by the european bank for reconstruction and development, suggesting that economies from europe to asia, the region in which the bank is active, could see a slow down due to china. the bank is forecasting a return to higher economic growth in 2024 in the region. following the current period of high energy prices and inflation. a china is construction boom, was fueled in part by growing household debt, with many chinese now tightening their belt imports in the nation are weakening. the out to your project is chief economist for the european bank for reconstruction and development. the author, welcome back to the show. this region stretches from central europe to central asia . i want to begin by asking how important is trade with china for these economies? well, these economies just like the rest of the world in port a lot of from china, central asian countries, also exports commodities to china. but not tubal development is related to russia.

s, european and american exports to russia dropped dramatically after the war started . china has stepped in and increased its sales to russia, in particular, is replacing some of the products that are subjects to europeans function. or to come back to that in just a moment. but when i go back to china and ask the property crisis that we've been seeing for more than a year, now, what does it mean for this region as well? the question everybody is asking is whether this property crisis will translate into lower growth structurally. so are we going to see slower growth in china into years to come? and if that's the case, that means lower demand for commodities exported by central asian countries. but also it will have impact on all other economies through the chinese, the meant for, for oil, which translates into higher or lower. oh,

process. your report also notes. that's more countries are importing goods from china in the chinese currency the when, why is that significant? so in our study that we have just published today, we analyze the car, i see that are used in russian imports. and what's very notable is that while a few years ago on the about 10 percent of chinese export to russia, where the nominated in you one by now it's almost 2 thirds of chinese export. moreover, certain countries are denominating their exports to russia in chinese currency. that's a new development. so if you think about the dominance of the us dollar, it has made it easier to impose sanctions on russia. but the fact that the sanctions have cut off russia from the swift system means that in the long term, there may be some,

the erosion of this dillman. this of the us dollar s countries are turning to other currencies. this geo political tussle, whether it's over the dollar or specific trade partners that has to be very important for this region. i would imagine there was one part of your report where you talk about the significance of europe's competition with china when it comes to e. v. cars having an effect on slovakia and hungry, i would imagine are we going to see this area be more and more affected as these 2 sort of poles? a comp i'd have more competition with one another to central europe is very dependent on the automotive industry. slovakia is the largest producer of cars in per capita terms in the world. so these countries will now have to make a switch from producing combustion engine cars to producing electric vehicles. and for that, what's needed is access for ethical minerals. and a lot of these critical minerals production and the reserves are controlled by

china. and what we saw in the last 2 years is an increase in restrictions, exports restrictions on critical minerals, globally, 30 percent of exports, of touch minerals are, there's some restrictions, right? that's the idea for chick, she's the chief economist for the european bank for reconstruction and development beyond to thank you very much. over to indonesia, now a country that's rich and coal, but with plans to face out of the fossil fuel. that transition is proving difficult despite the $20000000000.00 plan in place. but the money hasn't been so easy to find on the one side. and on the other, there's still a lot time the country to call from lucrative exports to jobs. of indonesia is cold, rich with most of its heading for export, but the country is also paying the price with poor quality as the black stuff feeds nearly 80 percent of its domestic electricity generation. last year,

industrial nations promised into me 0 around $20000000000.00 in financial aid to help ditch coal. but as disagreement within the country about how to shut down power plants and manage the costs as well as how to limit emissions. because how does that? but we must proceed, at least to demonstrate that this concept we can work and serve as a model to accelerate, to achieving that 0 by 2015. by the way, we level the project known as just energy transition. partnership has full runners in other countries like south africa or in vietnam, expectations a high but implementing the transition is an easy engine, easier relies heavily on coal fired power plants with hundreds of thousands of jobs directly linked to the coal mining industry and millions more in directly, the sector is also a major revenue source for the state. government needs to step out of the buildings, the only fall or the workers,

but also the governments for them to find another way to increase the income, not from the coal activities, but from either for example, either daily, they don't send, induct the the coal sector in indonesia is still growing and demand is on the rise . the country would be reliant on energy imports. without it, there's a long road ahead. the transition to clean energy here is just getting started. let's go now to some of the other global business stories making headlines. the hollywood riders ended, they're nearly 5 months long strike after reaching a deal with studio bosses. the writers guild of america says, union leaders voted unanimously to lift their stock work order numbers will now vote on whether to approve a 3 year deal that offers pay raises and protections around the use of artificial intelligence. in films and tv shows crypto currency exchange

platform finance is selling. it's russian business to industry. new commer. com x says operating in the country is not compatible with its compliance strategy while attempting to reassure russian users that their assets remain safe. finance did not disclose the financial details of the deal. us regulators have sued amazon, alleging the internet giant is illegally maintaining monopoly power. amazon is accused of forcing sellers to use its own logistics and delivery services. in exchange for prominent placement on the platform, amazon is allegedly penalize and sellers who offer their products lower prices on competing websites. amazon denies the claims chinese telecom giant huawei remain silent on the processor powering it's new smartphone during the high profile event on monday. and despite rampant speculation, it's an advanced chip capable of 5 g, a. the phone, the mate, 60 pro, has become

a symbol of the tech rivalry between the us and china. since it's released several weeks ago. it's remarkable download speeds indicate it has in advance semi conductor chip inside tech. inside there's hope that huawei would give a few more details on the specs during an unrelated product punch on monday or one of those on hon in our type a bureau. so huawei promised this big leap in the chip design for his new smartphone. but since that announcement, it's been very quiet. what's going on? as yeah, steve, us, it's very weird, right? there were more than 100. so media outlets dream the hallways press conference on live with 98000000 viewers watching it, but there was no mention about it's new phone or the new chip. it disappointed many people, but it's not a surprise. the hallway still trying to stay out of the live live because there are still discussions about how this changed company bypass us sanctions for quite

cutting edge technology to innovate its way out of these constructs. and washington may come up with more essentially the future at the same time, always progress maybe short lived because china cannot produce of as chips on the large scale without the new technology like the ts empties. so be low key is probably the best way for hallway to do right now. help us exactly understand what is so unusual about this chip. well, as i said, the chip using follies, new phone involved technology that the us wants to block china from acquiring through stations. while we of course doesn't want to talk about the details. we have to know s m, i c, which produced the chip for hallway. this time used to make only 14, not all meter chips, and this time they are able to supply 7 nanometers chips, which is a mission impossible without anyone leaking advanced technology, semiconductor of equipment, their rulers, that the new chip maybe copy of

a t s. m. c's suggesting that the technology leak came from taiwan or the supplier of the equipment to make the chip is the dodge company as well. so it's not certain if there was a problem with the us controls. so all these discussions make the chip very unusual . and so where can we expect to see this go in the coming months as well? 3 weeks after while we launch as new phone iphone 15 with launch in china, the competition between the 2 is heating out right now. apple is clearly one. the 1st round and it's battle without hallway. if you look at the sales rank, but we have to wait until the next quarter or even a year before we have the sales segers to decide who the winner. yes. and always next step in the global technologies, your waste is to not only make cellphones but to build a solid computer power and the speed to satisfy diverse a i or with medic needs in various industries, hallways ready to go into areas including smart car plus family business and the

future of the entire environment of the digital system. it wants to connect them all and we'll see if they can make it right. so it's on hot inside pay. thank you. and who is a reminder of our top business story? a deer in bank for reconstruction and development, says economies from europe to asia region in which the bank is active. quincy is slow down due to china. the bank is forecasting a return to higher economic growth in 2024 in the region. after the current period of high energy prices and inflation, china's construction boom was killed in part by growing household. that's right, that's it for me. in the dw the team find out more online the w dot com slash business. thanks for watching the

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