we've gone all out to give you some tips one day in the footsteps who wriggled. i'm in your northernmost count, the police. ah, for a time long. but still very much alive. d w, travel, you'll go to the special with recognizes where exactly was fun. i've learned a lot our culture history. old l. d w travel extremely worth a visit with this is dw news, asia coming up today. resignation, accepted sri lanka, go to buy a roger pox off. finally stepped down in an email 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 wrecked 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 lankan parliamentary speaker confirmed the news. a book from the resignation letter sent by president go to bio roger poxel has been received by me and 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, many 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 the same fact?

the people are named it add port. i will bama basically a place to demand. if the nation has house del which has not been done, but the bulk of the ground is that the process will not a beat any time. so there 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 that dr. acting? read the den. now we don't know whether that will happen that needs to be seen, but we can expect that to happen again. and we'll be keeping a close eye on what happens next in sri lanka. you can follow developments across, broken up by security officials. it is a financial scandal that has exposed the fragility of the country's banking system . a summer of discontent and central china. the slowing economy drives a run on some banks in rural areas. since mid april, for lenders and hernon of frozen nearly 6000000000 euros in cash, leaving thousands of that their savings. protesters rallied at a branch of the people's bank of china and provincial capital. john jo. they wade banners denouncing corruption by hon and 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 cadres were behind the highly coordinated move, in an effort to stop them complaining. authorities and hernon had started returning the money. blaming the crisis on a criminal gang, but many locals feel the government is not protected. their interests. no public criticism of communist party rule is rare in china, where social stability is inefficient, obsession and demonstrations are quickly squashed. ah, but it does happen last year. there were chaotic scenes at the headquarters of construct developer ever grand. as just frontal 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 of the government 0 covert strategy aimed to 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. she, 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 protests in 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 peace, joins us in the studio. clifford so good to see you again. i want to start with how you ended you 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 covert policy, which the government is doing largely due to that. and then of 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 junk soup 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 china a little bit to it, sir. the population is aging, and india is about to overtake china as a,

as the biggest populace in the world. and then you also have an 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 onto 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, and from previous predictions that the economy is 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, jim ping at segan pings obsession at the moment? is the 20th party congress in the fall. i am at which he is likely to get his unprecedented 3rd term. i'm an all of his focus is on this 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 in john, jo happens and you can sort of see that the political ramifications are going to be

quite serious because he wants stability at all costs. but when people see this sort of instability and 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 their on health 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 co testers 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, it looks like the situation in china is that the conditions for people are just getting tighter and tighter. yeah, i mean we've seen this during the whole she, jim ping 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 or reminder of who's in charge. so definitely i think what we're seeing now is a particular 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 there's, 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 that late 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 sela at the foot of the himalayas is best known as the exiled home of the dalai lama. little to back 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 a time you have a good deal. i think the been demick of or maybe

a good more do is been 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 long time. i didn't know because obviously with connection these with

and also i like many, many, many, many, many places. so when you get a hold of them, i love but for local vendors, the return of tourists isn't translating into profits. said that with you, what they said, oh, i think you to the pandemic people are courses of spending much. people would buy many gifts. they say they're not spending much now because they may want to save it for a rainy day. in case there is another pandemic area. i would earn a 5000 rupees a day, but now i can only minutes a 1000 even with that good. 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 with not just another day. so much is happening all at once. we take time to understand this is the day and in depth look at current news, events analyzed by experts and critical thinkers. this is with weekdays on d. w. a thought they were great, you will

be ah, lack luster. chinese growth adds to the bleak economic outlook around the world. pro, falling more than expected in the 2nd quarter. aging is still trying to recover from major locked downs while other problems loom or so on. our show job 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. b, g reporting to date 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 forecast 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 countries 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 market issues also global. the global downturn looming. how our european businesses in china experiencing this moment. right.