Welcome to the Beijing Hour, live from the Chinese capital.

Coming up on our program this morning...

China and Russia vowing to deepen their cooperation on the occasion of Chinese President Xi Jinping's visit to Moscow...

Over 100 Chinese honor guards to join in V-Day commenorations with a parade on Red Square...

And Saudi Arabia announcing a five-day ceasefire in their operations against Houthi rebels in Yemen...

In our weekly buisness review...the 10th Cross-Strait Economic, Trade and Culture Forum wrapping up in Shanghai...

In Sports... Stephon Marbury extends his contract with the Beijing Ducks for another year...

In Entertainment... hopes running high for Chinese films at the Cannes film festival...

Top NewsChina, Russia Pledge to Deepen CooperationAnchor:

Visiting Chinese President Xi Jinping has met with his Russian counterpart Vladimir Putin in Moscow.

The two leaders have vowed to deepen bilateral cooperation, most especially by situating the former's Silk Road Economic Belt initiative within the latter country's framework for the Eurasian Economic Union.

CRI's Wang Wei reports.

Reporter:

Chinese President Xi Jinping met with Russian President Vladimir Putin, soon after his arrival in Russia for a three-day visit.

Xi Jinping says the two leaders have agreed to boost bilateral cooperation within the framework of the Shanghai Cooperation Organization, BRICS and the G20.

"BRICS, the Shanghai Cooperation Organization and other multilateral associations can do a lot of good. The Chinese side fully supports Russia's chairmanship in these two organizations this year. We are ready to apply efforts jointly with the Russian side so that these two organizations make an even more significant contribution to peace, development and prosperity."The two heads of state later inked a joint statement, reaffirming their commitment to integrating the Belt initiative with the EAEU construction.

Putin says he believes that his project for a trade and infrastructure network across Eurasia and China's Silk Road economic belt can "complement each other perfectly".

"Separately we have touched upon the issue of cooperation between the Eurasian Economic Union and China. We believe that the project of Eurasian integration and the Silk Road economic belt can complement each other perfectly. And the notion of joining these integration models is included in the joint statement we signed with President Xi Jinping."The two leaders also oversaw the signing of a series of cooperation deals on such subjects as energy, transportation, space, finance and media exchanges, including a gas pipeline project to link Russia and China.

Xi Jinping will also join in commemorations of the 70th anniversary of the end of World War Two in Europe, including a military parade to be held at the Red Square later on today.

Xi Jinping says the reason for anniversary celebrations is to remember history, and prevent the tragedy of world wars from happening again.

"When we will be celebrating our common victory together, we do not mean to hate any specific countries, but rather we simply pay our respects to the fallen heroes, so that they remain in our memory and our history, so that the tragedy of war will never repeat in history again, to build peace on our planet together. These are our objectives for these anniversary celebrations."Xi Jinping also invites the Russian leader to attend war commemorations in China on Sept. 3.

Putin accepted, saying Russia and China had suffered the biggest number of casualties among their nationals of all countries involved in the war.

For CRI, I am Wang Wei.

Chinese Soldiers Ready for V-Day ParadeAnchor:

Meanwhile more than 100 Chinese honor guards are also joining soldiers from other 9 countries to mark V-Day, preparing to march across Moscows' Red Square.

CRI's Tu Yun reports.

Reporter:

It is to be the biggest parade of its kind in modern Russia, and marks the first time China will have participated.

102 honor guards from three services of the Chinese military arrived in Moscow late last month and will march in newly designed uniforms.

Li Bentao, commander of China's honor guard, says it's a great opportunity for Chinese soldiers to show respect to Russian veterans and for the country to show its determination in defending the hard-won victory.

Over the past days, to quickly sync up with the local time and get acclimated to local conditions, the Chinese soldiers woke up at 3 o'clock every morning and departed for training at four.

But commander Li admits there are still some difficulties, such as the potholes in the brick ground at Red Square as well as the way Chinese soldiers stride.

"The average stride length for Russian soldiers is 80 centimeters, while our standard is 75 centimeters per stride and 116 steps per minute. So it's a little difficult to keep pace with the Russian troops. Russian soldiers really look very vigorous during a parade, but we will try to be more synchronized."The Chinese soldiers will be the first among the 10 foreign troops to appear in the square, while flag-bearer Zhang Honejie will lead the Chinese legion.

"I feel very proud of carrying the national flag. As a Chinese national, it's a glory. As a soldier, it's a mission. I'm confident that I can carry the flag very steadily in this parade."So far, three rehearsals have been held. The Chinese troops impressed locals not only with their marching, but also the song they sang as they paraded.

The Russian folk song Katyusha was composed back in the late 1930s, becoming popular among Russian troops in the Great Patriotic War.

Zhang Hongjie says they made quite an effort to practice this.

"We had to remember the lyrics by homophonic translation. We spent a whole night learning the song and the whole following week improving our singing. When we sang it out during rehearsals, locals on the roadside applauded us and echoed us. The atmosphere was so impressive and our singing seemed to sound better at that time."The parade will also involve 200 military vehicles and 150 aircraft.

For CRI, I'm Tu Yun.

Chinese naval vessels arrive in Russia for joint drillsThree Chinese naval vessels arrived in Novorossiysk, Russia on Friday for joint naval drills.

The event will be held from May 11 to 21 in the Mediterranean.

The Chinese warships will take part in live-fire exercises together with six Russian warships.

Helicopters and Special Forces will also be involved.

Deputy Commander of China's naval force Du Jingchen also serves as the head of the Chinese side of the drills.

He says the joint exercises do not target any third party and are not related to the regional situation.

"The subject of the exercises is to safeguard navigation at open sea. The drills will be centered around non-traditional safety threats. The purpose is to consolidate the two countries' cooperative partnership, strengthen the two sides' pragmatic cooperation and improve the capabilities of the two navies to deal with maritime threats."China and Russia have been conducting regular military exercises since 2012, but have never conducted them so far from home for the Chinese side.

The two navies have conducted drills together in the Yellow Sea and East China Sea in recent years.

A Pacific exercise is planned for later this year.

US Commemorate 70th Anniversary of VE DayAnchor:

In the United States, tens of thousands of people gathered at the World War Two Memorial Park in Washington DC to commemorate the 70th anniversary of the Allied victory in Europe.

Our Washington chief correspondent Xiaohong reports.

Reporter:

Ann:

"(M)你好!I'm from Ohio, and he is in Virginia. (F) San Antonio, Texas."Tens of thousands of people across the country gathered Friday to mark the 70th anniversary of World War Two Victory in Europe Day. They were joined by some 300 veterans who fought in that deadly war from 1941 to 1945.

18-year-old Liberty Phillip from Texas says she is obsessed with that history. Even though none of her grandparents had fought in either Europe or Pacific, she felt she had lots of adopted grandfathers in those veterans.

"I wish more people realize how significant the war was and how significant the sacrifice the veterans were. And don't forget it at all. Because otherwise the same thing is gonna happen again. You got to remember what our ancestors did."89-year-old John Roman came ashore at Normandy in 1944 but many of his buddies never made it. He felt so lucky that he survived and met his wife at a cafe in France. The two have been married for 69 years and return to Normandy almost every year to remember his lost buddies.

Susan Rice, National Security Advisor to President Obama, says the sacrifice of these young servicemen more than 70 years ago had changed the world as well as the United States of America.

"On the homefront, the war helped unleash movements toward greater equality for all people. "She stressed that the story of the brave men and women will never be forgotten. And children of today who are blessedly untouched by war should be taught the history and "the price of freedom".

To mark the occasion, some 50 World War Two warplanes flew over Washington DC. They include the P-38 Lightning that had shot down Isoroku Yamamoto, the mastermind of the attack on Pearl Harbor as well as the B-29 superfortress that dropped two atomic bombs on Japan, bringing an end to the war in the pacific. The flyover ceremony is also designed to remember the 60 million people, including some 400 thousand Americans, who lost their lives in World War Two.

Xiaohong, CRI, Washington DC.

Commemorations of 70th Anniversary of VE Day Held across EuropeAnchor:

Meanwhile commemorative activities for the 70th anniversary of Victory have entered into full swing in some other European countries.

CRI' Huang Shan reports.

Reporter:

Britain's Prince Andrew and leader's from the UK's main political parties laid wreaths at the Cenotaph in London, for a remembrance service in honoring the 70th anniversary of the allied victory over Nazi Germany.

At 2 pm local time, the chimes of Big Ben rang out to commemorate the moment when Winston Churchill told Britain that World War Two in Europe was over.

Meanwhile, the Honourable Artillery Company near the Tower of London carried out a gun salute, which was followed by two minutes of silence.

The last post was performed in front of hundreds of people who came to this activity to show their respects.

Later on, Queen Elizabeth II, together with the Duke of Edinburgh, lit up the first of more than 200 beacons outside Windsor Castle.

And in France, French President Francois Hollande and U.S. Secretary of State John Kerry have attended a commemorative event as well.

President Hollande said that in the wake of attacks carried out by Islamist gunmen took place in Paris earlier this year, this kind of ceremony is helpful in unifying the country.

The grandchildren of French General Charles de Gualle, Laurence de Gaulle, participated the ceremony as well.

She illustrated the importance of the ceremony in her remarks.

"This year it's the 70th anniversary so it's a moment when we take a step back to remember what the world went through and how Europe suffered - an extended Europe right up to the Ural mountains - and it's really a moment when we should reflect on what man can endure because of ideals that serve causes that are not noble".

In Germany, top officials gathered in the Reichstag parliament building in Berlin on Friday for an hour long ceremony commemorating the end of World war II.

Renowned historian Heinrich August Winkler made a speech during the ceremony, calling for all Germany to face up to its history.

"No one expects of later generations to feel guilty in view of acts that were committed long before their birth, by Germans in the name of Germany. But responsibility for your own country always includes the will to face up to the whole history of this country. That goes for all Germans."Similar events have also been held in other European counties like Ukraine and Poland, which witnessed the start of the World War II 70 years ago.

For CRI, I'm Huang Shan.

Expert Says Conservative Victory "Bodes Well" for Sino-British RelationshipAnchor:

Following his party's outright majority win in this week's general election, UK Prime Minister David Cameron has started nominating cabinet members for the next government.

A top UK political analyst says that the Conservative victory "bodes well" for Britain's relationship with China.

CRI's Duan Xuelian reports from London.

Reporter:

In his first public statement after winning the general election with a clear majority, UK Prime Minister David Cameron says he has been proud to lead the first coalition government in 70 years but a majority will help deliver more of what his party has promised.

"truly believe we're on the brink of something special in our country; we can make Britain a place where a good life is in reach for everyone who is willing to work and do the right thing. Our manifesto is a manifesto for working people, and as a majority government we will be able to deliver all of it; indeed, it is the reason why I think majority government is more accountable."Commentating on the election result, Professor Maurice Fraser from the London School of Economics and Political Science says, with Cameron and the Conservatives returning to power, Britain will enter a period of stability.

"Britain needs to ensure that it attracts the confidence of the investors around the world, it needs to be sure that it doesn't frighten the market which will make it more expansive for Britain to borrow money and there will be an expectation that political leaders, especially those who have emerged to power do their duty by the country and help to form a solid and sustainable government."Although with Mr's Cameron's promise to hold an in and out EU referendum looming large, Professor Fraser says Britain's foreign policies, especially those on Sino-China relationship will stay positive.

"I think the Conservative victories in the general election bodes well for Britain's relationship with China. Because the conservatives are generally seen as competent managers of Britain's foreign policy and of its interests. And everybody can see that Britain's interests lie in a stable, cooperative and constructive relationship with China. "Followed by his public statement, David Cameron has announced some key appointments for the new cabinet, with George Osborne, Theresa May and Phillip Hammond remaining in their respective posts of Chancellor of the Exchequer, Home Secretary and Foreign Secretary.

For CRI, I'm Duan Xuelian in LondonChinese helicopters bring relief supplies to hard-hit Nepalese townThe death toll from the Nepal earthquake has climbed to 7-thousand eight hundered eighty five with 17-thousand eight hundred three reportedly injured.

Many of the worst-affected areas are in mountainous regions where aid has been slow to reach due to poor road infrastructure.

On Friday, two Chinese helicopters brought tons of relief supplies to Chautara, one of the worst-affected areas in the earthquake.

Helicopter pilot Que Mao explains how he made the aid delivery.

"We fly to the quake-hit villages based on their longitudes and latitudes, and then choose the best landing locations according to weather and terrain conditions."Another batch of materials including water purifying machines and first-aid kits were dispatched aboard 18 planes by China, and are scheduled to arrive in Nepal Saturday.

Two weeks into its relief operations in Nepal, World Food Programme says food is an increasingly urgent need in the country.

The organization says its emergency operations in Nepal are only four percent funded so far and is calling on the international community to match "the immense needs of Nepalis".

5-day Yemen ceasefire to start next weekIt has been announced that a five-day ceasefire in Yemen will start on May 12th.

Saudi Arabia's Foreign Minister Adel al-Jubeir says that the ceasefire is renewable, and will depend on compliance by Yemen's Houthi rebels and their allies.

"We have made a decision that the ceasefire will begin this Tuesday, May 12, at 11pm and will last for five days and be subject to renewal if it works out. The requirements are, first and foremost, that there is a commitment by the Houthis and their allies, including (ousted President) Ali Abdullah Saleh and those forces that are loyal to him, to abide by the ceasefire. As I said yesterday in Riyadh, this ceasefire will be throughout Yemen or nowhere in Yemen and the matter is entirely up to the Houthis and their allies."Al-Jubeir made the comments at a news conference in Paris alongside US Secretary of State John Kerry, who said the US supports all the efforts made for a peaceful settlement of the Yemen crisis.

"This ceasefire is conditioned on the Houthis agreeing to live by the same commitments. So we strongly urge the Houthis and those who back them, we suggest use all their influence not to miss this major opportunity to address the needs of the Yemeni people and find a peaceful way forward in Yemen."The announcement came hours after the Saudi-led coalition carrying out airstrikes in Yemen declared a rebel stronghold along the kingdom's border a "military target" and gave residents an ultimatum to leave the region by nightfall.

Technical fault caused heli crash: Pakistani foreign secretaryAn army helicopter carrying foreign dignitaries crashed on Friday in Pakistan due to a "technical failure", according to the country's foreign secretary Aizaz Chaudhry.

The ambassadors to Pakistan from the Philippines and Norway and the wives of the ambassadors from Malaysia and Indonesia were among seven people killed in the crash.

Ten passengers were injured.

Hours after the crash, the Pakistani Taliban issued a statement claiming they had shot down the helicopter with an anti-aircraft missile.

However, Aizaz Chaudhry dismissed the claim.

"The TTP claim is a bogus claim, there were full arrangements of security in place, the prime minister had given full instructions and they were being complied with, as I said, all the heights were occupied by our people, this was a technical failure and unfortunately accidents do happen. Yes, we are very sad, very very sad and grieved but accidents are accidents and we would not allow any terrorists to make political mileage out of this, it is not in order."The helicopter was on route to the northern village of Naltar where Pakistani Prime Minister Nawaz Sharif was to attend a public ceremony to inaugurate a newly installed chair-lift at a ski resort.

China to Raise Cigarette Consumption TaxAnchor:

The wholesale tax rate for cigarettes is going to be raised from 5 percent to 11-percent here in China.

As CRI's Sophie Williams reports, the tax raise aims to curb the number of smokers in the world's largest tobacco maker and consumer.

Reporter:

Besides an increase of the wholesale tax rate, cigarette retailers will also have to pay an additional 0.005 yuan for each cigarette they sell.

This is estimated to make retail price of cigarettes in 2015 increase by over 10 percent from that of last year.

According to the World Health Organization, if tobacco prices go up by 10 percent, about 3.7% of adult smokers would quit smoking.

But that figure could be as high as 9.3% for a teenage smoker.

Deputy director of the Research Institute for Economics, State Tobacco Monopoly Administration Li Baojiang hails the move.

"The raise in the wholesale tax will be felt by consumers as it will be passed on to retail prices. So the number of cigarettes consumed by smokers will be reduced. And the number of smokers will be reduced. Therefore, it'll exert a positive impact by curbing smoking."Zheng Rong, a professor at China's University of International Business and Economics, agrees.

She also points out that it is a common practice for other countries to curb smoking by raising taxes on cigarettes.

"Studies are indicating that many countries are frequently levying taxes on cigarettes, thus increasing the retail prices. For example, the retail price in Thailand has been frequently raised on an average of six months in the past five to six years. So it has a good and effective record of curbing smoking."The professor adds that the move can also help to increase government revenues, which can in turns be used to increase health services.

"China is carrying out universal health care coverage and the expenditure in health care is increasing. The government needs to take measures to curb cigarette consumption and reduce the losses caused by it. So it is necessary to curb smoking by raising taxes in terms of government income and expenditure."Data from WHO shows that if a country increases its tax on each pack of cigarettes by some 50-percent, government revenues will increase by some 100 billion US dollars.

This is the fourth adjustment in China's cigarette wholesale tax since it was set in 1994.

With the raise taking effect on Sunday, taxes will make up around 56-percent of cigarette retail prices, still lower than a world average of 65 to-75 percent.

Experts suggest this means that there is still room to further increase cigarette prices and taxes.

For CRI, I'm Sophie Williams.

Lawyers for charged Baltimore PD Officers call for prosecutors dismissal.

It is being reported that the six officers involved in the death of Freddie Gray in the US city of Baltimore on Saturday have filed a motion with a superior court to have the State's Attorney who initially charged them removed from the case.

The lengthy motion filed by the attorneys for the officers cites a variety of concerns, including conflicts of interest and questions about the office's independent investigation.

Gray was arrested April 12 for possessing an illegal knife and suffered a fatal spinal injury while being transported in a police van to a booking center.

Marilyn Mosby was elected to the post in 2014 after a city-wide grassroots campaign saw her unseat a Democratic colleague in a primary election.

WeatherBeijing will be cloudy today with a high of 16 degrees Celsius.

Overnight it will have shower and temperatures will drop to 10.

Shanghai will be overcast with a high of 21 and cloudy tonight with a low of 16.

In Chongqing it will be cloudy in the daytime with a high of 30 and still cloudy tonight with the lowest temperature of 20.

Elsewhere in the world, staying here in Asia,Islamabad will be overcast today with a high of 38.

Kabul will have slight rain with a high of 21.

Over to North America,New York will be rainy with a high of 22 degrees.

Washington will also be rainy with a high of 29 degrees.

Honolulu, rainy, 25.

Toronto, Canada, will have slight rain with a high of 27 degrees.

Finally, on to South America,Buenos Aires will be cloudy with a high of 21.

And Rio de Janeiro will be overcast with a high of 26 degrees Celsius.

Headline NewsChina, Russia Pledge to Deepen CooperationVisiting Chinese President Xi Jinping has met with his Russian counterpart Vladimir Putin in Moscow.

The two leaders have vowed to deepen bilateral cooperation, most especially by situating the former's Silk Road Economic Belt initiative within the latter country's framework for the Eurasian Economic Union.

The two heads of state later inked a joint statement, reaffirming their commitment to integrating the Belt initiative with the EAEU construction.

The two leaders also oversaw the signing of a series of cooperation deals on such subjects as energy, transportation, space, finance and media exchanges, including a gas pipeline project to link Russia and China.

Xi Jinping will also join in commemorations of the 70th anniversary of the end of World War Two in Europe, including a military parade to be held at the Red Square later on today.

5-day Yemen ceasefire to start next weekIt has been announced that a five-day ceasefire in Yemen will start on May 12th.

Saudi Arabia's Foreign Minister Adel al-Jubeir says that the ceasefire is renewable, and will depend on compliance by Yemen's Houthi rebels and their allies.

Al-Jubeir made the comments at a news conference in Paris alongside US Secretary of State John Kerry, who said the US supports all the efforts made for a peaceful settlement of the Yemen crisis.

Technical fault caused heli crash: Pakistani foreign secretaryAn army helicopter carrying foreign dignitaries crashed on Friday in Pakistan due to a "technical failure", according to the country's foreign secretary Aizaz Chaudhry.

The ambassadors to Pakistan from the Philippines and Norway and the wives of the ambassadors from Malaysia and Indonesia were among seven people killed in the crash.

Hours after the crash, the Pakistani Taliban issued a statement claiming they had shot down the helicopter with an anti-aircraft missile.

The helicopter was on route to the northern village where Pakistani Prime Minister Nawaz Sharif was to attend a public ceremony to inaugurate a ski resort.

Lawyers for charged Baltimore PD Officers call for prosecutors dismissal.

It is being reported that the six officers involved in the death of Freddie Gray in the US city of Baltimore on Saturday have filed a motion with a superior court to have the State's Attorney Marilyn Mosby, who initially charged them removed from the case.

The lengthy motion filed by the attorneys for the officers cites a variety of concerns, including conflicts of interest and questions about the office's independent investigation.

Gray was arrested April 12 for possessing an illegal knife and suffered a fatal spinal injury while being transported in a police van to a booking center.

Weekly Biz Roundup(Saturday)Weekly Business ReviewAnchor:

It's time to take a look back at some of the headlines from the business world this past week in our Weekly Business Review.

The 10th Cross-Strait Economic, Trade and Culture Forum has concluded in Shanghai with fruitful results. China's top economic regulator sets rules to attract private investment in infrastructure. It also lifted price controls on most medicines. And the Chinese government shaking up management at the country's top three oil companies.

Lets catch all of that and more with CRI's Wenjie.

Reporter:

The 10th Cross-Strait Economic, Trade and Culture Forum concluded in Shanghai on Sunday.

Many proposals as to the development of cross-Strait relations and future prospects were raised at the forum.

This year's forum focused on small-and medium-sized companies, youth and people from lower economic areas.

Zhang Zhijun, head of the Taiwan Work Office of the CPC Central Committee, says the peaceful development of cross-Strait relations is the right path to generate economic benefits for both sides.

"The common political commitments of the 1992 Consensus and opposing the Taiwan independence movement are the political basis for peaceful development of cross-Strait relations, and should be firmly adhered to. This forum deserves much of the credit for promoting the development of cross-Strait relations during the past 10 years, and most of the proposals raised at the forum have been translated into specific policies, which have already brought tangible benefits to both sides."Zhang adds that efforts are needed to promote cross-Strait economic integration, pay more attention to how people on both sides feel about the development of the ties.

He also says both sides should create more opportunities for youth from both the mainland and Taiwan to study, intern, and work and start their own businesses.

///////////////China's top economic regulator announced on Tuesday that a regulation on managing infrastructure and public project franchise will take effect in June.

The new plans, known as Public-Private Partnerships, will be open to both foreign and domestic private tendering.

Li Pumin, Secretary General of the National Development and Reform Commission, says the investment model makes sense for China.

"This regulation can help attract private money into infrastructure and public projects via corporate investment. Companies, be them either domestic or foreign, will be treated equally in the bidding process for infrastructure and public projects."Policy banks and other lending institutions are also being forced to provide "differentiated" credit support to the projects.

This will include loans of up to 30-years.

///////////////Also on Tuesday, the National Development and Reform Commission announced that price controls on most medicines will be lifted starting from June 1.

Song Dacai, head of the medicine pricing department of the Commission, says the move will help establish a market-oriented pricing mechanism for medicines.

"What's important is to establish a pricing mechanism for medicines and make the price reflect the supply-demand relationship. This on the one hand can help stimulate product research and innovation of companies, and improve medicine quality; on the other hand, it can guarantee the production and supply of some common clinical medicines."Now only narcotics and some listed psychotropic drugs will continue to be controlled by the government, with ceiling retail prices.

The Commission has also called on public health departments to step up supervision on medical institutions and ban improper medicine and medical equipment use, as well as excessive checkups and treatment.

////////////////China's Ministry of Finance announced Friday that the wholesale tax rate for cigarettes will be raised to 11 percent from 5 percent starting from Sunday.

As the world's largest tobacco maker and consumer, China has more than 300 million smokers, almost the size of the U.S. population.

Another 740 million people are exposed to second-hand smoke each year.

Official data shows some 1.3 million Chinese people die from smoking-related diseases annually.

To curb the number of smokers, China released a draft regulation on tobacco control in late 2014 that will ban all forms of tobacco advertising, sponsorship and promotion of tobacco products.

////////////On Thursday, the International Monetary Fund predicted China's economic growth will ease to 6.8 percent this year and to 6.3 percent next year.

The projection for this year is lower than the organization's previous projection of 7.1 percent made in January.

The numbers are included in IMF's latest "Asia and Pacific Outlook" report.

The report attributes the decline to the correction in property and related sectors that continues to drag on investment.

The report also notes that although China's growth has eased "faster than expected," the country is on track for more sustainable expansion.

IMF Senior Resident Representative for China Alfred Schipke says he is quite positive about China's economic prospects based on the current indicators.

"If you look at some other indicators such as wage growth, for instance nominal wage growth, it's still holding up relatively well. So in terms of aggregate demand, I think we are not that concerned. As I pointed out earlier, if you look at retail sales, which is another high frequency data to look at consumption demand, it's also holding up relatively well."IMF adds that China is faced with the challenge to find new, sustainable engines of growth while managing weakness generated under previous policies.

//////////////On the corporate front,Changes to the top executives at China National Petroleum, Sinopec and China National Offshore Oil were announced on Monday.

The move is expected to accelerate market-driven reform of the oil and gas industry.

Wang Yupu, deputy head of the Chinese Academy of Engineering will be the new chairman of Sinopec as Fu Chengyu retires.

Former deputy of China National Petroleum Corp Wang Yilin will return to the company in the latest leadership shuffle.

Wang will leave his current post as the head of China National Offshore Oil Corporation.

He will be replaced by the company's president, Yang Hua.

These top executive will also face challenges to steer the oil giants through the current corruption crackdown and a tumble in global crude prices.

/////////////The stock trading of China's two high-speed railway giants was suspended on Wednesday, which marked the last step of the long-awaited merger.

China North Railway and China South Railway will form a new company called CRRC Corporation Limited.

According to the merger plan, the incorporated company will emphasize overseas industrial layout and management in order to establish promising influence.

Exchange data shows that since the announcement of the merger on Oct. 30, 2014, stocks prices of the two companies surged over 500 percent.

Zhang Gang, chief strategies analyst of Southwest Securities,says the rally is boosted by optimistic market expectations.

"The overly optimistic expectation to the merged company's future business outlook has been reflected in the stock prices. Certainly, it is only a market expectation. Whether the CRRC Corporation is capable of maintaining a sustainable significant growth or not like the market expectation depends on the situation on how many orders it can gain from the overseas market."/////////Chinese antivirus firm Qihoo 360 Technology was censured on Tuesday by three major testing organizations for cheating on several international evaluations.

The three labs of Austria, Germany and the U.K. have stripped Qihoo of all awarded certifications and rankings for this year.

The labs say they will also put in place controls to make sure that Qihoo and others cannot rig the tests in the future.

Qihoo has denied the charges.

Vice president of Qihoo 360 Qu Xiaodong argues that their antivirus software is based on a multi-engine architecture, and works differently in overseas countries because it uses this different model.

"We use different engines of 360 security products in various markets. 360 is an antivirus software with multi- engines. In the Chinese market, we are using the QVM engine based on cloud technology which is more suitable given the market rules."Qihoo 360 is headquartered in Beijing, and reported revenue of 1.4 billion U.S. dollars in 2014.

And that concludes this edition of the weekly business review. I'm Wenjie. Thank you for listening.

SportsStephon Marbury renews contract, stays for one more year with BeijingStephon Marbury has renewed his contract and will play for the Beijing Ducks for one more year.

Beijing coach Min Lulei said there will be at least two more seasons for Marbury until he is 40.

Min said he will ensure that Marbury is not overtrained to keep him in the best shape for the regular and post season at the CBA.

Min said finding a substitute while Marbury is still with Beijing is not an option and he will consider that when the time comes.

Marbury had been playing for Beijing since 2012. He has won 3 championships in the CBA.

He applied for permanent residency last month, a green-card like ID that grants foreigners the legal right to stay in China.

Marbury was an NBA All-Star for two years and had previously played for teams such as the New York Knicks and the Boston Celtics.

Spain's football federation threatens strike over TV rights disputesStaying in Spain,La Liga has launched a lawsuit to overturn a decision by the football federation to suspend matches from May 16.

The federation earlier pledged to halt the season over disputes with the government on new broadcasting rights.

The federation and player's union threatened an open-end strike to force the government to redistribute revenues from broadcasting games.

La Liga president Javier Tebas called it an illegal strike.

"I would ask them to call off the strike. There is no other solution. At least regarding our side. We are not going to give in to blackmail or a false, unfair strike and we also hope that the Spanish government doesn't as well."The decisive last two games in La Liga could both be hit, as well as the King's Cup final between Barcelona and Athletic Bilbao.

Barcelona coach Luis Enrique said his team planned for the season to have a normal end.

"I think dialogue will help win this battle and that the whole thing can be solved. It is something that affects all the parties. They all have their reasons but I think the players and those in the world of football should be considered to reach an agreement. That would be the best way of solving it.

The strike is estimated to cost at least 50 million euros per day in losses from sponsorship, betting and other sources.

Nadal through to semi-finals at Madrid OpenTurning over to tennis in Spain,Rafael Nadal cruised through to the semi-finals at the Madrid Open with a 6-3, 6-4 victory over Grigor Dimitrov.

Dimitrov got off to a strong start and broke Nadal to love in the fourth game. Nadal came into form and gathered his third set point to win the first set.

Dimitrov led again early in the second set but Nadal forced his opponent back and booked his place in the semi-finals.

Nadal was happy with his performance.

I played well today, I think. I played at the right level so I am very happy for that, much better than I was doing for the last two weeks, last week and two weeks ago in Barcelona, and much better than the first day here, so that's great news for me. The first great news is being in the semi-finals, it's a very positive result for me, confidence, good energy because when you are working hard and fighting for goals, it's great when you see those goals arriving.

Nadal will next face Tomas Berdych.

Earlier, in women's action,Svetlana Kuznetsova knocked out Maria Sharapova in straight sets 6-2, 6-4 and will meet Petra Kvitova in the final.

Lewis Hamilton fastest in practice at Spanish GPIn Formula One,Lewis Hamilton posted the fastest time in the second practice session at the Spanish Grand Prix in Barcelona.

Hamilton clocked the best lap of 1 minute, 26.852 seconds on track, four hundredth of a second faster than second placed Sebastian Vettel of Ferrari.

Hamilton's Mercedes teammate Nico Rosberg, who was fastest during the first session in the morning, came in third.

There is a third practice session ahead of qualifying, where Hamilton will bid for his fifth straight pole position this season.

Double champion Fernando Alonso, driving in front of home crowd, resumed action after a heavy crash in pre-season testing.

Female driver Susie Wolff, a development driver for Williams, finished 14th in the morning.

Mayweather calls Pacquiao loser, changes mind about re-matchFloyd Mayweather called Manny Pacquiao a loser and changed his mind about a re-match after reports of Pacquiao's shoulder injury.

Mayweather said he lost respect for Pacquiao during an interview with Showtime that has not been aired.

Mayweather won the welterweight championship over Pacquiao by unanimous deciscion in what was called "the fight of the century".

He did not think the injury was the reason for Pacquiao's defeat and said it was all excuses.

He lost, he know he lost and I lost a lot of respect for him after all of this. You know you fight, if you lose it's OK - Mayweather was the better man. You know, a true champion can bounce back but c'mon, it's ridiculous. It's ridiculous. I won. I know I won. I know I'm the better fighter."Pacquiao was accused of not disclosing the injury but argued he thought he would be fine.

He had undergone a successful surgery following the fight.

Nevada boxing officials are considering disciplinary action against Pacquiao for not disclosing the injury before the fight.

There has been a lawsuit filed in federal court in Las Vegas asking for fraud damages on behalf of people who spent money on the fight.

MLB: Yanks host the O's in NYCTurning over to some Major League Baseball action happening now:

The New York Yankees are hosting the Baltimore Orioles.

And the Washington Nationals are hosting the Atlanta Braves on their Diamond.

Entertainment High hopes for Chinese films at Cannes Film FestivalThe Cannes Film Festival is set to kick off next week with filmmakers from around the world competing for the festival's highest honor, the Palme d'Or.

This year, Chinese cinema has high hopes.

Director Hou Hsiao-Hsien from Taiwan will debut his first attempt at making a martial arts film with The Assassin. The movie was 7 years in the making and finally began filming in 2012.

James Marsh, a film critic based in Hong Kong, pointed out that although Hou is held in high esteem at Cannes, there's some "apprehension" when it comes to "The Assassin."" There's a bit of apprehension, you know, Hou Hsiao Hsien hasn't done a wuxia film before. He's far more sort of minimalist normally with his style. But I don't think anybody is going to hold back in regard to how much they like the film. "Another strong contender in competition is director Jia Zhangke, who, like Hou, is a regular at Cannes.

His films, including "Unknown Pleasures," "24 City" and "I Wish I Knew" have previously competed at the festival, with "A Touch of Sin" winning the Best Screenplay Award in 2013. Jia was also on jury duty last year at the festival.

The Cannes Film Festival will be held from May 13th to May 24th.

BIGBANG take top spots on Billboard World ChartsKorean pop group BIGBANG have returned to the music scene on a high, occupying the two top spots on the Billboard World Digital Songs chart.

The band's new hip hop track titled Loser sits at the number one spot on the World Digital Songs chart followed by song Bae Bae.

The band are only the fourth Korean act to top the list. Previously PSY was the only act to hold the two top spots at the same time with Gentlemen as number one and viral hit Gangnam Syle in second place.

BIGBANG aren't strangers to the Billboard charts. In 2011 their album Alive became the first Korean album to chart on the Billboard 200 charts.

The band have said they will release at least one new song every month until September.

Kate Winslet to appear on Running Wild with Bear GryllsActress Kate Winslet has been confirmed to appear on Running Wild with Bear Grylls.

Winslet will appear on the upcoming second series of the show and will see her survival skills put to the test by the adventurer and survival expert.

Running Wild with Bear Grylls features celebrities traveling to remote places around the globe such as the Rocky Mountains and the jungles of Panama and testing their ability to survive in the wilderness.

When talking about the upcoming series Bear Grylls said that it had been a privilege to adventure alongside such iconic men and women.

Other names set to appear include Kate Hudson, Michelle Rodriguez and Michael B Jordan.

Official Hendrix Biopic to be releasedJimi Hendrix's estate has come to an agreement with legendary pictures to release an official biopic of the rock legend's life.

Director Paul Greengrass is in talks to head the project with a script from 8 mile writer Scott Silver. According to Deadline the film will feature real Hendrix recordings.

Talks about a biopic have been in the works for years however were rejected by the Hendrix family after concerns that a film could hurt the star's music catalog sales.

An unauthorized biopic Jimi: All Is By My Side was released in 2013 starring former Outcast member Andre Benjamin however the film failed to draw in a crowd with a domestic total of only $323,000.

Jimi Hendrix is still regarded as one of the guitar greats constantly topping music polls.

ABC orders new The Muppets seriesUS network ABC has ordered a new The Muppets series marking the show's first prime time television series since the late 90s.

ABC have described the new show as a 'contemporary documentary style show designed to appeal to kids of all ages' according to The Hollywood Reporter. The show will feature the characters' personal lives and also their love lives for the first time.

The new series will be headed by Bill Prady, co-creator of The Big Bang Theory and also behind 1990 special The Muppets celebrate Jim Henson.

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WeatherBeijing will be cloudy today with a high of 16 degrees Celsius.

Overnight it will have shower and temperatures will drop to 10.

Shanghai will be overcast with a high of 21 and cloudy tonight with a low of 16.

In Chongqing it will be cloudy in the daytime with a high of 30 and still cloudy tonight with the lowest temperature of 20.

Elsewhere in the world, staying here in Asia,Islamabad will be overcast today with a high of 38.

Kabul will have slight rain with a high of 21.

Over to North America,New York will be rainy with a high of 22 degrees.

Washington will also be rainy with a high of 29 degrees.

Honolulu, rainy, 25.

Toronto, Canada, will have slight rain with a high of 27 degrees.

Finally, on to South America,Buenos Aires will be cloudy with a high of 21.

And Rio de Janeiro will be overcast with a high of 26 degrees Celsius.

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

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

China and Russia vowing to deepen their cooperation on the occasion of Chinese President Xi Jinping's visit to Moscow...

Over 100 Chinese honor guards to join in V-Day commenorations with a parade on Red Square...

And Saudi Arabia announcing a five-day ceasefire in their operations against Houthi rebels in Yemen...

In our weekly buisness review...the 10th Cross-Strait Economic, Trade and Culture Forum wrapping up in Shanghai...

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