developing artificial intelligence like robotic and quantum computing are important for long—term growth. a senior strategist gave us his highlights. i strategist gave us his highlights.— strategist gave us his highlights. strategist gave us his hiuuhlihts. ~' . highlights. i think that there are two things _ highlights. i think that there are two things that - highlights. i think that there are two things that really . are two things that really catch my attention. one is the government's emphasis on improving co—ordination between governments, local governments and local governments and the central government. now, not many people talk about this. but i think this that this is quite important, because if this co—ordination programme or plan is implemented effectively, it will go a long way to improve policy implementation in china. because very often, governments don't really talk to each other much, and that really slows down government implementations. this is very important for me. and the number two important thing is, as you mentioned earlier, that there's an emphasis on the development of ai tech development of ai tech development and so on. that goes a long way to underscore the policy framework that beijing wants to implement to develop the economy into a hi—tech industry, hi—tech new economy. now, the structural rebalancing from heavy industry polluting industry to a tech industry is implemented effectively, it will go a long way to first increase productivity, because it's the hi—tech element there, the ai element there. and secondly, to make the economy more efficient as compared to the old mode of debt, finance, investment or heavy investment orientated mode. ,, ., . mode. shifting to higher tech industries — mode. shifting to higher tech industries as _ mode. shifting to higher tech industries as you _ mode. shifting to higher tech industries as you described . mode. shifting to higher tech industries as you described it j industries as you described it — that's not a short—term prospect, is it? that isn't going to help them in the short—term with their gdp goals and youth unemployment in particular. how do you think they'll address those things? certainly, this is a medium to long—term goal, as you mentioned. in the short—term, there's from a macropolicy perspective, there's only one thing that the government can do or has to do, and that is to increase policy easing from the macro monetary fiscal perspectives. because this rebalancing towards a hi—tech economy, changing the structure of the system, is what we call the creative destruction process, which is typically disinflationary or even deflationary. because old industries are and new industries are and new industries created. but the rate of destruction will be higher than the rate of creation. so the net impact on the economy is a drag on growth. so that's why macro policy comes in and it has to be at times when needed to be more aggressive in easing to protect growth so that the structural reform and the leveraging programmes can carry on. . , leveraging programmes can carry on, ., , ., , ., leveraging programmes can carry on. . , ,, on. china is also taking steps to attract _ on. china is also taking steps to attract foreign _ on. china is also taking steps to attract foreign investors i to attract foreign investors back to the country. premier li also announced the government plans to relax restrictions on foreign investments including in areas like telecommunications and health care. that comes on top of previous announcements removing all restrictions on investing in the manufacturing sector. new foreign direct investment in china fell to the lowest level in three years last year. john stein is chair of the american chamber of commerce in china and says that the businesses are not entirely convinced by the announcements. so, seanjoins us now. why such scepticism? so, sean joins us now. why such scepticism?— scepticism? yes, scepticism i think may _ scepticism? yes, scepticism i think may be _ scepticism? yes, scepticism i think may be too _ scepticism? yes, scepticism i think may be too strong - scepticism? yes, scepticism i think may be too strong a - scepticism? yes, scepticism i i think may be too strong a word. but what we saw is businesses were watching the npc meeting carefully. we get clues into what the government will prioritise next year, and as you heard, they'll prioritise hi—tech and they'll be prioritising manufacturing. the reason why the business community wasn't as enthusiastic as we might have hoped is that the announcement to liberalise manufacturing and those roles isn't what web businesses are looking for. the reason why foreign investment fell to the lowest number in a number of years is because of other issues. so the government knows what it needs to do if it wants to encourage investment. it needs to level the playing field. for example, china says that it field. for example, china says thatitis field. for example, china says that it is open to things that are made in china. but often made in china means made in china by a chinese company, or sometimes made in china by a chinese company in the province or the area where the item is being purchased. we also see that the government announced last august a very ambitious slate of reforms that would have gone a long way to help reassure the foreign business community that they're welcome, that their investments will be protected, and that they'll have a level playing field. and so, really where the business community is, is they're looking for implementation as opposed to promises. so promises and policy pronouncements aren't going to move markets. they aren't going to convince boards to invest. they need to see tangible action on the ground. so that's what the business community is still waiting for. if what the business community is still waiting for.— still waiting for. if you say the 're still waiting for. if you say they're still— still waiting for. if you say they're still keeping - still waiting for. if you say they're still keeping an i still waiting for. if you say | they're still keeping an eye out, what is the general sentiment amongst the business community in china for americans?— community in china for americans? ~ ., americans? so, i think that we can look at _ americans? so, i think that we can look at that _ americans? so, i think that we can look at that a _ americans? so, i think that we can look at that a couple - americans? so, i think that we can look at that a couple of - can look at that a couple of ways. if we're looking at the economy — when we talk to the international companies and the american companies, they're starting to see some signs of life coming back to the chinese economy. so the chinese economy is moving up slightly compared to where it was early in the year. so there's a little more optimism on the economic fronts. at the same time, our recent surveys show that more businesses feel like the businesses feel like the business climate and the investment climate is worsening rather than getting better. and we've seen fairly consistently since 2018, 2019, 2020, the areas that really matter to businesses like transparency, like regulatory certainty, like the assurance that you'll be treated as a foreign investor the same way a local investor would be treated by regulators or by the courts. confidence in those things has been slowly deterioriating. and so, on the one hand, when you see that the government has made some big announcements, but in practice, businesses aren't feeling that the environment is improving, they feel like it is worsening. and if you add on top of that, china's economy has matured enormously over the last a0 years, particularly in the last four or five years. so the days are gone when foreign companies in many sectors can come into china and because of rapid growth, can make profits above they're making in other major markets. so what we've seen is that profit margins, return on investment, have largely become harmonised across the markets of north america, china and europe. and so, in that environment where the potential rewards are lower, but the costs and the cost of compliance and the risks are higher, that's what caused businesses to fundamentally reassess their magnitude and scope of their investment. to be sure, investments happen. companies aren't going anywhere. but i think that there's still more that the government will do if it wants to reassure foreign byes that this is where to invest and that now is the time to invest. —— foreign businesses. that now is the time to invest. -- foreign businesses.- -- foreign businesses. thank ou so -- foreign businesses. thank you so much _ -- foreign businesses. thank you so much for— -- foreign businesses. thank you so much for your - -- foreign businesses. thank you so much for your insight | you so much for your insight today, sean stein, chair of the chamber of commerce. switzerland, norway, iceland and liechtenstein, are set to invest $100 billion in india over 15 years. in urn, invest $100 billion in india over15 years. in urn, india will lift tariffs on industrial products from the four european states. the deal still needs to be ratified by the four countries before it takes effect. over the last two years, india has signed trade pacts with australia and the united arab emirates. while officials say another with britain is in its final stages. now, let's turn to the middle east now where hopes for a ceasefire in gaza during the islamic holy month of ramadan have faded after mediation talks in cairo proved unsuccessful so far. that's raising concerns that the attacks on commercial ships in the red sea will increase. these attacks have been carried out by houthis who are based in yemen. a former us ambassador to yemen gave us his take to the impact of the stalled talks. ~ ., v the impact of the stalled talks. ~ . �*, ., ., ., ,, talks. what's going to happen is the threat _ talks. what's going to happen is the threat of _ talks. what's going to happen is the threat of greater - is the threat of greater violence and perhaps even more widespread violence is going to increase because of the failure to get to a ceasefire yet. so there are several issues that were contingent on getting this ceasefire. one, of course, is the increased flow of humanitarian assistance, which is even more important during ramadan than it is at normal times of the year. and then, also, of course, we have the outstanding israeli threat of going to rafah if there was not a ceasefire agreement that was going to lead to increased release of hostages. and then beyond that, of course, we have the normal kinds of greater tensions in the west bank and injerusalem for the month of ramadan and we're going to have to grapple with that as well as both israel's northern border with lebanon. and in the red sea. �* , , , . ~' with lebanon. and in the red sea. �* , ,, ., sea. and just speaking of commercial _ sea. and just speaking of commercial shipping - sea. and just speaking of commercial shipping in i sea. and just speaking of. commercial shipping in the sea. and just speaking of- commercial shipping in the red sea and the gulf of aden, we saw the first deaths on commercial ships last week caused by houthi militants that are based in yemen and supporting palestinians. do you think we'll see more seeing as a ceasefire hasn't materialised? ~ ,, materialised? well, i think that certainly, _ materialised? well, i think that certainly, the - materialised? well, i think that certainly, the houthis| materialised? well, i think. that certainly, the houthis are going to continue with their efforts to attack shipping in the gulf of aden, the red sea. hopefully they will be unsuccessful and we're seeing, of course, greater co—operation among the us and its allies and partners to try to safeguard international shipping. partners to try to safeguard internationalshipping. but as we saw last week, they can't be 100% successful. so the threat is certainly there.— is certainly there. yes, we'll be watching _ is certainly there. yes, we'll be watching closely - is certainly there. yes, we'll be watching closely the - is certainly there. yes, we'll be watching closely the i - is certainly there. yes, we'll. be watching closely the i pact that it has. that's it for this edition of asia business report. not roadworks, just a road system that can't cope. this was the centre of newborough a few summers ago. the authorities closed off the road because the car park was full and the road was jamming up with cars who had nowhere to go. at this time of year, the road is quiet. residents say that traffic jams will start as soon as the easter holidays do. they've even seen road rage incidents here among frustrated visitors. ., , _, ., incidents here among frustrated visitors. ., ., visitors. people coming out to an ue visitors. people coming out to argue and _ visitors. people coming out to argue and then _ visitors. people coming out to argue and then you've - visitors. people coming out to argue and then you've got - visitors. people coming out to argue and then you've got the j argue and then you've got the traffic behind them arguing with them. because they're not moving. absolutely hectic. the cars are just flowing co nsta ntly. cars are just flowing constantly. you've got them coming up and coming down at the same time.— the same time. and this is the reason why — the same time. and this is the reason why newborough - the same time. and this is the reason why newborough has l reason why newborough has become so congested — the number of visitors to the beach has increased in recent years. some people are asking if it's even becoming too popular. filming has been going on here. you know, netflix are here in octoberfilming. you've got you know, netflix are here in october filming. you've got the sandman here in september blocking everything up. but the ruestion blocking everything up. but the question that _ blocking everything up. but the question that people _ blocking everything up. but the question that people here - blocking everything up. but the question that people here in i question that people here in newborough have been asking todayis newborough have been asking today is — what can be done about the traffic problems? a series of consultation meetings have been taking place to look at possible solutions. for more stories from across the uk, head to the bbc news website. ben and ruby have a special relationship. he's been looking after her for relationship. he's been looking after herfor six years. relationship. he's been looking after her for six years. but that nearly changed last year. this car came around and it clipped her rear side. and it just kept driving. and then i was left there in the middle of the road on ruby, who i had no idea she had a broken leg. and anything to have happened to her. i didn't know.— her. ididn't know. despite bein: her. ididn't know. despite being struck _ her. ididn't know. despite being struck by _ her. ididn't know. despite being struck by a - her. ididn't know. despite being struck by a moving l being struck by a moving vehicle, they're both ok and have even managed to ride out again since. but for ben, it made him reconsider where he takes her and when. you think, could it happen _ takes her and when. you think, could it happen again? - takes her and when. you think, could it happen again? you - takes her and when. you think, | could it happen again? you know when something is up and it just took the fun out of it for a while. �* , , just took the fun out of it for awhile. �* , , a while. and this is something many riders — a while. and this is something many riders are _ a while. and this is something many riders are concerned - many riders are concerned about. emily runs a riding school in warwickshire. she says heading out on the roads can be a challenge. aha, says heading out on the roads can be a challenge.— can be a challenge. a lot of the road — can be a challenge. a lot of the road riding, _ can be a challenge. a lot of the road riding, it - can be a challenge. a lot of the road riding, it is - can be a challenge. a lot of the road riding, it is only. the road riding, it is only accessible by main roads. yes, there's— accessible by main roads. yes, there's been instances over the years— there's been instances over the years and — there's been instances over the years and i_ there's been instances over the years and i feel very fortunate that it's — years and i feel very fortunate that it's never been any serious _ that it's never been any serious incident, but especially when you're on young horses— especially when you're on young horses or— especially when you're on young horses or like us, when we've -ot horses or like us, when we've got clients _ horses or like us, when we've got clients that we're taking out, _ got clients that we're taking out, it— got clients that we're taking out, it can be very dangerous. motorists _ out, it can be very dangerous. motorists and riders are being asked to report incidents to the bhs so they can try to keep the bhs so they can try to keep the network safe. meanwhile, in north staffordshire, ben and ruby are hoping to put their near miss behind them. for more stories, from around the world and the uk, head to the world and the uk, head to the bbc news website. hello and welcome to sports day. our top stories: all square at anfield, jurgen klopp and pep guardiola embrace a point. but that keeps arsenal top of the table. what any of those three would give for a 10—point advantage. that's what leverkusen have with just nine bundesliga games. and melbourne revenge for iga swiatek at indian wells. she meets the player who knocked her out of the australian open. hello again and welcome along to sports day. it was a meeting of two and — either which could have ended the day top of the premier league. and having struck a telling blow in the title race. in the end, neither liverpool nor city could go above arsenal could go with the final match with jurgen could go with the final match withjurgen klopp and pep guardiola. when you look back atjurgen klopp and pep guardiola, you'll find games with more intensity and animosity. but perhaps, this one perfectly sums up their rivalry. two great teams and managers unable to be separated. city stun

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