A period of National Morning a day after the death of at least 151 people in a crowd crush. The victims were mostly people in their twenties who are celebrating halloween in sol. Present units of you visited the scene, saying his government would prevent such accidents from happening again. Ill just heres robert pride reports from the scene. We are in the middle of 81. Its the uh, traditional bar and Entertainment District of sole. If i stand back there, i can let you see the at this is the actual alley way, where this tragedy happened. And the whole of 81. 00 is like this is a very congested area with small alleyways or small streets. I had this was thronged by thousands of people out celebrating halloween. And this is where the tragedy unfolded. It seems as though for whatever reason that is being investigated, it crowds converged on this one alleyway from different directions. Russia says it suspending participation in the un broker drain export deal with ukraine after tax on its ships anchored off crimea. U. S. President joe biden has said the move will increase starvation around the world. At least 50 people have been killed in a suicide attack. In somal is a capital. Mogadishu, 2 car bombs exploded at a busy junction that several government offices us. How Speaker Nancy Pelosi says she is heartbroken and traumatized after her husband was attacked inside their San Francisco hope on friday. Paul policies was covering it from surgery of being assaulted with a hammer. A 42 year old suspect has been charged with attempted murder to contend his in brazils president ial election of health, final valleys, before sundays vote. And i was almost neck and neck with former president , marcia, with the silver, according to pinion poles. And the rwandan ambassador to the democratic republic of condo has been given 48 hours to leave the country. A Government Spokesperson said to move is tally. Asian 40 galleys alleged support of the m. 23 rebels in the congress. Eastern provinces. 23 group has gained ground in recent days. Theres a headline, so the news continues here now to say that after cutting the cost ah, now, which is here with oh, ah, i hello, melinda, this is counting the cost on al jazeera. This week president gigi pings grip on china is tighter than ever before. And hes pledged to cement his countrys power and influence in the world. But the economy is weakening, honey fix it. Also this way, chinas leader wants to place his country as a leader in technology bought in his choking off its access to advanced semiconductors class. Chinas electric Vehicle Market is booming. So why is beijing so far ahead of the u. S. Europe in adopting the technology . Ah, when jean ping assumed power in 2012, chinas economy walls booming a decade later that growth is being dragged down by strict cove at 19 cubs on a deepening property crisis. Now critics of the chinese leader mainly blame the weakening economy on his policies. Yes, using ping has given few signs of changing his approach. Often consolidating his hold on power. She insists the economy is resilient and has promised to deepen economic ties with all the countries as he begins an unprecedented 3rd term as leader of the communist party shoes. You find that . Yes, she also and justice, china cant develop a nice relation from the world. It need one china for its development through over 40 years of friendly letter form and opening up. We have created the twin miracles of fast Economic Growth and social stability. China will open its doors if wider, we will be steadfast and deepening reform and opening up across the board. A prosperous, china will create many more opportunities for the world. We now have one veiled, a new Leadership Team of loyalists. Among them is leach young. On track to become the premier tough with managing the well 2nd largest economy. Now, stocks in hong kong slumped and the u on weekend against the us dollar after basing presented its new policy leadership. Investors were also, im nerved by Economic Data showing a mixed recovery in 3rd quarter, with unemployment rising and retail sales weakening. Now the economy has rebounded at a faster than expected pace during that period expanding by 3. 9 percent. But its still way below the 5. 5 percent target for this year. Now lets have a look at some of the aging pings, controversial policies to decades of market oriented reforms initiated by his predecessors. The president has been criticized for bringing the economy on the tight state control opponent and say he has prioritize political control and National Security above Economic Growth. He has long sweeping crackdowns to rain and industries, including tech giants, gaming and private tutoring. As part of his efforts to tackle rising inequality, the measure is estimated to have wiped out hundreds of billions of dollars in market value for many of chinese companies. On is imposed boring limits on the property sector, which has led to cash crunches and defaults for many developers. Z has also doubled down on 0 coven lock downs, mass testing, and border controls which continue to cripple economic activity. Joining me now as sally, you senior practitioner fellow with the ash center, Harvard Kennedy school, and a visiting senior fellow at the London School of economics. She enjoys me now from washington, d. C. Thank you for your time, sadie. Whats the recent Economic Data . Tell us about how the chinese economy is doing. Hi, good morning, melinda. First, they would be nearly impossible now for china to hit the full year 5 and a half percent a g d. P growth target. Chinese economy has achieved a 3 percent growth in the 1st 3 quarters of the year. And so china would need to grow over 10 percent in order to hit the full year target. And so thats becoming increasingly unlikely. Some statistics within the q 3 data is rather interesting. One world income grew faster than urban income by nearly 2 percent. So the lifting of. Ready income is a manifestation of, shes determination to reduce income inequality you order to achieve common prosperity. In the 2nd statistics, private Sector Investments grew 2 percent into 3, but they Sector Investment to go over 10 percent in the same quarter. So the say sector is a bad thing relative to the private sector in this, a gun validates the cs plan to make the state sector bigger, better, stronger, and a killer off the chinese Economic Growth. A 3 take high take manufacturing bi, added to the fastest, across all the industrial sectors into 3. And so there is a whole of government approach in pushing the growth off chinas high tech industries. And number 4, really interestingly, our savings the car to saw a shot rising. 2021 chinese save the despite co bit over 220 trillion are and they almost a 2. 3 times the size of chinas g, d p. And on average, over 10. 00 a u. S. Dollars per chinese citizen in economic uncertainty. So chinese citizens are really making choices on the future of, you know, what they see. I saw at the future of the chinese economy. They arent spending, they are investing, they are really saving. And lastly, if i may say, of the 3 horses of their chinese economy, tre, to investment and consumption. Obviously, china can always fall back to infrastructure stimulus in order to see some short term Economic Growth. But we havent seen consumption pick up literally since cold it. And so a less we see a very strong consumption recovery. There is no sustainable economic recovery in china. Right. Ok. So thats why i just want to be clear sunny because a lot of what you described is positive news. And yet when you see how the markets of react and the yuan depreciation you, wanda, how its being interpreted. Is the chinese economy doing ok or not. And you may say that it is a you looking at had that the condition that, that the chinese economy has been weathering in the 3rd quarter with persistent id 0 kobe policy. And the enormous a political certainty which is now cleared a chinese economy has them by their resilient. If we were to look at a 3. 9 percent, the g d p growth in the 3rd quarter, but by all means it is so slow down significantly. And i think, you know, to, for china not to hit a project to their g d p growth target for the full year. This is perhaps the most shocking anomaly that ive seen you, my professional lifetime. But we should say that in the 20th party congress, Economic Security has become a bigger priority over Economic Growth. And so Going Forwards, mistress, she did talk about that by 2049. He wants to china to become the leader in terms ofa comprehensive, National Strength in the world. And so that entails rather a lot of things beyond simply a peak roast target. Yes indeed. So lets expand on that because when you take a closer look at some of the people in his new Leadership Team, it does appear clear that he has chosen loyalty over the experience of some of these people. So is Economic Growth no longer a priority for shipping. Molina, Economic Growth will always be essential in china, as just have been mentioned earlier, Economic Security now has become a more acute National Priority of for the Current Administration over g d p growth. But thats not to say that Economic Growth is not essential as mation the mr. Sci fi mission, a long term target by the mid part of the century. He wants china to lead the world, essentially every level of strength. And that entail is a military military modernization. Requires Economic Growth, infrastructure building requires growth about road initiative. This is some research you can paint signatory Foreign Policy that requires Economic Growth roof itself. Its already a part of the chinas economy security. One of the challenges and you touched on it is the downturn in the proxy market in china . What are your predictions for the market is a recovery in the sector expected . A, chinas Residential Real Estate market has slid a 13 month in a row a when they 1st started a they started as a supply side issue, primarily risk in the suppliers, the developers side. But now its increasingly become a demand side issue. As we have just mentioned that you, investors are the regular savers in china, are choosing to put money in the bank rather than borrowing on mortgages and the buying more real estate. The market is not going to recover. And the real estate sector, its roughly about 20 to 25 percent of chinas g, d p. It the crucial sector in the chinese economy. And so it has a stowed some of its risks over to the banking sector. And so now its becoming more of a systemic issue that involves a lot of moving parts. Thank simply a, just the, you know, to revitalize the Real Estate Market itself. Clearly youve studied china very closely. It is something you focus on. Where do you see the chinese economy Going Forward . Can overtake the u. S. At some point. I think the chinese economy will face a lot of hurdles the head, but the economy, the economic model itself is transitioning. We have heard in districts see fish recently that the chinese economy is comprehensively a, moving into a different path of development to from the past the for decades. And as far as how that economic model is going to work out, that really is a big test at the world is bearing witness to. So we are looking at the state sector becoming more dominant and the, permeating through every sector off the chinese economy. And we are looking into the future that china is going to focus on a lot of self relies and including not only supply chain technology, but also chinas major push should become a Global Leader in exporting technology to the developing world. And so were looking at the various moving parts, but the fundamentally were looking at the sub you economy philosophy that is embraced on by the current a chinese leader. If it is going to take china to where he wishes china to bay by the mid part of the century, that is to lead the world in comprehensive National Strength and to offer the world alternative moto to modernization. We dont really understand fully as of this point this chinese style modernization is categorically different from modernization in a universal sense. And so there are a lot of, but things that we know of from a liberal Economic Perspective perhaps, or is a lot of data pads where the chinese economy is going to go. But we know for sure that the past is going to become more state centric and its going to perhaps further depart from the liberal economic. I deal the western cherish really interesting to talk to you shortly. You senior practitioner, a fellow at the ash center of Harvard Kennedy school and a visiting senior fellow at the London School of economics. Thank you. Thank you. The president gigi and paying once china to become a state lead and self sufficient technology superpower, but doesnt rely on the west. But it lags behind taiwan, south korea. Im the United States in manufacturing advance semiconductors use and everything from mobile phones to weapons or the u. S. Is making it harder for beijing to acquire and produce them. Washington has imposed sweeping new cubs against the chinese chip industry. They are tougher than any Previous Action Taken by the u. S. In decades. And the aim to slow beijing military power, American Companies would not require licenses to export high performance. Chit, the china, as well as equipment used in advance semiconductor manufacturing. Their restrictions also target sales from foreign firms that use american equipment. The measures come as the us post billions of dollars into its domestic chip industry in an attempt to boost american competitiveness. China has criticized washington expanded restrictions saying they will hom supply chains and the world economy. Many american firms produce chips list china as the biggest Single Market and could face major losses in revenues. To discuss all of this on join now by Alicia Garcia had at or from hong kong. Alicia as the chief economist for the asia pacific at not texas bank and an adjunct Professor Hong Kong University of science and technology. Many thanks for joining the program. What is the thinking behind the decision that the u. S. Has made to place the sweeping controls on sales of semiconductors on basing . I think the main concern from the us side is actually technology and containing china and its upgrading of the major industry us me, thats the key. Of course, theres not, thats the next military industry only and, and need to technology will be hit, which also means that china will have a hard time in moving up the lather, whether its artificial intelligence, quantum computing. So basically in the deep tech will be severely affected, this technological decoupling between the us and china, its been going on for some time now, hasnt it . I mean, because of that, we know that the Chinese Government has invested heavily in its own chip industry in life if that how much are these controlled actually a blow on china so far the right before this and new ban on, on, on semiconductors. I would say that the impact has been limited. We have seen some impact ways. A very good example is basically didnt manage to develop it. The sign design of semiconductors through the subsidy. Weve had a choir to do so. But, but yeah, i mean, this time around, this is really up to not me. This is a totally different ball game. It is going to be much more painful for china than any other measure which is so far. So this policy of the us to work though it needs its allies, doesnt it to comply with the same controls. I mean, take taiwan for example, which is pivotal to the Semi Conductor industry. What is taiwanda ro here . Its close and its relationship to the u. S. But its also very much dependent on china in terms of its biggest markets. So how do they play this . They cant play. Thats a difference in premium sumption. Export controls. Entity list, you know, everything weve seen so far. They had a choice and they could basically, you know, play around with whom they were sell in, or they were not selling this time around. If the m c or a s m l in you that, that or, or some so not anybody decides not to play around and it is not, defy the end user. In a way theyre going to be subject to the same export controls because it will not received the signed for their own production. This is what i mean. So that way, i think its not choice. 2 factors. First i practicing is going to be hard to deviate, i mean, impossible because youre going to be targets targeted 2nd by now. And this has changed since ukraine you halfhearted coordinated export ban on semiconductors to, to russia, which is basically now libby, no chinese semiconductors. So i guess your brand has shown that it can be done. So what does this leave china . What a china, china is. Options target has options. I would say i wouldnt say that they are necessarily very effective. So let me start by very simple. They can ban apple or microsoft or, you know, like be harm to the Tech Industry as users the other than they can do is to play with critical components to, to supply chai