to meet the russian president, vladimir putin. trade is set to be top of the agenda as china looks to push its vision for the ‘new silk road.‘ but beijing is also looking further afield for some fresh impetus. from today, global investors can buy chinese company debt through an exchange for the very first time. welcome to world business report. i'm jamie robertson. chinese president xijinping is in russia for talks with his counterpart vladimir putin. trade is set to be top of the agenda ahead of the 620 meeting of global leaders later this week. the visit will be president xi's sixth tour to russia since taking office in 2012. and their meetings seem to be bearing fruit. according to chinese statistics, trade between the two increased by over 26% in the first four months of the year, reaching nearly $25 billion. co—operation is increasing, too. russia will be a key component of china's ‘belt and road' initiative — an ambitious multitrillion—dollar project that will link europe and asia via the historic silk road. beijing is a major driving force behind the project — the chinese government has already agreed to help finance the high—speed rail line between the two russian cities of moscow and kazan. with me is dr daragh mcdowell, principal russia analyst at verisk maplecroft. is to do with the g20? it is very convenient for them to meet on the way to hamburg while sending a strong message from both beijing and moscow's key point that this is a very keilor leash on for both of them, that these two nations are engaging with the world together a little bit. now, how much of that is actually the case in reality as opposed to the symbolism is another question. why would they want to do that? for both sides, the reason something to be gained by combining political clout for russia, there is a sense that in order to balance against the west or in order to resist a kind of european— american unilateralism in global affairs with a balance with china. with china, it is simply more the continual demonstration of economic and political clout going from being a game player on the world stage to being a game maker, again set up. game player on the world stage to being a game maker, again set upm this like them saying to the west you are slightly yesterday ‘s power centre? we are today? to a certain extent. the objectives between the two sides are different and this is what causes a certain degree of tension. china is a rising power and it's trying to make the rest of the world comfortable with that to avoid the perception of a threat from increased chinese power which is why you have seen the focus on initiatives like ‘belt and road'. russia is more of a declining power and is looking to find ways to either stabilise or upset the global order in such a way that its position is maintained. we will see that in the g20 also. china is going to be focused on more positive gains with europe in terms of how it actually build the infrastructure, the economic engagement, whereas russia will be more about sanctions and ukraine. tomic about the silk road. -- tell me. this is definitely a chinese project, russia is a key component of this. it is more the question in central asian states, kazakhstan, uzbekistan, where there has long been a division of labour between the two sites with china recognising that russia has a security interest where. as the former soviet power, and all these sorts of things, where china has becoming more economically engaged. now, you know, it's coming to the point where china is more and more supplanting point where china is more and more suppla nting russia and point where china is more and more supplanting russia and it's a question of how you manage that relationship. everything you say seems to be that russia is on the back foot here. is it trying to write a long on the coattails of china or actually be an equal partner? this is the thing. in terms of resources on loan, people, economy, russia is vastly inferior to china, it is an asymmetrical relationship and always will be. the way that putin has set up his own political regime, how he has legitimised that, it doesn't really allow him to take an openly subordinate position to say that we are thejunior allies subordinate position to say that we are the junior allies of the chinese and there is a lot to be had in presenting this as an equal partnership of some sort but it isn't. it really isn't. thank you very much indeed. let's stay with the world's second largest economy. china has just opened up its corporate bond market to overseas investors. starting from today, institutions such as banks and hedge funds will be able to buy chinese company debt via the hong kong based exchange. 0ur correspondentjuliana liu joins us from hong kong. how important is this? this is quite significant. it's something that has been long—awaited. as you know, china's on the market is the third—largest in the world with us dollars, a larger actually than its stock market and before today, foreigners owned only 2% of all of the debt generated out of china. after this scheme launched, british banks said it had already completed its first such transaction and when the online interface was unveiled at the online interface was unveiled at the ceremony this morning, the announcer said there were 86 foreign investors online and transacting. 86, is that a success? we don't know yet. we won't for another few weeks oi’ yet. we won't for another few weeks or months. but it certainly something we are watching and in of the opening, the bont marking up for bond market is impressive. the opening, the bont marking up for bond market is impressivem the opening, the bont marking up for bond market is impressive. if it risky? do people worry about chinese corporate debt? there has been rumours and worries about the level of debt in china. that's right. there are worries. and the quality of chinese debt. but this is simply an opening. the hope is as you may recall mcsi, with the index provider decided whether or not to include chinese stocks, it had to consider whether or not overseas investors had enough access to it was looking at stocks are not only stocks that we re at stocks are not only stocks that were accessible via hong kong so the hope is that will be a similar story for chinese bonds and the best chinese bond available via hong kong will be included in global indices in the weeks and months. good to talk to you. on saturday, the president of the philippines rodrigo duterte celebrated his first year in office. according the world bank's latest projections, the economy is set to expand between 6.5% and 7% this year — this makes it the second fastest growing country in asia. nestor espenilla junior is one of the men responsible for sustaining this progress. he's just been appointed as governor of the country's central bank. earlier he spoke to the bbc‘s rico hizon. the one thing that disturbs all of us the one thing that disturbs all of us is that yes, the risk roof, but the growth is not happening for all of us so people are getting left behind, so that is why we need to strengthen our policy across the broad front for the financial sector, we are committed to promote greater national inclusion to promote more access to this is very important for broadening the effects of prosperity to the whole economy. in asia you have japan and china with high debt levels, and you have the wreck that negotiations, the us protectionism. could this trigger another global financial crisis in another global financial crisis in another shape or form? the world is certainly facing out a lot of uncertainty. if you look at the data, we are doing quite well in some key countries are beginning to seemingly mend their economies. but that would —— element of uncertainty, we have identified that his strong so it is a good reason not to be complacent and for us, we have to forge ahead with the reforms that we have been doing for the last decade or so. nestor espenilla junior there on the governor of the country's central bank. in other news: iran says the french energy giant, total, is to sign a contract worth almost $5 billion to develop an offshore gas field. it's iran's biggest foreign deal since most economic sanctions against the country were lifted last year. india introduced a landmark reform to its tax system over the weekend. the goods and services tax replaces hundreds of individual state—based levies, and is expected to transform the nation of 1.2 billion people and its two trillion dollar economy into a single market. but it was met with resistance by opposition parties, who dismissed the launch event as a "publicity gimmick". the british government has announced it's withdrawing from a 50—year—old —— don't forget you can get in touch with me and some of the team on twitter, i'm @bizrobertson. stay with us because we will be doing the newspapers in about five minutes. figures out today show for the first time in nearly a decade, more nurses and midwives are leaving the profession in the uk than joining it — that's according to the nursing and midwifery council. the research suggests 20% more staff left the council's register than signed up in the year to march this year. sarah smith reports. for years, the numbers registering to work as nurses and midwives have been going in one direction, up, admit the raising around on our health service that has been crucial. the latest figures showing more staff living than joining should according to the healthcare union ring alarm bells with the government and could signal a staffing crisis. between last march and this, the numbers on the register dropped by more than 1700. 0ver register dropped by more than 1700. over the following two months, there was a more dramatic move, the number going down again by more than 3000. it's only a small proportion of the total number of nurses registered but it's the significance of the downward trend which is causing concern. there is a great demand for the right standards of care to be delivered across the uk. if the numbers continue to fall, then clearly some action needs to be taken to clearly some action needs to be ta ken to reverse clearly some action needs to be taken to reverse that trend. in a survey of staff who had left, for those not retiring, the biggest factors were working conditions and disillusionment with the quality of ca re disillusionment with the quality of care provided to patients. low pay was also mentioned. the highest proportion of leavers were british nurses, of those surveyed one third quoted brexit as the reason for going. ina quoted brexit as the reason for going. in a statement the department of health said it has launched a national programme to ensure nurses have the support they need to continue their vital work. coming up at 6am on breakfast — dan walker and louise minchin will have all the day's news, business and sport. the bill also have more on the public enquiry into child abuse in jersey which is due to be released on monday. this is bbc news. the latest headlines: italy is threatening to close its ports as the current migrants crisis worsens. more than 83,000 people have been rescued in the mediterranean and taken to italy so far this year. european minister have been holding emergency talks. —— european ministers have been holding emergency talks. iraqi special forces say they've recaptured more territory from the so—called islamic state, who captured the city three years ago. iraqi commanders say thousands of civilians may be trapped behind is lines. saudi arabia has said it will extend the deadline for qatar to meet its demands by 48 hours. the arab state's ultimatum includes, shutting the news channel —— the arab state's ultimatum includes shutting the news channel al jazeera and downgrading ties with iran. now it is time for our newspaper review. the financial times reports that a delegation from the city of london's financial sector will be holding talks with eu officials, hoping to cement its own post—brexit free trade agreement. the paper says the industry is concerned about potentially having to move operations to europe. us president donald trump may make a snap visit to the uk within the next two weeks, according to the times. he's got a gap in his diary while in europe, and may givejust 2a hours notice. meanwhile, he's facing a backlash back home after tweeting a spoof video showing him assaulting a man with a cnn logo super—imposed on his head. the telegraph website looks at the uk government's plan to effectively reclaim its fishing waters. eu countries currently catch around 10 thousand tonnes of fish in the waters every year. access after brexit will have to be renegotiated. the guardian is looking at the so—called gig economy, and the debate over workers' rights at companies like uber. it comes at food transport service deliveroo moves closer to being worth1 point 5 billion dollars. it's wimbledon time again — and brit andy murray will open centre court later, in his title defence. pictured in practice play on the independent, the 30 year old is said to be fit, following a hip injury. with me us is mark davies, ceo of strategy consultancy

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