage fair. So now basically were in a scenario that we start to see from the good players as perceived by direct latest became to for there is indeed a stronger and stronger pressure in the property sector right now. So it does sound of course, so you make it sound like the real estate sector is in trouble in china. Will this bill over into the broad or economy as well . I figured in good, if you can see the how big the real estate sector in china nowadays. And also the think case is back to us of the sector. You can actually phone close to one strip of the g d p growth. And this is why when we start to see this of the started rating home cells which affect the Consumer Science and then that will help us negative spill for you. Fact to was the whole supply chain and thats a long list of developers as well. So therefore, in did, i do think the can be like a quite this, a free a spill for you folks on consumers, sentiment developers itself and increasingly, and maybe the Financial Sector to so 30 percent of g d, p coming from the property sector. So how much of what weve seen from f, a grand and country garden, you know, among others could be linked to chinas so called shadow banking system. Well into, i think the better person in china is quite well known for the high last ration. So in the past of the major sources of the funding can be the pre so, so like, um, uh, funding which they get from from buyers when they actually sell a home. But the, your, the, the costs of the tied to regulations that is actually pushing them to the so of course, the Banking Sector because you kind of cell phone at the moment is for a hot to raise of funding from bones. And also youre supposed to have to get money from things as well, and therefore this really pushed them to us. You know what, thats a channel the, as it said, its available even though it may be quite costly. So um, i think indeed um, from what we see recently in the trust the industry, theres already looked up declining the explosion through a state of wisdom distressed industries. So it doesnt stop some of the trust to continue to have a quite a high score. Sure through the state because of, if you dont do that, how can you give a 20 percent plus year to the investor to attract funding . Right, so im in did i do think that there is that quite a strongly engaged just just some of this one with the high risk to exposure. Now its really about where the china is able to isolate this risk and risk date was in the fund there. So Financial Sector versus you know, some of the, uh, like the best cases that we have seen recently that was, that takes the senior economist, gary, and you can find a longer version of that interview at dw dot com slash business, or on the dw Youtube Channel and now staying in china or the countrys economic flow down and reco, jude unemployment are sending more people into the ride hailing sector, and that is hurting the livelihoods of drivers. Take a look. The shanghai drivers. John john works up to 17 hours a day to earn the same money he was making only a few months ago. Working a regular shift he competes with an increasing number of chinese rushing into the ride healing industry. John takes home the equivalent of 40. 00 to 55. 00 a day to your business hasnt been. Thats good. Probably because of the pen demik in the past. I couldnt make money if i was a 9 or 10 hours, but no, im working up to 16 hours between the end of april and the end of july, some 400000 people began driving for ride healing firms in china. This marks a 7 percent increase in the number of drivers. And lets say its a sign of a subdued job market. You may, i do want to do a funding because of the impact of 3 years of the pandemic. Many companies and Small Enterprises may have gone bankrupt or gone out of business. So a lot of idle labor will enter the market. Theres also been a sharp decline in the number of jobs. In fact, from the perspective of right handling itself, it has some advantages. First of all, it has a higher degree of freedom than other jobs you have to go. Thats what you the china has more than 300. 00 ride healing apps which accounted for more than 40 percent of total taxi trip. Last year, state media reported cities including shanghai, sonia and change shop, have now suspended, issuing new ride handling permits. Now to some of the other Global Business stories making use, australia is wine, industry is facing of surplus problem added as blaming chinese terrace on us trailing products aging and pulls them out. The convo called funny inquiry into the origins of coal that the decline and wine exports has led to us a view of a supply of wine depressing great prices and wind revenues in australia. Space x has both a small profit for the 1st quarter of 2023 after 2 annual losses. The Company Generated 55000000. 00 in profit space ex has been spending Communications Satellites to space while preparing a scholarship, procket, which will deliver nasa payloads inspect to the number of Building Permits issue. If we knew german for new flats in germany tumbled by more than a quarter during the 1st half of this year, the German Property sector is struggling with high Interest Rates and rise and construction costs. Building permits unimportant indicator for the german economy. Chinese cars made in germany, chinese automakers, one to take on the open market by producing cars in the continents biggest car making country. China is b y d. The Worlds Largest electric vehicle manufacturer is reported late and talks with affordable buying. Its planned in southwest in germany. The state old s a i see which has a joint venture with volkswagen. And china is also speaking of production site here, high wages, an energy cost on stopping chinese investors. And neither trade tensions between the e u on china. Now and joining us with more is merricks analysts greg o. Sebastien, how good plans buy chinese carmakers to setup operations in germany . Effect the china trade tensions price upon the um. Well, 1st of all, as many views might be where in recent years and months, especially if youre trying to trade, the relationship has become increasingly unbalanced. So what we mean by that is that our imports have steadily increased in recent years, but our exports to china actually stagnates and in some sectors actually also going down. So if we see more investment by the chinese come, because in germany that could help to some extent, these, these trade tensions. Because that would then mean that china is potentially sending us less of these higher goods, like electric vehicles. But draw the producing them here locally, so that could actually be beneficial for you trying to tread sections. All right, so that could help ease tread tensions by, of course, shifting production to germany. And of course, maybe that would also have a reputation, no impact for Chinese Brands here in germany and in europe. Would that help them in any way . Oh yeah, it would be a massive sort of strength for them. So currently, many consumers in europe, us for quite a very about chinese vehicles, right . At the moment, what Chinese Brands are trying to do is that they enter into cooperation with the car rental or sharing Companies Like 6 so that consumers can actually test that product 1st. But they really try to avoid this image as like new and up budget vehicles. But they still have been in the mind of many consumers and by producing the vehicles here in germany, adults also competing directly with um, i wouldnt even w a cd spends competing. And one of the top does come markets in the world that would really send a signal both to your consumers that have chinese products. Can we make it here . But it would most likely for rebuild the rate and also send the signal back home to chinese consumers and shows that next the, you know, what our uses can make on this markets in the world. Right, well you mentioned their electric vehicles, for instance, that could potentially mean that chinese firms, automakers would benefit from state subsidies in germany. Now just how would that affect, you know, the, you know, the politics in germany when it comes to chinese firms, receiving states subsidies as, yeah, well, let me, let me 1st say it would kind of put chinese in German Companies on a level Playing Field to some degree because German Companies in china have loan benefited from subsidies from the Chinese Government drive tax cuts and additional subsidies for production on the certain way. This could actually put them on a level Playing Field. And however, i think it would really re ignite the debates about china and our relationship with china in germany. If we see that chinese call made because of the subsidized to produce. Yeah. And also compete with our co make us at a time when the german government, which is trustworthy since trying a strategy a month ago. And its really deafening down on the risk. And douglas, just in case of away from china that would really send mix signals. But on the other hand, many uh, misled um and also have the european member countries they have read when they attract more investment. Right . Because ultimately, if the chinese comic is producing this is also creating new jobs, right . So they use a certain incentive to subsidize them. But it could also really sheets up the debates in germany and about what sort of relationship we want to have with china going forward. Well, that sounds like its going to be a very tough balancing act. So greg o sebastian from merricks there. Thank you for joining us. Thank you. And thats our show for me and the entire Business Team here in berlin. Goodbyes and take care of the surprising stock of touches millions is sold by a marco platform, a well famous power fisherman. Some from trump major to the top of his game have free mags in 30 minutes on d. W and they quit corners. Great for investor. They, they invest this, everyone here just wants to get into bit point. 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