german election under american is starting difficult talks to try and form a new government to succeed she will have to bridge the divide between parties from the left and the right. and president xi jinping sets out his vision for china at the start of the communist party congress he says his dream is down the country into a global superpower. you're watching the news coming to you live from berlin up next we have business news helena would have the details for you do stay with us if you can. take a trip to a world of boundless ambition. meet young entrepreneurs eager to tackle global

challenges. join which of that's not german entrepreneur award winner two thousand and fifteen as he travels to asia looking for the next big business idea. big trouble you really are passionate about because you're going to stick to this for a long time and it's something you don't really like them it's hard to keep on pressing our ten part series founders rally starting october twenty third on the d w. a. turning of the page on greek tragedy off the years of economic hardship the country's prime minister says the growth on the horizon. also coming up could the great far wall of china become even more impenetrable. now

beijing is threatening to crack down on v.p.n. to lifeline for many foreign firms doing business that. and twenty six years without recession some countries may look at australia's economy with envy but is its economic luck running out we talked to the country's finance minister. this is your business update on her home free in berlin good to have you with us greek prime minister alexis tsipras says his country is quote turning the page after years of economic hardship citing forecasts of two percent growth for this year now he made those comments during a meeting with i.m.f. chief christine leg out but the latest figures suggest greece's goal of quitting its bailout program next year could be overly optimistic. a warm embrace for christine legarde the head of one of the institutions keeping his country of flows the greek prime minister and the i.m.f.

chief both won greece to return to self-reliance as soon as possible with out in mind alexis tsipras presented an optimistic outlook for the future of the greek economy. after several years of for economic depression. greece is turning bridge. acute risks and the certainty have subsided. we cannot make recovery is gaining traction. in. the two thousand and seventeen expected growth rate of four. approximately close to two percent have not been seen something like that since two thousand and seven but is the outlook really that rosy let's take a look at the numbers one in five greeks are still lies of work figures released by the country statistic agency on tuesday showed that the economy actually contracted last year and g.d.p.

at one hundred seventy six billion euros was down from the year before those figures have come as a surprise to lenders in expecting modest growth despite that the i.m.f. appears ready to support his desire for an imminent exit from its third bailout program i believe that a resolute implementation of this program together with an agreement with the greece's european partners on that relief or essential to support greece return to sustainable growth and a successful exit from any official financing a soon as next year after three bailouts and years of a staring greeks are keen to wave goodbye to their creditors but for that to happen the numbers will have to match the optimism. now an incident involving an air berlin flight to dust off airport on cheers the evening is being

investigated by germany's aviation authorities instead of landing take a look at this an air berlin plane made a low pass over the airport before coming around and landing in an unusual maneuver for commercial flight now the pilot well he's since been suspended but he said he wanted to send a message with a dignified and emotional goodbye last week lufthansa acquired a large chunk of land but the future is and certain for most of its staff an estimated six thousand people could lose their jobs. in china the communist party congress is underway president xi jinping said china was in favor of an open while the economy but what about an open exchange of information internet censorship in the country the so-called great far wall of china it's a problem for both critical so messed excuses and a lot of foreign companies and now the government is threatening to crack down on v.p.n. which tunnel data traffic abroad and the firms it's

a shock. i'm calling is a german company that provides data system consultancy to foreign firms with operations in china. the beijing government is now planning to block access to virtual private networks all v.p.n. . encrypted connections that tunnel data traffic to a proxy server. v.p.n. sconce just a few year rose and have become a critical tool for secure communication between foreign based companies and their headquarters. they're also used by millions of individuals to circumvent china's censorship system. because. most of our clients are very concerned. if not horrified upon it. because of how dependent they come on v.v. ends up in for bin or going on for lawson on. the or thirties have interfered with the p.m.'s before especially in the run up to communist party congresses but the

regime had appeared wary of enforcing a complete lockdown on v.p. ends probably out of consideration for the business world but in the new year beijing will order telecoms providers to close to data tells us so and so this is serious this time they mean it and they'll go through with it too. many details remain unclear. but for the european business community in beijing china's internet policy has always been troublesome. we see it as kind of sort of a tax on doing business in china and and that's not good for trying to you what we're looking at creating more productivity more efficiency in the economy certainly ensuring that companies have readily timely and stable access to information is important and i heard foreign companies are even more and there's more in store for those companies a new law on cyber security introduced even more rules to an already highly restricted technology regime certain data may now only be stored on the main one

for example for foreign companies in particular the assessments and adjustments involved will be a major burden. it's in the service ultimately the cyber security law means that not being compliant can get your company into serious trouble. it could even mean the company being closed down in addition or having to disclose all of its data and no company want to start this mission we're going to get to my. what is already clear is that the new law will make life difficult for smaller foreign based enterprises and prevent others from even starting up here. when you can be sure that those companies will be taking a close this into statements coming out of the chinese communist party congress right now and so too is australia because china is its largest export market in the past signed a free trade deal in twenty fifteen so let's take a closer look at the state of the australian economy right now what it set a world record for get this going without

a recession for the last twenty six years since nine hundred ninety one the country's economy has been growing and that is largely thanks to an unparalleled boom in raw materials it has thousands of tons of minerals coal gas precious metals as well most of those again exported to china now the inclusion of australia in the trans-pacific partnership suffered a major setback when u.s. president donald trump referred to it. a potential disaster he withdrew his country from the negotiations and as a result australia's economic ties with the e.u. and its largest economy germany became even more important but australia needs new stimulus for growth housing prices well they're going through the roof there and many australians are in debt and infrastructure also poses a challenge is there power outages slow internet of course all of these things

a key in the era of industry four point zero so i asked the country's finance minister how they plan on closing that gap well we're very focused on all of these things i mean you're quite right as an open try to economy it's very important that we're internationally competitive and across the board across all of the area of public policy we are pursuing a pro growth agenda we are investing of course in all of the necessary infrastructure to ensure that we can participate competitively in the opportunities of a digital economy we work closely with germany for example on the industry four point zero. standard and pursuing opportunities between germany and australia to closer together to offer opportunity for business in a strong businesses in australia to become part of advanced manufacturing value china around the world so when this does all things that focus on that we are working on and will continue to work on but look at the situation for the average

australian then there are high levels of per capita day it's the banking system for example the commonwealth bank of australia didn't report over fifty thousand cases of money laundering how can you clean up that sector to make sure that risks of a banking crisis are not passed on to the average person that. well we have a strong and well regulated banking system and banks are very profitable a very strong a very stable home and if you look at the situation around the world post the global financial crisis you know by any standards banks in australia came out of that very very well compared to banks and other positive all prudential regulation you know it's very effective and always specific issues that arise from time to time and when they do it have got to be properly addressed and we've always got to

consider carefully you know what improvements can continue to be my two regulatory settings but in an overall sense you know we've got a very strong very effective internationally very competitive banking system and you know compared to europe compared to the united states banks in australia performed very well when this the ultimate stress tests happened in the context of the global financial crisis mathias cormann australia's minister all finance thank you for being with us hay on. and that's it you're up to date with the latest from the world of business and more find us on facebook follow us on twitter on the school business on that as well allan to see how free is my handle more business news in the next hour see that.

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