russia's invitation, the answer for me for now next, find out why china has cut interest rates, dw business. chris kolber told me home like the people in trucks inject when trying to free the city center. more and more refugees are being turned away. the bees correct? straight pieces extreme to 100 people around the world. one

which we ask why? because no one should have the make up your own mind. me for mine's the the china cuts. another key interest rate to trying to revive is ailing property market and its faltering economy will have expert announced also coming up after using a chinese loan to build a highway. the small european country of montenegro now has to deal with more than just credit installed. and hosting a meeting of the bricks, nations, south africa spacing, a delicate balancing act between its trade relationship with china, and political ties with lewis. of course cobra,

welcome to the program. china has cut one of its key lending rates in an effort to spur the recovery of the world's 2nd largest economy. chinese economy is still growing, but at a slower rate then was previously expected. that's due to worsening their worsening property slump. a weak consumer spending and tumbling credit across the country. central bank has now cut one rate while leaving some others on touch. surprising at experts who had expected further routine measures, george magnus and associate at the china center at oxford university, a welcome to w. what impact is this interest rate current going to have as well? i don't think it's really going to have a very much effective tool, really. i mean the, the one year rate which was reduced by 15 basis points. it's really sort of a, an interest started but really entrances the, the rates of which companies bar of the 5 year, right,

which they left unchanged would be a rates that affects mortgage. right? so that's one, that's also the codes for the additional household demand for mortgage. it isn't for property potentially, but they decided not to touch that drum drum, that'd be the reason that's being given really what that's being floating around is that the of the people's bank of china was trying to balance. you know, some measures to affect, be able to positively affect the economy with also not wanting to purchase the margins of the banking system which being shrinking. in other words, bank property policy has been declining and they didn't want to caught mortgages strikes even further. but i mean, this is really a band aid solution. this is not really going to solve the problem. or the problems in china is real estate market. so but, but the, the idea to try and trying it on it on a monetary way,

is that the right way to do it to well, i don't think the problem in the real estate market is because interest rates are too high and people can't afford to borrow, i mean there are other reasons that people, customer or clients and citizens don't really want to borrow money to buy houses at the moment. um, i mean the interest rate reduction will help um, uh, lee goods, financial situation in some of the big developers like country dogs and some of the other companies that are in trouble. but again, i just want to stress that i think that this is not something, but monetary policy is likely to do anything a general to correct. but then there may be some measures coming on the budgetary side, on the fiscal side, which will help, but we'll have to see what happens. where is the china heading, co, china. i'd be heading for a liquidity trap here when consumers and investors are holding cash rather than

spending as well. yes. time, but it's kind of what's going on. i mean, um, in a way, um companies have not really private companies. that is, i've not really being hiring a lot of people, not spending a lot of money on the investment. mean the numbers for private investments have been distorted, little back to influenced by what's been going on in real estate, which is, is really bad. and sort of outside of real estate, private companies are still investing a bit, but the numbers are pretty weak households and not really borrowing. there's been quite a lot of anecdotal stories about households paying off the move, which is not taking out you mortgages. so confidence is rarely shots, nobody really wants to kind of step redneck you over the power perhaps. i think this is the dangerous, i mean, yes, the people just hold cash. sit on cash,

don't want to spend, don't want to borrow. this is a situation where a lot of developed countries have seen, you know, like 10 years ago over lemons and so on, so forth. so, um, well we have to watch this very carefully. judge magnus from oxford university. thank you for your thoughts. among the numerous countries which have received loans from china and recent years is montenegro. the small country and the south east of europe use the cash to have a highway built and is now facing more than just credit and stones. 41 kilometers in 30 minutes. after 7 years of construction and it 1000000000 the euro spend this road to the mountains of montenegro is ready to be used. it was built by a chinese company with workers flown in from china. and it was finance for the loan

. also from china, close to the highway as great just great from collection to put the lights for the collection is a popular destination for hikers and summer for ski tours and winter. ever since the road has been completed, tourism is booming. revenues of 3 folded cut out in us little ice cream shack. we are connected with other sounds, 3 of many, tory, it's now uh we come here in the shores of the time. and uh, i think is good. motorists have to pay a total of $3.00 euros and $0.50 to use the new highway. but it's hard to imagine that the $1000000000.00 investment will be recouped that way. latasha collect shape which works for a non governmental organization and has been criticizing the project for a while. as she says, the 41 kilometers stretch is an immense burden. on the country's budget. we have

income from the highway, which is a $9000000.00 of euro's annually, and we have a loan rate which is for the half of the year. and it's about 14000000 euro. so it's obvious that we can cover the loan with what we have. and it's we have to put this remaining money from the budget. another problem, the highway leads to the top i river valley. the river is the unesco world heritage side. it's known for its crystal clear water and green banks. except the highway has destroyed all life and the lower parts of the river. there are no more plants here. the banks have been washed out entirely. tons of excavation material have been deposited here. what's left on the once beautiful environment. rock central left over construction, steel. all the trash as truant, the water, muddy. basically these grey motors coming from different excavations, but also coming from this,

the dump sides which have this flushing of segments. and this is actually went through the spring, the bed, but also by diversity. just, you know, with the covering it over a month to nicholas capital, city of put go heat. so no one seems to be in charge. no one's answering questions . and then the 41 kilometer highway comes to a southern end. china has offered to extend another loan to keep building, but the government found that too risky. they know if they only missed one payment badging has the right to confiscate state property. the leaders of the so called bricks, nations, brazil, russia, india, and china are gathering in south africa. this week the meeting could see an expansion of the blog and move favored by china and russia, and their attempt to give the group a bigger global clout. meanwhile, whole south africa needs to manage a delicate balancing act, maintaining its trade relationship with china. without alienating europe and the

united states. the 15th annual bricks meeting will not have rushes vladimir putin in attendance, photographer seed. lucy, sou costa regret said he will not get him in front of his lens. he would have welcomed him with open arms, looking at the great media and as opposed to his decision of not coming to the bridge. so let me take that up because i think is best for me to also support that which is a great, a lot of. so the, in africa as a whole. well, putting may be popular to some the russia connection rooted in the governing african national congress has historical relationship with the ussr during the struggle against apartheid is causing some serious diplomatic headaches. russian trade is now seen as being prioritized over other bigger partners. we large team explore to russian by any means um and that's about

a $150000000.00 us dollars worth of trade. and we import from them mostly cents a hole in wheat. but on balance, we seem to be trading with this would be equal in loss. but on, in terms of the size of the overall trade costs, good. russia contributes a bunch, 0.2544, overall, uh, export boss, good. africa's most developed economy relies heavily on the us and china. it's 2 biggest trading partners and they're ongoing support for russia threaten south africa's post cove at economic recovery. the balancing act for salt i forgot the moment is to maintain and deepen is trades relationship with china as the 2nd largest trading partner, the 2nd largest global economy at the same time, not alienate america and europeans who have been our historic trading partners over what is now the russian fact small and medium sized south african

businesses rely on free and open trade. one of them is solar supplier i g e n. so in the next 15 coming from china, anything that could threaten trade has many here worried how these are all that way . speaking, who lo, kindly assembling youth. i'm beatrice. and because we do not have the strongest, got and see if this is dr. frontage to work with china in terms of the basic sales that didn't post and it took lucas with this allows us to create more jobs to grow as skills and to prove i couldn't in the country marred by any quality, growth and job creation are a priority on everyone's mind, as the brick stomach kicks off in johannesburg. and finally as tensions grow across the strait of taiwan, the latest sign of food diplomacy, china is suspended. the import of taiwanese mangles. china says they found really bugs, pests, and the food itself full. taiwan believes and was because of worsening political

ties following the re send us stop overs by typing these vice president volume lights, the band follow similar orders by raising over the past 2 years against imports of ty, when is pineapple pineapples lacks office citrus fruits and some c, and he has a reminder of our business top story at this hour. china has cut one of his key lending rates and then efforts for the recovery of his world's 2nd largest economy . that's on the back of a slow down through during the worsening property slumped re consumer spending and tumbling credit. that's our show for more check out our website at www dot. com slash business. i'm chris cockburn, berlin for me and the entire team. thanks for watching. a very successful, the

boy is this, like miss alexander, the great mor this piece of the ancient king became a sensation worth millions. but stefan name on is an archaeologist to think it's a major forgery. the art market was the blower and alexander the faith. close up the d. w. a pulse the beginning of a story that takes us along for the ride. it's about the perspectives culture information. this is the the news w. mine's the

letters to us. that's why we listen to their stories. reporter, every weekend dw, the on may 20 is 2023, greece is culture ministry announced the restitution of a trove of looted arts, a total of $351.00 objects were to be returned to the country. they had previously belonged to the disgraced former art dealer. robin symes.