is normally the time that many factories would be busy filling christmas orders due to be exported out of china, so the fact we ve seen five months of slow down, but five months of slowdown over what really should be the busiest time of year for factories is a should be the busiest time of year forfactories is a real problem. this is one most chinese workers try to put in as much overtime as they can so they can take a break around chinese new year injanuary when a lot of factories close, so the fact that factories are seeing a sustained slump is a problem for chinese labourers, chinese factories but also tells us that appetites overseas and the orders that are coming in. 50 overseas and the orders that are coming im coming in. so that its manufacturing, - coming in. so that its manufacturing, the l coming in. so that its - manufacturing, the property coming in. so that its manufacturing, the property sector also in the spotlight, we have talked a lot about the well docume
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 wa
not materialised yet. there are also worries about the indebted property sector today, moody s downgraded chinese property giant country garden again the firm faces a crucial vote to avoid defaulting on a bond repayment. earlier i spoke to janet mui who is head of market analysis at rbc brewin dolphin. china is facing a number of problems. it all comes down to the slowdown in the property market. house prices are falling and housing transactions are slowing so that is why the largest developers in the country are suffering. country garden, for example, it was the largest property developer once, but they have suffered a loss of $6.7 billion. it is likely to go into default, it is warning. it adds further pressure on the general sector, the property sector, which affects consumers and the wider economy. this tells us an interesting story and it paints a picture of how china has managed its economy for so long. it has seen growing wealth and the money has been put into the ba
we start in india where figures out in a few hours time are expected to confirm the economy grew around 8% in the three months tojune. it s a growth rate to be envied by many countries here in europe. in fact, india s economy is predicted to double in size in the next eight years and become the second biggest in the world later this century. but what happens there has an increasing impact on the rest of the globe. food prices in india are soaring, threatening hardship for millions, and there are implications for everyone. as our india business correspondent nikhil inamdar reports. feeding herfamily feeding her family of four, this humble vegetarian meal costs are third more than it did a few months ago. with prices of most april soaring the money she brings home as a domestic helper is not enough. she has now taken part time work as a seamstress to earn additional income. i work as a seamstress to earn additional income. additional income. i am a sinale additional income. i
vote to avoid defaulting on a bond repayment. to india now, india s economy grew at its quickest pace in a year in the april june quarter, swelling 7.8%, thanks to strong services activity and robust demand. enviable by many countries standards here in europe. india s economy is predicted to double in size in the next eight years and become the second biggest in the world later this century. our india business correspondent nikhil inamdar reports from mumbai. feeding her family of four, this humble vegetarian meal costs a third more than it did a few months ago. but prices are soaring and the money she brings home as a domestic helper isn t enough. she s now taken on part time work as a seamstress to earn additional income. translation: i am a single earner in the family and we can t save anything any more. everything from food to gasoline costs more, we are very stretched. there isjust no respite in the prices of basic staples in food markets like these, and as the country