the property is basically at the heart of everything. for 20 years it boomed, developers borrowed billions, families invested their savings in houses. but now it's in crisis. there are too many houses in not enough people wanting to buy them. it means prices are plummeting. that is basically the biggest reason why we haven't seen the post pandemic a spending boom that so many had predicted in china. chinese would slash _ had predicted in china. chinese would slash their _ had predicted in china. chinese would slash their savings, - had predicted in china. chinese would slash their savings, to i would slash their savings, to consume like crazy, and hasn't happened for the everybody is well aware that the financial wealth, it's being hammered. some economists are worried on a deeper level. for the past few decades china's astonishing growth has been powered mainly by building. factories, roads, bridges, houses, you name it, china needed to industrialise and it did. but there comes a point where there is only so much you can build before it starts becoming a waste of money. starts becoming a waste of mone . ., ., ., , money. you cannot grow chinese economy by _ money. you cannot grow chinese economy by building _ money. you cannot grow chinese economy by building more - economy by building more buildings. it was necessary up to a point but now it is not any more. demographics are not telling you to build buildings manufacturing has reached peak. so if china is running out of road, literally and figuratively, what do you do now? you can encourage consumer spending by in countries with “p spending by in countries with up at the china's communist party that seems wasteful not to mention individualistic. you can always relax regulations in finance or tech but again, that means giving up a lot of government power. maybe the chinese leadership is ok with the way things are. let's not forget that in spite of this crisis the rate of growth is still higher then pretty much every other western country. but after three long years of zero covid, peoples houses losing value, young people struggling to find a job there are those that argue that the leadership need to take action sooner rather than later. fire sooner rather than later. are they worried? _ sooner rather than later. are they worried? of _ sooner rather than later. fife they worried? of course, they see the numbers was up understand what needs to be done? i'm not sure. my guess is they're missing certain things that are fundamental for the future of china. for that are fundamental for the future of china.— future of china. for more on the challenges _ future of china. for more on the challenges facing - future of china. for more on the challenges facing the . future of china. for more on i the challenges facing the world second biggest economy had over to the website bbc .com/ news where you will find more analysis. let's move onto the us where we've got in updated data on the worlds biggest economy and it grew at a less brisk pace than initially thought. in the three months to june, and expansion of 2.1% is the bad news at all. the us markets reacted positively to the news, both the s&p 500 and back up. basically the latest jetters signalling to investors that a cooling economy could being america central bank may soon pause rate hikes once again. that is something investors have been eager to find out, the next move by the federal reserve. it employment data from adp says that they are keeping a close eye on the labour market.— labour market. what you are seeinu labour market. what you are seeing is _ labour market. what you are seeing is growth _ labour market. what you are seeing is growth that - labour market. what you are seeing is growth that is - labour market. what you are i seeing is growth that is slower in terms of monthlyjob creation but much more sustainable. then you add that to the overall unemployment rate, which is near record levels and expected to hover around record lows on friday with the government release. what you are seeing what you sum up the fax is an economy that looks well—positioned to achieve that soft landing. the? achieve that soft landing. they have been _ achieve that soft landing. they have been quite _ achieve that soft landing. they have been quite resilient. - achieve that soft landing. they have been quite resilient. i - have been quite resilient. i thought it was interesting when you mention housing it is a good barometer of how rising interest rates are affecting the economy. how is that sector going? the economy. how is that sector oiiin? ., �* , the economy. how is that sector iuoin? . �*, , , the economy. how is that sector ioini? . �*, , , the economy. how is that sector ioiin? . �*, , , the economy. how is that sector oiiin? , , ,, going? that's because in the us and most other— going? that's because in the us and most other economies - going? that's because in the us and most other economies in i going? that's because in the us| and most other economies in the world the housing sector is one of the most interest rate sensitive. historically the housing sector has led the us economy both into and out of recessions. in important signal. the difference this time that one has to keep track of is that the us, unlike china is chronically undersupplied. there's just not enough housing. there's a real affordability issue for a lot of home—buyers matched with interest rates that have risen very quickly on new houses or borrowers. what you have is a very expensive housing market. the signal is that house prices are really inflating. that's not good news for the federal reserve that is hoping to see house prices and apartment prices come down.- prices come down. easy to criticise — prices come down. easy to criticise the _ prices come down. easy to criticise the central - prices come down. easy to criticise the central bank i prices come down. easy to i criticise the central bank but have they actually done a decent job have they actually done a decentjob in navigating this very tricky situation? it decent job in navigating this very tricky situation?- very tricky situation? it has been tricky- _ very tricky situation? it has been tricky. when - very tricky situation? it has been tricky. when we - very tricky situation? it has l been tricky. when we started this inflation battle in terms of rate hikes, inflation was at 9%, the inflation that consumers saw. it is now 3.2% on headline, core inflation a little higher, a little bit higher than the fed would like for it to be. we have a 2% target in the united states was of a lot of progress has been made but there is more progress to come for them and that last mile to the federal reserves preferred rate might be the hardest. i wouldn't say that the victory can be stated yet. i think we still have to see inflation returned back to the 2% target. brute inflation returned back to the 2% target-— 2% target. we are waiting on the latest — 2% target. we are waiting on the latest growth _ 296 target. we are waiting on the latest growth figures - 296 target. we are waiting on | the latest growth figures from india as well for the three months tojune. economists are expecting the headline never to show an expansion by as much as 8%. the rising food prices remain a major concern in asia's third biggest economy. this is also having global our publication as our business correspondent reports. feeding her family of correspondent reports. feeding herfamily of four, correspondent reports. feeding her family of four, this humble vegetarian meal cost her a third more than it did a few months ago. with prices in most staples soaring the money she brings home as a domestic helper isn't enough. she is now taken on part—time work as a seamstress to earn additional income. �* ,, �* �* seamstress to earn additional income. �* ,, ~ �* . income. translation: i'm a sinile income. translation: i'm a single earner _ income. translation: i'm a single earner in _ income. translation: i'm a single earner in the - income. translation: i'm a single earner in the family i income. translation: i'm a| single earner in the family and we can't save anything any more. everything from food to gas cost more. we are very stretched. gas cost more. we are very stretched-— gas cost more. we are very stretched. . , . , stretched. the general prices and staples _ stretched. the general prices and staples and _ stretched. the general prices and staples and food - stretched. the general prices| and staples and food markets like these and as the countries or suffer from soaring food inflation they government has had to bring in curbs on the exports of essential commodities like rice, wheat and even onions to cool domestic prices. this has globalfood domestic prices. this has global food security implications say experts. india accounts for 40% of the global price market. —— rice market. since it's been a basmati rice came into effect prices to markets like thailand have jumped 20%. and now a sugar man under consideration could aggravate the situation. in case there is a ban on sugar export, which the likelihood is increased because there is projection of sugar production be lower in the next season, that would have an impact on global prices. all the economies are right now focused on controlling inflation and their own economies. so i would say that india also has to take care of its own interests. food makes no _ care of its own interests. food makes no for _ care of its own interests. food makes up for a _ care of its own interests. food makes up for a big _ care of its own interests. food makes up for a big chunk - care of its own interests. food makes up for a big chunk of i care of its own interests. food i makes up for a big chunk of an average indians monthly expense. while soaring business prices are eating into disposable incomes erratic changing climbing patterns and have led to lower yields for many of indian farmers. he spent three and half thousand pounds selling onions on his three acre plot of land. and is steering at big losses this year. translation: the quality of the crop was very poor because of the unseasonable rain. i «i: , because of the unseasonable rain. 3: , ., because of the unseasonable rain. aim ., . �* ,., rain. 8096 of what i've stored is rotted- _ rain. 8096 of what i've stored is rotted. i'm _ rain. 8096 of what i've stored is rotted. i'm knocking - rain. 8096 of what i've stored is rotted. i'm knocking to - rain. 8096 of what i've stored is rotted. i'm knocking to be| is rotted. i'm knocking to be able to cover my costs. with a bii able to cover my costs. with a big general— able to cover my costs. with a big general election _ able to cover my costs. with a big general election looming, | big general election looming, unrest due to high food prices is a risk no government will want to confront. before we go let's update you with other business news making headlines without the us is expanded the restriction of exports of sophisticated and video artificial intelligence ships beyond china to other regions, including some countries in the middle east. the company said american officials usually impose export controls for national security reasons and a similar move last year signalled an escalation of the us on china's technology capabilities. it is not immediately clear what risks were posed by exports to the middle east. lego has seen its profits fall flat after experiencing a surge in sales during the pandemic lockdowns as households stocked up on toys to keep them at home. that is it for this edition of asia business report. i will be back with newsday at the top of the hour. thank you for watching. voiceover: bbc news, bringing you different stories from across the uk. with these, these, and these, there are more options than ever to pedal around the capital. london's original bike hire scheme was launched by former mayor borisjohnson in 2010, but the numbers using so—called "boris bikes" are not what they were. figures suggestjourneys made between january and july were down by a third on the same period last year and are at their lowest for a decade. some believe it is the price. last september, tfl changed the annual subscription and fee for single journeys. i would usually have four journeys for the cost of £2.50 a journey. i went to hire a bike and found that it is £1.65 perjourney. others point to the rise of rival hire bikes. reducing usage of the santander scheme is the competition from other hire bikes. there are now four main dockless hire bikes. among these riders, ease and comfort is key. i actually don't have my own bike anymore because it got stolen so many times. i used boris bikes. those bikes are heavy. in response, tfl said it is working to make cycling more accessible and increasing the number of e—bikes in the scheme. voice—over: for more stories from across the uk, head to the bbc news website. hey, i'm here with the catch up. our top story tonight, three women who were raped by the same man have teamed up to try to change how courts in scotland treat victims of sex offences. jennifer mccann, hannah mclachlan and hannah reed say they now think twice about reporting an attack. they've given up their anonymity to speak about what happened. they want to improve the way victims are supported, give them the chance to explain the impact of the crime and also change the way victims are treated in court. to be stricter guidelines on what defense lawyers can see to a victim given evidence because you aren't treated like a human, you'rejust like a bit of evidence. the scottish government say they agree change must happen and if you have been affected by any of the issues we've been talking about, there's loads of advice and support on the bbc action line. some other stories now on the proposed new laws to force criminals to attend sentencing hearings that could be by using force or the prospect of longer in prison. judges already have similar powers, but they're not used very often. now imagine your favourite tv show as a video game. well, netflix is focusing on making games based off its series to keep you subscribed. one of their bosses said the goal is to have a game for everyone. time now, then, for 10 seconds of tomatoes. yep. you did hear that right. the world's largest tomato fight hasjust taken place in spain involving over 20,000 people. just imagine that smell, though. also, this last guy is very, very brave. and good luck to the cleaners as well. you're all caught up now. see you later. hello and welcome to sportsday — i'm marc edwards. here's what's coming up on the show... stricker stuns tsisipas at the us open as the qualifier sends the 7th seed out of the tournament. dutch delight, psv eindhoven trash rangers to book their place in this seasons champions league. kiwis crushed as england cruise to victory over new zealand in the first t20 of the four—match series. hello and thanks for joining us on sportsday. no better place to start than at flushing meadows — there's been a shock result at the us open in new york. world number 7 stefanos tsitsipas is out. he was beaten by switzrerland's dominic stricker. the 21—year—old qualifier, on his debut at flushing meadows showing his quality throughout the four—hour, io—minute epic to earn his second five—set win at a majorits also stricker�*s maiden top 10 scalp sending

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