we begin in china where as you ve been hearing there were hugs and tears as international travellers arrived in china yesterday without the need to quarantine for the first time since the early stages of the covid pandemic. the strict quarantine rules had been in place for nearly three years. their lifting marks the end of beijing s zero covid policy, which had caused growing public anger. in hong kong, 400,000 people are expected to travel into mainland china in the coming weeks with long queues for flights into cities including beijing and xiamen. so what impact will the reopening of china have on the country s economy? let s go live to hong kong and talk to iris pang chief greater china economist at ing. lovely to see you. for many people this is what they have been waiting for for so long where they have not seen family or been able to return home. give us your take on the impact this is happening. i give us your take on the impact this is happening. this is happening.
We have a feed through from the chinese economy to the rest of the world through chinese investment, particularly Property Investment and infrastructure investment, and the news on that front is not quite so positive yet. We are still seeing relatively sluggish investment in those areas. A lot of the recent improvement has actually come from the consumer sector, which is a good thing for chinas economy, where we are seeing some rebalancing away from investment, but in terms of chinese demand for what the rest of the world produces, it is not quite as positive a development. Having said that, despite the continued weakness in the property sector, there were some green shoots in the data today. I think we could see a bit of relief for the Housing Market over the next few quarters and that definitely will be a positive for the rest of the world as well. Todays gdp news comes as president xi hosts an anniversary belt and road forum in beijing. The meeting celebrates ten years of president
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By an israeli airstrike. The Israeli Military has denied responsibility, saying the blast was caused by a failed rocket launched by the gaza based Militant Group Palestinian Islamic jihad. Us President Joe Biden is currently travelling to israel, but a planned Summit Injordan with arab leaders has now been cancelled. Biden s visit is designed to further demonstrate americas support for israel. The white house is saying the us is optimistic about getting humanitarian aid into gaza. On our website we have a live page that is constantly updating with the latest developments but now lets focus on the top Business Stories. Here in europe in a few hours we will be getting a clearer picture on where inflation is headed. For the uk and eurozone the latest data is out today and its hoped the cost of living crisis will continue to ease. In the uk the rate of inflation slowed to 6. 7 in the year to august. For the eurozone the latest estimate has inflation hovering around 4. 3 . For Central Banks
Conflict is real, very real, and extremely dangerous. More on that, the story that is dominating the news agenda, but we will pose for the next few moments to catch up with some of the business headlines of the day. We are going to talk about what the us treasury is doing in response to the situation in the middle east. The us has imposed sanctions on what it described as ten key hamas operatives and facilitators. They said it was to prevent hamas being able to raise funds to carry out atrocities. We can cross live to new york and our Business Correspondent michelle fleury. What more do we know about this . At michelle fleury. What more do we know about this . Know about this . At the heart of this, this is know about this . At the heart of this, this is an know about this . At the heart of this, this is an effort know about this . At the heart of this, this is an effort by know about this . At the heart of this, this is an effort by the know about this . At the heart of this, this is