also on the show, argentina's, worst drought and 20 years is drying up the country's harvests. and we take you to europe's biggest floating solar part in sunny portugal. this is the w business. i'm anal dumas on. welcome us, treasury secretary, janet yell and met with chinese vice premier lu. hey, in zurich to day, a high stakes interaction at a time where us china relations are increasingly tense. it's the 1st in person meeting for the to with yellen telling lou there was a pressing need for leaders in the u. s. and china to co ordinate on macro economic and financial conditions, and keep their competition from spilling over into conflict. lou, for his part, said he was willing to maintain dialogue. now yesterday vice premier lou was in davos at the world economic forums, annual meeting, selling

a message of openness from china to the world's elite trove involved well. first off, the covert 19 situation is normalizing. china has passed the infection, peak, and things are getting back to normal. foremost of society, through the pace of recovery from the peak of infections to returning to normal was very fast, faster than we expected. secondly, normal life and production of fully back to normal hospitality tourism and other consumer areas a back to normal here, some surprising figures from the transportation authority. so they are expecting chinese people to make 5000000000 trips during the lunar new year holiday. oh, that's enormous. sure. so like i said, life has been restored to normal and china now lose comments come as fresh figures from china showed a near historic slow down in growth. my colleague christy plight and endeavors spoke to nail a richard sin chief economist at adp research institute and asked her what china's

shrinking g d p means for the global economy. i think it's really important news because china was the growth driver heading into the pandemic. and we've seen of reversal of that heading out of it. and so what that means in terms of the world order in terms of the economy is really important. china's not just important directly in the fact that they impact global growth through their consumption base . they're also an important passage way. it's not about just selling to china. it's also about selling through china. and so there is some good news here. the reversal of some of these very strict covered policies will help that passage way for the rest of the world to get their goods and services through china. but that direct impact of chinese growth on the global economy is still missing. and without the restoration of it, we will not see the economy on the what worldwide scale rebound in the way that the

world really needs it to right now. now we've been seeing consumer prices growing quite strongly the last several months. you're doing a session on a living wages here and of us today. tell me more about that. so living wages as a global issue, it's an issue that doesn't get talked about a lot, but there is always an understanding from the institution of the minimum wage in the united states. that market prices markets companies don't always pay a living wage. that is a wage that covers basic necessities like housing, health care, education, fuel energy, food. and we're looking at this at a time when inflation has increased the price of all of these things worldwide. so it's a conflation of the minimum wage, which many countries have adopted, but also the high rates of inflation and shortage is an basic necessity that necessities around the world like affordable housing. so what does the living wage

mean after the pandemic? it's even more important than ever that work curse actually can provide for themselves in their family to this pan. all that we're doing here at the world economic forum. we'll get into the heart of those issues and talk about not just wages, but wages in the context of slower growth and higher inflation. we're talking about slower growth. the majority of economists surveyed here by the world economic forum said they do expect a recession in 2023. what is your take on this and what do you think that means for the vast majority of people who don't have the privilege of being here with us at divorce this week? so again, it's not just about global growth, it's global growth, slowing down when inflation hasn't yet returned to normal levels in many areas of the country. and the difference between this year is recession. if it happens and recessions are always different, is that there are more than one drivers of recession in china. it's the covered 0 policies in the u. s. it's the high rates of inflation and low and the fiscal

stimulus that caused it. and the aftermath of higher interest rates because of the federal reserves attempts to rain in inflation and in europe, it is at the war and the ukraine, and the impact that war has had on prices, especially food in energy prices. so 3 totally different drivers ovens of a potential recession. that means this recession has many layers. it's very entangled and it's very complex. it could mean that it's softer in some areas and felt more profoundly and others. and we don't really know how it will play out, but for the millions who are part of the global economy. it's important to remember that it's really wages that impact workers. and if wages continue to be robust as it is in many places, like the united states because of tight labor markets, then we'll see some management of higher inflation, slower economy. there's

a lot to work out, but the idea i think that you'll see in that outlook is that hopefully this recession is not as deep as otherwise would be if we didn't have such strong labor . mar tickets. in advanced economist, 80 p chief economist, nila richardson. thank you so much. thank you for having argentina has been suffering from drought for years, but things are steadily getting worse in the south american country. farmers are still planting crops and trying to raise cattle, but harvest 3rd down to their lowest levels ever. a field and alice see her not far from argentina's capital bonus iris corn used to stand here 2 meters high. but that was a long time ago. for years the area has seen very little rainfall. the river has dried up and a soil was absolutely dry. farmers have still been planting for the season, but there's 0 chance that they will harvest anything here. we're

not sure. i say righty. of miss it able to live. it hasn't rained for several months. we lost practically all the winter crossley. young we lost the barley crops . right. we lost the wheat 3 or we lost the lagoon that our son in winter such as fetch and well all the summer. crummy soy, we're not corn. historic graham and sunflower were sewn much later than they are normally sown. similar moisture, my 3rd oxygen alignment of his here murder. initially, authorities were expecting a harvest of almost 20000000 tons of soybeans in the countries once fertile, central plains. that number has now been haft and expectations are dropping every day. it's affecting cattle producers to this, not enough feed for them. thousands of cows are set to half died due to the drought b, e. them an idea about life stark. you can project anything forward because there is

no grassy and there is no pasture. there is nothing more than a climate is forcing us to downsize, to reduce the number of animals that because we have no way to feed them, no anymore for my illegal math and book. what's devastating to farmers is also threatening argentina's economy. grain exports alone will worth $43000000000.00 last season. a drop of up to 33 percent is expected. starving, the country of much needed income. we're now to some of the other global business stories making news. german gas and energy giant winters hall is final is fully exiting. it's russia operations, causing its owner chemical group a b a as of a write down of 7300000000 euros almost one year after rushes invasion of ukraine and facing multiple embargoes. the company does not see a viable option to keep the business they're going new car

registrations are down in europe for 2022 with just over 9000000 new vehicles taking the road. 4.6 percent less than impress then in the previous year. that's after some government subsidies for e cars and hybrid plugins. ran out and carmakers had to slow down production to to supply chain problems. with long hours of sunshine and fast atlantic winds, portugal has the potential to become a leader in renewable energy, and it's making use of it. we visited europe's biggest, floating solar park off the countries coast. here in portugal, its a quiver reservoir. europe's biggest, floating solar part covers the equivalent of 6 foot ball pitches. it can only be reached by a short boat trip, one on which miguel patina has been giving many interviews. it's taken 7 years for him and his team to bring the 5 megawatt vol tiger rate to completion

is working and it's fully understood by everybody. what is the potential that we have here on our hands? so this for, for you personally, is very important. is natalie selling energy? that is the, my purpose all our purpose in my theme is that 5th things, if our sustainable, our, if a reason and use the least resources, all the minimum resources is possible in a guest to put together as investing heavily and renewable energy solar currently only makes up to 6 percent of the country's energy mix, floating solar parks could improve that. their advantage is that they occupy space as they could not be used otherwise. and being on water energy production is more efficient than on land. as the panels don't heat up as much and are likely to last longer. 1500 local households receive clean energy from the system that's been

financed mainly by portugal, state energy provider e. d. p. the re connects to the grid via the hydro power plant in the damn excess solar energy can be stored or used to pump water back up into the reservoir to generate hydro electric power. the 12000 panels and 25000 floaters on the quiver reservoir has been tested to with said water, wind, and rough waves. the floaters are made in this factory castelow and speeds elecom to region one colors hernandez is one of the engineers behind the technology. they are made from recycled poly, seen plastic. they're selling like hot cakes. hernandez says his company is receiving requests from asia, africa, and south america, and is expanding to meet demand. campbell, i must have had a long okay, on the production side as we are talking about 30 to 40 workers and there will be

a lot more work future, loveliest unit. okay, i will talk more thoughtful so we can expect to see many more of the floating solar parks around the world in the future. thanks for watching with with

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remembrance allied. now he's visiting germany for the very 1st time. the exclusive interview with donnie di today. my at 2315 u t. c. on d. w ha. ah ah. business day w. news live from berlin, ukrainian president vladimir, the landscape, addresses the world economic forum and repeats his play for advanced weapons, saying that deliveries must come before the next russian attack and ukraine's interior minister if killed in a helicopter crash near cave.