Organizing Committee Says planning and patience will create an enjoyable and see who cup experience for all natasha n a. L. Jazeera, doha. Ah. Hello again. The headlines on al jazeera, russia says its on acceptable for ships carrying grain to pass through a black sea corridor and a wont guarantee the safety of the vessels. Moscow has suspended participation in a deal brokered by turkey and the un. It allowed ships to transport grain from ukraines ports. He was President Joe Biden has told oral companies to lower a fuel prices for americans or face a higher tax rate on their record. Profits biden says many firms have been profiteering from the war in ukraine, calling their earnings outrageous. Holes of officially opened for israels 5th general election and for years. Those all failed to produce a stable government. Stephanie decker has more from west to roo, salom. The pulls of opened a trickle as people here in this ultra orthodox area coming to vote. So i will going to have to wait and see throughout the day how the charge now goes. But certainly people do know that this is a significant election and the terms of them make up of who could potentially come into government. So koreas president , june secure, has called for a Safety Measures to prevent crowd accidents. After a 156 people were killed in a crowd surge during a halloween festival on saturday. An investigation has now been opened. Search and rescue teams in the philippines are still looking for bodies after a tropical storm. Now gay, at least a 110 people have died. Dozens are missing and more than 800000 are displaced. Visitor is to shanghai disneyland, have been tracked inside unable to leave until they show a negative coven 19 test. The resort announced it would close immediately. Shanghai reported 10 locally transmitted cases on saturday. Support as a brazilian president j your boss and aero blocked roads across the country after he last sundays election. The former leader lunar da silva won by a little more than one percent, while scenario has still not publicly conceded defeat yet to dates with the headlines on al jazeera up next, its counting the cost. Thanks for watching. Bye bye for now. For the 30 seconds on that, im going to be at a woke up the 1st time was in south africa in 2010. It really was the face month ever. Now again, the country that on residing is hosting a little. Hm. And i know that a lot of people who live here and might be the through some of the are experiencing a woke up. I can tell you its going to be great. Its a celebration of people. Its a celebration of the school. Its the atmosphere of faith woke up is number one, it doesnt get any because theres something magical about that im really excited about. This will come back on to wait for the get started. Ah, i ah ha wong 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. The economy is weakening, county fix it. Also this week 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 carbs and a deepening property crisis. Now critics of the chinese lead a mainly blame the weakening economy on his policies. Yes, aging ping has given few signs of changing his approach off to consolidating his hold on power g insists the economy is resilient. And as promised to deepen economic ties with all the countries as he begins an unprecedented 3rd term as leader of the communist party. Susie yes, she also and justice china cant develop in isolation from the world. It need one, china for its development through over 40 years of relentless reform and opening up, right. We have created the twin miracles of fast Economic Growth and social stability. China will open its doors if a 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 task with managing the worlds 2nd largest economy. Now, stocks in hong kong flunked and the you are weakened against the us dollar after beijing 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 opinion and say he has prioritized 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. Honest imposed boring limits on the property sector, which has led to cash crunches and defaults for many developers. Z has also double down and 0 cove had locked downs must 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 study. 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. The g d. P growth target. Chinese economy has achieved out 3 percent growth in the 1st 3 quarters of the year. And so china would need to grow over 10 percent. You order to hit the 4 year target. And so thats becoming increasingly unlikely. Some statistics within the q 3 data is really interesting. One world income grew faster than urban income by nearly 2 percent. So the lifting of. Ready income is a manifestation off, shes determination to reduce income inequality you order to achieve common prosperity in the 2nd statistics. Private sector investments crew to presenting to 3, but they start to Re 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 seas plan to make the state sector bigger, better, stronger, and hes gonna killer off the chinese Economic Growth in 3. Take high take manufacturing bi, added to the fastest, across all the industrial sectors into 3. And so there is a whole government approach in pushing the growth off. China saw High Tech Industries and the number 4 really interestingly, i say means the car to sorry, sharp rising. 2021. Chinese. Save the despite cobit over to 120, truly in r and bay. Almost a 2. 00 times the size of chinas g. D. P and on average, over 10. 00 a us dollars per tiny citizen. Any comic i sort of g. So chinese citizens are really making choices on the future of, you know, what they see. So the future of the chinese economy, they arent spending, they already invested. They are really saving. And lastly, if i may say of the 3 horses up there, chinese economy trading, 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 picked up literally since cold did. 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, surely because a lot of what you described is positive news. And yet when you see how the markets of react and the you on depreciation, you wonder how its being interpreted. Is the chinese economy doing ok or not . Oh, 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 cobit policy. And the enormous a political certainty which has now cleared a chinese economy has been rather 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 god, you know, 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 i have seen you, my professional life time. 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 g d p growth target. Yes indeed sir. 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 mentioned earlier, Economic Security now has become a more acute National Priority for the Current Administration over g d p growth. But thats not to say that Economic Growth is not essential, as mentioned 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 that entail is a military military modernization requires Economic Growth. Infrastructure building requires growth about and road initiative. This is some mr. She can paint signatory foreign policy. That requires Economic Growth roof itself. Its already a part of the chinas Economic Security. One of the challenges and you touched on it is the downturn in the Property Market in china . What are your predictions for the market is a recovery in the 2nd expected, a, chinas Residential Real Estate market has sledge 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 2 ball per 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 china, is the g d p. It is a crucial sector in the chinese economy. And so it has a stove, 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 that they can on motto itself is transitioning. We have heard in distress. See fish recently that the chinese economy is comprehensively are moving into a different path off development. The past of for decades and as far as how that economic model is going to work out, that really its a, its 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 Reliance 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 so you can all make philosophy that is embraced on by the car into 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 model to modernization. We dont really understand fully at this point. What this chinese style modernization is categorically different from modernization in the universal sense. And so there are a lot of but things that we know that 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 path is going to become more state centric and its going to perhaps further depart from the liberal economic i ideal. Good. The west of cherish. Really interesting to talk to you. Shelly, you senior practitioner fellow at the ash center, poverty kennedy school, and a visiting senior fellow at the London School of economics. Thank you. Thank you. The president , using paying wants 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 that me conductors used and everything from mobile phones to weapons or the u. S. Is making it harder for beijing to acquire and produce them. Washington has impose 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 ministry power. American companies would not require licenses to export High Performance chips to china, as well as equipment use 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 washingtons expanded restrictions, saying they will hom supply chains and the world economy. Many american firms that 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. Is the chief economist for the asia pacific at not texas bank, an, 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 no such thing as 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 ladder, whether its artificial intelligence, quantum computing. So basically the 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, right before this and new ban on on simic factors, i would say that the impact has been limited. We had seen some impact ways to very good samples. It basically didnt manage to develop it, sign the sign of semi come back to 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 and 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, 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 the 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 m c or a s m l in that, that, or, or some so not anybody decides not to play around and it is not defy the end user in a way they are going to be subject to the same export controls because it will not received that the signed for their own production. This is what i mean. So that way it is not choice. 2 factors. First i practicing is going to be hard to deviate. I mean, impossible because youre going to be targeted. Targeted 2nd by now. And this has changed since ukraine, you half hot a c