surgery, but it does come august large enough, but those guys are not as popular to the board with detailed coverage. but the reason prices and the relative things are likely to get much worse before they get better describing some residents to the freight from around the world. people have told us the circumstances, even more important than usual, to come together to share what they feel they have the kind of them and they're gonna put on. and this is counting the cost on algebra. you. we can look at the world of business and economics. this week. germany is re engage in with china and trade despite the east flexing his muscles with aging. so why consulate breakup with the asian china?

and from free full to rebalance in nigeria, the novel valley is off to economic performs box my jillions of bands running to sky high installation. the world has no when near achieving be sustainable development goals by 2013, we speak to the president of the un general assembly about his call to action. china is jim, and he's biggest tre. putnam bought berlin also sees badging as a competitor and a rival at a 1st ever strategy on china launch last year in touch to reduce dependence on the chinese market. but during his visit last week to china, the german chancellor signalled his intentions to maintain business ties that may have and get some of all that shows is closest allies. the e. u has not several investigations into exports of chinese going technology to protect your pin industry from what it sees as unfair competition to measure

dancler reports on what's at stake for schultz. 3 days in china for chancellor william schulz and his entourage of the top chief executives from leading german companies. that's despite the german government announced strategy to reduce risk of becoming too dependent on china senior lighting bar, which is shown shit. fucking china in germany of the 2nd and 3rd largest economies in the world and the significance of consolidating and developing sino gym and relations transcends the scope of bilateral relations. it has an important impact on the erosion continent and even the entire world. china is germany's number one trading partner giant german. i'm such as volkswagen have been actively expanding the business that fought thousands of years. but many of the companies have said they feel disadvantaged or even discriminated against, accusing china of protecting its own companies with massive subsidies on some

policy involved. so this is a key issue all over the world. many countries do that, especially when it comes to renewable energy use in advance to let some ability technologies. and that's why it's important that we establish processes here that ensure that we move away from the practices where everyone asked simply according to their own ideas. that's one of the reasons that e u has launched several investigations into cheapo chinese goods flooding the market, including electric vehicles. german comic is via these investigations could lead to a damaging trade war, july and the name the one with the on the primary goal with the business must be to make profits as the chinese market contributes to fluids of global electric vehicle sales. so the chinese market is indispensable to jim and car companies and they also, i bill factories the through germany's chinese partners. c schultz is visit as a positive sign. i think the message is very clear. a jeremy and want to continue.

corporation with china continued to grow business in china that continue to expand some of the areas country, maybe not enough cooperation or not enough german business presidency in china, such as agriculture, fluid, around $120.00, over the years old. china relied on gemini, i'm the you for tech inputs, but now it's technologically self sufficient. in the event of a major spent with the world's 2nd largest economy, germany's could be seriously damaged. some experts say gym and g d p could shrink by 5 percent. the same amount as during the cobit crisis to meet them, it didn't go out to 0 for counting the cost. but for more on this let spring, and i guess it's joining us from milan. italy is danielle gross. he's the director of the institute for european policy making at the corner university and an advisor

to the european parliament. i'm from sonia pool is shay gong. she's an assistant professor in the china program at 9 yang technological university. a very well welcome to both of you, mr. goes, i'll start with you in milan. why has old f schultz gone from pledging to scale back to him? and he was reliance on china when he took office to know what he was saying when he was in china, calling for equal access to china as markets for foreign phones. i think one of shaun's wanted to see reality, and the reality is german fans do own business in china. they complain because they might be doing even better business. but the chinese market is very important to the boss s production the venue. but also because i'm trying to use competitors. so now if you're in the body to godaddy has perhaps a different opinion. the dean would like trying to play investment ball rolling on

the determine the economy. but the reality is different and china is just one of the biggest markets in the world and generally companies, and that they're going to be there. and i say that's the relative to you. fines and that serenity, yes, percent. okay. uh let's go on. do you agree with mr. gross, that essentially the economic relationship between this well 2nd and 3rd largest economy work from political calculations here? well, we have to be aware that definitely, you know, we can all make and business interest. you know, just driving shots, visit china, because as you know, the leaders, he wants to see what is really happening, right? because the bench is trying to, you know, plays, travel fancy build some level of market results. you know, like reduce nephew placed with the eyes that may be really beneficial but, but a german companies or even for the european companies. but we need to understand

the context of china your relationship today. a lot of things particular is about the growing competition is a call. this is a model of the you members and the visit actually came after the launch, the, the rescue strategy reduce the kind of dependence in china. right. and we're seeing it with her so many stories and complaints about i've been practiced at the chinese market, you know, where the chinese government has the advantage, mark you, right through the subsidies also through the federal fiscal or in, in financial, you know, support on by the or the 2nd little want to highlight is actually is the structural differences in handling with russia, where i think during the visit, the shot to the extra 20 doubt that no german german is very concerned about. china's engagement with russia and some of the engagement can entry, you know, um the voltage provide at most to rush items. you did, you use the edge of the assistance that china provided, right?

and, and, but also china condemned to use the ashes on russia, which also in effect, the chinese companies. i wanna point, i want to highlight, you know, that i don't really think on metal things would change because the visiting cuz the 2 sides have really felt better idea. always divide on how to feel inc, dash holder. so these different as usual, continue to, besides you because straight achievements and brick tools in the bilateral relationship. okay. there's lots to pick up on the, i want to go back to daniel goes with the 1st thing that you talked about, which is the context of this business taking place. something was already mentioned that you are paying union is, is investigation china, you know, for what it cools. it's all the capacity. it's, it's dumping practices. mr. goes with jobs. the german chancellor. stand on this. does he suppose that you are paid invest the investigations or not? right thing. there is a difference of opinion among in your re entry on monday. function is the wing right now. and because the german automobile producers are doing

a very important business in china and german automobile as also not fields french and by chinese emboss. and therefore many it'd be by your own savings then this investigation of the commission was more french interests and then drummond names. but germany just call him ball country in the, in europe and your read you again, but it cannot always dictate what's, what's being done. and i think that is a difference all between the or the level and the collection level. okay. particular level reading your what would use like to reduce our reliance on china? the economic vanity is different. and i think this tension between the politics and the economics is the background. this is and this tension been looking over a long time. okay. and as you mentioned, mr. gloss, you know, we have the ceo of necessities of b and w just to name a few,

talking about how they don't see competition from china. they see opportunities in china. miss gong, which feels do you see it growing? and i'm, and how important is that to china? you know, to show that it can do really good business and trade, whether you will be in country in the backdrop, with these tensions with the european union. yes, you are the well, the key areas that both sides will be really, you know, happy to work. always the great energy, right? yes, but we won't really, it's definitely because of russian where you're suffering from this adage, crises throughout the years, and they're going to use that. china is gaining the bomb peaches and also can, you know, some how can you know, a company met with the bill of the building in euro. and the thing is that i think the 2 sides, they get actually, you know, think about the 3rd party collaboration which so many used to be part of it in about to really the shape. it doesn't have to be ready to sell to really new

shooting. but they can call, you know, they can think of the class that they're mark, you know, that they se, asia, let's say, you know, indonesia, we're trying to get capitalized on german, is that biology and also the image in terms of building the great technology. yeah, i'm glad you both have certain markets because i want to bring daniel growth in here on a fascinating article that you wrote about frayed restrictions and about how, you know trade restrictions such as towers, such as the ones that we saw. donald trump put on china don't actually reduce the amount of trade they just re directed. and that's exactly what the old gentleman ran. the us does not allow involved. so the cost, for example, from china, then the, the, your being, the produces that have a good amount for themselves in the united states and enjoying the export more to your. so ma'am you have the same thing also in asia where and the chinese change

their immediately wants to my asia, and then my laser put things together and chip small phones, then go to the us. so this by natural trade, these but actual trade which invest ations between the us and china, back into the benefit of us life by the now, but also thank you. and that's why i'd say euro doesn't really have to take a stance on this particular issue. in congest, uh, b, this website and the more reasonable and certainly more reasonable than united states. okay. does last the most going, let me pull this to you with the us selection coming up later. this. yeah. how do you think china and the you and germany, how they look and get their relationship and life of what might be coming out of the us later this year? oh, i think there are a lot of a lot of things are going but won't be. it's very clear in terms of how we perceive

china, you know, whether it's a market economy rate. that's something that china wants to be recognized throughout the years, especially from the european culture parts. but with the on demand movies for us to spend a nation previously, you know about id or divide about, you know, how to play the much the role and also about the, you know, the perceptions on russia. i don't think that, you know, the 2 sides will be, will be still continue to ramble width of the issues that were in front of them. but up there. but as you know, joe man has started a very good example in terms of how to, you know, stretch out despite the, you know, constrain space, how to keep the conversation open and how to, you know, make you try to understand the causes and try to work these out is something that i think the original this should have a close eye on share going and so in a pull and dining a growth in milan, italy, thank you both very much for your time. thank you. of the nigeria as africa's largest oil producer,

you get the nation's economy is in crisis. inflation as well concerning foreign exchange is in short supply and corporate giants leaving the country. 40 percent of nigeria as population now lives in poverty, president bullet to know who took office last 2 has moved or the whole the economy and attract investment. but all has meshes working with you guys to enter that with, i guess shortly. but 1st, let's have a look at what's being done to turn things around. when to assumed power loss may nigeria was spending almost all of its revenues on service and debt, or which nation had barely any money to pay for anything else. so his 1st measure was to scrap poppy to fuel subsidies that will cost to the country around $10000000000.00 a year. the president has also loosened controls over the currency in a bit to unify the official and unofficial exchange rates. as you can see here, the nora was the valued in june,

and in february it had lost almost 70 percent of its value by march. but now the myra has been labeled the best performing currency in the world after a strong rebounded march and april. it's back below $1200.00 to the dollar off the central bank increased interest rates to almost 25 percent, making it more attractive to keep savings in the niagara. well, these reforms have been very taxing somebody's u. v as population, inflation is at the highest level in almost 3 decades. the price of rise has doubled in the past year. well, petro price jump, $3.00 folds, and all this is pushing pressure on to boost government to prove the reforms will eventually end the economic pain. let's get stuck into this with gospel or ben a. he's an economist, the straightened all next steps, and nigerian think tank. thank you for your time as to obey so the nava is rebounding but the co country is bending to the foreign exchange reserves at a rate not seen and for years can you explain the connection and if it's

a concern yes, that's to say that there was a software issue that's a gaming because for the generation enough for me to exchange receipts, but really from the export of the case, the b. as a result, there was a constraint around how much of the supply. ready it was an i to an economy to be able to meet. it's consistent, being create as a verizon, you know, look forward to want for the exchange and back sweetie. be just chatting for a long time. and again, we're not so much of a bank. i just went to the production station in general, cloud productions got to be tease on export the capabilities to, to reach the mouth, probably next, and we 6. so that supply gap is why you also private sector by trying to results. so we choose as to fund most of it. so should i say short term based reforms from see more recently. yeah, i'm, i'm glad you said, oh you, you're quoting them, short to reforms. if you look at, you know, we keep saying that my gerry is africa's largest oil producer. it actually imports

most of the petrol that it uses. is the country looking at longer term resolutions to the long standing economic problems? yes, the country is, but i think it's a case of number one. there's a growth under estimation of the effort, investments behavioral and cultural change that needs to happen in the state or country, the most affordable task of progress on past strategy. also given the fact that there was a weekly decal window in context, so the, what we sent the, the crime lab restriction made by the crap example i'm actually washington. somebody took me to a multi school. but again, sort of sufficient between gosh to the level of change. ok to wrestle perspective that needs to happen. what are the, what are the behavior and the cultural changes that you think need to happen? you know, nigeria has been beset with corruption, for example, for so many years as well. what do you mean? you'll be able to change my own context would be leaving from, you know, from

a ground up to 3 kind of approach, right? back with a reflect, you've got to some national local levels, uninsured, that reforms i refreshing of what the people need appointment time and how much actual she's also lead to see if the percent of those reports. i did the review of this policy progress. 645 across truck stop progress. how was it necessary condition to be able to set up the lead relief points for the insurance? recently strategic on these subjects to log slide dimensions, those sort of power piece. i talked to the local economy and also inquiry long, all sick chopper, dumbbells set to image settings, to setup for you x. you know, there's so many men join to be, it's about export ready, but it's going to have the product that's walks us the market. it'll probably teach to to, to do more. we do that across for this hopefully. the because of a buick jigs like around each additional support that dimensional supplies. excellent. yeah, i was just going to say as a, how do you enable that? you know that financial support, that investment and what role the foreign investment have to play. i mean,

fall and capital has really fled nigeria in the past few months. yes it's, it's quite disheartening. i just would like to a link to the for, you know, a business environment. your logic states will see many of the major african nations, rather what's attractive or the best needs of the case may be. so we need to, 1st and foremost wondering, do i need to feed functional charlie and use or i destructor, highlighted with something but to any security, you know, on all of that, but also the ease of doing business, you know, contracts regulations, but to make some of these things and even the business environment itself. all right, so that needs to be fixed, as long as that is fixed with a very strong coordinates you 5 that's supposed to be met all crazy, between a few splendid when it should be. it's going to be a lot more easier for us to sort of people find a possibly. so what's the strategy review as long as i can strengthen the local crazy for local businesses. okay, and what about the local people?

do you see that the changes that have been made will in fact benefits nigerians themselves? i don't think the changes will really benefit and then get into the short term. and that's because there was a degree cost of leaving prices and the i'll be magenta's game for our, for a close, low cost of profit and shrieking. and the most us, in the case where prices of goods and services i'm going to should be coming down even if we succeed. i'm felicia, the cost of living prices like between the reducing to the corporate duction and consumption actually makes the right the cleaning genera. right, so what we now need is really stinky, the sector. all, it's eventually must happen in the different blocks of sectors that have the capacity to re spend young people from just poverty or be global public, you know, to most sustainable products when it comes with a prosperity, just in case the be. so for me, tomorrow i'll drive the sexual landscape, not on slide provincial and that kind of law prop. i spend the other piece on a scale of treatment, julian's needed the most to launch

a full viable. it's also good type. i mean to be stopping it before the cost of the crisis unaffected things. and of course that has an impact on africa, doesn't take given nigeria is the most walk through this country largest economy. yes, it does have an impact with africa to my logic state. so we will be that we need to evolve, you know, nickel stations on composition, central value. i was invited to be to the table. most of the chinese was finding a job. i'm very confident in many of the applicant countries. the quite told me to show quite a bit phone security. the cartridge exceptional behavior likes onto those are those of structural and tional reform. we may not be able to bring the necessary group and development african beach, particularly each other that goes on developing to be owned upon the advocates. a conflict with the prosperity that be john, you know, really needs to be looked at, meet new levels of frustrating the gospel of a, of the nigerians think tank straightened all next. thank you so much for your

insights on this. we really appreciate it. thank you very much. front of me. by 2030 the, we'll see it 1st. truly in a while. more than half a 1000000000 people will remain poor eradication policy is one of the 17 sustainable development goals. so s t g is to be met by that. yeah, which is 6 years to go many nations of tract to achieving the s p. jeez, the president of the un general assembly has launched the 1st sustainability weak gabriel, that is under has spoken to dennis francis at the high level discussions last week . he started by asking him, well, same portions of the initiative, the sustainable development agenda on which we involved, we being the united nations in 2015 has not matured with the expectation that we had progress to achieve the sustainable development goals. for

a number of reasons. beyond the control of any individual country has slowed considerably. and so the goal was, in fact off the truck. so we needed to stop for a moment. takes talk of what's happening and re focus and re engineer our efforts. so as to bring things back on track because we are midway through to the sustainable development, the timeframe which is 2030. let's talk about a few of the themes that have been discussed this week and a number really struck me. it was $225.00 trillion dollars in global public debt. yeah, there's a debt crisis. you've said, how is this sustainable for the world to maintain so much debt?

well, let's understand what that $225.00 trillion dollars represents. that represents the current stock of global debt that is, or the countries in the world, the debt that is owed by developing countries would be a proportion of that. no, i, i don't have that number in my head, but i can say to you without fear of contradict contradiction that for developing countries, countries in the global house, that number is also a huge number. and the thing with the debt is that it has to be repaid. what has happened in the case of the bill but south is that there is an extraordinary overhang of debt. and so countries developing countries and in particular, countries in special situations, the most vulnerable ones,

the landlocked countries, the least developed countries on the small island developing states are forced to make choices between repeating the interest on the debt. the interest, not the principal, just the interest of the interest on the debt they have to choose between paying the interest or using that money instead to finance sustainable development to pay for schools to pay for medical facilities, centers, etc. it's a very difficult choice. so uh, what needs to happen, what the, when has been advocating and others is that there needs to be a reform of the international financial architecture to usher in

a new period. which will allow countries in desperate circumstances, particularly the most vulnerable ones, to be able to borrow on less burden, some tunes that means ok, more affordable rates of interest. because as it stands at the moment, many developing countries are forced to borrow at 3 and 4 times the rates of interest that the average developed country borrows that. and at the end of this week, what is the call for action? choose sustainability. choose a stand ability because in choosing sustainability, you will actually be making a plug for the longevity of a species on this planet is the natural environment that creates the assets that we use to live on this planet successfully. and we have been successful,

but not without creating unnecessary damage, a know the science of store to us. but we do not have to create damage. we can live sustainably. we can use resources in through all consumption buttons, most sensibly small to in order to minimize our footprint on the planet. and that is uh, shows that this way you can get in touch with us on x, formerly known as theresa on at list put on him and do use the hash tag a j see to see when you do will drop us an email counting the cost at elda 0 dot net, is our address, and as moved for you online as onto 0, dot com slash ctc, that'll take you straight to our page with the individual report links, and tot episode soon as we catch up on that set for this edition of counting the costs um elizabeth put on them from the whole team. thank you for joining us. the

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