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

Coming up on the program this evening...

The Chinese and Russian presidents have met in Moscow, talking deeper cooperation and links between two major trade strategies...

The leaders also attended ceremonies marking the 70th anniversary of the end of World War II in Europe... ceremonies have been held across the continent and in Washington, DC...

Police in Australia have foiled an alleged bomb plot, arresting a teenage suspect...

In our Biz roundup, the 10th Cross-Strait Economic, Trade and Culture Forum in Shanghai...

In Sport: the Bulls take a lead in their NBA playoff series over the Cavs with a late three-pointer...

In Entertainment: another huge weekend for the new Avengers movie at the North American box office...

All of that coming up in just a moment, but first, just a reminder there are several ways to reach out to us here on the Beijing Hour.

You can follow us on our weibo account at weibo.com/beijinghour, or email us directly at [email protected]. You can also visit english.cri.cn for the latest news and information from China Radio International.

Top NewsVictory Day Parade Held at Moscow's Red SquareAnchor:

A grand military parade marking the 70th anniversary of victory in the Great Patriotic War has been staged on Red Square in Moscow.

Russian President Vladimir Putin and Chinese President Xi Jinping, together with twenty other leaders of nations and international organizations, attended the event.

CRI's Luo Wen has the details.

Reporter:

Among the many celebrations held in Russia commemorating the Great Patriotic War, the Red Square military parade is the most eye-catching event.

Saturday's event was the biggest one held in Russia in decades, with over 16-thousand soldiers taking part in the procession and around 200 units of military weaponry and equipment on display.

War World Two veterans watched the procession from the grandstand as they saluted the soldiersRussian President Vladimir Putin says the history of WWII is still appeals to people's minds and vigilance.

"In the 1930s, the enlightened Europe did not see a deadly threat from the Nazi ideology from the very beginning. And now, 70 years after, the history is again appealing to our minds and our vigilance. We should not forget that the ideas of racial superiority and exclusiveness led to the bloodiest war."As the famous Russian song "Katyusha" played in the background, China's honour guard marched in strict formation.

The team includes 112 uniformed soldiers from the three services of the Chinese People's Liberation Army (PLA).

It is the first time for Chinese soldiers to participate in Russian Victory Day parades.

Military units from nine other countries, all in 70-strong formations, also joined the procession.

The troops were followed by the mechanized column, showcasing the legendary T-34 medium tank and the Su-100 self-propelled gun.

The flyover wrapped up the parade with 143 aircraft from 12 military airports flying over Red Square.

For CRI, this is Luo Wen.

China, Russia Pledge to Deepen CooperationAnchor:

The Chinese and Russian presidents have met with each other in Moscow.

The two leaders have vowed to deepen cooperation between their countries, most especially by building links between China's Silk Road Economic Belt initiative and Russia'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 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.

Xi Honors Russian VeteransAnchor:

On the sideline of his visit to Russia, Chinese President Xi Jinping has met with Russian World War II veterans in Moscow and conferred medals on them.

Liu Yuanhui has the details.

Reporter:

The medal ceremony was held in the President Hotel in the Russian capital, honouring 18 Russian veterans who fought against Japanese invaders in China in the 1930s and 40s.

The Chinese President shook hands with the veterans, and extended his sincere greetings to them on behalf of the Chinese government and people.

Xi Jinping spoke highly of the veteran's contribution to China and to the global fight against fascism.

"Upon the 70th anniversary of the victories in China's War of against Japanese Invasion and the war against fascism, I really feel excited to meet you here in Moscow. Many of you once participated in the battles to help liberate Chinese cities like Changchun, Shenyang, Mudanjiang and Dalian, making a great contribution to the victory of the Chinese people in the Sino-Japanese war."The president said the commemorative events being held in China and Russia this year are of great significance.

"The commemorative events the two countries hold this year are aimed at remembering the history, treasuring the peace, and pursuing a better future. The Chinese-Russian friendship, forged with lives and blood during wartime, has laid a solid foundation for the two peoples to carry forward their bond from generation to generation."During World War II, China and Russia suffered casualties of over 35 million and 27 million, respectively.

Xi Jinping is in Moscow for a state visit and commemorative events to mark the 70th anniversary of the victory of the Great Patriotic War, as it is known in Russia.

The highlight of the events is the parade at Red Square that involved a legion of more than 100 Chinese honor guards among over 16-thousand multinational troops.

Also on Friday, Russian President Vladimir Putin accepted President Xi's invitation to attend war commemorations in China on Sept. 3.

The day is China's national commemoration day of its victory over the Japanese invaders.

On September 3, 1945, the Japanese army in China formally surrendered to the Chinese government.

For CRI, I'm Liu Yuanhui.

Interview with Belarusian President ahead of Xi's VisitAhead of the Chinese President's visit, Belarusian President Alexander Lukashenko says his country is ready to become the hub for the Silk Road Economic Belt.

"We are modernizing the railways, highways and other infrastructures with China's help. Nowadays, transportation is very convenient in Belarus, which is an important guarantee for building the Silk Road Economic Belt. But more importantly, our country can be the hub for the economic belt which passes through Kazakhstan and Russia. So it needs a logistics platform, and Belarus can play this role. We can build this platform together."The Silk Road Economic Belt was proposed by China in 2013, aiming to bring together Asia and Europe with closer trade and cultural ties.

The Belarusian President also applauded China's commemoration this September of the 70th anniversary of the end of its war against Japan.

Chinese President Xi Jinping is due to visit Belarus from Sunday to Tuesday.

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:

"I'm from Ohio, and he is in Virginia. 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 the victory have entered into full swing in many other European countries.

CRI's 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.

World War II- Red Army WitnessAnchor:

Saturday marks the 70th anniversary of the end of World War Two in Europe.

Only a handful of the soldiers who liberated the Nazi concentration camps are still alive. 92-year old Munich resident David Dushman is one of them. He recounts how he helped liberate the Polish city of Auschwitz.

Our reporter Liu Kun brings the details.

Reporter:

David Dushman is one of just 69 men in his 12,000-strong column of tanks to survive the war.

Born in the Polish city of Gdansk in 1923, he joined the Red Army in 1941 after the Germans attacked the Soviet Union.

As Allied forces swept across Europe in 1945, the twenty-two-year-old Dushman was among the first to arrive at Auschwitz concentration camp in southern Poland, where he and his fellow Red Army soldiers set about dismantling the fences and barbed wire.

"We destroyed it all with our tanks. I handed out everything I had in the tank - tinned food, chocolate and so on - and then we drove on. After us came the first Ukrainian front and they were the ones who liberated. We simply destroyed it all."Dushman describes what he saw.

"There were different small camps, one big one and other small ones. There were people wearing uniforms, very thin. You see, people who are involved in war are like animals. We saw so much suffering, so many dead people every day. It was normal. And of course that was not nice to see."After twenty minutes, the soldiers were ordered to leave, on to liberate Berlin.

Seventy years on, as he looks at the current conflict in Ukraine between government forces and separatists, Dushman fears the lessons of the war haven't been learned.

"In my tank there was me, a Jew, with a Ukrainian and a Russian. We were like brothers. It does not matter a bit if you are German. You are a person. You are a person. And Ukrainians are people and Germans are people and Russians are people. We have to behave like people and not animals. I do not understand what these politicians are doing. I do not understand it at all."It is not only animosity between nations that trouble the veteran, but a resurgence of fascism as well.

"It is not just a German problem, but a global one. There is fascism in Russia too. Young people. It is a catastrophe,"Yet despite harrowing memories of the war and his concerns for future generations, Dushman says he is content, relishing his second chance at life.

After studying medicine, Dushman then dedicated his life to sport, first as a professional fencer and later as coach to the Soviet fencing team.

He moved to Munich, German with his wife in 1996. He is now a member of the Olympic fencing club there.

For CRI, this is Liu KunFirst British-Chinese Elected to UK ParliamentAnchor:

History has been made as Britain saw its first ethnic Chinese member of parliament. 31-year-old Alan Mak, a Cambridge-educated lawyer, was elected to the House of Commons in Thursday's general election.

CRI reporter Tu Yun earlier spoke to Alex Yip, Vice Chair of the British Chinese Project, an organization seeking to raise the presence of the UK Chinese community in the British political arena.

Liberia wins in battle against EbolaAnchor:

Liberia has been declared Ebola-free, following 42 days with no new cases of the deadly virus. But it could be much longer before the country is truly free of Ebola.

CRI's Poornima Weerasekara reportsReporter:

"Ebola it's time for you to go back, you have shown yourself enough, I think it's alright, right? Bad sickness like you, you brought more fear. We giving your back kicked now, we not scared. "To Liberian artist Henry Toe, who survived the Ebola epidemic, the news that his country has now been declared Ebola-free has given him a new lease of life.

Forty-two days with no new Ebola cases represents twice the maximum incubation period of the virus.

But the U.N. warns it could take months to fully eradicate Ebola in Liberia.

According to the World Health Organization over 11,000 people have died from Ebola in Liberia, Guinea, and Sierra Leone since the outbreak began in December 2013.

Nearly half of those deaths have been in Liberia. The country's poor public health system quickly broke down, unable to cope with as many as 400 new cases each week at the peak of the epidemic last September.

Liberia's Deputy Health Minister, Francis Kateh, says the country is still reeling from the shock of mass cremations.

"At the time it was very bad because there were people dying and we didn't have enough ETU's (Emergency treatment units). A few nurses and doctors died. We were burning 70-80 persons a day, but with the abundance of bodies in the streets the President had to make a decision and give an order that we do cremations, which was a shock to the entire country. That was the worst situation. That was the worst nightmare for me."Neighboring Sierra Leone and Guinea are still reporting cases of the infectious disease. Kateh says when the crisis hit West Africa, China was the first to send aid to Liberia.

"When the Ebola happened, the first international supply we got came from China. The Chinese medical team had an ETU that was very strong. I think China has played a major role. They have been a good friend to Liberia."The last case of Ebola in Liberia was reported on March 27. But UN Chief Ebola crisis manager Dr Peter Graaff says this should not lead to complacency.

"We're proud of what we collectively managed to do but we need to remain vigilant. The virus is not yet out of the region. However, it is going to be an important moment for Liberia in terms of getting back to a normal path towards development."There is also risk the disease will return, as new research suggests that traces of the virus can lay dormant in the bodies of survivors for months, even after they have recovered.

For example, a recent study published in the New England Journal of Medicine that studied the case of an American doctor who contracted Ebola while he was working in West Africa has found that the virus continued to live in his retina 10 weeks after it had cleared from his blood.

Therefore, Liberian authorities have pledged to maintain heightened surveillance for at least another year.

In the Monrovia, the capital, songs about Ebola, like that sung by wrapper Henry Toe will continue to top the charts as people struggle to rebuild their lives.

"Waaooo…waaooo…that's the sound we used to hear. you look left and right, dead bodies everywhere. Wake up Liberia, it's time to give a back-kick to Ebola."For CRI I'm Poornima WeeraskaraAustralia police foil alleged terror bomb plot and arrest the suspectMelbourne police have arrested a 17-year-old teenager suspected of plotting to detonate three homemade bombs in the city.

Federal Police Deputy Commissioner Mike Phelan says the teenager was arrested last Friday in a police operation at his home in the upmarket suburb of Greenvale, where the explosive devices were found.

"These are extremely serious offences and they did involve the use of improvised explosive devices. It is deeply troubling to police that such young people in our community are becoming disaffected in the way in which they are and considering endangering the lives of many Australians."Phelan says the bomb squad has neutralized the devices.

Australian Prime Minister Tony Abbott is urging the public to be more aware of terror threats.

"We know that we face a very serious terror threat, a very serious terror threat. The tragic truth is that there are people amongst us, not very many, it's true, but there are some people amongst us who would do us harm, and it's vital that our police and security agencies be given all the support and all the resources that they need to do their job properly."The suspect will appear in Melbourne Children's Court on Monday on terrorism charges.

His identity cannot be revealed for legal reasons.

Last month, five Australian teenagers were arrested on suspicion of plotting an Islamic State- inspired attack at a Veterans' Day ceremony in Melbourne that included targeting police officers.

Residents in Nyalam County Being RelocatedResidents living in a quake-hit county on the China-Nepal border are being relocated ahead of the upcoming rainy season.

Feng Luwei is an official with Nyalam County in southwest China's Tibet Autonomous Region,"To prepare for the upcoming rainy season, the county's government has found a total of 148 empty and low-rent houses in safe areas. After the plan has been evaluated by experts, we will relocate 211 families, including 667 residents, to these houses. They can move back to their new homes when we finish the reconstruction,"Many houses in Nyalam County in southwest China's Tibet Autonomous Region were damaged in the Nepal Earthquake last month. Many residents have since been staying at temporary camps.

Located at an altitude of 4,000 meters and with an average annual rainfall of 2,000 millimeters, the county officially entered its rainy season in May.

WeatherBeijing will see slight rain tonight with a low of 10. The rain continues tomorrow, a little heavier at times, with a high of 13.

Shanghai will be cloudy with a low of 16. The clouds stick around tomorrow... the high will be 23.

Chongqing will be clear with a low of 19. Cloudy on Sunday with a high of 31.

Elsewhere in Asia,Kathmandu will see scattered thundershowers with a high of 26,Islamabad, cloudy, 43,Kabul, cloudy, 26.

In Australia,Sydney, clouds and 22,Brisbane, sunny, 26,Finally Perth will be sunny with a high of 24 degrees Celsius.

Headline newsPutin pays tribute to China's sacrifice in WWIIRussian President Vladimir Putin has paid tribute to China's sacrifice in World War II while addressing a ceremony marking the 70th anniversary of the victory over fascism.

Putin said that China was Asia's main battlefield in the war, and millions of lives in the country were sacrificed.

He also called for an international security system based on equality in his speech at the start of the country's Victory Day parade.

Chinese President Xi Jinping attended the parade in Red Square, among leaders from about 20 other countries and international organizations.

China's Xi, Swedish king swap congratulatory notes on anniversary of tiesChinese President Xi Jinping and the Swedish King have exchanged congratulatory messages to mark the 65th anniversary of bilateral ties.

In his message, the president speaks highly of the efforts on each side to boost friendship and cooperation over the decades.

In his message, the King says he hopes the friendly relations between Sweden and China continue to advance.

Sweden was among the first Western countries to establish diplomatic ties with the People's Republic of China, established in 1949.

Wanted economic fugitive returned to ChinaA second suspect from China's list of "100 most-wanted economic fugitives" hiding overseas has been returned under operation Skynet.

Li Huabo was an official in eastern China's Jiangxi province before he fled the country for Singapore in 2011.

Chinese officials have confirmed that Li arrived back in the country today. No other details have been provided.

Interpol's National Bureau of China issued the top-100 list of economic fugitives last month. The first suspect was captured days later, on April 25th.

China to deepen health system reformA document that details measures to deepen reforms in China's healthcare system has been released.

Issued by the General Office of the State Council, it maps out plans for this year to improve hospitals and the medical insurance system.

It also states that public hospitals should not be relying on the sales of medicines to supplement hospital income.

The document calls for a reasonable pricing system to be established, saying staff recruitment and salary policies require reform also.

DPRK test-fires strategic ballistic missileNorth Korea has announced that it successfully conducted an underwater test-firing of a submarine-launched ballistic missile.

The official KCNA news agency reports that leader Kim Jong Un oversaw the test-launch from a location off-shore.

But the report did not mention the date or the exact location of the test.

North Korea is under United Nations sanctions banning it from developing or using ballistic missile technology.

Leftwing Naxalite rebels take 200 villagers hostage in central IndiaIndia's leftwing Naxalite rebels have taken over 200 villagers hostage in the central Indian state of Chhattisgarh.

Local police believe the attack aims to prevent locals from attending Prime Minister Narendra Modi's rally in the state's Naxalite district later in the day.

Modi is visiting the district to inaugurate a key railway link in the region.

A rescue operation is underway.

Weekly Biz RoundupAnchor:

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. 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 shook up management at the country's top three oil companies.

Let’s 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.

SportsBulls Beat Cavaliers 99-96 on the Final Buzzer in Game 3 of SemisIn the NBA Playoffs,A three-point buzzer-beater from Derrick Rose gave Chicago a 99-96 victory in Game 3 of the Eastern Conference semi-finals on Friday.

The Bulls now lead the Cleveland Cavaliers 2-1.

LeBron James had 14 assists in the game, giving him 1073 in his career, good for 4th place on the all-time list behind Tony Parker, Steve Nash and Larry Bird.

Bulls guard Derrick Rose had a game-high 30 points.

The 26-year-old took an inbound pass from Mike Dunleavy Jr. and banked in a 3-pointer with just three seconds on the clock.

Chicago Bulls coach Tom Thibodeau said Rose played great.

"Well that's his greatness. There's not many like him. As a matter of fact there's probably not any like him that combine the speed, the quickness, the power. And, you know, he's shaking the rust off so the more he plays, the more comfortable he becomes, the better rhythm he has."　Game 4 is in Chicago on Sunday.

In other NBA news,Clippers forward Matt Barnes has been fined 50 thousand dollars for comments to James Harden's mom.

During Game 2 of the team's Western Conference semifinals series, Barnes had been exchanging words with a courtside fan who turned out to be the mother of the Houston Rockets star guard.

Barnes said earlier Friday he was simply responding to remarks made toward him and didn't know the fan was Harden's mother.

Stephon Marbury Renews Contract, Stays for One More Year with BeijingIn the CBA,Stephon Marbury has renewed his contract and will play for the Beijing Ducks for one more year.

Beijing coach Min Lulei says he will ensure that Marbury is not over trained to keep him in the best shape for the regular and post season.

He says finding a replacement for Marbury while the player is still with Beijing is not an option and he will consider what comes next when the time comes to do so.

Marbury has 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.

Football: Liaoning Whowin Beat Tianjin Teda 3-2In the Chinese Super League,Liaoning Whowin beat Tianjin Teda 3-2 this afternoon.

31-year-old Hernán Barcos opened the scoring for Tianjin at the twelfth minute.

But he scored an own goal just 3 minutes later to tie with Liaoning 1-1.

With the win, Liaoning climbed to 8th place in the league standings with 13 points, 4 points more than Tianjin.

Three games get underway now,Leaders Shanghai SIPG are playing against City Rivals Shanghai Shenhua.

Hangzhou Greentown battles Guizhou Renhe.

And it's Shijiazhuang Yongchang taking on Chongqing Lifan.

Chen Penbin Gets Home after 37 MarathonsChina's first international ultra-marathon champion has arrived in his hometown in Zhejiang province, having completed 37 marathons in as many days.

Chen Penbin is from Taizhou and returned to the city on Friday.

He is on a mission to run 100-marathons-in-100-days. The 37-year-old began the endeavor in Guangzhou on April 2nd, and plans to visit seven provinces before arriving at his final stop, Beijing, on July 10th.

Chen ran 100 kilometers at the South Pole last year, becoming the first runner to complete an ultra-marathon on all seven continents.

Serena Williams and Maria Sharapova Knocked out at Madrid MastersIn tennis,World number one Serena Williams's 27-match unbeaten run ended with a 6-2, 6-3 defeat by Petra Kvitova in the Madrid Open semi-finals on Friday.

Williams had not lost since October, when she was routed 6-0, 6-2 by Simona Halep at the WTA Finals.

Speaking of this defeat, Williams says it may be 'preparation' for the next tournament.

"I am just exhausted today, it's been a rough week for me but it's all part of the play though. It's really good to be really exhausted now and then go into another tournament, and then getting ready for Roland Garros, so this is all great preparation. "Defending champion Maria Sharapova also crashed out after losing 6-2, 6-4 to unseeded Svetlana Kutnetsova.

The 28-year-old Russian says Kutnetsova posed a great challenge to her in the match.

"She (Svetlana Kutnetsova) has come back from behind in so many of her previous matches that she's played here and I really felt like she stepped up today. She had much more pop on her ball than I did, I felt my shots were a little bit too flat and right in her striking zone, and she was just able to push me back."Kutnetsova will play Petra Kvitova for the title.

In men's action,Last year's runner-up Kei Nishikori reached the semi-finals with a 6-4, 6-2 victory over David Ferrer.

With the win, Nishikori extended his unbeaten record on clay this year to eight matches.

Next up for Nishikori is second seed Andy Murray, who brushed aside Milos Raonic 6-4, 7-5.

Entertainment'Avengers: Ultron' Headed for $80 Million-Plus Weekend, 'Hot Pursuit' takes secondAvengers: Age of Ultron, from Disney and Marvel, is dominating the North American box office for the second weekend in a row, with early estimates pointing to a weekend haul north of 80 million US dollars.

Age of Ultron, which took in 191 million US dollars in North America during its opening weekend, is racing towards the 1 billion US dollar mark globally.

The Reese Witherspoon and Sofia Vergara comedy Hot Pursuit appears to be headed for an opening weekend take of about 13 million US dollars.

The weekend's other new nationwide offering is Jack Black comedy The D Train, which IFC Films opened in more than 800 theaters, its widest release ever.

The film, directed by Jarrad Paul looks, as if it will attract just a little over 1 million US dollars during the course of the weekend.

"Where the wind settles" releases a special poster for Mother's DayThe forthcoming modern love film "Where the wind settles" has released a special poster for Mother's Day.

The poster features the hand-drawing of a mom's image which reads "I'm happy to have a mom."The film centers on a kid who got separated from his parents when the Kuomintang retreated to Taiwan in 1949. Three defeated soldiers find the kid and bring him to Taiwan. These young men have to make a living by themselves as well as acting as fathers of the kid and providing him with parental love.

The three fathers are portrayed by Mainland actor Li Xiaochuan, Taiwan actor Tony Yang and American Chinese George Hu.

It also stars Taiwan actress Amber Kuo and Bea Hayden.

The film is directed by Taiwan director Wang Tong and is set to be released on June 19.

Bones renewed for season 11, longtime showrunner steps downFox has renewed the crime procedural series Bones for an eleventh season, putting the show in elite company with a finite number of other dramas that have survived on-air for more than a decade.

Booth and Brennan will still be on the case next season, yet there's a big shakeup behind the scenes.

Stephen Nathan — who has been the showrunner of the series since the very first episode — is stepping down to work on other projects at Fox.

Instead, Bones executive producer Jonathan Collier and co-executive producer Michael Peterson will take command of the ship moving forward.

The renewal comes as the forensic procedural endures some of its lowest ratings.

This season to date, Bones has averaged 7.7 million viewers and a 2.0 rating when including DVR playback.

Bones premiered on Fox in the United States on September 13, 2005. Each episode focuses on an FBI case file concerning the mystery behind human remains.

Quentin Tarantino Provides First Look At 'The Hateful Eight'

Quentin Tarantino's newest western is on the way, and he has provided a first look at "The Hateful Eight" on the cover of a magazine.

The cover shows cast members Samuel L. Jackson, Kurt Russell, and Jennifer Jason Leigh in full costume.

The plot of the new Quentin Tarantino film is set about a decade after the Civil War.

The story follows a bounty hunter named John Ruth, played by Kurt Russell, who is transporting the captured criminal Daisy Domergue, played by Jennifer Jason Leigh. As they travel, they encounter several other shady characters right out of old western films, including an outlaw and a Confederate general.

Quentin Tarantino is best known for violent films with long stretches of clever dialogue between characters who want to kill one another.

It seems as though The Hateful Eight will be no exception to that formula.

The film's development was announced by Tarantino in November 2013Filming officially began on January 23 in Colorado.

The film is set for release this fall.

Last movie of Orson Welles on its way to the silver screenOrson Welles' final film "The Other Side of the Wind" could be produced after forty years of financial delays and legal wrangles.

The idea for the movie dates back to 1937.

Orson Welles hoped this final film would be as successful as Citizen Kane and would mark his Hollywood comeback.

But funding fell short and Welles died in 1985 before it was completed.

After 40 years of legal wrangling and funding issues, an independent film producer has received permission to edit and produce the movieA crowd funding campaign is seeking ?1.5m for the film to be produced.

The film is widely regarded as the most famous film never released.

WeatherBeijing will see slight rain tonight with a low of 10. The rain continues tomorrow, a little heavier at times, with a high of 13.

Shanghai will be cloudy with a low of 16. The clouds stick around tomorrow... the high will be 23.

Chongqing will be clear with a low of 19. Cloudy on Sunday with a high of 31.

Elsewhere in Asia,Kathmandu will see scattered thundershowers with a high of 26,Islamabad, cloudy, 43,Kabul, cloudy, 26.

In Australia,Sydney, clouds and 22,Brisbane, sunny, 26,Finally Perth will be sunny with a high of 24 degrees Celsius.

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

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

The Chinese and Russian presidents have met in Moscow, talking deeper cooperation and links between two major trade strategies...

The leaders also attended ceremonies marking the 70th anniversary of the end of World War II in Europe... ceremonies have been held across the continent and in Washington, DC...

Police in Australia have foiled an alleged bomb plot, arresting a teenage suspect...

In our Biz roundup, the 10th Cross-Strait Economic, Trade and Culture Forum in Shanghai...

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