1 00:00:00,400 --> 00:00:07,960 Speaker 1: Sale is coming. Please don't find. 2 00:00:18,000 --> 00:00:20,160 Speaker 2: Welcome back to the program. And so the battle continues 3 00:00:20,239 --> 00:00:22,720 Speaker 2: on the text ninety two ninety two small charge appliers 4 00:00:22,760 --> 00:00:24,880 Speaker 2: about whether a duty lawyer on one hundred and eight 5 00:00:24,920 --> 00:00:26,840 Speaker 2: dollars an hour as well paid or not. And of 6 00:00:26,880 --> 00:00:29,760 Speaker 2: course we've got some people who are caregivers saying i'd 7 00:00:30,040 --> 00:00:32,159 Speaker 2: call for that sort of money because they're on less 8 00:00:32,720 --> 00:00:34,440 Speaker 2: and we know that. And we've got another text in 9 00:00:34,560 --> 00:00:37,280 Speaker 2: here saying, dickens, a caregiver doesn't go to law school 10 00:00:37,320 --> 00:00:39,240 Speaker 2: for five years and come out with a massive debt. 11 00:00:39,440 --> 00:00:41,640 Speaker 2: So that is a stupid comparison, but that is true. 12 00:00:41,680 --> 00:00:44,960 Speaker 2: But at the same time, a caregether lives with the 13 00:00:45,000 --> 00:00:47,320 Speaker 2: person that they're given care with, possibly for all their lives. 14 00:00:47,320 --> 00:00:50,800 Speaker 2: Many caregivers never work at all and can never work 15 00:00:50,800 --> 00:00:53,040 Speaker 2: at all because they have somebody that they have to 16 00:00:53,080 --> 00:00:57,240 Speaker 2: give care too and it's not their choice, and it 17 00:00:57,360 --> 00:00:59,560 Speaker 2: is a full time profession, and the work they do, 18 00:01:00,000 --> 00:01:03,240 Speaker 2: it's very important because it saves the state from the 19 00:01:03,280 --> 00:01:07,320 Speaker 2: money spent from institutionalization. So that's sort of fair comparison. 20 00:01:07,440 --> 00:01:10,800 Speaker 2: Either the duty lawyer is doing something of their own 21 00:01:10,880 --> 00:01:14,560 Speaker 2: volition and of their own choice. But many caregivers have 22 00:01:14,680 --> 00:01:19,640 Speaker 2: not been given the choice. It's their familial obligation. And 23 00:01:19,840 --> 00:01:21,960 Speaker 2: really if they were given the choice and they could 24 00:01:22,000 --> 00:01:24,200 Speaker 2: actually make the decision, they wouldn't be doing what they're doing. 25 00:01:24,520 --> 00:01:27,200 Speaker 2: At the same time, both of them, the duty lawyer 26 00:01:27,520 --> 00:01:31,000 Speaker 2: and the caregiver, are doing God's work and I thank 27 00:01:31,040 --> 00:01:34,679 Speaker 2: you for that. It is twenty two to seven. After 28 00:01:34,720 --> 00:01:36,640 Speaker 2: Asia we go Peter Lewis, good evening to you. 29 00:01:37,600 --> 00:01:38,480 Speaker 1: Good evening, Andrew. 30 00:01:38,880 --> 00:01:42,560 Speaker 2: So, China's economy. We're always looking at China's economy. It's 31 00:01:42,640 --> 00:01:46,040 Speaker 2: got a bit of strain. Considering the whole twer for 32 00:01:46,160 --> 00:01:48,800 Speaker 2: and considering everything, it's been doing well, but it's showing 33 00:01:48,880 --> 00:01:52,840 Speaker 2: signs of strain. In November it is indeed. 34 00:01:52,880 --> 00:01:56,000 Speaker 1: I mean, if you look into the details, we had 35 00:01:56,000 --> 00:02:00,720 Speaker 1: a whole load of data on fixedas's investments, on retail sales, 36 00:02:01,120 --> 00:02:04,440 Speaker 1: on industrial production. I think the most worrying thing is 37 00:02:04,680 --> 00:02:08,359 Speaker 1: fixed acid investments actually, which has now declined for the 38 00:02:08,440 --> 00:02:11,880 Speaker 1: third month in a row. Now we've never seen that before. 39 00:02:12,000 --> 00:02:16,560 Speaker 1: Since data was first published by China on its economy. 40 00:02:17,200 --> 00:02:20,280 Speaker 1: Normally there's been a lot of interest in investing in China. 41 00:02:20,360 --> 00:02:23,560 Speaker 1: But what this is now term negative and it shows 42 00:02:23,600 --> 00:02:28,359 Speaker 1: that both businesses and households just don't want to invest 43 00:02:29,160 --> 00:02:31,640 Speaker 1: at the moment in the Chinese economy. 44 00:02:32,040 --> 00:02:32,239 Speaker 2: Now. 45 00:02:32,240 --> 00:02:34,639 Speaker 1: One of the main reasons for that is this slide 46 00:02:35,000 --> 00:02:39,040 Speaker 1: in house prices, which we've seen now for four years, NonStop. 47 00:02:39,560 --> 00:02:44,720 Speaker 1: Investments in property down about sixteen percent from a year ago, 48 00:02:45,240 --> 00:02:48,880 Speaker 1: and that's being transmitted more to the consumer side. What 49 00:02:48,960 --> 00:02:52,040 Speaker 1: consumers are doing is they're looking to pay down debt 50 00:02:52,440 --> 00:02:57,040 Speaker 1: at the moment rather than spend money and build up 51 00:02:57,600 --> 00:03:00,440 Speaker 1: new expenditure. So this is going to be a challenge 52 00:03:01,120 --> 00:03:06,560 Speaker 1: for China next year because Mehijinping wants to reorientate the 53 00:03:06,600 --> 00:03:12,600 Speaker 1: economy towards more the domestic side and less reliance on exports. 54 00:03:12,960 --> 00:03:16,160 Speaker 1: Many overseas countries have called for that as well. They're saying. 55 00:03:16,480 --> 00:03:20,720 Speaker 1: We had Immanual Macron in Beijing just last month saying 56 00:03:20,760 --> 00:03:25,320 Speaker 1: that the pain that all this reliance and exports was 57 00:03:25,400 --> 00:03:29,040 Speaker 1: causing to overseas economies was unbearable, and the IMF has 58 00:03:29,120 --> 00:03:34,079 Speaker 1: called for China to rebalance its economy over the coming 59 00:03:34,120 --> 00:03:37,280 Speaker 1: months more towards domestic consumption. So this is going to 60 00:03:37,320 --> 00:03:40,480 Speaker 1: be the big challenge for China next year. Now, in 61 00:03:40,480 --> 00:03:42,040 Speaker 1: some ways, I mean, you know, it's in a good 62 00:03:42,080 --> 00:03:43,640 Speaker 1: position to be able to do that. If you look 63 00:03:43,640 --> 00:03:47,440 Speaker 1: at this economy overall, it's growing at five percent year 64 00:03:47,480 --> 00:03:50,800 Speaker 1: on year. Now that's a good rate of growth. Many 65 00:03:50,840 --> 00:03:54,480 Speaker 1: countries would be would love to see that sort of growth. 66 00:03:55,200 --> 00:04:01,800 Speaker 1: But it's very very lopsided, relying very very heavily on exports. 67 00:04:02,280 --> 00:04:03,960 Speaker 1: So this is going to be the big challenge for 68 00:04:04,080 --> 00:04:06,080 Speaker 1: China in twenty twenty six. 69 00:04:06,280 --> 00:04:09,320 Speaker 2: Absolutely, the Chinese tiger, though, has been going great guns 70 00:04:09,440 --> 00:04:12,320 Speaker 2: over the last fifteen to twenty years. But Ji Jimping 71 00:04:13,000 --> 00:04:15,640 Speaker 2: gave a very interesting warning to his officials because he 72 00:04:15,680 --> 00:04:18,280 Speaker 2: doesn't want them to chase what he would call reckless 73 00:04:18,600 --> 00:04:19,640 Speaker 2: GDP expansion. 74 00:04:20,839 --> 00:04:24,400 Speaker 1: Yes, indeed, and he's talking a lot about in particular 75 00:04:24,920 --> 00:04:32,000 Speaker 1: reckless sort of themes like large industrial parks, building all 76 00:04:32,040 --> 00:04:35,320 Speaker 1: these unnecessary cities, of some of which he is promoted. 77 00:04:35,360 --> 00:04:39,480 Speaker 1: He promoted a huge new mega city south of Beijing, 78 00:04:39,560 --> 00:04:42,800 Speaker 1: which was supposed to eventually take over from Beijing, but 79 00:04:42,839 --> 00:04:46,720 Speaker 1: that never really happened, and all that's there is empty 80 00:04:46,720 --> 00:04:53,440 Speaker 1: apartment blocks and empty empty factories. But he wants an 81 00:04:53,560 --> 00:04:58,160 Speaker 1: end to that, and he wants sort of economic plans 82 00:04:58,320 --> 00:05:03,560 Speaker 1: to be based around sustain the long term gains, particularly 83 00:05:04,000 --> 00:05:06,800 Speaker 1: trying to boost the sort of green economy, and he 84 00:05:06,839 --> 00:05:10,240 Speaker 1: wants to change the way in which local government officials 85 00:05:10,480 --> 00:05:13,920 Speaker 1: are evaluated. He said they shouldn't be judged on GDP 86 00:05:14,160 --> 00:05:19,320 Speaker 1: growth rates, but on broader achievements such as improving people's 87 00:05:19,360 --> 00:05:23,719 Speaker 1: well being, maintaining stability, on so on. This reminds me 88 00:05:23,760 --> 00:05:26,800 Speaker 1: a little bit of Bhutan's measure of its well being 89 00:05:26,839 --> 00:05:31,880 Speaker 1: by gross national happiness rather than gross national products. But 90 00:05:32,440 --> 00:05:35,599 Speaker 1: he wants he wants to change the whole way in 91 00:05:35,640 --> 00:05:39,520 Speaker 1: which officials are measured so that they're not tempted to 92 00:05:39,720 --> 00:05:45,720 Speaker 1: chase sort of unrealistic growth targets and using unsustainable methods 93 00:05:45,960 --> 00:05:50,280 Speaker 1: and fake statistics and the likes to achieve that. So 94 00:05:50,320 --> 00:05:55,479 Speaker 1: he wants sustainability and more long term goals in the 95 00:05:55,520 --> 00:05:57,560 Speaker 1: economic growth environments. 96 00:05:57,760 --> 00:05:59,599 Speaker 2: Will helps when you have a domestic market of like 97 00:05:59,640 --> 00:06:02,919 Speaker 2: one point to one point three billion people that you 98 00:06:02,960 --> 00:06:05,320 Speaker 2: can survive on that. And they've seen the shots that 99 00:06:05,360 --> 00:06:08,400 Speaker 2: have come from America, and they've also been developing. While 100 00:06:08,400 --> 00:06:10,040 Speaker 2: they've been doing all the export, they've also been doing 101 00:06:10,080 --> 00:06:13,520 Speaker 2: all that incredible power network and as you say, sustainable 102 00:06:13,560 --> 00:06:16,480 Speaker 2: green power production and building data centers and all that 103 00:06:16,520 --> 00:06:19,400 Speaker 2: sort of thing. So they're quite self reliant, quite a 104 00:06:19,400 --> 00:06:22,279 Speaker 2: remarkable economy. Now lit's been to another country. Let's go 105 00:06:22,360 --> 00:06:25,880 Speaker 2: to Thailand, where things are not getting any easier. They've 106 00:06:25,960 --> 00:06:30,400 Speaker 2: just dissolved their parliament and they're still in conflict with Cambodia. 107 00:06:30,600 --> 00:06:35,360 Speaker 1: Yes, indeed, I mean Thailand has never really recovered from 108 00:06:35,400 --> 00:06:38,839 Speaker 1: the pandemic. It's an economy that's very dependent upon tourism 109 00:06:39,800 --> 00:06:43,360 Speaker 1: and it's just really struggled to get momentum behind its 110 00:06:43,400 --> 00:06:47,760 Speaker 1: economy since that, since then, and that's the case today 111 00:06:47,920 --> 00:06:52,200 Speaker 1: as well. It also has a rather unstable political environment. 112 00:06:52,800 --> 00:06:57,160 Speaker 1: The government has to rely on rather large, unwielderly coalitions 113 00:06:57,480 --> 00:07:01,040 Speaker 1: and there's elections on a regular base. Is well, now 114 00:07:01,040 --> 00:07:05,280 Speaker 1: we've got another one. The prime minister disaster to dissolve parliament, 115 00:07:05,360 --> 00:07:08,479 Speaker 1: which the King has granted, so that means there now 116 00:07:08,560 --> 00:07:13,440 Speaker 1: has to be another election within forty five to sixty days. 117 00:07:14,120 --> 00:07:18,720 Speaker 1: Rather alarmingly, the Prime Minister Anatin is sort of turning 118 00:07:18,800 --> 00:07:22,679 Speaker 1: to nationalistic sentiments. This often seems to happen with governments, 119 00:07:22,680 --> 00:07:25,920 Speaker 1: doesn't it Around Asia, around the world actually, when they're 120 00:07:25,960 --> 00:07:29,920 Speaker 1: fighting for their political survival. So he's sort of rather 121 00:07:30,000 --> 00:07:34,320 Speaker 1: relying on these border clashes with Cambodia and taking a 122 00:07:34,480 --> 00:07:38,440 Speaker 1: very hard line stance on that he doesn't want a 123 00:07:38,520 --> 00:07:44,760 Speaker 1: cease fire at all until basically Cambodia sort of capitulates, 124 00:07:45,720 --> 00:07:48,960 Speaker 1: and that he hope it will boost him that hard 125 00:07:49,000 --> 00:07:52,920 Speaker 1: line stance in the polls ahead of the election. The 126 00:07:52,960 --> 00:07:59,320 Speaker 1: problem is this clash with Cambodia is really disrupting trade 127 00:08:00,080 --> 00:08:04,000 Speaker 1: the moment and also putting tourists off as well, so 128 00:08:04,040 --> 00:08:07,560 Speaker 1: it's not helping the economy and there's a risk that 129 00:08:07,840 --> 00:08:11,800 Speaker 1: if these migrant labor flows, which Thailand is very dependent upon, 130 00:08:12,240 --> 00:08:15,640 Speaker 1: are disrupted, or even worse, if Donald Trump, who helped 131 00:08:15,640 --> 00:08:19,680 Speaker 1: broker the peace agreement between the two countries, decides to 132 00:08:19,760 --> 00:08:24,200 Speaker 1: reimpose tariffs on Thailand, then its economy is really going 133 00:08:24,280 --> 00:08:24,680 Speaker 1: to suffer. 134 00:08:25,000 --> 00:08:28,160 Speaker 2: YEP, thank you so much. Peter Lewis out of the Asia. 135 00:08:32,280 --> 00:08:35,439 Speaker 1: For more from Hither Duplessy Alan Drive, listen live to 136 00:08:35,559 --> 00:08:38,600 Speaker 1: news talks. It'd be from four pm weekdays, or follow 137 00:08:38,640 --> 00:08:40,400 Speaker 1: the podcast on iHeartRadio.