let's take a look at what's happening and how serious the situation is. 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 and 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 spending boom that so many had predicted in china. chinese would slash their savings, to consume like crazy, go to parties, and that hasn't happened. everybody is well aware that the financial wealth is concentrated in housing, 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. you cannot grow the chinese economy by building more buildings. you cannot. it was necessary up to a point but now it is not anymore. demographics are not telling you to build more buildings. manufacturing has reached a peak. so if china is running out of road, literally and figuratively, what do you do now? you can encourage consumer spending like in western countries but 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, people's houses losing value, young people struggling to find a job, there are those that argue that the leadership needs to take action sooner rather than later. are they worried? of course, they see the numbers. do they understand what needs to be done? i'm not sure. my guess is they're missing certain things that are fundamentalfor the future of china. that was professor antonio from a business school and in nick marsh's report. for more on the challenges facing the world second biggest economy go over to the website bbc.com/news where you will find more analysis. let's move onto the us where we've got an updated data on the worlds biggest economy and it grew at a less brisk pace than initially thought. in the three months tojune, still and expansion of 2.1% is not bad news at all. the nikkei is slightly higher and they are taking their cue from positive reaction on wall street as well where we saw the s&p 500 and nasdaq and dell all andy higher, basically the latest data signalling to investors that equalling us economy could meet american central bank will pause rate hikes and that's something investors have been eager to find. the next move by the fed. you are seeing growth at a slower in terms of monthlyjob creation but much more sustainable. add that you overall unemployment which is near record levels and i expected to hover around record lows on friday with the government relief. what you're seeing when you sum up the fax is an economy that looks well positioned to achieve the soft landing. positioned to achieve the soft landinu. , . , positioned to achieve the soft landinu. , ., , , landing. yes, it has been quite resilient. _ landing. yes, it has been quite resilient, hasn't _ landing. yes, it has been quite resilient, hasn't it, _ landing. yes, it has been quite resilient, hasn't it, but- landing. yes, it has been quite resilient, hasn't it, but i - resilient, hasn't it, but i thought it was interesting when you mentioned housing is a good barometer of how rising interest rates affect the economy so how is that sector going? economy so how is that sector auoin ? , economy so how is that sector oiiin ? , ., �* , economy so how is that sector oiiin? , , , going? yes, that's because in the us and — going? yes, that's because in the us and most _ going? yes, that's because in the us and most other - going? yes, that's because in - the us and most other economies in the world, the housing sector is one of the most interest rate sensitive, so historically the housing sector has led the us economy both into and out of recession, so an important signal. the difference this time that one has to keep track of his that the us, unlike china, is a chronically undersupplied. there is not enough housing and a real affordability issue for a real affordability issue for a lot of homebuyers matched with interest rates that have risen very, very quickly on new houses for borrowers. so what you have is a very expensive housing market. the signal is that house prices are reared fleeting and that's not good news for the federal reserve thatis news for the federal reserve that is hoping that the house prices and apartment prices come down. it prices and apartment prices come down-— come down. it is easy to criticise _ come down. it is easy to criticise the _ come down. it is easy to criticise the central - come down. it is easy to criticise the central bank would have they done a pretty decent job would have they done a pretty decentjob in navigating the very tricky situation? it decent job in navigating the 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 the 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 is a little bit higher, a little bit higher than the fed would like for it to be. we have a 2% target here in the united states so a lot of progress has been made but there is more progress to come and that last a mile to the federal reserve? 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 return back to the 2% target. inflation return back to the 296 taret. ~ ., inflation return back to the 296 tariet. ~ . ., ., target. we are waiting on the latest growth _ target. we are waiting on the latest growth figures - target. we are waiting on the latest growth figures from i latest growth figures from india for the three months to june and economists expect the headline number to show an expansion by as much as 8.5%. rising food prices are having a global application, as i corresponded 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 has now taken on part—time work as a seamstress to earn additional income. translation: i'm a single earner in the family - and we can't save anything anymore. everything from food to gas cost more. we are very stretched. there is no respite and prices for basic staples and food markets like these. and as the country's poorest 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 global food security implications, say experts. india accounts for 40% of the global rice market. since it's ban on non—basmati rice came into effect, prices to markets like thailand have jumped 20%. and now a sugar ban under consideration could aggravate the situation. in case there is a ban on sugar exports, which the likelihood is increased because there is projection of sugar production being 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 up for a big chunk of an average indian�*s monthly expense. while soaring business prices are eating into disposable incomes, erratic rains and changing climbing patterns and have led to lower yields for many of indian farmers like this person. he spent three and half thousand pounds selling onions on his three acre plot of land. and is staring at big losses this year. translation: the quality of the crop was very poor. because of the unseasonable rain. 80% of what i've stored has rotted. i'm not going to be able to cover my costs. with a 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 news making headlines. the us has expanded the restriction of exports of sophisticated and video artificial intelligence chips 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 crackdown on china's technology capabilities. but it is not immediately clear what risks were posed by exports to the middle east. but is it for this edition of asia business report. i'll be back next alison drennan if you can. for now, thank you so much for watching. can. for now, thank you so much forwatching. . pay. i am zoff with the catch up. our top story this hour night, three women who were raped by the same man have teamed up to try to change our courts in scotland treat victims of sex offences. jennifer mccann, hannah maclachlan and hannah reid say they are now think twice about reporting and attack. they've given up their anonymity to the mark speakman what happened and want to improve the way victims are supported, given the chance to explain the impact of the crime, and change the victims are in court. crime, and change the victims are in court-— are in court. stricter guidelines _ are in court. stricter guidelines on - are in court. stricter guidelines on what i are in court. stricter- guidelines on what defence lawyers can say to victims giving evidence because you aren't treated like human, you aren't treated like human, you are treated as a bit of evidence.— are treated as a bit of evidence. the scottish government _ evidence. the scottish government say - evidence. the scottish government say they i evidence. the scottish - government say they agree change must happen and if you've been affected by any of theissues you've been affected by any of the issues we've been talking about, there is loads of advice and support on the bbc action line. other stories now and the proposed new laws to force criminals to attend sentencing hearings could be by using force or the prospect of longer in prison. judges have similar powers but they are not used often. imagine yourfavourite tv show as a videogame. netflix is focusing on making games based off its series to keep you subscribed. one of the bosses at the collar start a game for everyone. time for ten seconds of tomatoes. yes, you had that right. the world? largest tomato fight has taken place in spain and welding over 20,000 people. imagine the smell though. also, the last guy is very, very brave. good luck to cleaners as well. you are all caught up now. see you later. voice-over: bbc news, - bringing you different stories from across the uk. with these, these, and these, there are more options than ever to peddle 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 want 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 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 the e—bikes in the scheme. voice-over: for more - stories from across the uk, head to the bbc news website. 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 season's 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 no 7 stefanos tsitsipas is out. he was beaten by switzerland'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 major. it's also stricker�*s maiden top 10 scalp, sending the australian open runner up tumbling out of the us open.

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