[000:00:00;00] ah ah, yes, this is dw news asia coming up today resignation accepted 3 lawn guys go to buy a roger pox off. finally stepped down in an e mail sent from singapore. it was a key demand of protesters. so how will the crisis hit country move on from here? also coming up, where's my money? chinese rage at their local banks for freezing their savings. we look at the cracks appearing and china's financial system. plus,

with the pandemic easing tourists are trickling back to little to bet the home of the dalai lama in india. so why are shop owners not happy? ah, i melissa chan, thanks for joining us. he is finally out. got to buy a roger pox out who fled sri lanka earlier this week for singapore officially resigned as president. he leaves behind a rec nation in political and economic chaos. despite a curfew, the reports of roger pox, his resignation triggered celebrations on the streets of the capital colombo. it was the central demand of the thousands of protesters calling for change. early on friday, sri lanka, parliamentary speaker confirmed the news that again i the but the go topic. i deduction the resignation letter sent by president gotcha. by roger parkside has

been received by me. accordingly, the president has legally vacated. the post was effect from the 14th of july 2022 the on the whole of it. so demand number one, that the president resign. check what now for the protest movement. here's dw minnie are chaudhry in colombo. i'm at the moment, standing at the old barn and made with building, which is right now, the presidential secretariat behind me. you can see a lot of people think probably on was day case. this entire area has been the epicenter since the beginning of the process. again, what about are they, in fact, the people are named it ad bulldog obama, basically a place to demand. if the nation has house dell, which has not been done, but the bulk of the ground is that the front desk will not a beat any time soon. major demand, one major demand due to me, which is what i mean to come up to step down from the post. prime minister is duncan, the boards of acting rather than now,

we don't know whether that will happen. that needs to be feet, but mechanic. but that will happen again, and we'll be keeping a close eye on what happens next in sri lanka. you can follow developments across all the w platforms, including our new d, w asia channel on facebook. ah, in china, a rare large scale protest has been violently broken up by security officials. it is a financial scandal that has exposed to the fragility of the countries banking system . a summer of discontent in central china. the slowing economy drives to run on some banks in rural areas since mid april, for lenders in hernon of frozen nearly $6000000000.00 euros in cash, leaving thousands of that their savings. protestors rallied at a branch of the people's bank of china and provincial capital. john jo. they wave banners denouncing corruption by hernon authorities. plainclothes security agents

swooped. they fought running battles with protesters. demonstrators were beaten and dragged away. some accused officials of colluding with local banks to suppress the rallies. protesters reported that their personal health codes, which are mandatory to access public venues, turned read to indicate they were coven positive. they suspected local codgers were behind the highly coordinated move, in an effort to stop them complaining authorities and honey locals feel the government is not protected their interests. public criticism of commons party rule is rare in china, where social stability is an official obsession. and demonstrations are quickly squashed. oh, but it does happen last year there were chaotic scenes at the headquarters of construct developer ever ground. as disgruntled investors crowded its lobby to demand repayment of loans. buying property is one of the few ways ordinary chinese can make investments. and the real estate bubble is causing public dissatisfaction

. there's also anger the government. 0 covert strategy, aimed at keeping china and tardy coven free. earlier this year, residents, bank pans and shouted from their windows to protest against the enforced lockdown in shanghai. these protests come to politically sensitive time for the party, just months before its leader. he, him ping is expected to seek an unprecedented 3rd term at a key meeting in the autumn. she's anti corruption campaign, is a key policy. the protesting john jo, shanghai, and change in our stock. reminder of what could happen if the communist parties economic model starts to unravel. clifford kooning who filed the piece, joins us in the studio. clifford so good to see you again. i want to start with how you ended your report. he talked about the dangers of the chinese economy unraveling. how shaky is the economy? well, i think

a lot of people have called the end of the chinese economy over the years and am. but what we've seen is a lot of resilience. i think the difference this time is that there's a lot of things happening at once. and we had data this fresh dasia, which shows that the economy shrank by 2.6 percent versus the previous quarter as a result of the 0 coven policy, which the government is doing, largely due to that. and then at the same time, you have this real estate, an issue which real estate, which accounts for a quarter of the whole economy is in serious trouble. and the developers are running out of money. and their big lenders are the local banks, the same kind of local banks that we saw in john jo. am and they've been in crisis because they're running out of cash. and we've also seen in john su province. we've seen an on way province. so it seems to be quite a common growing problem. and on top of that, you've got demographics are working against john a little bit to it, sir. to population is aging, and india is about to overtake china as the biggest populace in the world. and then

you also have am problems of youth on employment which has risen to nearly 20 percent now, which is very, very high. and you've also got nearly 11000000 college graduates coming on to the market right now. so the problem is really the combination of all these different elements coming together. i think that's what makes it different from preview predictions of the economies in trouble. and when you have bad economic conditions, what does that mean politically? well, it means that basically this is the real political risk. am she jumping, seeking things, obsession at the moment is the 20th party congress in the fall, i am at which is likely to get his unprecedented 3rd term. and all of his focus is on this. am and all dia, local governments have been told by the central government that they have to create a favourable environment. i'm and they've been repeatedly told this. so then this incident and john, jo happens and you can sort of see that the political ramifications are going to be quite serious because he wants debility at all costs. but when people see this sort

of instability, um it, it breaks down the social contract which exists between the communist party and the people of china. that as long as the economy keeps growing, we were prepared to put up with certain restrictions on our freedom and, and other aspects that they have to deal with. but where that social contract breaks down is when, when the economy stopped growing. and i want to grab onto that thought about officials over reacting to things. and there was a line in your report. you mentioned that the protesters on there and help check apps on their phone for cove. it that the signal went from green to red. in other words, it seemed as if officials were manipulating this app that was meant for health in order to prevent protesters or potential protesters from heading out. that's right . i mean, this happened to about a 1000 protesters at the local government admitted that has happened and they said it was a technical error. but clearly it was, it was. and another example of this authoritarian technology being used to control

people. and we're seeing this and in terms of the social credit system where people are evaluations on their behavior. and we're seeing this in all, all aspects of the surveillance station, china, it's another example of, of this technology being used at 22 very nefarious ends. i mean, looks like a situation in china. it just yeah. the conditions for people are just getting tighter and tighter. yeah, i mean we've seen this during the whole, she jumping era that things have just gotten tighter. and now that we have 0 covert, which is admittedly by a sensor be about controlling the virus. but it's also being used as a system of control for the people to remind her of who's in charge. so definitely i think what we're seeing now is them, particularly with the congress coming up again, you know, as we mentioned earlier that, that things are just going to be very, very ties until then. what happens after the congress? nobody knows. but this, there's no reason to think that things are going to get easier after the congress. yeah, i was going to say there, there's no incentive for officials to give up their power over people. that's right

. i mean, people are talking about it could become more and more like north korea, so we'll have to, we'll have to wait and see until at lee congress. definitely something to wait and see cuz i couldn't and thank you so much for joining us. ah. the indian city of dam saw at the foot of the himalayas is best known as the exiled home of the dalai lama. little to bed, as it's often called, has been a huge draw for tourists over the years, including myself. but like so many places the pandemic left its streets deserted. a city of durham's sala in india's himalayas. thousands of tibetans have found a home here, along with the most famous of all. the dalai lama, the exiled, spiritual leader, has brought global attention and tourist to the city, a boon for local businesses. but the pandemic brought all that to a halt. my family depends.

i had been done with i think the been damages or maybe a good more do is then come. durham sala has in the nickname of little to bit a center of tibetan buddhism, framed by the beauty of the himalayas. a perfect backdrop for that possible pose. a danger with me, i know about with

foreign visitors are also starting to trickle back won't via i didn't know because of the connection these with and also i like many, many, many, many, many places. so when you get a hold of them, but for local vendors, the return of tourists is in translating into profits. said that with you, it does say a lot, i think, due to the pandemic, people are cautious of spending much people would buy many gifts if they're not spending money now, because they may want to save it for a rainy day. in case there is another pandemic. and here i would earn a 5000 rupees a day, but now i can only minutes a 1000 to have ivy with the doctor. while income's full,

the cost of living in the city is rising. a double blow for a community heavily dependent on tourism. that's it for friday. have a good weekend. mm. with sh. i'm just kinda, i think that's hard and in the end is a me, you are not a lot of to you anymore. we will send you back. are you familiar with this with the smudges reliance as of a what's your story. ready i mean, wasn't, i was women, especially victims of violence in

a lot of them take part and send us your story. we are trying always to understand this new culture. so you are not a visitor, not the guests. you want to become a citizen in phil migrants, your platform for reliable information ah ah, lack luster. chinese growth adds to leak economic outlook around the world. pro, falling more than expected in the 2nd quarter. paging is still trying to recover from major lock downs, while other problems loom or so on. our show job, i'd needs help with oil prices. now he's visiting saudi arabia. what can the kingdom really do? and diamonds turned botswana into a more prosperous country. sanctions on russia's gentry could give the industry an

extra boost. hello, and welcome to the show. i'm seeing beardsley in berlin. weaker than expected growth out of china is adding to an increasingly bleak economic picture around the world. beijing reporting today that the chinese economy grew just under half a percent annually between april and june, a period of time that includes a major lockdown in shanghai, the world's largest port. a china has forecasts, growth of 5.5 percent this year. a goal that almost all analysts now say is all but impossible at this point. now, for a closer look at the problems facing beijing, i spoke to someone who knows the country's business community quite well. your booker is president of the european chamber of commerce in china. he joins me now for more years. this was not the best news on growth from china. and then we still have issues including unemployment, property,