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the government says it is a reasonable offer. the chief minister of the indian state of uttar pradesh appeals for calm after a former politician convicted of kidnapping is shot dead live on tv along with his brother. now on bbc news it s talking business. hello and welcome to talking business, with me, tadhg enright. let s have a look at what s on the show. can revenge spending save the world economy? after more than three years, lockdown is finally over for more than a billion people in china. they ve had time to stash trillions of dollars worth of savings. are they about to spend it travelling the world? and what s that going to mean for the rest of us? i ll be getting the lowdown on revenge spending with this top team steve odlan of the us conference board, tian lu from the economist intelligence unit in china, and gary barrowman, the man who literally wrote the book about the chinese tourist. and now people have got places to go, are they going to bejewel thems ....
i ll be getting the lowdown on revenge spending with this top team steve odlan of the us conference board, tian lu from the economist intelligence unit in china, and gary barrowman, the man who literally wrote the book about the chinese tourist. and now people have got places to go, are they going to bejewel themselves to go there? wherever you rejoining me from around the world, i ll be finding out from the boss of pandora, the biggest jewellery brand in the world. wherever you rejoining me from around the world, once again a big hello and a warm welcome to the show. china was the first country to lock people down due to covid, and now it s one of the last to ease restrictions. following anti lockdown protests late last year, president she finally ended his zero covid policy, opening up cities and travel once more. that reopening was underlined in the last few weeks by president xi welcoming european leaders, including france s president emanuel macron, to the countr ....
of the city. france s president, emmanuel macron, signs into law his government s controversial pension reforms despite months of protests. scientists say the remains of ancient viruses which have spent millions of years hiding inside human dna help the body fight cancer. nurses in england will escalate their strike action in the coming weeks after turning down the government s latest pay offer. hello and welcome to talking business, with me, tadhg enright. let s have a look at what s on the show. can revenge spending save the world economy? after more than three years, lockdown is finally over for more than a billion people in china. they ve had time to stash trillions of dollars worth of savings. are they about to spend it travelling the world? and what s that going to mean for the rest of us? i ll be getting the lowdown on revenge spending with this top team steve odlan of the us conference board, tian lu from the economist intelligence unit in china, and gary bar ....
By president xi welcoming european leaders, including france s president emmanuel macron, to the country, and also rising tensions around its dispute with taiwan the chinese military staging a show of strength over the island beijing still claims as its own. but after three years of lockdowns, testing and a new ban on travel, economists are predicting a tide of cash could be released by china s consumers. in fact, the sums are so significant, the international monetary fund improved its outlook for the global economy. the potential revenge spending pot is huge, with chinese households racking up over $2.5 trillion in extra savings in 2022. that s an increase of around 80%. that increase in savings alone is about the same size as the entire economy of italy last year. but will the chinese consumer spend it? revenge spending has certainly been seen after lockdowns in other countries. in 2021, it was estimated ....
It is not going to save the local markets or the regional markets in the west, thatjust isn t going to happen, so i m afraid that the uk, germany, the united states are going to have to go through these recessions, most likely because of the inflation and the central bank s attempt to tamp that inflation back down. steve 0dland, thank you very much. that s the view from america, but what can we learn from people on the ground? let s go to beijing and the managing directorfor greater china for the economist group, qian lu. welcome to the programme. you are in beijing. is there an atmosphere of revenge spending in the air there right now? absolutely. the economic recovery in china post covid has beenjust impressive, but the more fundamental question is, how sustainable is this? we at the economist intelligence unit are looking at china s gdp growth to be 5.7% this year, much higher than the government ....