chinese export, slow and august, growing signs of weakness have some doubting predictions that china can overtake the u. s. economy by 2030 and no signs of el dorado for el salvador, one year after it made the coin legal tender. welcome t d w business. i'm christy, platinum, berlin. apple is expected to announce its new i phone model today that's a little earlier than in previous years. it could be with hopes that an additional week or 2 on the market will have a positive effect on the quarterly figures. now holding a hybrid event online and in person marks another change to the way apple has been doing things. and more changes could be ahead when it comes to where it makes its gadgets. the i phone is apple's flagship product. nothing else means more to the american tech giant than the i phone does almost $41000000000.00 worth of i. phones were sold last quarter. that was just under half of apples. total revenue. i phone

production is almost entirely based in china. and apple is becoming wary of this dependency. china 0 cobit policy and strict locked downs paralyzed. it's partner fox con, which makes the phones that complicates things for apple industry. experts think apple has become more reliant on china in the 11 years since tim coke became c e o . he outsourced more and more production there to cut costs and increase efficiency . but now, chinese labor costs are on the rise. so it's time for a course correction apple is expanding in india and vietnam, where workers are much cheaper. well for more in this, we go to frazier, how he's a china analyst and the author of the book read capitalism. frasier, thanks for joining us. why has apple under tim cook, ben, so drawn to china? look, i think it's a similar story. for many producers, china has become the car was replaced of the world. they had very good day in

clusters of infrastructure for manufacturing. and so in that sense, it was a no brainer. you had ultimately, you know, many of their books gone in a lot of people. they're lying on needed company factories in china. so again, i don't know like the out of course, a very high profile company. the biggest company that lay wildly popular is you know, and so the follow the path that many others have done and very much operational chain. supply chain focused and china provided all those things that he looked for in terms of proficiency. right? obviously, we know a lot about the supply chain issues that came out of the pandemic and the west reliance on chinese production. where is the china apple relationship today? look, i think all of foreign businesses in china are struggling to co. but as you know, yard report mentioned that, but then also the, the basically the, the political field has changed dramatically and try and under she didn't thing

over the past few years. so foreign companies are paying a lot more pressure. and apple is not going to be, i mean from that, they're also feeling pressure back domestically in the states and because of the reliance on china. so it's become understandable to be dependent on china for manufacturing. and also for sale. you have to realize that the world has changed, but china is changed and therefore they need to change with it. but the supply chains i have been built over years over decade. they're not changing fast. rival were obviously though, hearing about some sort of shift taking place in any case, the cheaper labor in india, vietnam. what could such a shift mean for those countries? i think generally positives, i think, you know, which many of these other countries in asia, they've not been able to follow the expert, the export model or minute model. because china has been such a dominant force there that it's greece. other players are,

i think it's ultimately positive for vietnam, it's positive, but india. ultimately it's going to harm china, but it got it. these are slow as almost title forces are glacial forces. at times it does take a long time, and i will struggle to some extent because those countries don't have the same sort of cluster infrastructure that china has. but those moves that move out of china that re balancing, if you like, will be taking place and will not boys that are various again, i will be hearing about the i phone 14 out later today, fraser. how are you? thank you so much for your analysis. i very much well, sticking with china export growth there slowed significantly in august to growing only 7 point one percent year on year. that was down from 18 percent in july. strict covered locked down to continue to disrupt production. and many analysts think china's long economic boom may be coming to an end. china's gross domestic product had been catching up with that of the u. s. decades of rapid growth had led

to predictions, it would become the world's biggest economy by 2030. but china's pandemic response and the real estate crisis there have changed the picture now with growth and exports faltering. some economists say china might never overtake the u. s. let's bring in so it's on han in taipei for more on this. so thanks for joining us. what does this slowing growth in august tell us about the condition of the chinese economy right now? yes, christy, at a time when most countries around the world have relax, epidemic control measures in china at least 74 cities and 313000000 people have been under 4 or posho lockdown since late august is a big blow to the chinese economy, especially when china need to rely more on domestic demand, their exports, and not only china's asper growth slow due to weakening external demand, but also the global economy is likely to slow down. the key challenge in china

faces is how to ballast domestic, economic activities and content cope it al, brakes. okay, was pretty tough situation for china. it sounds like, does this change at all their ambitions to be the world's largest economy by the end of the decade? yes, definitely. besides arm 0 covey policy, kirby in house, in speculation, an aging population and high debt levels have cost many expert to reconsider the timing of china overtaking the united states as the world's largest economy. and even whether that will happen or not. more to that, the chinese government's increase in tendency to intervene in private corporate affairs have also significantly lower the expectations for china's economic growth . if china's economic problems continue to pile up, china will be far less prosperous and less productive per capita than the u. s. and loose it's competitive advantage. okay, interesting. well, so you're there in taiwan. what would losing this competitive advantage

a slowing chinese economy mean for taiwan? or some experts believe that if china goes into recession, it may soon try to unified how one by force while it's still can. and also the fact is how a steel relies heavily on china for 40 percent of its export. and if china's economy keeps going down 1000000, how a nice businessman in china would also be dragged down by china's weak domestic demand. so these are all influences that we are expected to see. right. so it's an hon. thank you so much. now to some of the other global business stories making this russia's top lender spare bank expects russian g d p to contract by 4.5 percent. this year, fairbanks seo said the banking sector has begun recovering from the impact of sanctions and spare bank expects to post a profit at the end of the year. of tons of pilots have called off a 2 day strike after a last minute agreement with germany's biggest airline. the cockpit union said the

2 sides agreed on the basis of a comprehensive package of monetary and structural issues. a walk out last week forced the cancellation of hundreds of flights electronic cigarette maker, dual labs has agreed to pay nearly $440000000.00 to settle an investigation by $33.00 u. s. states into the marketing of the vapor products. the investigation found that drill marketed, it's e cigarettes to under age teens. with launch parties, product giveaways ads and social media posts, china will start paying for russian natural gas and rubles, and want instead of us dollars. that's according to rushes energy giant gas from. this comes as moscow seeks closer ties with beijing in the wake of western sanctions over its war against ukraine. bitcoin, it used to be a magic word for investors. first, it was individual risk takers who placed bets on the crypto currency than it was

companies like tesla that invested big sumps. but the biggest bitcoin, visionary of them all, was certainly naya bew kelly, the president of el salvador. he went big on bitcoin and promised to make this central american country rich. as of late, however, d kelly's big dream seems to be falling apart. oh, this is monica diaz doesn't remember the last time a customer paid with bitcoin. she says no one here cares much for the crypto currency. as for herself, she spent the $30.00 and bit con, that the government gave out to every citizen. and that was it. see? sure, i bought something for myself with those $30.00. i'm about, i mean, after that, not much happened in her app. it's a far cry from the economic miracle president, naive bouquet they had promised. turning himself into an avatar for his fans, talking about investment wealth and a huge vision, but considering bit coin, city, and nearly tax free community run on energy from a near by volcano to

a mission. lucille lee complex nixon, so far, none of this has happened. bitcoin has crashed and people still prefer us dollars. most of them barely have any savings anyway. they aren't just enough to get by with nothing left to invest in shaky bushel currencies. but of but allow up all assume salary. the instability of bitcoin is a problem for people. a drop of $0.25 a day can make the difference between an eating and not eating or knuckle matter. in as sunday tourist hotspot an hour from the capital city, people were looking forward to the bid con project, expecting visitors to pay for their coffee using crypto easy. i run to get done, we thought they would all come to be part of a big con, revolution. turns out their evolution never started. hotel owners were early adopters, have become weary as bitcoin. se value dropped. the little boy fussy,

thinking, oh, it's not easy to understand bitcoin. i think there's potential in long term investment, but that would be my personal risk as an entrepreneur in your, if the me reaction the can 2nd go back president for kayla has invested public funds and bitcoin. and it's unclear how much were the loses weeks gifts, some hints economists, ricardo castaneda puts his estimated $225000000.00 and expect a loss of $60000000.00. so records those couple. the young is that money could have gone into education or into feeding people as half of the population doesn't have enough to each other. since they would eliminate that monica diaz had invested $20.00 in bitcoin and lost half of that. like most people in el salvador, she prefers to stick with you as dollars. now and finally, ukrainian president laudermill zalinski has paid a visit to the new york stock exchange. well, virtually, at least he rang the opening bell and urged business leaders to invest hundreds of

millions of dollars in ukraine. war torn country is aiming to rebuild infrastructure, strengthen national defense, and exploit its natural resources for the benefit of your children. and the want of you. a quick reminder of our top story, new i phone is set to take center saves at apple's 1st live events. since the start of the panoramic rising costs, have apple rethinking its reliance on chinese production. that's our show. i'm christy plots number land. thank you so much for watching to see tomorrow. ah ah, with

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