moved in terms of the big and powerful taking responsibility and tackling climate change. we talked to a nobel prize winning economist who believes business in the u.s. must change its obsession with shareholder value. welcome to the business asia i want to john's got to have you with us. china has quarantined cities and shut major tourist attractions from disneyland to the forbidden city and the section of the great wall as it scrambles to stop corona virus from spreading further public transport has been stopped in more than 10 cities with train station shot events canceled and see it is closed this asia's biggest economy prepares for the new new year festivities normally a crucial time for business many chinese citizens are rushing to the supermarkets to buy food and daily items and book shelves stocking staples such as meat vegetables and instant noodles are emptying as people prepare to stay at home

and avoid public places for as long as possible companies producing face masks are working 247 to help fight the spread of the virus many here at the factory in the city of joining are working overtime tony i want to support to hand the epicenter i want to help all the people there. it is just one of the 11 chinese cities now in virtual lockdown wrist asians have been shot and there are checkpoints on main roads in and out the streets are empty except for those working on disinfection everything that can be is being disinfected you know when sars broke out in china in 2003 it cost the world economy $30000000000.00 according to the world bank back then flights in the asia pacific region fell by 45 percent from the year before and almost 800 people died many fear the coronavirus could have

a similar effect if not contained. for more let's bring in. was done in by for us in beijing fabio on how important all new menu yes celebrations for the chinese economy. new year's season is the season when chinese are spending the most on for example in restaurants they are having level in us with their families also they're buying gifts for their relatives nowadays however people stay at home they want to avoid public places so they stock up on supermarket items and according to estimates just in $2800.00 for example chinese have spent more than $140000000000.00 in that 7 day period during the new year season so actually the effect of this corona virus could be severe there are no solid estimates yet but we have to see 100 percent of the virus that's the 6

biggest city and it's also an important transportation hub which connects with other cities so i think the next base will show how severe the economy the economy effect will be and of course it's also a big trade market 70 reacted to into the new virus outbreak citing thea's of a new size damage just remind us how big an impact size had on asian economies. well i mean the markets here they feel they reacted swiftly just yesterday was the worst day in more than 8 months for the chinese stock markets back in the days and of course the situation was much more severe there were estimates that sars. decreased the chinese economy in 2003 by one percent and decreased also the hong kong g.d.p. by roughly 2.5 percent of course those estimates are quite controversial and you know government spending can also offset some of the sex so it's really hard to

measure and give you a concrete number on that and what about international companies are doing business in and we think china do we have anything like cancellations of business trips or the likes. i mean not on a massive scale until now only japan and usa they have issued trouble of warnings to the kuwait province it's a province. where is the capital so basically the epicenter of the virus and the rest of the region is not really affected on a mess of scale yet it will hand itself i mean it's a big industrial city but folks are most of the german companies they only hire local employ you see it doesn't have a big x. petry it's you but maybe for french it's different there are many french local stare so they might be french companies might be restricted a little bit more but now until now i don't see a mess of trouble banning see it for the companies all right fighting crash with

every porting for us from beijing on the development of corona virus and how it spreads there thank you so much. friday marks the final day of the annual world economic forum meetings in divorce the event turned 50 this year and celebrated by putting a younger generation of print and center out there urgency of the climate crisis drove much of the week long event and created some dramatic contrasts with wealth leadership. young activists like gretta tune berg stormed into davos planning to force through their message that change can't wait this was more than any other a world economic forum led by the world's youth the other generation has a lot of experience but we have ideas we have energy but for those hoping to ensure an adult hood of environmental progress the forum got off to a bad start on day one president trump decried them as prophets of doom and instead

chose to talk about a growing u.s. economy america's thriving america's flourishing in years america is winning again like never before the disappointment was clear i didn't hear anything about the world america is leader in the world and. i think that litters have to take care not only about themselves but also about other nations because we have the same collective planet since then the town of davos is witnessed more assertive environmental statements urging corporations and nations alike to wake up to the challenge the world is facing it is absolutely essential to recognize that climate change is an existential threat to us all and if climate change is running faster then what we are in day 3 so angle america will push for renewed global commitment to the paris climate accord. the boy that you are that this is an infant

the world must act together it's an international agreement unfortunately not everyone is still with it but many are but it also meant that bubble that every country must make its contribution and buy it back that's the latest and most young delegates began the forum complaining that previous pledges had been all talk pretty much nothing has been done since the global in the sense of c o 2 has not. reduced leaders must now make good on their divorce promises because an impatient young age. in aeration is watching. aswell as has been for suing who was following the summit and earlier today he joined us from dallas to give us his impression of how realistic this call for more corporate responsibility really is i think it's realistic to a certain extent it's very difficult to say because diverse has always been a talk shop for the global elite but we are seeing in this day and age

a very very savvy young population that is aware on social media of what these companies are doing and they're going to be holding these companies accountable they don't work for companies that aren't green they also want to work for a company that is responsible and has a purpose in life and for their lives and for the planet that they live on. the change that's in the air here in davos is something i talked to with joseph stiglitz a renowned economist about and i asked him how different this world economic forum is for him. it was different in 2 ways i think the sense of commitment to climate change the sense of urgency was much greater than i've seen before. and this is true not only of civil society government leaders but also in the business community some real real commitment the other striking thing was the

dissonance between. the theme of the conference stakeholder capitalism workers the environment customers that broad perspective and having donald trump here. you know they talk of he said he was helping the middle class as he passed a tax bill that raised the tax on a vast majority of the middle class well it lower the taxes on the billionaires here and on the big corporations here that said we'll stakeholder capitalism then catch on will we see action. i don't know i think there's obviously a rhetorical flourish in the united states there's. understandable defensiveness because it's very clear that the shareholder capitalism has led to an environmental crisis a a inequality crisis an opioid crisis a childhood diabetes crisis all these things financial crisis all these things that

are going wrong with american capitalism. capitalism is not serving large fractions of our society and they know they were can people are unhappy it seems like the us is the problem i mean china's leading the way as far sustainability goes so many other companies around the welt making their pledges here but we don't hear pledges from the u.s. oil majors or from mr trump i think there is a sense in which the u.s. is is the problem let me emphasize though it is mr trump that is overwhelmingly the problem i believe if we had a different administration these business leaders who are less leaders than they might be would follow new administration with a new commitment to address these crises which are not only american crises been in various forms are global crises is the sequence thank you very much thank you nice

to be here. utopias been physical in there in conversation with lauded economist joseph stiglitz in doubles well finally how to 50 years in the spotlight a style mother example got you is hanging up his sister's famed for his outlandish creations the legendary french to sign i will mark his retirement from fashion with a spectacular show in paris while the designer has yet to announce his next project his popular brand on high end or to quote to a business will continue there are rumors the 67 year old show man is planning a glittering showbiz career. as a business update here on g.w. from me in the business asia team and berlin thanks for watching.

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frankfurt airport managed by for. this is you know we news live from berlin extraordinary times call for extraordinary measures china resists to curb the spread of a deadly virus cities in lockdown more than 40000000 quarantined airports around the world on alert quest the country is struggling to keep the corona virus from spreading throughout china and beyond also coming up at odds in the south all

german chancellor angela merkel meets a turkish president richard type air to watch the 2 leaders expressed very different views on how to bring it.