together as a contradictory nature of these euro centric attitudes and how these police can be changed stopped filming, on the 21st on p o w the china prepares to host a major international forum against a backdrop of geo political tension. leaders from around the world house, we're going to arrive in beijing for the belt on road for and among those attending russian president. vladimir, please also coming up kind of a new airport, reversed the fortunes of combo diaz, aging tourism industry. and this is dw business on k ferguson with the thanks for joining me. it's 10 years since china launched it's mazda of global infrastructure

project to the belt underwrote initiative. this week, representatives from more than a 100 countries are gathering invasion to discuss the scheme which has seen china land billions of dollars to poor nations. opened it with strict repayment the condition of the test. the initiative widely seen as a way for facing to a surface to your political might, comes against the backdrop of the devastation conflict in israel, as well as russia's ongoing war in ukraine. and among those attending this for him is russian president vladimir putin. this would be his 1st visit to a major global power since the beginning of the war and ukraine. in recent months, relations between china and russia have grown in importance with beijing refusing to condemn hooton's war. the 2 countries united in their struggle to accomplish what they perceive of western dominance. that's legal. it's nice to have put and defended china from occupations that is using the belt and road project to cement its own geo political mice. museum still?

yes, we see that some people consider it's an attempt by the people's republic of china to put someone on nights come, but we see it otherwise, we see just a desire for cooperation. you know, our own ideas on the development of your ration economic union, for example, on the construction of a great how you'll raise out by fully coincide with the chinese ideas or proposed within the framework of the belts and roads initiative, which i didn't force. i didn't put earlier, i spoke to china analyst fraser highly. i began by asking him how significant to appear in this for him will be i think it's all very significant. they're very much . ready is china and rosa plumbing it's know is that the west and full china talks about neutrality and a peaceful solution. it clearly is supporting rocks or maybe not directly with arms . the device side, the whole structure of the business continues. and in fact,

russians become more dependent on china so that i think it sends that right poor signal for exciting as role in the world that are made as light the car guards are bit on it's basically ushering and there's a period of disorder, not a multiple or role that repeated of disorder. we're basically countries like russia are gen, how this adventure prism and you'll know that china basically has their back. so to some extent, this is a mutually dependent relationship. where would you say the balance of power as though it's very difficult to say, i think everything starts by rest. you're becoming a boss of the state of china. the trouble is, i'm not sure how much a power train has to really influence russia. i think it was taken completely off guard by the ukraine, univision and as president had given them the heads up. i think they, they completely misunderstood what they were being told or pretend just didn't understand. of course what he was getting into. so it said you think china has the drive and see because it's keeping the environment economy afloat. but i think it's

farmer, problematic than that because countries like russia and i think you'll see probably with iran and north korea as well. other countries that china is very close that are just going to continue to cause problems and the local agents which will have problems globally. and china is able to do very little. and so it struggles and it talks about neutrality and everyone should be nice each other and start fighting. but the reality is that china is so not facilitated, but somebody is doing very little to, to rain. and some of these are old actors. so let's look at a concrete issue now. i put them and see are reportedly ponies talk about the idea of sampling death in national currencies. how significant to move would that be for the bout and wrote more generally i'm, this is always difficult to know ultimately who the hell you want to take your rubles. you know, it's all, we're all talking direct satellite, your local courtesy and the man who, if these countries have per week turns is because the political and financial infrastructure is so cool, or even sampling and raymond b and the trouble they had,

of course, is the china is restrict, the, there may be some restricted currency, it's only basically used to buy things from china, which is fine, but eventually becomes almost like a box or form of relationship between the 2 countries. china, of course, the highest restrictive use of the b literally for 30 years, and certainly the currency is under use relative to the size of the economy. but this isn't a threat to the dollar and the systems that are operating very different. but um, i think the americans need to be careful that they don't wait for an ice. the dollar too much. i think one of the great strengths is that everybody uses that and everybody wants to use it. i think actually argentina is a better example, which is again, a bell to north partner has large slot lines and between the argentina and china, and yet the in the part of the leading politicians, we're just calling for dollarization. and indeed, they want to spend the rest of the day because they don't want to spend their us dollars. so there's still

a lot of walking distance to go before china is any way. it's threatening the dollar and the current financial arrangements a decade on how close is the belt on road today to what china originally envisioned? well, i think that's the problem. i'm not sure they didn't put their shares themselves spot. the invasion that we talked about, the change it on a bass or, and this is, this is always putting up a substance due after the fact the cause of course, 10 years ago it wasn't the bell, the initiative, it was called one belt one road. and even before that, it was really in a volleyball list of projects that china had be developing across the what was generally seen as the global side. i'm trying to so many global exit political relations and trades relationships. so it's, i think, to call it a diet a project as if this was some great plan to try and he's, i almost gives it too much too much credibility. it was much more a hodge podge of different things coming together under a, basically

a marketing brand that was china unless fraser highway there. and you can watch my entire conversation with him about china is spelled and wrote initiative on the doping. use youtube now to some of the other global business stories making news. the former bank of china chairman new young has been arrested on suspicion of taking bribes and legally crossing loans. the rest of the 62 year old is not an isolated incidents, but part of a broader anti corruption probe into china as a financial sector. several executives of state own banks hoping, find imprisoned, or are currently under investigation. to us financial as ours are you say artificial intelligence could sparkling next to financial crisis security and exchange commission check our against for says he's there is a casso traffic fellow, triggered by machine protection and it's called on regulators from various sectors to work together to prevent such an occurrence springs government has raised its

growth for cost for this year, from 2 point one to 2.4 percent. that's due to a recovery and sectors like tourism and construction. the revision comes with the countries acting prime minister petro sanchez, 6 fucking to stay in office after an inclusive summer election. german vaccine maker biotech has taken a major hit due to weaker than expected demand for its cobra job. the 900000000 euro earnings adjustment is mainly due to excess room materials purchased during the pandemic. and use comes days after us farmington and pfizer had to lower its forecasts due to weakness in its co would business it's a come body and now where it tourism accounts for about a 10th of the countries, entire economic outputs during the ponds that makes the industry for a dramatic drop and visitor numbers, as well as a significant brain drain. since then, hotels on size operators have struggled to lower it. visitors back know

a new airport and the 2nd largest city of c. m. re is spring hopes of a turnaround. train for taurus to come back to this used to be one of southeast asia as most popular travel destination, unquote, healey, one year of to can body a reopened just a few visitors have returned like this wedding couple one to have the temples all to themselves for once nick, it to you kind of for us, this is grace. it's a fantastic opportunity to get our photo shoot them a portal for hotels. however, the absence of tourist is a diesel stuff. since the end of the pandemic, only about 60 percent of the establishment are back in business. thousands of drops are gone, and so is the support from the government. during the pandemic hotels received $40.00 a day per employee and value added tax was also eliminated. when the business reopens

actually like spend that coming back uh, including, you know, about food payment to stop and yet. uh, so the bank us will have to come back and ask us to re pay back the loan. interested in all just kind of thing. so uh we are actually in some of the a quite a bit most severe then the crisis, he says, the tourism advertising campaign should have been much better. what gives him hope is that c m re received a 150000000 facelift during depend demik and the new airport was filled. schools should finally bring the largest group of tourists from china back into the country foretells. so the new stores and also the makers, this would be very essential. the post cobit crisis here has hit the entire tourism value change during the 10 that make we experience a big grain drain from the tourism industry and see and re qualified personnel. and people with good language skills moved into the capital city into the other

industries and are not willing to come back in due to the tourism industry because it seems not reliable. at this reading shop, there's concerned that unique skills won't be passed on to the next generation, unless the situation changes past. an estimated 2000000 international tourists are expected to visit the temples this year, compared to 6500000 in 2019. i still remember very well about the 10s before career 19 at it was crazy. it's um, it's full of, of people of to reason for tourists. one to explore archaeological sites without the crowds. the timing couldn't be better getting an exclusive snapshot in front of one of the 7 wonders of the world has never been easy.

a and a reminder of the top business story we're following for you this our new years from around the world are gathering in beijing for the belt and broad forum. among those attending is russian president vladimir 1st visit to a major global power since his invasion of that rocks off our show for more you can always check out w dot com slash business were on the dw news youtube channel as well, and growth on facebook. so you can find there as well, for me on the business team here in berlin. it's thanks for watching by the

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