Morning Edition

Paul James with you on this Friday, April 24, 2015.

Welcome to the Beijing Hour, coming to you live from the Chinese Capital.

Coming up on our program this morning...

This year's Asian-Africa Summit Conference in Jakarta has come to an end.

China's newest nuclear power generators creating a buzz at a nuclear power conference being held in Beijing.

A series of massive volcanic eruptions in Chile are disrupting air-travel in the country.

In Business... new stat shows there's been a run on foreign currency at Chinese banks so far this year.

In Sports... an update on the NBA playoffs.

In entertainment... this year's Beijing International Film Festival has come to an end.

Top News

Asian, African nations reaffirm commitment to enhanced cooperation

This year's Asian-African summit has concluded in Jakarta, Indonesia, with leaders from the two continents calling for the creation of a more rational international order.

The summit has adopted a number of documents, including a declaration on reinvigorating the Asian-African strategic partnership.

World leaders attending the summit have also focused on maritime cooperation, suggesting it is going to become one of the pillars of the new partnership between Asia and Africa.

Indonesian President Joko Widodo suggests the world needs to pay attention to the results of this meeting.

"The voices in the summit represent the rising voices of Asia and Africa, that's why the voices and decisions taken at this summit should not be ignored by anyone."

April 24th has also been declared 'Asian-African Day.'

This week's gathering in Indonesia coincides with the 60th anniversary of the first Asian-African Conference held in the Indonesian city of Bandung.

The leaders, including Chinese President Xi Jinping, are travelling to the city later today to commemorate the anniversary.

The Bandung Conference, held in 1955, was China's first foray into multilateral diplomacy following the formation of the PRC 6-years earlier.

It also set the groundwork for the creation of the so-called non-Alligned movement during the Cold War.

China's Reactors to Go Overseas

Anchor

China's third-generation nuclear reactor is said to be one of the highlights of nuclear power exhibition currently underway in Beijing.

CRI's Tu Yun has more.

Reporter

The chairman of the China Nuclear Energy Association says "the year of 2015 marks an important year for China to resume its nuclear power program after Japan's nuclear crisis."

Earlier this month, the pilot Fuqing nuclear power project in Fujian province, using Hualong One technology, got the green light from the State Council.

Hualong One is a third-generation nuclear reactor jointly developed by the China General Nuclear Power Group and China National Nuclear Corporation.

Its core ACP1000 technology passed the Generic Reactor Safety Review by the International Atomic Energy Agency in December, a milestone that put China on a level playing field with Western countries in bids for international projects.

Xian Chunyu with the China General Nuclear Power Group, co-designer of Hualong One, expresses his confidence in the reactor's safety.

"Hualong One was designed in line with the highest safety standards for nuclear reactors in the world. It can meet all requirements and rules issued by the state nuclear safety watchdog. During the development process, we used some of the most advanced technologies and gave priorities to both the reliability and preventive measures to accidents. We also tried to draw lessons from the disaster at the Fukushima Nuclear Power Plant to design a comprehensive set of precautionary and relief measures."

The approval of the Fuqing project was granted during an executive meeting on April 15, presided over by Premier Li Keqiang.

A statement released after the meeting says the project will improve the competitiveness of the country's equipment manufacturing on the global stage.

According to Xing Ji, co-designer of Hualong One, from China National Nuclear Corporation, the product has drawn wide attention from abroad.

He believes Hualong One will have a bright prospect in the global market.

"In overseas markets, our project in Pakistan that uses the Hualong One technology is proceeding well. Our project in Argentina is also going smoothly. In February, witnessed by leaders of China and Argentina, an agreement on cooperation in building a large pressurized water reactor was signed, marking our success in exporting our third-generation nuclear reactor to Latin America. Also, the Hualong reactor has raised interest among enterprises from the countries like Britain, Saudi Arabia and South Africa and negotiations have been underway."

Earlier, Chinese enterprises were given formal go-ahead by the British government to take part in local nuclear power projects.

The CNNC has decided to invest in two local plants. The company has confirmed that the Hualong One design will be used in the one where it has a controlling interest.

For CRI, I'm Tu Yun.

17th Beidou navigation satellite functions in orbit

Another satellite has been added to the Chinese Beidou satellite navigation system.

The new satellite is the 17th in the system.

Chinese space authorities say the new satellite will help expand the system's coverage significantly.

Xiang Libin, chief commander for the new-generation satellite program, says testing of the new satellite is already underway.

"So far, our ground system has received the navigation signals sent from the satellite. It shows that the basic functions of the satellite are running properly. In the following two or three months, we will do a list of testing work in orbit to determine whether its loading capacity can meet the customers' demand. The satellite will formally be put into use around July. "

The Beidou Satellite System was first activated in 2000.

Chinese authorities hope to have 35 satellites in-orbit by 2020 to provide a global reach to the system.

Right now, Beidou can provide services to users in China and certian parts of the Asia-Pacific region.

Hubble Telescope Hits 25

Anchor

Hubble Space telescope is celebrating its 25th birthday, marking a milestone in the history of a telescope that defied its early critics to become a crucial tool in space exploration.

CRI's Niu Honglin takes us through Hubble's history.

Reporter

The Hubble telescope was launched in April 24th 1990.

Since its launch, its been providing astronomers and non-space experts with breathtaking images of the cosmos.

Unlike land-based telescopes that are at the mercy of Earth's atmospheric conditions, the Hubble enjoys relatively unhindered views from its perch more than 560 kilometers above the earth.

That vantage point has allowed the telescope to provide a stunning picture gallery of distant galaxies, planets and cosmic explosions.

Hubble's images have been instrumental in helping improve the human understanding of how our universe formed and continues to evolve.

Dr. Kenneth Carpenter, project scientist with Hubble, says the telescope is NASA's biggest success story.

"The telescope has exceeded all of our expectations, scientifically, the way it has impacted the culture, the way the people have adopted it as its own telescope. It has been a huge success story, probably NASA's biggest success story over the years, at least outside of the manned space program,"

However, the 1.5 billion US dollar piece of equiptment was viewed at one point as a dramatic failure.

"NASA's pride and joy, the biggest telescope in space in years doesn't focus. The pictures aren't any better than they are on the ground."

Shortly after Hubble was put into orbit, scientists discovered the primary camera was out of focus.

An investigation after-the-fact determined that the mirror used in the Hubble telescope was improperly crafted, forcing NASA to send up the space-equivilant of a monocle to correct the 3-year old satellite's vision.

The correction worked, extended Hubble's abilities to peer into the universe and deliver images far deeper than researchers could have ever imagined.

One of Hubble's most famous images is the Hubble Deep Field that was made when the telescope focused on a seemingly black and empty sliver of space.

The images it returned shows the space is actually bursting with young galaxies and bright objects.

NASA astronomers have dubbed it a baby picture of space, suggesting it shows what the origins of the universe and the galaxies were like some 11-billion years ago.

Hubble also made a significant scientific breakthrough when it provided evidence for "dark energy".

This is an unknown form of energy that some scientists theorize is a major factor as to why and how the universe is expanding.

Doctor Kenneth Carpenter says Hubble's observations helped contribute to research on the expansion of the universe which was later honored with the 2011 Nobel Prize in Physics.

"Gravity always wants to bring things together. Dark energy always wants to push them apart and apparently things got further and further apart as the universe expanded, dark energy actually became stronger than gravity at those kind of distances. Now, the galaxies instead of going apart from each other more and more slowly are actually starting to speed up."

In addition, Carpenter says Hubble's highly-sensitive cameras have led to innovative breakthroughs in everyday technology.

If you've ever taken a selfie, you can thank Hubble for its clarity.

"Technology improvements were driven by the need to create very robust, very cheap, very small electronics for spacecraft like Hubble and that has kind of trickled down and improved our everyday lives,"

Since 1990, Hubble has made more than one million observations.

Its successor, the James Webb Space Telescope, is expected to be launched in 2018.

That telescope is expected to peer even further into space, building on Hubble's success to unlock the secrets of the universe.

For CRI, I'm Niu Honglin.

China warns officials against holiday graft

The discipline watchdog of the Communist Party of China has issued a warning to Party members about holiday-related graft.

The warning comes ahead of the May Day holiday and the Dragon Boat Festival.

Party officials are being warned they're going to be monitored for any spending of public money on banquets, travel and gift-giving.

Huang Shuxian, deputy head of the CPC's Central Commission for Discipline Inspection, is warning punishments will be swift.

"If we find that anyone is breaking the rules, we will take swift action. Only through immediate action can we assure that the rules are being adhered to."

Adding to the warning, Party officials say any CPC member caught violating the rules, as well as their supervisors, are going to be held accountable.

Chinese police rescue 64 babies sold by birth parents

Chinese police have recovered 64 babies sold to traffickers by their birth parents.

The wide-scale operation, carried out in 6-provinces, has led to the arrest of 171 suspects.

Many of the children are suffering from medical problems.

Chen Shiqu with the Ministry of Public Security says most of the medical issues the children have are results of neglect and improper care.

"We've found the traffickers would feed the newborns vegetables or even instant noodles. Newborns are very fragile after birth and should have been taken good care of, but these traffickers didn't do that. This has made the babies ill. Many of them are facing life-threatening situations."

Authorities say some of the expectant mothers were taken to pig farms to await delivery in an attempt to try to save money.

Many of the mothers are drug addicts.

The trafficking of children remains a wide-ranging problem in China.

In 2013 alone, authorities rescued some 52-thousand abducted children.

A preference for boys and weak punishment for those who purchase children are considered the two main reasons why child trafficking is still rampant.

Under the current laws, people who purchase children are exempt from criminal liability, provided they haven't harmed the children.

Chile Volcano Erupts

The Calbuco volcano in southern Chile has erupted twice over the past 48-hours, sending vast clouds of ash into the sky above the South American country.

The massive eruption has forced some 4-thousand people from their homes in the immediate area.

Calbuco is around a thousand kilometers south of the Chilean capital, Santiago.

Chilean President Michelle Bachelet says their main concern right now is the ash cloud itself.

"We have no problems regarding supplies. According to the information we have, there haven't been any issues related to running water or sewage - that is not the problem. The problem is rather related to respiratory issues from inhaling this ash, and that could generate some kind of environmental pollution problem."

Numerous flights in the region have been cancelled as a result of the eruption.

So far no injuries have been reported.

One hiker in the region at the time of the eruption is still listed as missing.

The Calbuco volcano is one of the most active in Chile.

However, this eruption has caught authorities by surprise, as the volcano had been dormant for more than four decades.

Chile is home to around 500 active volcanoes.

EU to triple funding to tackle migrant issue

European leaders have agreed to triple the funding for joint search and rescue operations in the Mediterranean.

The increase in funding comes amid the massive influx of migrants from north Africa attempting to make it to European territory.

European Council President Donald Tusk says the additional money will go toward increasing patrols.

"We have agreed to triple the resources available to Triton, our border mission in the central Mediterranean and to enhance its operational capability. The mission will continue to carry out its mandate and respond to distress calls where necessary. I am happy to announce that leaders have already pledged significantly greater support, including many more vessels, aircraft and experts, and also money."

Earlier this week, the European Union laid-out a 10-point package of measures to deal with the massive influx of migrants from north Africa trying to enter European territory through the Mediterranean.

An estimated 15-hundred people have died already this year attempting to reach European shores by sailing on the Med.

Over half of those who have died drowned this past weekend after a boat with around a thousand migrants capsized while enroute from Libya to the Italian island of Lampedusa.

Obama admits the deaths in counter-terror operation

US authorities are admitting their responsibility for the deaths of an American and an Italian hostage in a US counter-terrorism operation conducted earlier this year.

American Warren Weinstein and Italian Giovanni Lo Porto were killed as US Special Forces attempted to free them during a raid in the border region between Afghanistan and Pakistan back in January.

In making the admission, US President Barack Obama has also issued an apology to the families of the two.

" As president and as commander-in-chief, I take full responsibility for all our counterterrorism operations, including the one that inadvertently took the lives of Warren and Giovanni. I profoundly regret what happened. On behalf of the United States government, I offer our deepest apologies to the families."

The 73-year-old Weinstein and 39-year old Lo Porto were both aid workers in Pakistan when they were taken hostage.

Ex-CIA chief Petraeus fined gets probation for info leak

Former CIA chief David Petraeus has been given two years' probation and fined 100-thousand dollars connected to his dramatic fall from grace.

Petraeus, a 4-star General who later became the head of the United States' spy agency, pleaded guilty to providing classified secrets to his mistress and biographer.

"Today marks the end of a two and a half year ordeal that resulted from mistakes that i made. As I did in the past, I apologized to those closest to me and many others, including those with whom I was privileged to serve in government and in the military over the years. "

In accepting the plea agreement, Petraeus has avoided a trial which may have brought to light a number of embarassing slip-ups he made during his time as the US Operations Commander in Afghanistan.

That's when the 62-year old began his affair with his biographer, Paula Broadwell.

During their affair, Petraeus allowed Broadwell access to numerous classified documents, including the identities of US agents and details of US intelligence in the region.

While none of the information was ever leaked, revelations of his affair eventually led to his ouster as the head of the CIA.

Kerry presses for trade as lawmakers work on fast-track legislation

US Secretary of State John Kerry is lauding the initial backing of US lawmakers for a bill that gives President Barack Obama "fast-track" authority to speed up negotiations for trade agreements.

A Senate panel has approved new fast-track legislation.

It empowers the President to negotiate trade deals and then present them to Congress for up-or-down votes, with no amendments allowed.

Kerry says the bill will give the President flexibility to negotiate.

"In the modern world, we simply cannot expect our economies to grow and generate new jobs if all we do is buy and sell to ourselves. We, and by that I mean the United States, should be deeply engaged in helping to write the rules for trade."

Kerry says the legislation is critical in helping move-forward trade talks with countries in the Asia-Pacific and the Europe Union.

Obama has made conclusion of the Trans-Pacific Partnership negotiations one of his top priorities as part of his second-term in office.

Liberal Democrats and activists from labor unions have been attempting to stone-wall Obama's trade agenda, arguing foreign trade deals hurt US workers and increased income inequality.

Guo Chuan announces sailing adventure across the Arctic Ocean

Anchor

Guo Chuan, the first Chinese sailor to circumnavigate the earth on a solo trip, has now set his sights on a new goal in the Arctic Ocean.

The details from CRI's Wang Mengzhen.

Reporter

The Chinese adventurer says he's now working on plans to sail from the Russian port of Murmansk on a 15-day journey through the Northeast Passage of Arctic Ocean.

Unlike his previous adventure, which saw him circle the globe alone, this time, Guo Chuan is taking a crew of 4 with him.

He says they've been working on their plans for the past 2-years.

"As for the challenges from the nature, it is very easy to think about the Arctic Ocean as the north part of our globe. Obviously, our biggest difficulty will be the cold weather. Ice, cold temperatures, fog and debris in the water will be problems we need to face."

Guo Chuan's team is going to include help from Russia.

Sergey Nizovtsev is with Russia's National Geography Association.

He says they expect the 15-day journey to be extremely difficult.

"The hard ship of this voyage is unprecedented, there is no similar voyage in the Russian history, We will face extremely cold weather and other unpredictably emergency conditions. What's more, the crew have no chance of rest during the whole process. I think, there will be no greater voyage that is so adventurous and challenging like this one. "

The journey is due to begin in September.

That is when the Northeast Passage through the Arctic is the most accessible.

Guo Chuan admits he's nervous about the trip.

"I'm under a lot of pressure. But I feel the boat needs a new adventure. Of course, I can't predict how well the boat will do. As they say, a rider needs time to get to know his horse, no matter how excellent the horse is."

If their plan is successful, Guo Chuan and his crew will be the first to complete a non-stop voyage through the Arctic Ocean's Northeast passage.

For CRI, I'm Wang Mengzhen.

China Expanding Job Opportunity Challenges Disabled Employment Deficit

Anchor

A pair of companies in China are taking the lead in employing people with physical disabilities, training them and providing them with an opportunity to fully integrate into society.

CRI's Chi Huiguang has more.

Reporter

When diners give their thumb up to Wang Xin, the young waitress just replies with a lovely smile.

It is the way to say "Thank you" and to reply "You are welcome" in a hot pot restaurant manned by 12 waitstaff with hearing impairment, including Wang, and several with visual impairment.

Entering the restaurant of "Xinhuoguo", literally "hot pot with love", a franchised store under the Liuyishou Group, at west Beijing's Taiwan Street, diners will notice how to communicate with the quiet waitstaff. Li Peng is the manager.

"There is a beeper on your desk. If you have any request, click it. Our staff will come to you as soon as possible. Wish you have a nice dinner."

Wang is 22 years old and has worked at the unusual restaurant for 3 years. She's got a senior position in the team.

"There are promotion opportunities for the disabled staff. Some has been raised to team leaders, gaining rich experience along the way. Wherever they go to apply for jobs, the experiences and abilities will be very helpful."

Employment is crucial for China's massive handicapped population to adapt to normal life.

Statistics show that over 20 million Chinese have hearing disabilities, but only a limited portion of jobs are available to them in the context of severe competition in the job market.

According to Guo Xinzhi, Deputy to the National People's Congress, and director general of Disabled Persons Federation of Shanxi province, there are over 87 million disabled people around the country, the state will provide more employment services and vocational training for the disabled.

"After the People with Disabilities Act took effect, we adopt many methods to strengthen training and create jobs. For example, we offer free massage training for those with visual impairment, and set up massage shops for them to get employed. For those people with hearing impairment, we provide trainings of dancing, tailoring or information technology."

Dabao is a national famous brand of skin care which is familiar to most of Chinese for its advertising slogan: "If you want fair skin, use Dabao everyday."

But it is less known that there are more than 300 workers with hearing impairment working in Dabao.

Sun Jing is a 37 years old pretty mom with hearing impairment who has worked in the factory for more than 10 years. She has got a welfare-oriented public house.

Zhang Jing, another 47 years old beautiful worker with hearing impairment, uses sign language to explain that the disabled workers share the same opportunities of working and promotion.

Zhang Qiuping is their team leader who is able to use sign language. She translates their words to communicate that they are happy to work here:

"Because the work is stable. We do the same job and enjoy the same welfare and salary standard with the ordinary people. We never feel unfairly treated."

Wang Xunbiao, the Public Relationship director of Johnson and Johnson, the parent company of Dabao, shares his understanding on getting along with the disabled colleagues and impaired persons:

"On one hand, do not discriminate them. On the other hand, do not let them feel that they are much different from others. They are just a group of people by our side. Just let them know that they are part of us."

According to Ministry of Civil Affairs, there are 18 thousand social welfare enterprises throughout China providing jobs for the disabled people. There are more than 4 million disabled people having jobs in urban area, and 17 million working in rural areas last year.

Not only in working, are the disabled connected to ordinary people, but also in creating job opportunities to offer help.

Yuan Yonghai is one of them with a disabled leg. He set up a job-providing network for the disabled people named "Hubang" literally "help each other". Disabled people can get paid as long as they finish the tasks they choose in the website. Yuan says:

"I established a boundaryless platform on the internet, so that the disabled people can work at home. I think we disabled people should use our wisdoms to make money."

Employment is fundamental to livelihoods and an effective way and important basis for improving disabled people's lives, social status and helping them participate in social and economic undertakings.

According to China's National Human Rights Action Plan, the country will stabilize and expand employment for the disabled and make sure that an additional 800 thousand disabled people are employed by the end of this year.

For CRI, I'm Chi Huiguang

Headline news

Asian-African leaders welcome China's initiatives to promote intercontinental cooperation

A group of Asian and African leaders have welcomed China's initiatives to boost cooperation as they conclude a summit in Indonesia.

The two-day Asian-African summit ended in Jakarta on Thursday.

Speaking at the summit earlier this week, Chinese President Xi Jinping promised to provide 100,000 training positions to developing countries in Asia and Africa over the next five years.

He has also announced to establish an Asia-Africa cooperation center in China.

A document released at the end of the two-day meeting confirms support for these initiatives by other Asian and African nations.

China's latest humanitarian aid shipment arrives in Syria

A new batch of relief aid from China has arrived in Syria.

The new aid contains tools and equipment for the disabled as the number of such populations is growing due to the ongoing war.

Another batch of aid from China is also scheduled to arrive in mid-May, consisting of 270 prefabricated housing units.

The new aid from China follows on the heels of the latest donors' conference for Syria held in Kuwait earlier this month.

Wang Jin-pyng keeps KMT membership

A court in Taiwan has ruled the island's top legislator, Wang Jin-pyng, can retain his membership in the ruling Kuomintang.

Wang was stripped of KMT membership in 2013 over allegations of illegal lobbying.

He then applied for a court injunction.

The final ruling comes after the KMT failed to re-submit a required document, bringing the legal action to a close.

The loss of Wang's party membership could have cost him his seat as a KMT legislator and his position as head of the legislative body, which he has held since 1999.

Sri Lankan government rules out corruption in Port City Project

The Sri Lankan government says corruption is not a factor in its probe into the awarding of a multi-billion dollar Port Project to a Chinese firm.

The new government says its only concern is if the previous government followed the proper procedures in awarding the contract to China Communications Construction.

The Colombo Port City Project is solely financed by the Chinese company.

However, its been temporarily suspended by the new Sri Lankan government.

The 1.4-billion-US-dollars project is Sri Lanka's largest foreign investment.

Pentagon: cyberwarfare an option in conflicts with enemies

The US government, for the first time, has publicly conceded its military plans include the potential use of cyberwarfare as an option in conflicts.

The revelation has been made in the Pentagon's new cybersecurity strategy outline.

In it, the US Defense Department says it should be able to use cyber operations to disrupt an adversary's command and control networks, military infrastructure and weapons capabilities.

A previous cybersecurity outline issued by the Pentagon in 2011 made little reference to military applications.

Biz reports

Anchor

First, a quick check on the closing numbers across North America and Europe.

Joining me on the desk is Niu Hongling.

Reporter

U.S. stocks ended slightly higher Thursday, with the Nasdaq Composite Index setting a new closing record for the first time in 15 years on back of a heavy day of earnings reports.

AT&T shares surged 4 percent after reporting better-than-expected quarterly earnings.

Pepsi also reported quarterly earnings that beat market expectations.

A strong rebound in oil prices also provided some upward momentum to the markets.

Light crude for June delivery gained one-dollar-60-cents to settle at 57-dollars-70-cents a barrel amid the rising geopolitical tensions in the Middle East.

At close,

The Dow Jones added 0.1 percent.

The S&P 500 gained 0.2 percent.

The Nasdaq picked up 0.4 percent.

Over in Europe,

The UK's FTSE 100 increased 0.4 percent on expectations of an increase in Chinese stimulus, following HSBC's preliminary report for April suggesting factory activity in China has declined to a one year low.

Germany's DAX saw another sell-off, shedding 1.2 percent.

France's CAC 40 dropped 0.6 percent, affected by the slowdown of private-sector growth in the eurozone.

Chinese banks see record forex outflow in first quarter

New figures are suggesting there has been a run on foreign exchange in China through the first quarter of this year.

Stats from the State Administration of Foreign Exchange show China's central bank and commercial banks have posted a 91-billion US dollar deficit in foreign exchange settlement from January to March.

That's nearly double the deficit seen through the previous quarter.

The State Administration of Foreign Exchange says nearly 66-billion US dollars left Chinese banks in March alone.

Guan Tao with Administration says the outflow of foreign currency has been expected.

"The current capital outflow is an adjustment that falls into our expectations. We shouldn't simply see it as capital flight that involves the violation of laws or rules, or secret capital flight. This kind of adjustment is predictable. It reflects normal financial operations in the market."

Regulators say the appreciation of the US dollar and the overall slowdown of the Chinese economy are the main reasons for the outflow of foreign capital.

Securities regulator to approve 2 batches IPO every month

China's securities regulator has announced a new window is being opened for initial public offerings on the A-share market.

The China Securities Regulatory Commission has announced its going to approve two batches of IPO applications every month.

Right now, authorities only announce approvals once a month.

The CSRC has so far approved 123 IPOs this year.

Call-in Corporate News of the Week with Doug Young

Anchor

Let's check out some of the main events taking place on the corporate front in China this week.

Joining me on the line now is Doug Young, associate professor at Fudan University and former China company news chief at Reuters.

Story 1

Chinese banks defy order to offer bigger support for the housing market

An industry survey pooling some 200 bank branches across 12 Chinese cities found that China's commercial lenders are mostly unwilling to offer cheaper mortgage rates to home buyers despite the central bank's call for a more proactive lending.

The Rong360 survey found a majority of banks are actually charging rates that are above the benchmark level set by the People's Bank of China.

China's central bank have so far cut their triple R twice this year, on top of two rounds of lending interest rate cuts last November and this February.

The central bank was hoping for lower mortgage rates for home buyers to spur the flagging housing sector, which accounts for 15 percent of China's economy.

However, commercial lenders seem to have their own calculations about where to lend their money to.

Questions

1. What have given the banks' this emerging sense of independence or confidence when it comes to shrug off the central bank's good intentions? Is it because they simply know better than the PBOC thanks to their proximity and exposure to the housing sector's woes?

2. The central bank seems to be determined to carry on loosening its purse. It has said earlier this week that more triple R cuts and interest cuts should be expected later in the year. Will this influx of liquidity help to change commercial lenders' mind?

3. Does the idea of a housing market revival look real to you given the oversupply already in existence?

--------

Story 2: Yum Says China Business mending; sees turnaround in the year-end

Yum Brands, owner of KFC and Pizza Hut, is saying business in China is recovering from a meat scare last year and the division would finish the year strong.

Company Chief Executive Greg Creed is still predicting a minimum 10 percent increase for its full year earnings growth in China.

Yum currently has some 6,850 establishments across the China, making China its biggest market.

The fast food chain recently has rolled out a premium coffee plan in its stores.

Questions:

1. Yum has taken several food safety scandal hits over the years, but the company has generally weathered them well with new marketing with a vengeance. Does the average Chinese consumer still have a taste for KFC after last year's meat scare?

2. Will Yum's new coffee assault become a new cash cow for the company, how much competition does it face in the Chinese coffee market?

Back Anchor:

Doug Young, associate professor at Fudan University and former China company news chief at Reuters.

Alstom wins 77 mln-dollar contract to build Shanghai trams

European train manufacturer Alstom's joint venture in Shanghai has secured a 77-million US dollar contract to build 30 new trams in Shanghai.

The trams, to run on two lines in the city, are expected to be put into service in the next 2-years.

The lines themselves will cover a total distance of 31 kilometers.

Authorities expect they will carry close to 175-thousand passengers a day.

This is part of a broader plan by officials in Shanghai to create some 800-kilometers of tram lines in the city by 2020.

VW eyes budget car JV with Great Wall

German carmaker Volkswagen is reportedly working on a joint-venture with Great Wall on a new budget vehicle.

Volkswagen China Chief Jochem Heizmann says plans are being developed to create a budget sport-utility vehicle, as well as other multi-purpose vehicles in China to keep up with shifts in the market.

Great Wall is one of the few indigenous brands that is actually growing.

It currently ranks among the top five Chinese carmakers in the export market.

Sports

NBA Playoff Preview, Spurs Kawhi Leonard Wins Defensive Player of the Year

In hoops action from the National Basketball Association Playoffs:

The Cavaliers are on the court against the Boston Celtics. Cavs up two games to none in the series.

At 8 a.m., Beijing time

The Milwaukee Bucks will host the Chicago Bulls for Game 3 of their series; Bulls are 2-0 in their last two meetings.

And later, Golden State are heading to New Orleans to face the Pelicans. Warriors are also leading their series 2-0.

In off-court news:

San Antonio Spurs small forward, Kawhi Leonard is this season's NBA Defensive Player of the Year.

Leonard won the award in a tight race that saw the Spurs player up against Golden State forward Draymond Green and LA Clippers center DeAndre Jordan.

Football: Arsenal Confident Ahead of Match against Chelsea

In football:

First, in the Chinese Super League,

Tonight, Shijiazhuang take on Tianjin Teda.

This weekend,

New leaders Shanghai SIPG take on Henan Jianye;

3rd place Beijing Guo'an will face Shandong Luneng;

And no. 2 Guangzhou Evergrande take on Jiangsu Sainty.

Over in La Liga action this weekend:

Barcelona will face off against Espanyol;

Atletico Madrid will hit the pitch against Elche;

And Real Madrid will meet Celta Vigo.

Over in the Premiere League:

Leaders Chelsea battle second-place Arsenal.

The gunners haven't beaten Chelsea in their last 12 meetings, but Arsenal coach Arsene Wenger says his team's hungry for the win:

"The result on Sunday will be just down to the performance on the day. We're on a good run, we have an opportunity at home to beat them and we want to take it."

And third-place Manchester United are looking to move up when they meet Everton.

Tennis: Rafael Nadal Knocked Out of Barcelona Open

In tennis:

First, in men's action at the Barcelona Open--

Eight-time tournament champion Rafael Nadal was beaten by 13th-seeded Italian Fabio Fognini 6-4, 7-6 in their third-round match.

Nadal says he will work harder, with the French Open just weeks away.

"Today is a bad day, today is not a new challenge. My challenge is to be back playing at my best level again and I will work until that happens."

And defending champion and top seed Kei Nishikori beat last year's Barcelona runner-up, Spain's Santiago Giraldo.

In women's action from the Porche GP:

No. 3 Czech Petra Kvitova went down in straight sets to American Madison Brengle.

Top-seeded Maria Sharapova beat German Angelique Kerber 6-2, 7-5, 6-1.

Caroline Wozniacki was victorious over Czech Lucie Safarova, winning 7-6, 6-1.

Ekaterina Makatoriva, seeded six, downed fellow Russian Marina Melnikova 6-2, 6-3.

Badminton: Asia Championship Recap

In badminton action from the 2015 Asia Championships in Wuhan:

Wang Shixian suffered her second loss in 17 matches against Korea's Bae Yeon Ju. The Korean cruised to a 22-20, 21-11 victory.

Wang's compatriots Li Xuerui and Wang Yihan - both former champions - entered the quarter-finals without much trouble.

World No. 1 Saina Nehwal got past Nozomi Okuhara 21-14 10-21 21-10. Awaiting her in the quarter-finals is Tai Tzu Ying of Chinese Taipei.

Tian Houwei and Wang Zhengming joined compatriots Chen Long and Lin Dan in the quarter-finals. Defending champion Lin faces Japan's Sho Sasaki next, while Chen will run into Chinese Taipei's Chou Tien Chen.

Golf: China Open, Indonesia Masters, PGA, LPGA Recap

In Golf:

Denmark's Thomas Bjorn and Taiwan golfer Shih-chang Chan shared the lead by a single stroke at 6 under 66 after the first round of the Asian Tour's Indonesian Masters on Thursday.

Over in the European Tour's China Open in Shanghai:

Michael Hendry, Bradley Dredge and David Howell are tied on 4-under-par at the top of the leaderboard following round one.

In the PGA, at the Zurich Classic of New Orleans:

American Boo Weekley leading the pack at the end of round one, finishing at 8 under 64.

Ands Over in the LPGA, at the Swinging Skirts Classic:

Korean Ha-Na Jang is tied for first with American Juli Inkster and Thailand's P.K. Kongkraphan, all at 4 under after round one.

Boxing: Bryant Jennings Expects KO Against Heavyweight Champ Wladimir Klitschko

In fighting:

Undefeated American Bryant Jennings will enter the ring against heavyweight champion Vladimir Klitschko this weekend.

The Philadelphia native is confident heading into the match, saying he will add an 11th KO to his record and overthrow longtime champ Klitschko.

Jennings and Klitschko mix things up Saturday at Madison Square Garden in New York.

NHL Playoff Preview

In hockey action from the National Hockey League Playoffs:

Going on right now, it's the series tiebreaker between the New York Islanders and the Washington Capitals. Both teams hold two wins apiece after their last meeting saw the Caps won 3-2 in overtime.

Also on ice, the Tampa Bay Lightning are facing the Detroit Redwings. Detroit is up 2 games to 1

Later this morning:

Chicago is one win away from knocking Nashville out of the post-season when the two teams meet.

Vancouver is also in a do-or-die situation when they face Calgary; the Flames just need one more win to send the Canucks packing.

Entertainment

Mexican film wins top prize at Beijing International Film Festival

This year's Beijing International Film Festival has come to an end, with the "Tiantan Awards" being dolled out.

Mexican director Bernardo Arellano has taken home the 'Best Feature Film' award, for his movie "Beginning of Time."

In accept his award, Arellano says its the characters that really made the film.

"I spent a lot of time doing my cast, I think that was the key because I looked for the human beings; I love to look inside life inside their spirit, inside their soul."

The award for 'Best Director' has gone to Jean-Jacques Annaud for "Wolf Totem."

'Best Actress' went to Yulia Perisild for her performance in "Battle for Savastopol."

Russia's Artem Tsypin has earned the 'Best Actor' award for "A White, White Night."

Hong Kong actor Tony Leung has taken 'Best Supporting Actor' for his role as a ruthless bandit in Tsui Hark's "The Taking of Tiger Mountain."

Russell Crowe talks about his directorial debut on "The Water Diviner"

Oscar-winning actor Russell Crowe has stepped behind the camera for the first time for the new film "The Water Diviner."

"The Water Diviner" casts Crowe as an Australian farmer who sets off to claim the bodies of his three sons presumed lost five years earlier in the Battle of Gallipoli – a campaign that took place in the Ottoman Empire between 1915-1916.

Some of the world's leading directors, including Ron Howard, Darren Aronofsky and Ridley Scott have acting roles in the film.

Crowe admits the film, which he's been working on for the last 3-years, is a massive gamble.

"I no longer have to be purely a gun-for-hire actor who is going to go to the place where a director wants to shoot. If it comes off then I can have creative control over my next project and I choose to be where my kids are. So there's a lot at risk here."

"The Water Deviner" is now screening in a number of countries, including Australia, Turkey and the U.K.

Box Office: "Avengers" Sequel Launches with $9.5 Million Overseas

The new Avengers movie "Age of Ultron" has generated 9.5-million US dollars in revenue through its first day of screening internationally.

"Age of Ultron" has started screening in South Korea, the UK, Brazil, Australia, Russia, Germany and Argentina.

It's expected to make around 175-million US dollars this weekend alone.

Going against convention, the film has been released internationally first, rather than in the much more lucrative US market.

"Age of Ultron" is slated to hit US theatres on May 1st.

Reese Witherspoon to narrate audio edition of Harper Lee's new novel

Harper Lee's upcoming novel, "Go Set a Watchman," arguably the year's most talked about literary release, is going to have some added star power for the audio edition: Reese Witherspoon.

The Oscar-winning actress is set to narrate the audio version of Harper Lee's much-anticipated new book.

The 88-year old Lee stunned the literary world by agreeing to the release only her second book, "Go Set a Watchman," in July.

Harper Lee's only published work, "To Kill a Mockingbird," came out in 1960.

The new book, "Go Set a Watchman," was completed before "Mockingbird."

That’s it for this edition of the Beijing Hour.

A quick look at the headlines before we go...

This year's Asian-Africa Summit Conference in Jakarta has come to an end.

China's newest nuclear power generators creating a buzz at a nuclear power conference being held in Beijing.

A series of massive volcanic eruptions in Chile are disrupting air-travel in the country.

In Business... new stat shows there's been a run on foreign currency at Chinese banks so far this year.

On behalf of the Beijing Hour staffers, this is Paul James Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together.