i'm in sri lanka with a special report on the legacy of china's belt and road initiative in this country as it completes ten years. hello, and welcome to asia business report. we will start in china where president xijinping takes centre stage stage in beijing today. he will be addressing leaders who have gathered to mark ten years of the belt and road initiative. building a series of infrastructure as well as energy network. it is a high—profile event with russia's president vladimir putin, as well as leaders of other developing nations from around the world, who are going to be in attendance. xi's leadership is being tested both domestically xi's leadership is being tested

both domestically in getting china's economy on track as well as internationally as the country tries to navigate a tense geopolitical environment. we are also going to see and he is back with us here on a show business report. thank you for coming back again for us as we continue to track the story as the world leaders gather there. we are still waiting for xi jinping to speak but in your expectation and estimation what are you seeing will be a thrust of the speech there. this are you seeing will be a thrust of the speech there.— of the speech there. this is a time of stock-taking - of the speech there. this is a time of stock-taking on - of the speech there. this is a time of stock-taking on both| time of stock—taking on both side. china's reassessment of the initiative and countries on the initiative and countries on the receiving end are getting a little concerned about the strings that seem to come attached with it in the form of the slightly odorous terms of some of the debt and the fact that they do not seem to be benefiting as much as they had

hoped from china's largess but this summit is really china's opportunity to put its stamp on its role as the leader of the developing world. there are not many leaders from advanced economies in beijing right now but there is a strong contingent from the developing world and china wants to make clear that it is still pushing forward with this objective of bringing more countries from the developing world into its economic and geopolitical embrace. i think we will hear words from xijinping embrace. i think we will hear words from xi jinping about how he attempts to continue reaching out to those countries in both economic and other means. , , ., ., ., in both economic and other means. , ., ., ., means. this is also about a lot ofthe means. this is also about a lot of the optics — means. this is also about a lot of the optics as _ means. this is also about a lot of the optics as we _ means. this is also about a lot of the optics as we have - means. this is also about a lot of the optics as we have also l of the optics as we have also talked about how china is going ahead and making a big splash about the 10—year anniversary. we have seen the kind of images that have come out. how do you see the belt and road initiative furthering the ambitions that the west has said is china only trying to

grow is cut in other parts of the world?— grow is cut in other parts of the world? china was hoping there would _ the world? china was hoping there would be _ the world? china was hoping there would be economic - the world? china was hoping | there would be economic and geopolitical payoffs. many of the projects it has funded in countries i found it very difficult to get financing from international capital markets or multilateral financial institutions but at the same time china also wanted to strengthen its economic ties, especially its trade ties with a number of advanced economies, including those in europe. so it did try to cast a very wide net but right now it is facing pushback from both sets of countries, developing countries who feel that they have taken on too much debt that they should not have under not ideal circumstances or grey conditions, and from the advanced economies that have become much more suspicious of china's intentions both overt and implicit. that is what china is trying to push back against on its own right now, which is to provide a more

positive... about what it is trying to accomplish and at that its interests are in line with other countries involved in the belt and road initiative.— in the belt and road initiative. ., ~ , ., ., initiative. thank you for caettin initiative. thank you for getting us _ initiative. thank you for getting us up-to-date i initiative. thank you for i getting us up-to-date with initiative. thank you for - getting us up-to-date with the getting us up—to—date with the details in that perspective on asia business report. let's give you a sense of what belt and road initiatives look like on the ground. will be starting with a glimpse of what it looks like in sri lanka which has been run country where belt and road projects have had mixed success. the abc's india correspondence travel to sri lanka to get us the status check. it was started in 2010, but very quickly sri lanka had to lease it out to china for 99 years because it was not generating enough revenue for them to repay the debt. this

led to allegations that columbo was actually having to seek control over strategic national asset. and then there is this — the airport just asset. and then there is this — the airportjust a few kilometres away. it is yet another example of a bri project that has gone wrong. it is often called the mds airport in the world. it has capacity to handle about1 million passengers but in reality only gets about 10% of that every year. this has led to many commentators think that china is practising some sort of debt trap diplomacy with these projects. saddling nations with loans they cannot repay and often taking control of some of those strategic assets. it is a theory that has been debunked in recent years though by several independent experts. and here is why — for all the failures, the belt and road initiative has delivered significant success in sri lanka as well. the columbo international container terminal is what example. also

half the country's expressways are built or funded half the country's expressways are built orfunded by half the country's expressways are built or funded by china. these investments came in at a crucialjuncture.— crucialjuncture. these investments _ crucialjuncture. these investments were - crucialjuncture. these l investments were useful crucialjuncture. these - investments were useful to complement sri lanka's economic development after the end of the walk however sri lanka did not properly do the industrial master planning to have these projects deliver proper rates of return. second, china policy banks probably push the money on a sri lankan economy that did not have the money to do the investment properly. the belt and road _ the investment properly. the belt and road has _ the investment properly. the belt and road has left a complex it... economic challenges, investments under the initiative won't come by at least for the next few years. and closer to home, china's going economy is of top concern. in the next 30 minutes china will be releasing third—quarter gdp and australia as well as sales and retail data which is likely to illustrate the different facets of demand in the economy. we

will keep a close watch on the numbers there. we have is been saying a big drag on china has been its troubled real estate industry. debtladen property developers are struggling to finish projects and payback interest on loans taken out in yuan and dollars. that is the case with country garden and the clock is ticking for china's largest property developer which could see its entire offshore debt deemed in default if it fails to make a $15 million coupon payment. i have been speaking to the standard charters north asia cheap investment officer on the implications. should there be another default this will be of concern about the housing market in china. over the last few months, we have already seen quite a bit of mergers to try to support boosting housing demand here, including relaxing downpayment ratios

as well as mortgage rates. but when we track the property sales numbers for the month of september, it did go up 28% month on month, but on a year—on—year basis it still came down 29%. so i think two major trends of note — first, it has been gradual but very uneven across city. we saw much better traction in tier1 cities than the lower ones. secondly, we think the divergences in terms of contract and sales performance would be very evident in terms of the sod — the state owned developers, first as the state owned developers have been able to garner much better sales momentum. uist companies are being impacted by the deteriorating. .. and of course other us tech

companies are being impacted by the deteriorating us—china relations. chipmaker nvidia is usually a star performer on the s&p 500 but on tuesday was one of the worst performance of the index. it shares and other companies in the chip sector fell after the biden administration announced plans to cut off more exports of advanced trips to china. ——chips the bbc�*s erin delmore has more from new york. if this sounds slightly familiar it is because the us commerce department announced export controls on chips last october. this new set of measures aims to close loopholes apparent since. the aim has not changed but the goal is to prevent china from receiving technology from the us to strengthen its military. it is broader than we have seen in the past, targeting not only advanced chips designed by nvidia but as well others as well as chip— making tool. it targets not only china but also iran and russia. it also blacklist to make chinese chip designers. the rout speaks

to to make issue. one is the value of generative ai and the per important subject that powered that take. and two, long simmering tensions with china and the biden�*s administration aims to contain china without helping, hurting the country economically. criticised as overly broad, unilateral controls that ms carney the us semi conductor.. without advancing national security and that would encourage overseas customers to look elsewhere. the rules go into effect in 30 days. that was erin dan more that getting us the very latest from new york. thank you very much for watching and do stay with us. in an upcycling shop in headingley, a transformation is under way. josefin is using her skill and creativity to help solve a shameful problem. along with her partner, james,

the couple are trying to make fashion more sustainable — starting on their own doorstep. who could forget these shocking images of the tents and camping equipment left behind after leeds festival? hundreds of items treated as disposable and destined for landfill. it was a bit grim, to be honest. a lot of people have a throwaway mindset. but tents aren't single—use — they're very durable fabric that can be used again and again. and when i sawjust how much stuff had been left behind, it was really shocking. along with other charities and upcyclers, james retrieved tents and sleeping bags to make into something new. so we've got a laptop case, bum bag. we've got what we call a festival bag — it's supposed to be worn over your shoulder like that. it's an interesting, exciting opportunity for us because we've not worked with that kind of material before. i've worked a lot with cotton and silk in the past, because that's usually the second—hand material we find and reuse. so i find the whole experimentation process

of it very interesting. for more stories from across the uk, head to the bbc news website. hey, i'm stephen with the catch up. we are starting with news from the war in the middle east. palestinian health officials say hundreds of people have been killed in an israeli air strike that hit a hospital in central gaza. we have heard from a british palestinian surgeon working at the hospital. he says parts of it were on fire. the israeli military says it is investigating what happened. you can follow all the latest on this story on our page on the bbc news website and app. elsewhere, a british teenager who went missing after attacks by hamas gunmen in israel is now known to have died. yahel was 13 and lived in southern israel near the border

with gaza. her mother was also killed and her sister and dad are still missing. her family have called her beautiful, full of adventure and mischief and said they will forever miss her. next, a blow for lgbtq couples in india. the country's top court has decided not to legalise same—sex marriage, defied judges�* rule that it is up to the government to decide whether couples should be able to open a joint bank account. announced a new scheme to help women escape abusive relationships. they will get up to £1000 for essentials like rent and clothing. and time to leave you with ten seconds of a dream job. well, maybe if you're a fan of league one club,

cambridge united. they are looking for someone to become the mascot marvin the moose. they say you have to be fun and energetic. imagine being paid to do that? it sounds pretty ideal for me. you are all caught up. have a very good night. hello and welcome to sportsday. i'm paul scott. here's what's coming up. england reach euro 2024 — they beat the defending champions, italy, to book

their place in germany. a shock at the cricket world cup — the netherlands beat south africa for their first win at this year's tournament. perhaps south africa's rugby players can have more success. they prepare for their world cup semi—final showdown with england. hello and welcome to the programme. england have qualified for next year's european football championships, with two games to spare, after a 3—1win over italy at wembley. the defending champions' hopes of qualifying automatically are hanging by a thread. joe wilson was watching. there was a reflective

mood before kick—off here at wembley, as we observed, as uefa directed,