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

Coming up on our program this morning...

At least another 50 people are dead, and hundreds injured, following another major earthquake in Nepal.

Chinese President Xi Jinping is back in Beijing after wrapping up his 3-nation tour.

A 2nd day of trilateral trade talks are set to begin later on this morning among China, South Korea and Japan.

In Business.... new stats show FDI into China is on the rise this year.

In Sports.... new figures show the Pacquiao-Mayweather fight has broken viewership records.

In entertainment... Lincoln Park have announced a new series of shows here in China.

All of that coming up in the next hour.

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Top NewsMore death reported after the powerful 7.4-magnitude EarthquakeAt least 50 people are dead following another major earthquake in Nepal.

The 7.3 magnitude quake struck late yesterday afternoon.

It's been followed by at least a dozen aftershocks over magnitude-5.

"I felt really scared this time, after so many days I felt there was earthquake (aftershocks) of 4 to 5 (Richter scale) but I didn't actually feel it, so this time it was very big and I was afraid that what happened to my house or something, hope nothing has happened to my house, and so I just ran here. I was very scared at that time."Chinese crews already on the ground in Nepal helping with relief efforts from last month's quake are moving to try to cope with the new disaster.

"Since there have been some more damaged houses and dead people, we need to get the latest information, about the damage done to the infrastructure facilities including to the drinking water supply. We need to update our rescue plan."At least one person has been killed on the Chinese side of the border.

The quake, being viewed at this point as an aftershock from last month's earthquake, hit just 10-kilometers from the border with China.

The earthquake has also left a dozen people dead in neighboring India.

U.S. Marine Corps helicopter missing in Nepal: U.S. militaryA US Marine Corps helicopter has been declared missing in Nepal.

The flight included 6 U.S. Marines and two Nepalese soldiers.

The Huey disappeared while delivering aide to an area north of Kathmandu.

US officials are suggesting its possible the helicopter may have run out of fuel.

Xi visits China-Belarus Industrial Park before leaving MinskChinese President Xi Jinping is back in Beijing after his 3-nation tour through Kazakhstan, Russia and Belarus.

As part of his time in Russia, Xi Jinpnig attended the ceremony commemorating the 70th anniversary of the victory in Europe during World War II.

In Belarus, the Chinese President took time to visit the China-Belarus Industrial Park being built on the outskirts of Minsk.

Xi Jinping and Belarusian President Alexander Lukashenko have also overseen the signing of a number of economic deals connected to the Chinese-backed Park.

The Park is the largest foreign investment projects in Belarus.

It's being touted as a key project in the creation of the "Belt and Road" initiative.

Earthquake Drills Held across China on National Disaster Prevention DayAnchorEmergency-preparedness drills have been held in several Chinese cities on Tuesday to help mark 'National Disaster Prevention and Reduction Day.'

CRI's Huang Shan reports.

ReporterA series of activities have been carried out across China, to help people learn survival skills and practice evacuation methods.

In northwestern Ningxia Technical College, an emergency drill attracted around 4,000 students and teachers to take part in the activity.

During the drill, firefighters identify trapped students and then rescue them by using ladders and aerial ladder trucks.

Wang Guoen is the head of local public security fire brigade.

He explains the reason why they organized this kind of drill.

"The large number of student casualties in the Wenchuan Earthquake exposed our students' poor ability for self-rescue and to escape from danger, and their lack of relevant education. we conducted this drill after considering the earthquakes that have frequently happened in recent years. "This year's Disaster Prevention and Reduction day aims to apply scientific methods to disaster alleviation.

Zhang Yong is the leader of China's Blue Sky rescue team.

He says such kind of activities is crucial in helping alleviating destruction during emergencies, such as an earthquake.

"Drawing on the experience of previous major earthquakes, the government is now enhancing its earthquake early-warning system, and publicizing the knowledge of disaster avoidance. You can see that earthquake drills are held across China, and the amount of emergency supplies in the frequent earthquake areas is increasing. All of these things are very helpful."Tuesday also marks the 7th anniversary of China's Wenchuan Earthquake, which killed nearly 70 thousand people in the southwestern region.

China is also among the countries that hit hardest by earthquakes.

The vice-chairman of International Emergency Management Association, Qu Guosheng, says China should put disaster alleviation into urban planning and draw on similar international experience to improve preparation for disasters.

"No matter in cities or mountainous areas, we should arrange helipads in an effective way. By these means, we can transfer rescue forces and relief materials to the site as soon as possible when disasters happen. In our country, many emergency shelters have been established. We also make sure that corresponding facilities, such as toilets, electricity, and water supply are in place. This preparation can facilitate rescue efforts and post-disaster reconstruction."Zhang Yong from the Blue Sky rescue team further gives some suggestions for disaster prevention and self-rescue.

"In developed countries, many households have first-aid kits, and rescue tools. This is something we can learn from, especially for those who live in earthquake-prone regions. Meanwhile, when an earthquake suddenly occurs, people should get under furniture that can bear large weight on top. If they live in bungalows or on lower floors, they should run out to open areas."For CRI, I'm Huang Shan.

India expects tangible cooperation with China: ModiIndian Prime Minister Narendra Modi has met with the Chinese media in Delhi ahead of his visit to China this week.

Modi says he wants to focus on how India and China can work together for the betterment of the global society.

"Both India and China have a responsibility in assisting the third world countries. A reduction in disease and poverty in these countries will have a huge impact on the whole world. We all acknowledge that the 21st century is an Asian century. I believe a closer India-China relationship will send a strong signal of peace and stability to the world."An estimated 10-billion US dollars worth of economic agreements are due to be signed as part of Modi's time in China.

India's ambassador to China, Ashok Kantha, says he expects the "Belt and Road" initiative will also be a significant topic of discussion.

"Both sides recognize that the relations between India and China, two large countries, cannot just be conducted from New Delhi and Beijing. So we're developing the team of the sub-regional, sub-national cooperation involving states and provinces and cities. That's a major focus of this visit. And you'll see new initiatives ranging from yoga to outer space to skill development to several other areas."Modi is set to arrive in China on Thursday.

He's due to make a stop in Xi'an before heading to Beijing and Shanghai.

Pakistan PM pledges support in Afghan fight against TalibanPakistan's Prime Minister is in Afghanistan for a meeting with the country's leadership.

Nawaz Sharif has sat down with Afghan President Ashraf Ghani for the first time.

"Any effort by any militant or group to destabilise Afghanistan will be dealt with squarely and such elements will be outlawed and hunted down. In case of terrorist activity, both Pakistan and Afghanistan retain the right of counteractions in conjunction."The meeting between the two leaders comes on the heels of the first-ever face-to-face meeting between Afghan authorities and the Taliban in Qatar.

Afghan administrations, following the 2002 invasion by US forces, have accused the Pakistani government of providing support for the Taliban.

Islamabad has long-denied the suggestion.

US Senate Votes against Obama's Pacific TradeThe proposed Trans-Pacific Partnership agreement has hit a snag in the US Congress.

US Senators have voted to not limit debate on a proposal which would give US President Barack Obama the authority to fast-track the bill without legislative approvals.

The so-called TPP is one of the rare instances where the Democratic President and the Republican-controlled Congress have agreed on.

Republican Senator Orin Hatch says the Trans-Pacific Partnership agreement is critical for the economic prosperity of the United States.

"I hope my colleagues on both sides of the aisle will stand with me and President Obama and vote yes so we may update and modernize our trade laws, including TPA to help lay the ground work for a healthy economy for our children and our grand children. 95 percent of the world's trade is outside of our country."The White House is being opposed on the TPP by left-leaning Democrats, including rising Democratic star, Senator Elizabeth Warren.

Saudi-led coalition announces Yemen ceasefire in effectThe Saudi-led coalition fighting the Houthi Rebel forces in Yemen have begun a 5-day ceasefire.

Saudi officials say this will allow deliveries of relief supplies into the country.

UN envoy Ismail Cheikh Ahmed says they're hoping the truce will be extended.

"We have two points regarding the humanitarian truce: first, it has to be unconditional and second, humanitaian aid should be able to reach all Yemenis in the south, the north, the east, and the west."UN official Rupert Colville says the campaign in Yemen over the past month has been devastating to the locals.

"The six days from the 4th to the 10th of May, that is to yesterday, have been the deadliest since fighting began in Yemen on the 26th of March. The total of at least 182 civilians reported killed during that period, almost exactly half of them women and children -- that's 51 children and 41 women."Saudi-led forces began bombing Houthi targets in Yemen at the end of March.

Around 15-hundred people have been killed since the campaign began.

Putin, Kerry discuss closer Russia-US cooperation on UkraineRussian President Vladimir Putin has met with US Secretary of State John Kerry in Sochi.

Kerry, who has also held talks with his Russian counterpart Sergei Lavrov, says his discussions with Putin have been "frank" and "productive", saying the US and Russia can work together on international issues.

"From the Geneva communique to the removal of Syria's chemical weapons, I would emphasize that we have seen what happens when Russia and the United States work together. It is clearly possible to make real progress and make important things happen."　On Ukraine, Kerry says Moscow needs to adhere to the international agreements signed earlier this year in Minsk.

"I reiterated America's view that the Minsk agreements are absolutely, in our judgment, by far the best path, the principle path, to peace, and those agreements must be fully implemented - the sooner, the better. If and when Minsk is fully implemented, it is clear the US and EU sanctions can begin to be rolled back."For his part, Lavrov says both sides have agreed to seek a peaceful solution in Ukraine.

"There are certain differences between Russia and the United States about the origin of this crisis and current assessments of its development. But we were absolutely united in understanding that this problem should be resolved by peaceful means only, through full and comprehensive implementation of the Minsk agreements."Lavrov also says Russia is ready to work with the US on issues connected to Syria and Iran.

However, he has insisted Russia "will not bow to coercion."The US-Russia ties are said to be at their lowest point since the end of the Cold War due to the situation in Ukraine, particularly Russia's annexation of Crimea.

Russia is said to be supporting the rebels in Ukraine.

Moscow has consistently denied that.

China, S. Korea, Japan Sit for FTA TalksAnchorA new round of talks for a trilateral free trade agreement among China, South Korea and Japan is heading into its 2nd and final day in Seoul.

CRI's Xiao Yi has more.

ReporterThe seventh round of talks for the trilateral FTA, also known as the CJK FTA, kicked off on Tuesday.

Three chief negotiators are discussing key issues such as the basic guidelines for talks on market liberalization for goods and services.

Wang Shouwen, China's Assistant Minister of Commerce leads the Chinese delegation.

Wang says the FTA talks has benefits that go beyond the realm of economics.

"A FTA among three countries will serve as an important vehicle that would strengthen our existing relations not only by expanding trade and investment among us but also by providing a comprehensive and institutional framework in which a wide range of trilateral cooperation would involve. A CJK FTA would be regarded as a milestone in regional integration."As the world's economic center shifts to the Asia Pacific region, the wider East Asian economy has been leading global economic growth in recent years.

In 2012, the combined gross domestic product of the three countries exceeded 14 trillion US dollars, taking up about 20 percent of the world total and 70 percent of Asia's total.

Also in 2012, the three countries began their talks for an FTA, aimed at building a free trade zone having a total population of 1.5 billion, a quarter of the world population.

Kim Hak-do is South Korean Director General for FTA Policy at the Ministry of Trade, Industry and Energy.

As the chief negotiator with South Korean side, Kim says the three sides are willing to solve any possible difficulties.

"Since it is the trilateral FTA, there may be more difficulties compared to the bilateral FTA, but I do believe that three of us and our willingness and capacity to achieve the rare balance of the FTA."Zhao Jianglin, head of Department of International Economic Relations with the Chinese Academy of Social Sciences, says the most difficult parts of the trilateral talks include both traditional and new economic sectors.

"Traditionally, as we know, Japan and S. Korea are unwilling to open farm trade, which will be a very tough sector. Meanwhile, we need to take some new sectors into consideration. This is a global trend regarding FTA talks. For example, TPP talks also include discussions about data exchanges, IPR protection, and interests of medium-sized and small enterprises."TPP is the US-led Trans-Pacific Partnership Agreement. According to Zhao Jianglin, the TPP talks between US and Japan is now hindered by farm trade talks, as Japan is reluctant to open its farm market to the US.

China has not participated in the TPP talks whereas South Korea and Japan are discussing possible entry into the agreement.

Zhao Jianglin says once the three Asian countries reach agreement over an FTA, it might provide an opportunity for China to be engaged in the Trans-Pacific Partnership.

For CRI, I am Xyee.

Meet the Mystic Land in Beijing: Dance Gala of Latin American and Caribbean Arts SeasonAnchorThis year's Meet in Beijing Arts Festival has put on a major dance exhibition, featuring performers from Latin American and Caribbean countries highlighting their unique culture.

CRI's Chi Huiguang has more.

ReporterAudience is meeting the mystic land in Beijing, by taking part in the Dance Gala of Latin American and Caribbean Arts Season.

The gala consists of tango, rumba, Chacha and Salsa, as well as folk music from Latin American countries including Argentina, Colombia, Costa Rica, Cuba, Chile and Peru.

Sebastian is the lead dancer of Tango Desire Company from Argentina. He is excited to perform tango in front of Chinese audience.

"Tango was born and has grown up in the land of Argentina. Of course, it was deeply affected by the migrations at the early stage. We perform all kinds of Tangos this time, each one of them represents a period of history in our country. We come here to showcase the culture and history of Argentina."Swing Latino is a Salsa dance group from Colombia.

Dancers of the group are performing an improved Salsa, with continuous difficult movements such as lifting and tossing, which gain the cheers and applauses from the whole audience now and again.

Luis Hernandez is the manager of the group; he introduces the dance of Salsa:

"Salsa is not a dance particularly in Colombia, but the city of Cali in Colombia has been internationally considered as the center of Salsa. It is the national heritage of our country and is able to present our culture and daily lives. Actually, it is not as difficult as it seems. Learners can get to know the characteristics of the local people."Besides dancing, music of the gala is another highlight.

The passionate and dramatic music full of enthusiasm and melodic fluency is played by a tango band from Argentina, Percussion Ensembles from Chile and Costa Rica, as well as a guitar duet from Costa Rica.

According to Mu Wen, coordinator of this year's Meet in Beijing Arts Festival, this is the third time for the festival to perform the art culture from Latin America and the Caribbean area.

"We played Latin music in the previous two years' festivals, including Qingdao Orchestra and China National Orchestra playing the Latin folk music. This year, we cooperate with Director Ding Wei to present the Latin American culture through dancing."As a kaleidoscope of arts and culture, the 15th Meet in Beijing Arts Festival will last for more than five weeks till May 28th.

For CRI, I am Chi Huiguang.

Afghan Cashmere- Afghanistan's booming cashmere industryAnchorDespite some 40-years of war, foreign investors are still looking toward Afghanistan as a potential market, particularly when it comes to fashion.

CRI's Xie Cheng explains.

ReporterNot so long ago Afghan farmers collected the thick winter undercoat their goats shed every spring, only to throw on the fire to heat their homes and cook their food.

In recent years some have learned that the super-soft fluff that comes off in clumps as the weather warms up is a rare luxury which, once cleaned, disinfected, refined and spun into yarn, is finding its way into the global market.

Changing the lives of goat herders like Mohammad Amin, who has 120 goats grazing the open spaces around an industrial park on the outskirts of Afghanistan's western city of Herat.

Each season he can earn more than 61,250 Afghanis, or about 1,100 US dollars - not bad in a country where the annual national average is less than USD $700.

"We don't have another source of income, it is only these goats, which we are nursing 12 months a year, so we must get an income out of it. We get the baby goats and cashmere and we sell them at the market."Only about 30-40 percent of Afghanistan's seven million goats are combed for cashmere, according to estimates by the World Bank and USAID.

Most of the raw product is bought by traders who sell it to Chinese middlemen to feed the mills that produce affordable clothing.

The government in Afghanistan has recognized the potential to build on quantity and quality in its "cashmere action plan," aiming to target the highest end of the global luxury market - where a designer-label cashmere sweater can cost 1,000 US dollars.

But it's a long haul. Afghanistan remains a country in conflict after almost 40 years of war.

Brian Ross, fund manager with the Afghanistan Business Innovation Fund, is working with British company Cashmere Fibers International in a joint venture with Belgian investor Traitex, which together have a cashmere processing plant in Herat.

He says Afghanistan has the capacity to find its place in the cashmere sector worldwide.

"Considering the current state of the cashmere sector in Afghanistan, there currently isn't a market in high-end textile production, but on the lower end of the value chain there is a lot of cashmere, lots of quality cashmere beginning to see some production and high quality processing, which is then can be sold to the high-end luxury textile manufacturers, so absolutely there is a strong potential for growth in the Afghan sector."Through an exhaustive process in which the product becomes increasingly gossamer-like, the cashmere is transformed into the highest quality, pristine, aerated fluff that is then baled and sent to Europe ready to be spun into the finest yarn.

Sayed Ahmad Jami, project manager at the CFI-Traitex plant.

"We try to be in a good competition with the other producers and our product is one of the well known products in the world."A recent report by Afghanistan's Ministry of Commerce and Industry put the value of the global market for cashmere clothing at more than 1 billion US dollars.

As China is known to blend different qualities of cashmere to achieve volume, the ministry believes that the top end of the market is wide open for the unadulterated Afghan product.

For CRI I'm Xie Cheng.

Indian woman finds her long-lost half-sister in ChinaAnchorAn Indian woman of half-Chinese parentage recently came to Beijing in search of her long-lost half-sister.

Going on little more than her father's word, who told the woman of a daughter he had in his first marriage, 62-year-old Jennifer An was hoping to reunite with the sister she never knew she had.

CRI shared her tale with listeners on Monday.

Jennifer's search has now eneded; her sister lives right here in the Chinese capital.

Here is the story of what happened leading up to their pending reunion.

Story:

62-year-old Jennifer An and her husband spoke to CRI on Monday night in Beijing, trying to locate her elder sister, Roesai An.

Jennifer's husband Balaji says it's his father in law's wish to reunite with Roesai An.

"His last wish was to see his daughter, to get in touch with his daughter and meet up with his daughter, which he couldn't do. He couldn't fulfill his last wish. So that was also one reason when we got married, I said you see that was your father's last wish. Let me start. I will do it. "Roesai An, now 81 years old, is a retiree living in Beijing. CRI's Tamil department found her on Tuesday.

Roesai An is the only surviving family member of her father's first marriage, which was broken up by the Japanese invasion of China. The father, An Chi Pong, was a Chinese Marine Engineer. During the war, the ship he was on ran into trouble while on a port-of-call in the then-Indian city of Bombay, now Mumbai.

As it was during the height of the war, An Chi Pong ended up settling in India, eventually moving to the city of Madras, now Chennai, and married a local.

An Chi Pong and his wife eventually had four children, including Jennifer.

But due to the travel restrictions at the time, it was virtually impossible for An Chi Pong and his family to return back to China, though Jennifer says this was always one of her father's desires.

An Chi Pong continued to hold Chinese citizenship until his death in 1982.

WeatherBeijing will be sunny today with a high of 31 degrees Celsius.

Overnight temperatures should drop down to 19.

Shanghai will be sunny with a high of 31 and a low of 22.

In Chongqing, it will be overcast during the daytime with a high of 29 and lows of 21.

Elsewhere in the world, staying here in Asia,Kathmandu, Scattered Thunderstorms, 28.

Islamabad will see thunderstorms with a high of 31.

Kabul will be sunny with a high of 26.

Over to North America,New York will be sunny with a high of 21 degrees.

Washington, cloudy with a high of 22 degrees.

Honolulu, sunny, 27.

Toronto will be cloudy with a high of 16 degrees.

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

And Rio de Janeiro will have showers with a high of 25 degrees Celsius.

Headline newsNepal earthquake left more deathsAt least 50 people are dead following another major earthquake in Nepal.

More than 12-hundred others have been hurt following the 7.3 magnitude quake which hit late yesterday afternoon.

Chinese authorities say at least one person has been killed on the Chinese side of the border in Tibet.

Tuesday's quake has been followed by at least a dozen aftershocks over magnitude-5.

Meanwhile, A U.S. Marine Corps helicopter with 8 people on board has gone missing in the region.

Its status remains unclear.

China's airlines resume flights to NepalMeanwhile, China's airlines have announced they will resume flights to Nepal's capital, Kathmandu, as the airport there had reopened following the latest earthquake.

The airlines include Air China, China Eastern Airlines and China Southern Airlines.

Altogether 12 flights from China's Guangzhou, Chengdu, Lhasa, Kunming and Hong Kong flew to Kathmandu on Tuesday.

M6.6 quake jolts off Miyagi Prefecture, NE JapanA magnitude-6.6 earthquake jolted northeast Japan early this morning.

Japan's meteorological agency says the quake struck off Miyagi Prefecture with a depth of 50km.

There are no immediate reports on damage and injuries.

No tsunami warnings were issued.

Xi visits China-Belarus Industrial Park before leaving MinskChinese President Xi Jinping is back in Beijing after his 3-nation tour through Kazakhstan, Russia and Belarus.

As part of his time in Russia, Xi Jinpnig attended the ceremony commemorating the 70th anniversary of the victory in Europe during World War II.

In Belarus, the Chinese President took time to visit the China-Belarus Industrial Park being built on the outskirts of Minsk.

Xi Jinping and Belarusian President Alexander Lukashenko have also overseen the signing of a number of economic deals connected to the Chinese-backed Park.

The Park is the largest foreign investment projects in Belarus.

It's being touted as a key project in the creation of the "Belt and Road" initiative.

China makes fresh efforts to unleash economic vitalityChinese Premier Li Keqiang is calling for more efforts to streamline administrative procedures and scale back government controls to unleash economic vitality.

Li Keqiang says the central government will cancel more approval items, make enterprise registration easier and waive administrative charges it deems unreasonable.

He has also stressed encouragement of start-ups and innovation as well as enhancing services in employment, financing and intellectual property.

He says these moves will attract valid investment and realize easy and fair services for all people.

Spokesperson: UN probe shows U.S. human rights record not perfectThe Chinese Foreign Ministry says the UN investigation into the human rights record of the United States shows that no country is perfect.

The U.S. delegation faced criticism and questions from more than 100 representatives at the half-day review in Geneva.

Concerns were expressed over excess use of force by law enforcement agents, racial, religious and sex discrimination, torture, and the Guantanamo Bay detention center.

China has said it will continue to work with all other countries to push for a just and objective operation of the Universal Periodic Review under the UN Human Rights Council.

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

Our reporter Niu Honglin.

ReporterU.S. markets saw a see-saw day on Tuesday, with government bonds recovering from an early selloff, marking helping the markets rebound in the latter-half of the trading session.

The early part of the trading session saw fluctuations in Treasury yields.

Markets were also rattled by investor concern about the Greek debt crisis.

Bucking the trend, shares of AOL spiked after the company announced its merger with Verizon, valued at $4.4 billion.

At the close,The Dow Jones edged down 0.2 percent.

The S&P 500 also down 0.3 percent.

The Nasdaq Composite decreased 0.4 percent.

Meanwhile in Europe,European market ended sharply lower on Tuesday as bond markets began to level out.

U.S. 10-year bond treasuries have hit their highest closing level in more than 5 months.

Doubts over Greece's future in the eurozone also dampened investor sentiment.

At close,The UK's FTSE 100 down 1.4 percent.

Germany's DAX tumbled 1.7 percent.

and France's CAC 40 fell 1 percent.

China's FDI up 11 pct in the first four monthsNew stats show foreign direct investment into China is up 11-percent year-on-year so far this year.

The Ministry of Commerce says 45-billion US dollars has rolled into the country through the first 4-months of this year.

Chinese authorities say around two-thirds of the foreign investment is in the service sector.

Tang Wenhong with the Commerce Ministry says European investments are on the rise.

"Overall, the investments in China from major countries and regions remained stable. In particular, the investments from Hong Kong, Germany, the United Kingdom and France grew visibly. For example, the investments from the 28 members of the European Union rose 22.2 percent year on year."But at the same time, foreign trade volumes are down over 7.5-percent so far this year.

While exports are up over 1.5-percent, imports are down more than 17 percent.

Shenzhen Reinvents Itself, Set to Surpass H.K.

AnchorThe latest stats show the city of Shenzhen has seen its overall GDP rise 7.8-percent through the first-quarter of this year.

Growth through the first 3-months has come in at 350-billion yuan, or around 56-billion U.S. dollars.

This has put the city's growth at 90-percent of the rate of neighboring Hong Kong.

Shenzhen, a small fishing village in the 1970's, has been transformed into a major economic hub for the mainland over the past 30-years.

For more on Shenzhen's development, CRI's Spencer Musick spoke earlier with John Ross, Senior fellow of Chongyang Institute for Financial Studies at Renmin University.

Back AnchorJohn Ross, Senior fellow of Chongyang Institute for Financial Studies at Renmin University, speaking with CRI's Spencer Musick.

China Development Bank Offers more than 1-trl-yuan for shanty town renovationNew stats released from China's main policy bank show nearly 20-billion yuan has been put into the renovation of 'shanty towns' so far this year.

The China Development Bank is reporting its lending to the renewal of 'shanty town' projects in China has surpassed 1-trillion yuan.

CBD officials estimate this has helped some 11-million households across the country.

The Chinese government has put a priority on the refurbishment of run-down areas in major Chinese cities.

Central bank's interest rates cutting is not "Chinese version of QE" or "strong stimulation"China's central bank is refuting suggestions its latest interest rate cut is a Chinese version of quantitative easing.

People's Bank of China researcher Lu Lei says the move to cut interest rates is part of a number of options they have at-the-ready.

"Interest rate cut serves as a traditional monetary policy tool. Using the tool means our overall policy is still workable. The outcome of this policy is clear: lowering the financing cost and improving the financial situation of the real economy. As for the saying of Chinese version of quantitative easing, it does not fit the real situation in China, for recent monetary policy in China does not fail to become ineffective."The PBOC cut one-year deposit rates by 25-basis points on Monday.

The one-year lending rate is now set at 5.1-percent.

This is the third rate cut by the central bank since November.

Chinese companies in Germany seek more local talents to expand businessThe Chinese Chamber of Commerce in Germany has announced plans for a recruitment fair.

It's set to take place on June 19th in Frankfurt.

It's being put on by both the Chinese Chamber and Frankfurt's municipal authorities.

The focus will be on recruiting people for management, tech research and product design.

There are around 2-thousand Chinese companies doing business in Germany.

Alibaba eyes cloud computing JV with MeraasAlibaba's cloud computing unit Aliyun has reached a deal with Dubai-based Meraas to set up a joint venture.

The new company is going to be focused mostly on the development of Apps.

Dollar amounts have not been disclosed.

Meraas says it hopes the partnership will help develop its IT reach in the Middle East and North Africa.

Alibaba has been pushing to expand its international reach since listing on the New York Stock Exchange in September.

Sports Boxing: Mayweather-Pacquiao Fight Smashes PPV, Live Gate RecordsIn boxing newsThe recent mega-fight between Floyd Mayweather and Manny Pacquiao have demolished all previous pay-per-view and live-gate records in the sport's history.

Initial figures released on Tuesday by HBO and Showtime reveal that there were more than 4.4 million pay-per-view telecasts in the United States alone, netting more than 400 million U.S. dollars in revenue.

The Nevada Athletic State Commission revealed on the same day that the fight made just over 72 million dollars in ticket sales.

The previous pay-per-view revenue record was 150-million, set by Mayweather's 2013 fight against Canelo Alvarez.

The previous record for pay-per-view buys was about 2.5 million, set by Mayweather's 2007 fight against Oscar De La Hoya.

Top Rank's Bob Arum, who promotes Pacquiao, says that the initial pay-per-view figures are "conservative," and he expects them to surpass 4.5 million.

B-Ball: Pelicans Fire Head Coach Monty Williams, NBA Playoff PreviewTaking a look at hoops action from the National Basketball Association Playoffs:

On the court right now, it's the Chicago Bulls and the Cleveland Cavaliers, who are both looking to break the 2-2 series tie.

Later this morning, the Houston Rockets host the Los Angeles Clippers.

The Clips lead the series 3 games to 1; a win today would see them advance.

In off-court NBA news:

The New Orleans Pelicans fired head coach Monty Williams on Tuesday, while he still had one year left on his contract.

Williams led New Orleans to two post-season appearances since 2010, including this year, which saw the Pelicans make it through a tough Western Conference race to the playoffs before being knocked out by Golden State.

No word on who will be Williams' replacement.

Badminton: China Sweeps Thailand 5-0 at Sudirman CupChina eliminated Thailand with a 5-0 win in the BWF Sudirman Cup Group A in Dongguan, China on Tuesday.

Chinese men's duo Cai Yun and Fu Haifeng set the tone for their side, after rallying back from near-defeat and winning five-striaght points to beat Bodin Issara and Pakkawat Vilailak 14-21, 21-14,21-19.

Cai Yun says the near-loss snapped him and Fu back into the familiar rhythm that made them past Olympic champs:

"We have been pairing for over 10 years and there is no problem with our teamwork. However, we still need to work on our control in terms of the rhythm of the match. We both have paired with different partners, so we need time to re-adapt each other. This win is a very good encouragement for both of us."Subsequent wins in all doubles and singles competition completed China's 5-0 clean sweep over the 2013 Sudirman Cup bronze medalists.

China will face the runner-up of Group C - either Denmark or Indonesia　- in the quarter-finals.

Tennis: Djokovic, Williams Advance at Italian OpenIn tennis, at the Italian Open in Rome:

Taking a look at men's action:

Novak Djokovic had to shake away some off-court rust in his two-hour-plus match against Spain's Nicolas Almagro.

Djokovic was on his way to a straight-set win with a 5-2 lead in the tiebreak before Almagro notched 5 straight points to force the third set. The Serbian eventually took it 6-1, 7-6, 6-3 over the Spaniard.

Six-seed Tomas Berdych downed Italy's Matteo Donati 6-2, 6-4;No. 7 David Ferrer also took a straight-set win over France's Richard Gasquet;And eighth-seeded Swiss stan Wawrinka beat Argentina's Juan Monaco 4-6, 6-3, 6-2.

In women's action:

Serena Williams kicked her campaign off in Rome with a straight-set win over Russian Anastasia Pavlyuchenkova.

Third-seed Maria Sharapova advanced after her opponent Jarmila Gajdosova retired in the second set.

Spain's Carla Suarez Navarro beat German Mona Barthel 6-4, 2-6, 6-3.

And 12th-seed Czech Lucie Safarova got a hard fought 6-7, 7-6, 6-4 win over Slovakian Anna Schmiedlova.

Football: Barcelona Make Champions League Finals Despite 3-2 Loss to Bayern MunichIn football action from the UEFA Champions League:

Barcelona are in the finals after beating Bayern Munich on aggregate, despite losing 3-2 against the Bundesliga champs in leg 2.

Bayern opened scoring early, but Barca's two goals before halftime put pressure on the German side, who had to score six goals to advance, after losing leg one 3-0.

Barcelona will meet the winner of tomorrow's semi-final match between their league rivals, Real Madrid, and Serie A giants Juventus.

NHL: Lightning Head into Game 6, Callahan Out After AppendectomyIn the National Hockey League Playoffs:

On ice right now,The Tampa Bay Lightning are taking on the Montreal Canadiens.

Tampa Bay are without star Right-Wing Ryan Callahan, who is out indefinitely after undergoing emergency appendix removal surgery last night.

Entertainment Linkin Park head to ChinaAmerican rock band Linkin Park announced they will be bringing their "Hunting Party" world tour to China.

The band will perform in five Chinese cities in July.

The tour will support the band's sixth studio album "The Hunting Party," which was released last June.

Linkin Park rose to international fame in the early 2000's with their debut album Hybrid Theory, which went multi-platinum in several countries worldwide.

Their previous tour in China in 2007 set a record for pre-sales by selling more than 8,000 tickets on the first day of sales.

Since making the announcement, tickets for the concert have almost sold out.

The tour will start at the Nanjing Olympic Sports Center on July 17, then head on to Shenzhen, Shanghai, and Chongqing, ending at the Beijing Workers' Stadium on July 26.

Peng Dan awarded Most Popular Actress in the USChinese actress Peng Dan has been awarded the Most Popular Actress at the 2nd Sino-American International TV Festival held in LA.

When she accepted the award, Peng said that Los Angeles was her lucky place, where she had won Best Actress and Best Director awards at last year's 10th Sino-American Film Festival.

Peng has performed several times on Broadway and at the Lincoln Center in New York, the Chinese artist said she had always had a "Chinese dream" which was to be awarded in the United States.

After the ceremony, she told reporters that she wished to do more TV series or films that embody the national spirit of China and promote the Chinese culture.

Stephen Hawking to appear at Glastonbury FestivalWorld-famous scientist Professor Stephen Hawking will be making an appearance at this year's Glastonbury Festival in the UK.

Hawking, whose life story was recently turned into an Oscar-winning film, will appear at the festival's Kidz Field.

A message on the Glastonbury Festival website said he would make "a special guest appearance" in the field which is aimed at children aged 12 and under.

Veteran rockers "The Who" were named last week as the headline act for the Pyramid Stage on Sunday night.

Other big acts confirmed for the sold-out festival include Foo Fighters, Kanye West and Florence And The Machine.

Stephen Hawking, who was diagnosed with a form of motor neurone disease in 1964, is celebrated as one of the most brilliant scientists of the modern age.

Prince Harry allegedly offered cameo role in Game of ThronesBritains Prince Harry has allegedly been offered a role in HBO's Game of Thrones.

According to media reports, the 30-year-old royal was approached by the shows bosses to appear in the sixth season of the hit fantasy sage.

The Daily Star quoted inside sources saying, Harry has been offered a cameo in the next season which starts filming in Northern Ireland next year.

It went on to say at the moment he has not made a decision, and there are plenty of opportunities for him to take up a role.

Harry is known to be a big fan of the show, but is reported to be unsure whether his calender of royal engagements will allow him the time for filming.

Luc Besson to direct sci-fi epic "Valerian"French director Luc Besson is teaming up with Dane Dehaan and Cara Delevigne for the sci-fi epic "Valerian."The graphic-novel adaptation will start filming later this year, with a global release slated for summer 2017.

Besson broke the news via Twitter in his first ever tweet.

DeHaan is set to play the titular character, a space and time-traveling agent from a futuristic Earth, with Delevingne starring as his red-haired companion, Laureline.

"Valerian" will see the filmmaker write and direct the film, with his wife, Virginie Besson Silla, producing.

Besson's action-thriller "Lucy" smashed all expectations, earning in excess of $450 million at the box office last year.

The science fiction novel "Valerian" has sold more than 10 million copies in 21 languages.

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

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

At least another 50 people are dead, and hundreds injured, following another major earthquake in Nepal.

Chinese President Xi Jinping is back in Beijing after wrapping up his 3-nation tour.

A 2nd day of trilateral trade talks are set to begin later on this morning among China, South Korea and Japan.

In Business.... new stats show FDI into China is on the rise 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.