worth watching, the fight over finance ministry.— finance ministry.o those 2 and followed on by the fdp and the left. it would be the opposition? we cannot tell you, because it depends who goes into the coalition. there are any numbers of possibilities here because the reason it is so fascinating is that whatever possibility, whatever coalition emerges will have a profound impact on the core policies of the next german government and the next german government and the next german leader and issues from further integration from the eu, to how you approach defence in the of that new deal between the uk and australia and the us. the list goes on. what happens here matters a great deal to germs, europe and the rest of the world too. let's pick to the international editor of the new statesman magazine, and i don't know many people in the world who spend more time poring over the details of german politics, so tonight is your world cup, really.— world cup, really. particularly civen world cup, really. particularly given that _ world cup, really. particularl

guy: they have blown things up in the past because they didn't get the finance ministry. will they get the finance ministry? >> i think that's fairly likely. this is what they wanted. the one area on which they have to leave their mark if they are joining a coalition with -- which these two parties are being. alix: how long do you think it is going to take to get these kind of results and how much uncertainty does it yield? in terms of how and when we start pricing this in, in the meantime will we see volatility, to people not care yet until there something official? >> really we have to look at four years back. where we only months into negotiations figured out the three-way coalition they were trying wouldn't slide. i think the lesson from that is we have to wait until the very end of this process and then we would have to go back to the drawing board. guy: as you say, this will be a fairly weighty document but ultimately it's constructed here as the basis, the foundation of this coalition. how stable will it be though. there will be some any compromises in that documen

a lot of these figures have been brought into the finance ministry, to the ministry of economy, theyre people that don't have the skills to run those ministries. we will see how the world will react to that. we will also see how the taliban can guarantee international legitimacy and funding. but this is definitely a government for the taliban, run by the taliban. this does not include anyone outside of the taliban. mark: of course, this flies in the face of the announcement made on august 16 after the taliban took hold of afghanistan, going into kabul, saying there would be more room for women, more room for -- they would be an inclusive administration. how hard-line do you think tings will become? how hard-line will this administration turn out to be? bilal: well, there were serious ideological differences. even there was opposition from within the taliban. we are being told there were a lot of internal meetings being held in the city of kandahar. we are already seeing the taliban imposing restrictions and limitations on afghan women, for example, the media. one of those restriction

charge when it comes to such a government because he's not been able to keep control of his finance ministry >> we'll have to, i suppose, wait to see how the debates play out, as you say. you also made an interesting point in your latest research about the notable absence of the eu and international affairs from this entire election campaign, which is extraordinary given how important germany is to the eu and how important the eu is to germany what do you make of the fact that's been largely absent from the federal election >> this is an astounding incident, really voters name social security, social justice, climate, policy as their top priorities. and indeed foreign security policy has not fared prominently in the election campaign it's been absent from the debates in recent weeks. it shows that germans are very focused and part of the explanation probably is that the country has been doing well and that at large. think of the changing transatlantic relationship, think of russia, china, the confrontation between the united states and china, the european union has a lot of things on its pla

for that, you need the finance ministry and the defense ministry in the next government to work togethero prioritize defense spending. >> what about the united states? it is often taken for granted that germany would be predictable. especially under angela merkel. does washington have to recalibrate the reliability equation now? >> i think germany is going to remain a reliable partner. there are a few, especially on defense policy, there are a few issues where washington might not be all too pleased with the outcome. nuclear sharing is one of them. on the other hand, already select the gres and liberals are embracing more that washington narrative of the confrontation between the duterte italian -- between the totalitarian regimes and democracy. >> joining us tonight from washington, we appreciate your time and insights. >> thank you. >> this take a look at some of the other stories. hundreds of palestinian students have turned out in the occupied west bank to protest israeli military rates against hamas militants. sources said five people were killed in the overnight operation including

what is interesting about this is with an finance ministry. it's been run for the best part of the last 3 and a half years by the current social democrat lead candidate for the general election, or what shots he believes that the investigation now is politically motivated. this is what he had to say about it when he became aware of this investigation, was kept attributed to austin a burg state. prosecutors are investigating unknown employees in cologne. they had a few questions for the ministries in berlin, which could have been done in writing. they were asked in a different way, people should judge for themselves. the interesting thing here is that this f i u decision to create the f r u was not mr. shaw says decision that was put together by a different finance minister vote can show to the current president of the german parliament 4 years ago at the time. the advice to him was not to do this, not to hiv away, the f i u, from the federal police service, he didn't listen despite the expert advice saying that he should have done so. so to a

the proceedings against at are the result of a complaint filed by the french finance ministry. 11 formern employees and to ngos, the company had evacuated its foreign staff when it left the country but kept syrian employees. >> we asked the company to stop but they did not. the company bears responsibility for all of those who were arrested, killed, or kidnapped. >> my nephew worked for it. he went from here to go to his work and isil arrested him and put him in jail. after four month, he went to see isil and asked about him. they opened his file and told us they executed him. hashim: it is not the first multinational to be faced with similar accusations. such cases have rarely been brought to trial. 12 nigerians took energy giant shelter court in the u.s. for its role -- the supreme court dismissed the case in 2013, saying it did not have jurisdiction over the matter. also challenging companies suspected of concealing crimes against humanity in china's xinjiang region. ♪ hashim: let's bring in our guest in paris. we have a sociologist and professor at the university of paris in berlin.

it falls under the finance ministry led by social democratic candidate or lap shoals. we expected to succeed chancellor, anglo merkel. the current a virus pandemic. now in us president joe biden is expected to outline a plan to contain the fast spreading delta variant infections on their highest level since last winter. so our hospitalizations and deaths driven mainly by cases among people who are not fascinated. meanwhile, the world health organization has, once again urged wealthy countries not to offer a corona virus booster, shots to their citizens. w h o 's, director general says he's appalled many for nations can't get jobs while rich nations are considering 3rd doses. some countries are struggling to access in our fax, see, to administer even a 1st round of shots and mexico. some tourism operators say the number of visitors from the u. s. is higher now than it was before the pandemic is bringing in much needed business. but health experts warn, it's also causing a rapid surgeon covered 1900 infections, minute drop, a little high thought report on its friday nigh

the proceedings against the farm are the results of the complaint, followed by the french finance ministry 11 form assyrian employees and 2 and jose. what could it, doug? so it's not only states that have responsibilities, companies who move to countries because it's profitable for them, can also end up contributing to international crimes, including crimes against humanity and financing terrorism. and to the far, she is decision to stay in syria. when the danger seemed to clear his damage, the company's reputation, and raised questions over the role of the french government. at the time, natasha butler, al jazeera paris. amnesty international says dozens of syrian refugees have been detained, abused and tortured by security forces. since returning home report describes violations against 66 people, including 13 children. it says 5 are still in custody. while the fate of more than a dozen is unknown. i must be criticized several countries for pressuring refugees to attack marie forest. the a is the author of the report and a research f on refugee and migrant rights. that amnesty internatio

earlier this month, his finance ministry, as well as the justice ministry, was rated by prosecutors, made accusations that a financial watchdog intended the couch money laundering was well not doing its job less than a week before voters. tough ballad, members of the button, the stag questioning. mister schultz as role when it comes to find none. she'll miss doings after the g. 20 come x y cod we have the next week for the 1st time the history of the state of germany. i did have an investigation, you are the public prosecutors off against the federal ministry that to look through the runners and ride as barring a major upset. it will be one of those 3 who's the next chancellor of germany, to massively oversimplify. if i may, if germany were a restaurant, the recipes are going to stay almost the same. they are going to get a new head shift. so, and it's going to be someone who doesn't have the same clout in the kitchen and certainly doesn't have the same international recognition. these are all of our r t for lynn. and just to remind our special coverage of the german election runs al

to see is going to be the spd particularly asking as a price to join such a coalition for the finance ministry extreme proposals from the centerleft, especially when it comes to the tech side, or greater euros on physical integration. when cash fisca -- eurozone fiscal integration. first the greens and the spd will cement their role as kingmaker. who do we want to work with? a different situation to what we would normally ask act after a german federal election. -- expect german federal election. francine: we have a great story on the bloomberg terminal saying german wind and solar capacity is expected to rise in 2030. a number of other industry groups benefit on this new government. is that already priced in or is now the time to buy these stocks? >> it is time to buy some of these stocks for the long term. what we have here is a global phenomenon which is very much driving into exactly these fields. that is only once again accelerated by the outcome we will be seeing, no matter whether it's going to be a traffic light coalition or a jamaica coalition. in germany, the electorate cares about t

as mining stocks took a hit due to russia, finance ministry proposing a mineral extraction, tax the roubles strengthen this week. hitting 13 month highs against the euro while sitting near the strongest position against the dollar since june of this year. moving to asian market, the shanghai composite is down more than 2 percent for the week despite meagre game to close things out on friday. the data earlier in the week showed economic growth in china will likely flow into the 2nd half of 2021. china has submitted an application to join the comprehensive and progressive agreement for transport. civic partnership, which has been signed by 11 countries, including australia, canada, and japan, japanese officials said they will review the application to see if the nation meets the quote extremely high standards of the pack. there is another red arrow for the hang found in hong kong, while the index gained more than one percent on friday. the story is still about china ever grand group. one of the world's most indebted companies, which last more than 28 percent, this week alone, the hung sound a

busy the mid level employees of the government from police and intelligence to the finance ministry. people are scared. people have not been able to come back despite assurances from the parliament. i would also like to think that the taller bonds, internal debates and discussions also have to do how they can convince their military leadership, you know, fighters and commanders who are hot blooded or rigid who have been influenced heavily by foreign fibers and kinda lost family members of the last 20 years, 2 years trying to nitrate. so it does look like the road ahead for the taliban. as a government for the taliban ruling of want to stand is is quite challenging. in the 1990 s. they didn't deal with an of one of which was socially and politically transformed today. that's a different country that they had. a lot of these issues of course, will need months if not years to be resolved when it comes to the media future to try to ease the situation for as many afghans as possible as soon as possible. what do you think would be the key media steps to take, for example, there is a lot of

the proceedings against the far out the results of the complaint followed by the french finance ministry 11 form assyrian employees and 2, and jose provide you could to doug. so it's not only states that have responsibilities. companies who move to countries because it's profitable for them, can also end up contributing to international crimes, including crimes against humanity and financing terrorism. and tell it to the far she is decision to stay in syria when the danger seemed clear as damage the company's reputation. and raised questions over the role of the french government at the time. if judges decide lafarge can face charges of crimes against humanity, it would be the 1st time that accompanying the european union would face such an investigation. natasha butler, al jazeera paris. cuba has become the 1st country in the world to vaccinate children as young as to against coded 19. the vaccines used haven't been recognized by the world health organization. but the government intends to inoculate all children before the reopening of schools. china, the u. a and venezuela are also pla

but they will also get some attractive ministries, perhaps the foreign ministry, perhaps the finance ministry. but the trouble is that the free democrats, i think they're interested in the same and the same department. so that might be difficult personally, but also on a policy thing. i think there is still the option in the back that all of charles has, should it not work out with a free party coalition, which is completely new to germany on the federal level. we never have that. and it's also completely know that we never have a party that's about 25 percent of the vote chair. so he still has, in the back this option that you also mentioned is unlikely in the report that there will be another sort of grant coalition under has be a leadership. but that that will be just at an emergency things. if the 3 party talks lead to nowhere, and the 2 small parties conte agree on, on office holding and on policy. okay. just on what and love shows if he does become chance there what he would bring you say he is seen by some as more and chancellor merkel, they taking over from her than even her own at pa

next town stories love show financed ministry leader of the s t p. he's not a familiar face. people around the world might not know a lot of bottom. what would a government led by him actually look like? where is most likely we have 3 party collision, right. any case? yeah. so either wins will we will have a 3 party collision coalition with the greens participating with led by either s beat, the social democrats or the christian democrats. the greens will be, will be in there. and most likely the s b, the, the f t p. the liberals will be in there, so whatever the government will look like, because of this constellation with a 3 party collision, it will be a compromise consensus. government a compromising government again in this does not drum as any dressed any, anything drastic changes of that. and we will, well, i, my position is we'll see more the same for some time at last time or on 2017 thomas . the see to use source support slip quite considerably a per center. so arguably, one of the, the main factors, the refugee crisis, a lot of people have their issues with that an

christian lehner played this very hard and said he would only back the government if he got the finance ministrydealbreaker. those are two things i will be watching out for. this is a debate that would usually not matter this much but this year, it really does. >> what about foreign policy and the tension between france, australia, and the u.s. over the submarine packed, the aukus pact? how is that playing into their thinking? >> this is a story that is being presented as a manual micron versus the anglo-saxon world. but in reality, it has implications on germany. sources have told me that the german government and berlin have been very supportive of the french government and the two of them have been very much in line saying that the way this was negotiated was unacceptable. the future government of germany will have to make distinctions with trade policy, foreign policy, and crucially where they stand when it comes to china, especially as we are seeing more political tensions. >> the countdown to that vote. we do of course have plenty more on that coming up. this is the end of daybreak. europe

tom: we converge around 5% on the back of some support by the pboc and maybe the finance ministry injing as well to make sure you get to that level you have outlined. what is read across to equities in asia and europe? stÉphane: for equities, we have recently increased our location to asian equities and we are overweight asian equities. if we look at distribution on a global basis, what we have is basically a situation where our main scenario is a scenario of reasonable growth on one side and inflation that is favorable for equities. then we have two risk scenarios, we have a second scenario that is basically the risk scenario we had yesterday in the market, is a scenario in which the growth collapse and inflation is very low, not very good for equities that very good for government bonds. we attribute 40% to that scenario. last but least, there is a scenario of stag-flation, with low growth, and we only attribute 10% probability. manus: your base is high growth and low inflation. we will talk more about that with the fed in a moment. a number of people have joined us saying we don't

the investigation who is leading the investigation and the ministries involved, the ministries involved, the finance street, the justice ministry. so there's not a suggestion that officials in those ministries are themselves culpable or guilty. what this investigation is, is trying to find out if anyone in those ministries may have known more about what took place and not done thing about it. all right, we'll leave it that dominant came live for us in berlin. thanks somebody i'll britain is planning to turn back illegal, migrants on boats trying to reach the country's southern shores. more than $14000.00 people have now cross the english channel so far this year. that 6000 more than the whole of 2020 migrants get on the boats from france and then tried to cross one of the world's busiest shipping lines. a much of those trying to reach the u. k. end up in dover. and don't, john, how joins us live from there. now. so john, how serious is this plan and what's behind it? but i'll tell you what's behind it. soaring numbers of asylum seekers trying to make it here to britain over the last several years. t

the finance ministry is working on a new law aimed at supporting italian families and businesses during the pandemic. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quin. this is bloomberg. haidi: still ahead, kristin forbes and former boe external member of the monetary policy committee joins us. coming up next, president portfolio funds. he thinks equity and bond markets are pricing -- top of the pricing in longer-term inflation risks. we get more on the view next. this is bloomberg. >> we know that china has lost so much more length with the rest of asia. after it becomes china's biggest trade partner, it is -- substantially. we do know there is this opportunity. haidi: helen wong, we will be hearing more from our exclusive interview with her. u.s. stocks closing at a fresh record ahead of the key jobs report. that will shape the fed's stance on tapering. jobs will likely remain subdued. inflation also seen as a elevated. and that markets are not are poorly priced in with pri

and then they discovered that the ministry of justice had written to the ministry of finance whether -- their so-called risk-based approach has been contributing to actually not punishing certain criminal offenses anymore because they simply did not forward any criminal offenses which had nothing to do in the more narrow sense with anti-money laundering. maria: fabio, ice, but i wonder -- i see, but i wonder also do you think german voters care? especially when it comes to olaf scholz, they do not say he's corrupt. but would you say he's competent? fabio: as i said, i think the other candidates are very weak, so i don't think this will have a substantial impact on elections. but that's not my primary concern. my primary concern is that whoever is leading germany last year, we can't afford -- next year, we can't afford to be the fourth largest economy in the world and risk our integrity. and that is my primary concern. but all the other electoral gains, all the other people -- games, all the other people can play them. i'm entirely focused on my job, on my homework. maria: and we appr

the application remains in focus following that raid on the finance ministry. the cac gaining .4%.ent biden having a phone call. is that easing some of the tenges between the two sides? -- tenges between the two sides? telecom down .5% of a percent. anna: let's get to an interview this morning. climate change. the topic will be in full force next month. one of the industry's most affected is the insurance sector. zurich has measures to be a netzero business by 2030. they need to cut travel by 70%. joining us now in conversation, the zurich insurance group c.e.o. very nice to speak to you this morning. thanks for joining us this friday. let's start with -- i think you're coming to us from your new headquarters. let me ask you about the sustainability credentials. how it works for a hybrid working era. are you building in aassumptions how full this office will be? how much people will work remotely? how much is it all going to come together? >> good morning. good morning to everyone. we are heading into a completely new phase in working habits and behaviors. when we started this, ahe

in the previous election he blew up the talks when he said finance ministry or nothing.is something i will pay close attention to. and then the left party, national security in the context of that deal with france in which the german government has sided with france and saying this negotiation from allies is not ok. i will be watching on where they stand on nato and foreign policy. this is a conversation the next german government will have to have. angela merkel has not separated policy from trading. that could really change with the next government under pressure to be assertive on china. dani: thank you for staying on top of this. joining us now is someone who knows very well about not just germany but the relation with the u.s. former u.s. ambassador to germany, john b. emerson, thank you for joining us. our reporter laid out what is expected in the debate, and talking about differences we could see and policy from merkel and depending on who the successor is. are you expecting a large change depending on the outcome of this election when it comes to u.s.-germany tie

this is about the finance ministry, not olaf scholz as an individual.rmans i spoke with, they all repeated this. the timing is very funny. just a week before the election. this is also a region where the cdu controls. a lot of this feels like the apparatus kicking in. the question you have to answer, the timing of this does raise serious concerns. it does seem like an election tactic. we have incredible polling. dani: you mentioned the topics voters are going to care about. i'm wondering, how much covid is playing into this election, or has that faded? >> it has faded. terrible news for the cdu. at the start of the pandemic, the cdu got a huge boost from the management of the crisis. germans felt angela merkel and the cdu were handling things very well. as the pandemic becomes less intense and we are focused on things like the climate and so on, things began to slip for the cdu. right now it is not a single issue election. it is about the economy but it is about climate, too. it is also funny, we are talking about olaf scholz and armin laschet. we have

the finance ministry is working on a new law to support italian families and businesses during the pandemicair and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. >> now to sophie in hong kong for a look at the markets. >> this friday, we are seeing cap -- asian stocks ahead for the sixth straight day. tech is under pressure, and over in seoul, chips and autos are boosted on the kospi. and see soft shares have seen a gaming here. this as korea extends virus groups for another six weeks. tokyo is under pressure, but most sectors are higher on the neck 225. we do have some weakness coming in. mazda is rising with auto names despite reports that the carmaker plans to suspend factories in mexico. we are seeing this stock gained by double digits, shares up the most in 16 weeks with bitcoin trading higher. we do have a snapshot of how asia is wrapping up the trading week. haidi: the singapore exchange has issued a framework for stocks to list in the city state. the rules include a minimum market cap of just abo

>> they very much want to have the finance ministry. they are a pro business party.s came up in the debate again last night. their leader said germany needs to return to fiscal restraint. that is something they would put a lot of emphasis on. in term turnovers greens, of course it is their climate policy and they have a lot of spending plans and want to raise the minimum wage. it would be interesting if these two parties they believe are the potential king makers for any government that was formed how you're going to get them into a government together and square that circumstancele with the one suggesting big spending plans and the other saying we need to -- germany needs to return to fiscal restraint. mark: thank you very much, chad thomas. bloomberg's western european managing editor in berlin. now we're going to go to kersen nichols who joins us in london. good morning. when do you think we'll see a coalition come out of this government? what is your timeline for something to be resolved? >> good morning. i would just look back four years ago. that was first time

the ministry says it's waiting on assistance from the finance and energy ministries plus international donation. fix your vehicle, our are facing many challenges. that doesn't mean we're ready, but we're working day by day on a plan to make it easier for students to return to school. if living on those is that the cation sector, it loses everything. last is something comma knows, well, she quit the job as a teacher to start a new life outside of lebanon. teachers of threatened to go on strike. if their salaries aren't increased, they say $50.00 a month paycheck barely covers daily, expensive future, for example, can help with a salary her husband's with that and with, with the car expenses, the food, especially the food. and for example, in the essential things you buy for your kids, but for now, you can do nothing with the salary except for filling up your car with gas saves the children as described, educational situation in lebanon as catastrophic learning levels were relatively low before the current of virus, but now the future of an entire generation has become even more on certa

and i think that get the ministry of finance to green part to get the ministry of foreign affairs and environment. i think then everybody will be happy and i think best shows if you like, has more on the lush it had sounds to me like there's a long road ahead for drop. i know that will be speeds you again in the meantime. thanks famous day. thank you. to now recount is ended iceland short lived record to becoming the 1st european country to elect a female majority. parliament and initial counts in the general election had female kinds of it's winning 1st 3 of the $63.00 seats in parliament. but that's not been revised down to 30, and no european country has yet had more women than men in parliament. although iceland and sweden have come place, put them on the still ahead on the news are including justice, delayed palestinian authorities, security forces accused of beating man's death. have the case adjourned. i'm under simmons reporting live from london, british motors, securing up for hours to get fuel while the government says crisis. what crisis? so it's hamilton becomes the 1st dr

to cross one of the world's species shipping lanes. german prosecutors have rated the finance and justice ministry, investigate reports of money laundering. they are looking into other officials that the financial intelligence unit fails to act on warnings from banks. the agencies accused of not acting on millions of dollars of suspected transactions. and north macedonia government is said to hold an emergency meeting on a fire that tore through a field hospital built to treat crone of ice patients. at least 14 people have been killed in a place in the city of to told those are the headlines. has them seek out? we'll have the ologist very use our for you, the right after the stream. i hope you to stay with us. thanks so much toys that need to be told, find away and demand to be heard. opening a window into another light and challenging perception. witness documentary, the change on al jazeera news, high on semi. okay to day on the stream. rebuilding garza after 4 since 2008. is it possible for god ever to be fully rebuilt? that is the question for today's show. before we start that though, i want

prisoners who escaped from a high security facility and his general prosecutors rate the finance and justice ministries to investigate reports a money order. ah how once again, welcome to another look at the international forecast where the remains logically set fire across a good part of the middle east, tiny of dry weather. many of sunshine are brisk when too just around that eastern side of the arabian peninsula. so some lifted up inside a possibility. even here, a contact temperature in doha, at around 41 celsius for was a wire, little as we go on into saturday. 20 warm enough temperatures at around $39.00 degrees. the wet weather is further east. pakistan could see some sharp showers and some longest bells of right. sherry ranges pushing away to from that far eastern side of afghanistan. now we have got some showers once again, just around the east african riff valley, just rolling down across kenya, uganda seeing some live showers. the wet weather is further west. we have got some big down. pause, rather democratic republic, congo easing over towards cameron and on into the gulf of guinea. not to

our tools for from our chinese colleagues in the, in the ministry of finance, sheriffs, namely it's all about competition. it's not about hope. this is the rhetoric that usually china implies in its relationship with the united states. and now why didn't expect that forwarding thing? it's all about petition, but it's not about them or for the fletch conflict. what does washington have to do to try and repair the damage with from here, as we heard from all correspond that we don't know why president mc wrong was pulled out of addressing the un general assembly. but the timing is pretty suspicious, isn't it? so given that there is clear, the banga in france at its treatment at the hands of washington post complete and yeah, and it, it, it won't go away that easily. it will stay. and as you have also grow to the commission president, it was enough on the lion with a very strong statement. several other commissioners have taken disorder such as jenny, please don't think there's something broken in the trans atlantic relation. so based on your appeal for the g, and we should also bear in min

german prosecutors right at the finance and justice ministry today.n investigation into whether officials at an anti-money-laundering unit failed to handle cases correctly. the case is centered on warnings that banks warned the financial intelligence unit. in china, inflation levels at the factory level has seen a 10 year high. it rose 9.5% in august from a year earlier driven mainly by high prices were commodities come out put prices in the coal industry, up 57% from a year ago. the biden administration reportedly is trying to sue texas for the controversial abortion law. it is one of the most restrictive in the nation. a lawsuit would set off a federal state clash at a time when the future of abortion rights is up in the air. easyjet has rejected an unsolicited from its rival. the offer was conditional. easyjet plans to raise more than $2 million as a buffer to see it through a return. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is blo

so when you get the numbers from the ministry of finance, you get one number. but if you add up all the different projects you've read about in the newspaper, you might get another number. and the other difficulty is what, what to include in the the nash debt view includes state and enterprises like electricity, utilities and things like that. and if, for example, in zambia, those have huge assets like hydro, electric dams but also debts. and it's a decision whether you put that on the government balance sheets or not. but then what we've seen over the last few months is the government, the form of government that was voted out just now, or hugely on domestic market between april and june. and the run up the election despite already being in the full and that's so that's a huge mass to unravel. there is always a tail risk of hidden debt as we very tragically saw remote m b. but that remains a tail risk and, and for many countries. but i think the biggest problem with that stocks is working with what definition is each person using and tends to in, in order to r

but there will be some offsetting from the pboc and the ministry of finance.l to 40.5 in september and in third quarter it is tracking a 4.5% year-over-year, which is also weaker than most people expected. shery: you mentioned the pboc, this chart shows the pboc toolkit. what are you expecting them to use, in order to help the economy? >> i think we are at the inflection point of further policy easing. with the pboc, number one is liquidity injection. they will likely cut the ratio by 50 basis points. followed by more lending quota for both the manufacturing sector, complemented by the ministry of finance. all in all, that means september will likely mark the trough of china's finance growth. we will see more rebound in the growth from fourth quarter onwards. shery: speaking of what the pboc potentially can do to help with the situation, over at evergrande, we have been seeing global investors really weighing in on the argument, everybody is watching as to what the rest of the story will play out like. listen to what a chief investment china just had to say. >