issued heat warnings for interior regions including the canadian provinces of alberta and saskatchewan. i'm monica jones is up next with business news asking just how sustainable china's economic successes. and don't forget the martin, the website dot com. i'm sarah kelly and from i, thanks for watching the news . ah, please listen carefully. don't know how to do the field. the magic the discover,

the world around you subscribe to the w documentary on youtube. me. the from impoverished present state a global power. china communist party celebrates it's 100th anniversary and an economic success story. but can last, we talk to a china expert in singapore, also coming up for trillion dollars. that's the pandemic global cost to the tourist them. according to the united nation, i report claims the industry has been driven back to the 1980. what come to did up a business?

wanted johnson berlin. good to have you with us. big day for the chinese communist party, it's celebrating it's 100 anniversary. but even more interesting of the last 4 decades in which the party reshape to the chinese economy and turned it into today's asian power house. now back in 1978, china was an impoverished person, stayed a communist party under dang, shopping decided to bring in a rural reform to increase agricultural production and reduce poverty. later the chinese leadership established special economic stones to attract foreign companies and ground state owned enterprises. more freedom, china quickly became the factory all the world's basing then gave a massive boost to the construction sector, building roads, bridges, buildings and railways. today, the economy of the world's most populous countries, still growing, not even the financial crisis or the coby 19 pandemic. could put

a stop to that. while for more, i'm joined by fraser, how we, he's an expert on china. and the also of the book read capitalism. he joins us from singapore. good to have you with us. now, the full title of your book says the fragile financial foundation of china's extra ordinary rise. interesting, there is the world fragile. what role do you think will china's economy play 10 years from now? follow. i think if you're simply looking at the numbers, then the chinese economy is going to be bigger. it's certainly probably going to continue to grow the headline growth rate, so will be lower. it will clearly be a very dominant player on the global economy, but to create it will be how much it will be able to reach our company to be able to reach beyond that shit. sure. so far from that, i would also say, well, they're on the street,

it's very important to remember in china. i think you simply can't separate economics from politics. the party certainly does not do that. she didn't thing see the politics, instrumental it konami. and i think it's very important to remember that because we're coming into much more volatile time, i believe are china and keeping those 2 things together. it's very important. you say that the shooting, paying as he is, the party public is or politics. also instrumental for the economy. i mean, the economy has done pretty well. where does a communist lit country like china fair, better than the democratic economies like germany or the united states? well, frankly, it does not german per capita. are you at the per capita g d p is low old, but it isn't china trying to rise over the years is brought it to basically average rates of global per capita g d p. we must remember as well for the 1st 30 years, a communist party will they largely run their economy into the guy. and there was

a reasonably to pay the economy in the late seventy's. and that was because a communist, all of it being a communist party getting out of the way and letting chinese themselves take control of their life, which is driven. they think phenomenal growth, but ultimately trying to still remain relatively up your country. so there are problems the head, can you name a few? sure, there's a lot of problems ahead. there's a number of them that obviously there's domestic issues of dam or graphic, but there's an aging population. there are relatively low skill attainment rates that help metrics are relatively for, but i think the biggest problem they have is, i think she, she didn't pick geo political overreach, that the geopolitical situation for trying to become a lot worse since he's come to power is basically picked to fight with the us that much of the rest of the developed world. and yet china is highly dependent on the good. well, the rest of the world is for 10 doctors, for oil, for many other commodities to continue the growth. so i don't think the past 40

years, that's all a good idea, but a good stop and model. so think about the next coming years in china. i try to how we, there china expert and the author of the book read capitalism. thank you so much for sharing your insights with us. the united nations, there's the corona, of ours pandemic may come at a cost of over $4.00 trillion dollars to the global tourism sector. report was that slow vaccination rates and developing countries, a leading to mounting economic losses with many of those nations dependent on international visitors. among them is thailand, boat owner, some sac, but lau hasn't earned anything today. in fact, he's had just one customer over the past month, making just $40.00. before the pandemic, he usually made $100.00 a day. his hopes and those many others now rest on a government pilot project. from july, 1st fax,

unaided torres from all over the world can visit the holiday region of to cut again one for about a have a lot of hope. customers have stayed away for a while more than a year, almost 2 years now. it's dragged on for so long. it would be great if we can reopen again. but if it doesn't work, we'll just try and stay alive. i don't know what to do. many african countries are in a similarly dramatic situation. in south africa alone, one and a half 1000000 people depend directly or indirectly on tourism. hotels, safari, parks, astronomy and transport. more than half of these businesses haven't been able to cover their fixed costs and 2020 experts fear it will be a long time before tourism returns to pre crisis levels. not just here, but worldwide. we are currently you need to national tourism at levels of 30 years

to go. so basically we are in the years 18, so not, not much crowd. the, the problem that we are main the facing is that many livelihoods, that's really a threat. and i will pick it up from the policy recommendations we have lost 1000000000 travelers. so 1000000000 opportunities for people to be livelihoods, especially in developing countries. the un report painted damn picture, predicting the global travel industry will be back on its feet again in 2023. far too long for the millions, dependent on tourism. here in europe, the holiday season is in full swing, and people are travelling again for more last spring and financial market correspondent touch pan day in frankfort. hello, asha jewish tourism is here in europe. suddenly picking up again, but there is this delta very and around the corner which could put a damper on things again contact. well,

absolutely. it's in fact it's already putting or dam is acting as a dad know for the tourism sector, especially in the southern economies. the economies such as spain and portugal, which are heavily reliant on tourism. we've been reading all the stories from portugal that businesses had actually as an investor, the investments hired new personnel and preparing for all important tourism season . and now it does force to actually con the losses after that spike in case is caused by the delta variant. and then there are these travel restrictions on time from the u. k. and that's not a good news for the mediterranean countries. we all know that the tab traveler's actually a car for a significant chunk of our drivers in those countries. all right, i should touch panda in frankfurt. thank you so much for this. the space day for you are a take

a look now at some other business stories, making headlines, confidence among major japanese manufacturers has hit its highest level since 2018 . that's according to the bank of japan. time can survey. it says businesses, they're betting on a strong post pandemic recovery despite some setbacks trading platform. robin hood has agreed to pay a record $70000000.00 fine to us regulator. finra for harming millions of uses. robin hood was accused of getting uses misleading information about their accounts . it must also pay restitution to uses affected by system outages. in march 2020 amazon has formerly asked for us anti trust chief lena con, to step aside from investigations into the e commerce giant con has been a vocal critic of amazon and other us tech firms within at confirmed to appointment as chair woman of the federal trade commission, this month's celebrity investments,

encrypt currency has sent value of bit coin and co, soaring and raise their profile mining or making big coins is an enticing prospect in a country like argentine or where the national currency is depreciating rapidly, but there are risk attached people like argentinian alejandro are hard to trace. he's afraid of the tax authorities. he's one of many who mines crypto currency from home lupins. i'm going to go more know any, but we'll get a good investment in argentina because argentina's peso is so weak. you can't get many dollars for it. and you often have to pay for things and dollars. but we have subsidized electricity in argentina, and here in the capital that makes crypto mining worthwhile in does, this isn't going to holler but it, i mean, that he, together with a friend alejandro spent the equivalent of 5000 euros and pesos to buy computer

equipment. they'll pay it back in $18.00 installments, interest free. they estimate that the crypto currency bitcoin will strengthen better than the soft argentinian pay. so despite fluctuate options, some companies also spend millions mining crypto currencies in the countries colder regions. so they don't have to cool the servers. tierra del swain go in the deep south is especially popular against the background of rapid pace. so devaluation and foreign currency purchasing restrictions, a 1000000 argentinians have bought bit coins, mining and training them almost always happens below tax authorities. radar. last student, manuel invests and crypto currencies. i bought a not a can. dina farrah many opportunities in argentina these days. and when you come across one like that, where you can see from a graph that an asset value has shut up 1000 percent or 300 percent inside a year. and then you say, i've got to try that. but a lot of basically it's a form of gambling, isn't it? yeah,

that's what we call it in our language was gambling. it's max of casinos and poker tables, not serious investments. economist and university lecturer one vulnerability war instead crypto currencies are highly risky. investments don't want to currency, it's are generally highly volatile. they have no backing, they have no economic assets behind them. or power faces are seen as prone to financial bubbles. anyone who invest in these bubbles without knowing how they work is taking on a very high risk and stands to lose everything. even those who know the ropes in the velocity and others also warn about the phenomenal energy consumption of crypto currency mining. as well as the potential for laundering money from illegal activities just under 10000 lines of code, not much to read, but they revolutionize the world. the original source code to for the world wide web sold for $5400000.00 in an online auction. it's not the beef. incredible to

think about. the code was written by inventor tim burnett's li, just over 30 years ago. in 1900. 90 earnestly has now sold the code as a non functional token or an f t, a kind of trip to acid, which records ownership of digital items. the internet, of course, has been sold. it can be used as usual. that's the business update. thanks for watching. ah, and the screen sustainable and trendy. many companies are rushing for green solutions because they're popular with the customers. just how green are these solutions? the made in germany w. d, w,

crime fighters are back africans the most successful radio drama theories continues . all episodes are available online. course you can share and discuss on the w africans, facebook page and other social media platforms. and fighters tune in now. me ah, ah, ah, ah, if there is one color and that's the embodiment of today's zeitgeist, it is green. green stands for lush chemical, free grasslands for emission 3 more.