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

Coming up on the program this evening...

China and Australia sign off on a much-anticipated Free Trade Agreement.

Debates are now underway among lawmakers in Hong Kong about the fate of proposals to the city's electoral system.

The man they call "The Donald" has finally made good on repeated plans to run for President of the United States.

Business.... a leading Chinese nuclear power developer looking at a series of new overseas deals.

In Sports.... the San Francisco bay area is rejoicing after bringing home its first NBA title in 4-decades.

In Entertainment.... New stats show "Jurassic World" is tearing up the Chinese box office.

Top NewsChina, Australia sign free trade agreementAnchor:

China and Australia have signed their long-awaited free trade agreement.

The details from CRI's Xie Cheng.

Reporter:

The deal has been signed at a ceremony in Canberra, capping off a decade of negotiations.

Chinese Commerce Minister Gao Hucheng says the free trade agreement is a landmark achievement.

"The China-Australia FTA is or has attained its goal of being a comprehensive, high-quality and balanced agreement. It has the highest degree of liberalization amongst all the FTAs that China has so far signed with another economy. This signing is going to provide us with a more open, convenient and regulated institutional arrangement for our trade and investment exchanges going forward."Australian Prime Minister Tony Abbott also oversaw the signing in Canberra this Wednesday.

"What you have collectively done is history making for both our countries. It will change our countries for the better, it will change our region for the better, it will change our world for the better."One of the highlights of the deal includes Australia opening up its services sector using a negative-list approach, which lists sectors that won't be open to investment, rather than areas that are open.

The Chinese side is also opening up its service sector as part of the new FTA, but will be using the positive-list approach.

Professor Tu Xinquan with the University of International Business and Economics in Beijing says the use of the traditional positive-list makes sense for China at this point.

"China is still a developing country. During the negotiations, we decided we only wanted to open our services sector in a positive-list approach, listing the sectors we intend to open up. This will better control the degree of opening up. It also makes it easier to regulate."As part of the deal, tariffs are going to be lifted on 95-percent of Australian exports to China.

It will also make it easier for Chinese businesses to invest in Australia.

Mei Xinyu, a researcher with China's Ministry of Commerce, says a number of different Chinese sectors are going to benefit from this.

"I believe this will allow for good opportunities in the tourism industry in Australia. Last year, a privately-run company from the province of Shanxi purchased a local hotel in Australia, which makes good financial sense for both sides. On top of this, areas such as agricultural development, including farming, animal husbandry, forestry and aquaculture will also benefit. Chinese companies will even be allowed to invest in mineral resource development for primary products, provided they have enough capital."The deal will also allow for more Chinese nationals to travel to Australia on working holidays.

It's expected the Australian side will benefit from cheaper electronics and home appliances.

China is Australia's largest trading partner, with the two-way trade between the two sides hitting 130-billion US dollars last year.

For CRI, I am Xie Cheng.

For more on the new free trade agreement, we spoke earlier with James Laurenceson with the Institute of Australia-China Relations at the University of Technology in Sydney.

Back anchor:

Professor James Laurenceson with the Institute of Australia-China Relations at the University of Technology in Sydney.

Lawmakers start to debate on reform plan with crowds of supporters outside LegcoAnchor:

Lawmakers in Hong Kong have begun debate on the proposed political reform package this Wednesday connected to universal suffrage for the city.

This comes amid massive rallies outside the Legislative Council complex in Hong Kong with both opponents and supporters of the proposal voicing their opinions.

CRI's Hong Kong correspondent Li Jing has more.

Report:

Vocal supporters of the proposal have been out in-force, playing the national anthem and waving the Chinese flag outside the Legco building, hoping to convince lawmakers inside Legco to vote "yes" on the reform plan.

"Hong Kong is our home. We want it to be stable and prosper, but some people even lawmakers are trying to destroy it. We are here to show that we love our country and Hong Kong."Stanley Ng is one of the organizers of the "yes" rallies.

"It's encouraging to see so many people showing up. Even though we are not optimistic about the result, we are still making our last-ditch effort. We hope lawmakers can respect our voice."Hong Kong Chief Secretary Carrie Lam, who led the government task force on political reform, is one of those who is pressing to have the proposal passed.

"Public opinion is clear. The majority of Hong Kong people would like to see their right to vote being put in place in 2017 so that there will be development in political reform."The proposal to change the voting structure to allow for a system of universal suffrage in Hong Kong will require a two-third majority to pass.

With many lawmakers already pledging to vote no, it appears unlikely the political reforms will make it through.

Still, supporter Regina Ip is urging her fellow lawmakers to pass the bill.

"It is very touching to see those supporters outside in such hot weather, old and young, male and female. They want our political reform to be passed. I will persuade lawmakers who want to veto the plan that the Central Government is sincere and determined to give us universal suffrage. This is a big step forward in the democratic process. I hope they can face up the history, and don't lose this opportunity. "Hong Kong legislators are expected to vote on the proposals before Friday.

So far, the demonstrations outside Legco have been taking place without incident, with supporters and opponents vowing to remain on-site until the vote takes place.

Security has been tightened in the area.

If the proposal is passed, 5 million eligible voters in Hong Kong could elect the next chief executive through "one person, one vote" from among a group of candidates chosen by a nominating committee in two years.

For CRI, this is Li Jing in Hong Kong.

20th MERS death confirmed in South Korea 3100EVSouth Korean officials are reporting one additional death from the MERS virus.

This brings the death toll to 20.

Kwon Jun-wook, the head of South Korea's MERS management team, says all the latest infections are linked to health care facilities in the country.

"Eight additional MERS cases have been confirmed, bringing the total to 162 patients. There was one death in the morning after we issued press releases. A 54-year-old woman, who was the 42nd confirmed MERS patient, died. As of now, a total of 20 people have died and a total 19 people have been discharged from hospital. Therefore, a total of 132 MERS patients are (currently) undergoing treatment."More than 65-hundred people are now under quarantine.

Kwon Jun-wook says they expect to maintain the mass quarantine until the end of this month.

"Until the end of June, our ultimate goal is to settle the situation. We are focusing on stopping sporadic outbreaks of MERS in medical centers where MERS cases have mostly occurred."At the same time, Germany is reporting its first death connected to the MERS virus.

It's believed that victim contracted the virus while visiting Saudi Arabia.

At the same time, authorities in the Czech Republic are testing a person suspected of entering the country with the MERS virus.

That patient had recently been in South Korea.

Antibody Targeting MERS emergesChinese and American researchers say they're getting very positive results from the testing of a new antibody which is said to specifically target the Middle East Respiratory Syndrome virus.

Researcher with Fudan University in Shanghai have been working with the US National Institute of Health to develop the antibody.

They say their initial testing on animals has seen "very effective" results.

Jiang Shibo who leads the Chinese research team says more studies still need to be done before their research can be put into clinical use.

"It needs to go through further clinical trials, like fulfilling its safety efficacy tests, animal safety efficacy tests and Phase I clinical trials. So there is still a long process."There has only been one confirmed case of MERS in China, which was confirmed in a South Korean national who broke quarantine last month and travelled here to China.

All other people in China with exposure to the patient have since been deemed virus-free.

Donald Trump Is Running for 2016Anchor:

American business mogul and reality TV star Donald Trump has officially announced plans to run for the Republican nomination for president.

CRI's chief Washington correspondent Xiao Hong has more.

Ann:

Donald Trump is serious.

"I am officially running for president of the United States, and we are going to make our country great again."He criticized President Obama on a wide range of issues, from Obamacare to trade deals, saying "the American dream is dead"!

He also humiliated some of his Republican competitors, saying they came to him asking for financial support for their campaigns but could not produce any plans to make the country great again.

He believes he has the skills of a great deal-maker and will bring great trade deals for Americans.

"I will be the greatest jobs president God ever created. I tell you that."The successful businessman is not shy about his wealth, telling the crowd that he is really rich with a net worth of close to 9 billion U.S. dollars.

He stressed that it's time to get rid of the old mindset that a successful person cannot run for public office.

Trump's 2016 bid has created a lot of buzz in the media and on social networks. However, TV pundits say Trump's 2016 bid will only turn the presidential race into a reality show. And just two weeks ago, Jimmy Fallon, host of NBC's Late Night show, compared Trump's presidential bid to FIFA's World Cup that happens every four years and no one in America cares.

Trump is currently among the top 10 Republican candidates and will appear on a Fox News debate in August. But NBC has told him that he will no longer host his TV reality show "the apprentice" because NBC believes they may not be able to provide equal platforms for other presidential candidates.

Xiaohong, CRI, Washington DC.

Swiss AG cites money-laundering in FIFA investigationSwiss authorities investigating alleged corruption within FIFA are suggesting they're beginning to find evidence of a wide-spread problem.

Swiss Attorney General Michael Lauber says they've already been able to pin-point 53 possible cases of money-laundering connected to both the 2018 and 2022 World Cup bids.

"Our investigation is of great complexity and quite substantial. To give you an example: the OAG has seized around nine terabytes of data. So far, our investigative team obtained evidence concerning 104 banking relations, and be aware that every banking relation represents several bank accounts."Lauber is warning their investigation is going to be a long process.

He also says they're not ruling-out meeting with former FIFA cheif Sepp Blatter.

Swiss authorities have seized data and documents at FIFA's headquarters as part of a wide-ranging investigation into allegations of vote-buying to secure FIFA World Cups in 2018 and 2022.

A number of high-ranking FIFA officials have already been arrested and face charges in connection with the allegations.

US prosecutors are also running a similar probe connected to the FIFA corruption scandal.

Putin Announces Rearmament PlanRussian President Vladimir Putin has announced a modernization drive for the country's armed forces.

Putin says he wants to have at least 70-percent of the country's military equipped with modern technology in the next 5-years.

"If someone puts our territories under threat then we will have to aim our armed forces and modern striking facilities at the territories where the threat comes from, accordingly."The plan includes the deployment of an additional 40 nuclear-ready intercontinental ballistic missiles this year.

He also says a new strategic nuclear submarine will be put into active service this year.

Putin says this is meant to strengthen Russia's defense capability, saying NATO's military build-up near the country's borders is accelerating.

NATO Secretary-General Jens Stoltenberg says the new Russian plan is only going to threaten regional peace.

"And this nuclear sabre-rattling of Russia is unjustified, it's destabilising and it's dangerous. And this is something which we are addressing and it's also one of the reasons why we now are increasing the readiness and the preparedness of our forces."Over 5-thousand troops from NATO countries are currently taking part in maneuvers in the Baltic Sea.

Meanwhile, U.S. Secretary of State John Kerry has issued a statement, expressing concern about Putin's plans to add more nuclear weapons into the field, saying no one wants to see China and Russia revert to a cold-war status.

Relations between the two sides are already at a level not seen since the Cold War over the situation in Ukraine.

U.S. shark attack victim talks about his ordealA 16-year old who was badly injured in a shark attack this past weekend along the southeastern coast of the United States has spoken for the first time about his ordeal.

Hunter Treschl lost his left arm on Sunday after being attacked by a shark in waters off the coast of North Carolina.

Treschel says he's trying to come to terms with the situation.

"I've lost my arm obviously, so I have kind of two options: I can try to live my life the way I was and make an effort to do that even though I don't have an arm, or I can kind of just let this be completely debilitating and bring my life down and ruin it in a way. Out of those two, there's really only one that I would actually choose to, and that's to try to fight and live a normal life with the cards I've been dealt."His attack took place just 2-hours after another swimmer was attacked by a shark.

The 12-year old girl also lost part of her arm and had severe chunks of her leg torn out, just a couple of miles from where the 2nd attack took place.

Oak Island, where the attacks occured, is a popular tourist destination in North Carolina, with the small community generating a lot of its annual revenues through tourism.

However, the attacks have raised concerns about its tourist flows, particularly for the July 4th holiday in the US, which would normally see upward of 40-thousand people packing its beaches.

Tropical storm drench parts of TexasTropical Storm Bill is now said to be losing power as it heads into the central portions of the US state of Texas.

The storm is still packing heavy rains and high winds.

The storm made landfall on Tuesday.

No major damage is being reported.

There have also not been any fatalities.

However, around 300 flights had to be canceled at the two airports serving Houston.

Shipping traffic in the region also had to be suspended.

Flash flood watches are still in-effect in Houston and other parts of central Texas, where flooding last month swept away thousands of vehicles and damaged homes.

Beijing Exhibits Regional cultural heritagesAnchor:

A cultural heritage exhibition is underway in Beijing displaying a range of arts and crafts generated in-and-around the capital region.

CRI's Chi Huiguang has more.

Reporter:

Among over 130 intangible cultural heritage works are being shown at the exhibition, the most eye-catching piece is the miniature replica of the Hall of Prayer for Good Harvests in the Temple of Heaven, which is made in rosewood by an artist team from China Red Sandalwood Museum.

Traditional lacquer art is another highlight.

Chinese lacquerware carving skills were created more than 12 hundred years ago during the Tang dynasty and has been developed in Beijing since about 6 hundred years ago at the beginning of the Ming dynasty.

Yin Xiuyun, a lacquerware carver in Beijing, says the artists carve on a thickly-lacquered surface after painting over it many times.

"The procedure of painting the lacquer is pretty long. Not like carving skills on jade or other matereials, on which the artists carve directly on the materials."Yangliuqing New Year's pictures, which first appeared in the late Ming Dynasty, were included on the intangible world heritage list in 2006, the first of fine arts.

Huo Qingshun is the inheritor of Yangliuqing New Year's picture in Tianjin.

"We are here to let the public know and appreciate the New Year's picture. The key point is to teach the visitors to produce some pictures on their own."Chinese paper-cut from Weixian and Yishui ink slabs are both examples of intangible heritage in Hebei province.

At the booth of paper-cut, several children are studying the cutting skills with the artists.

Zou Hongli is the inheritor of the Yishui ink slab producing skills.

He says that besides showcasing the traditional Chinese cultures, there is another important aspect of the exhibition:

"There are a lot of intangible cultural heritages in Beijing, Tianjin and Hebei province. Though we are in different artistic styles, actually they still have much in common. Plus, we are able to communicate with each other here during the exhibition period."A special area is also designated to invite craftsmen to present their techniques on the spot. This provides visitors with a rare chance to appreciate the cultural heritages as close as possible.

For CRI,I am Chi Huiguang.

China No Need to Worry about Artificial Trans Fat: expertA Chinese food researcher is suggesting a move in the US to try to eliminate trans-fats doesn't need to be replicated in China at the moment.

Han Junhua with the government's Food Safety Risk Assessment team says they've made this assessment based on the dietary habits of people in China.

"According to our assessment, Chinese people take in a very small amount of this kind of fat, which is far less than the warning level. That's because our dietary structure is very different from that of the US. Our dieting habits are also different. "US authorities have announced a ban on partially hydrogenated oils in processed foods.

This comes amid the continued rise of childhood obesity rates in the United States.

While childhood obesity rates are also on the rise in China, researchers say the average intake of trans fats is still below the warning levels put out by the World Health Organization.

WeatherBeijing will be clear overnight with a low of 20 degrees, tomorrow will be overcast with a high of 31.

Shanghai will be overcast tonight with a low of 20, tomorrow will see showers with a high of 24.

Chongqing will have showers tonight with a low of 21, tomorrow will see showers, high of 27.

Lhasa will have slight rain tonight with a low of 13, then cloudy tomorrow with a high of 26.

Elsewhere in Asia,Islamabad, cloudy, 41.

Kabul, also cloudy, 31.

Down in the Southern Hemisphere.

Sydney will have slight rain with a high of 16.

Brisbane will be sunny with a high of 21.

Perth, rainy, 21.

And finally Auckland, New Zealand will be cloudy with a high of 16 degrees Celsius.

Headline NewsChina, Australia sign FTAChina and Australia have signed a long-awaited Free Trade Agreement.

A signing ceremony took place in Canberra this morning.

The agreement ensures 85 percent of all Australian exports enter China tariff-free and 95 percent when the deal is in full force.

Australia plans to eventually reduce tariffs to zero on all goods imported from China.

The FTA also includes opening-up of numerous service sectors, a simplified review procedure for investments, most-favored-nation treatment, favorable market access rules and market transparency.

Negotiations on the FTA started in 2005 and concluded last November.

HK legislators start debating on electoral reform motionLawmakers in Hong Kong have begun debate on the proposed changes to the city's electoral process.

A vote on whether to approve plans for the creation of universal suffrage in Hong Kong is expected to take place sometime before Friday.

The amendments will require a two-thirds majority to make it through.

Currently only a select group of electors are allowed to vote on who the head of the Hong Kong government will be.

Most observers expect the amendments to Hong Kong's Basic Law, which would allow all eligible voters in the city to vote for Chief Executive, won't make it through, as many Hong Kong lawmakers have said they plan to vote 'no'.

China, Uzbekistan sign protocol for closer trade tiesChina and Uzbekistan have signed a protocol increase trade cooperation within the framework of the Silk Road Economic Belt.

The deal will put a priority on the creation of joint infrastructure, renovations and industrial park projects.

The Silk Road Economic Belt is part of the Chinese government's broader Belt and Road Initiative first proposed by Chinese President Xi Jinping in 2013.

Floor slab collapse kills 6 in TianjinSix people are dead following the collapse of an upper floor at a spa in Tianjin.

The 2nd floor of the spa caved in while people were relaxing below.

Four were killed instantly, while two others later died in hospital.

Six others caught in the collapse managed to survive.

It remains unclear what caused the collapse.

Poland NATO: 700 international troops make amphibious landingNATO is ramping up pressure in Eastern Europe.

Over 700 international troops have taken part in a simulated landing in the Polish town of Ustka in the Baltic Sea.

Nearly 56-hundred troops, along with aircraft and boats from NATO are taking part in the exercises.

It comes at a time of increased tensions with Russia, with NATO suggesting the violence in eastern Ukraine is raising concerns throughout the region.

In response, Moscow has announced plans to increase its readiness, including the deployment of 40 additional nuclear missiles and a nuclear sub this year.

Biz ReportsStocksTurning now to business news.

First a look at the numbers from across the Asian markets to close out this Wednesday evening.

The Chinese markets closed higher this Wednesday, with stocks related to steel and iron, electricity, nuclear power, real estate and the media industry leading the gains.

At the close,The Shanghai Composite Index gained 1.6 percent.

The Shenzhen Component Index increased 1.9 percent.

In Hong Kong, the Hang Seng Index rose 0.7 percent.

Elsewhere in Asia,Shares in Tokyo ended slightly lower as investors sought to cash-in on gains made amid recent rallies.

Investors in Japan are also awaiting the results of U.S. central bank meeting, which are due out overnight.

The Nikkei 225 finishing down 0.6 percent.

South Korea's KOSPI gained 0.3 percent.

Singapore's Straits Times Index increased 1.3 percent.

And Australia's ASX 200 finished up just over 1 percent, with traders optimistic about the new Free Trade Agreement signed between China and Australia earlier on in the day in Canberra.

China-produced Nuclear Reactors to be Exported by 2020A leading official with one of China's leading nuclear power producers says they expect to export between 6 and 8 nuclear reactors in the next 5-years.

Li Xiaoming, assistant General Manager at China National Nuclear Corporation, says rectors will be built in Argentina, the UK and a number of other countries.

The deals are said to be connected to the latest-generation Hualong One nuclear design.

At the same time, Li Xiaoming says they're also exploring markets in North Africa, South America and Central Europe.

Cisco to Invest over 10 Bln USD in China in Following YearsUS-based internet technology firm Cisco has announced plans to invest more than 10-billion US dollars in China over the coming years.

Cisco chair John Chambers and incoming CEO Chuck Robbins have made the announcement as part of a visit to China.

The MOU signed with the National Development and Reform Commission says the focus of the investment will be research and development.

The agreement also includes working with Chinese universities to develop talent in science and technology.

China to become largest cross-border e-commerce market by 2020: reportA new report is suggesting China is set to become the largest market for the buying and selling overseas online products in the next 5-years.

The report, released by Alibaba and industry research firm Accenture, says the total value of products sold by online Chinese retailers to overseas consumers will reach nearly a trillion U.S. dollars by 2020.

This comes as online Chinese retailers reach out to various overseas markets.

Russia has become one of the fastest growing markets for Chinese online retailers.

Investors stage protests over missing $1.2bA group of Chinese investors who sank more than a billion U.S. dollars into companies in Switzerland have been staging demonstrations in Geneva, demanding their money back.

The protesters are among close to 30-thousand Chinese nationals which invested in a pair of Swiss-based Trust Management firms.

The two companies were offering returns of as much as 10-percent per month through currency trading on the foreign exchange markets.

However, their trading accounts have since been cleaned out.

Authorities are still trying to determine who is responsible.

Swiss authorities issued a warning earlier this year that both Zurich-based API and Geneva-based Alpen Asset Management weren't authorized forex dealers.

Legal experts are warning it's likely going to be very difficult for the Chinese investors to get their money back.

Bank of China Becomes First Chinese Bank to Help Set Gold PriceAnchor:

The Bank of China has become the first Chinese bank to take part in the electronic auctions which set London's Gold Price benchmark.

CRI's London Correspondent Duan Xuelian has more.

Reporter:

Bank of China has joined seven other financial institutions to become a direct participant on the electronic platform that sets the gold price in London.

Being the world's largest bullion consumer, China has never directly played a role in global gold pricing before now.

Sun Yu, general manager of Bank of China's London branch says participating in the gold auctions will increase the link between China and international markets.

"Participating directly in the electronic auctions means we will be able to reflect the supply and demand in the Chinese market on a global platform, which can also help the global pricing of gold to be more accurate and comprehensive."Sun adds that it will also help reduce the trading cost of Chinese clients and enable the bank to introduce services based on the global gold price benchmark.

The benchmark is widely recognized by producers, consumers and investors in gold trade across the world. It was administered by the Inter Continental Exchange through a twice daily electronic auction platform which replaced the London Gold Fix in March this year.

Finbarr Hutcheson, President of ICE Benchmark Administration welcomes the new Chinese participant, believing it to be a demonstration of market support for the digital gold auction system.

"China is both a huge producer and consumer of gold and so it is a more global process to bringing China to join in the participation here in London. We do expect more interest and more participation from around the globe and from China. Bank of China is the first Chinese participant and it is also a great breakthrough for us."For CRI, I'm Duan Xuelian in LondonInnovative Small-business Owners to Receive Easier FinancingChinese authorities are moving to try to make it easier for entrepreneurs and small-business start-ups to secure financing.

The State Council, China's cabinet, has announced plans to roll-out a series of measures to make it easier for fledgling companies to secure financing.

Among them, plans to ease restrictions on listing on the ChiNext board.

The specifics of the proposed changes haven't been announced.

Right now, companies have to prove profitability for 3-years before being able to list on ChiNext.

ChiNext is a stock exchange here in China specifically designed for companies in the innovation or high-tech sectors, much like the Nasdaq in the US.

At the same time, authorities are considering the launch of a new board under the Shanghai Stock Exchange for startups.

Banks are also being told to increase their support for new businesses by providing targeted financial products and services.

Chairman of China Investment Securities removed from postThe chair of state-run China Investment Securities has been removed from office amid allegations of graft.

The decision to remove Long Zenglai has been announced by both the CPC Commission for Discipline Inspection and China Investment Corporation, the parent company of China Investment Securities.

Long is accused of padding the bills during organized banquets at luxury restaurants for the past two years.

He's being accused of adding some 160-thousand yuan to the bills.

He is also accused of spending around 34-thousand yuan of public money on rounds of golf, as well as using nearly 18-thousand yuan from the company account to finance the publication of his poetry.

Boeing lands the biggest Paris Air show orderBoeing has managed to ink a major deal at this year's Paris Air Show.

Dutch firm AerCap has ordered 100 of Boeing's 737MAX-8's.

Boeing CEO Ray Conner says the agreement is the culmination of a long set of negotiations.

"With respect to the AerCap deal, you know it's something that we've been working with them on for quite some time. You know, they are a huge customer of ours, actually one of our largest customers and getting them in the 737MAX was the right thing to do. Right thing to do for them and right thing to do for us."The 737Max-8's are a single-aisle airliner produced for short-haul domestic flights.

The agreement itself is worth 10.7 billion US dollars.

At the same time, Boeing is projecting its going to need to produce around 38-thousand aircraft over the next 20 years to meet global demand.

The Paris Air Show is the largest annual gathering of the aerospace industry in the world, generating billions of US dollars a year in sales for companies such as Boeing and Airbus.

U.S. fiscal deficit expected to be 6.6 pct of GDP by 2040New independent government analysis is expecting US federal budget deficits are going to rise steadily over the next 25-years.

The US Congressional Budget Office says this is mostly because of the country's aging population and rising health care costs.

The non-partisan agency is predicting the US budget deficit is going to hit 6.6 percent of GDP by 2040.

This year's deficit-to-GDP ratio in the US is expected to hit 2.7 percent this year.

At the same time, the Congressional Budget Office says it anticipates US government debt held by the public is expected to rise to 107 percent of GDP by 2040.

US GDP is also forecast to grow at an average annual rate of around 2.2 percent over the next 25-years.

SportsGolden State Warriors are the 2015 NBA ChampionsTipping things off with hoops action from the National Basketball Association finals:

"The Golden State Warriors are the 2015 NBA champions, their first title 40 years."That's right; the Golden State Warriors are the NBA champs after downing the Cleveland Cavaliers in game six of the finals 105 to 97 to clinch their first title since 1975.

Warriors point-guard Stephen Curry and Andre Iguodala notched 25 points each, while Draymond Green got a triple-double - all of which kept LeBron and his undermanned Cavs frantically playing catch-up on the scoreboard.

Curry says that, with the Warriors run in both the regular season and the post, this team should go down as one of the best to ever do it:

"I think we're definitely a great team and a team that should go down in history as one of the best from top to bottom. We have a lot of things to be proud of this season, so . . . I'm just so happy, man. God is great for us to be able to have this opportunity. And, I'm just. . . got 1,800 more ways to explain this because this is amazing."Meanwhile, LeBron James says that it's a great disappointment to lose in the finals for a fourth time:

"You lose in the Finals, they're all disappointing. Doesn't matter if I'm playing in Miami, or playing in Cleveland, or playing on Mars. To lose a Finals is disappointing."Andre Iguodala was named the Finals MVP for his performance. He is the first player to win the FMVP and not start in game one.

Football RecapIn football action:

From the Asian World Cup qualifiers:

China thrashed fledgling Bhutan 6-0.

Hong Kong got a 2-0 win over the Maldives.

South Korea beat Myanmar 2-0, as well.

Thailand also got a 2-0 win over Chinese Taipei.

The U.A.E. beat Timor-Leste 1-0.

North Korea upset the white wolves of Uzbekistan 4-2.

Japan and Singapore evened out 0-0.

Palestine thmped Malaysia 6-0.

Iran and Turmenistan tied 1-1.

And Asian Cup winners Australia beat Kyrgysztan 2-1.

In Women's World Cup action:

Japan topped Group C after beating Ecuador 1-0 with international Yuki Ogimi's early goal. They become the first team in the tournament to win all three of their group-stage matches.

The United States beat Nigeria 1-0 to win Group D and make it to the knockout round, thanks to a late goal by Abby Wambach.

Australia are also through to the next round after tying 1-1 in their Group D match against Sweden.

And Cameroon make it to the knockout stage after coming back a goal down to beat Switzerland 2-1. Cameroon become just the second African team to advance.

And in the Copa America:

Argentina beat defending champions Uruguay 1-0. Uruguay is still without start striker Luis Suarez, who is serving an international ban for biting a player during last year's World Cup.

And Paraguay beat Jamaica 1-0.

Tennis RecapIn tennis:

In women's action at the ATP Aegon Championships--Top-seed Romanian Simona Halep beat Britain's Naomi Broady 6-4, 6-2.

No. 7 German Andrea Petkovic went down to unseeded Czech Katerina Siniakova 4-6, 6-1, 7-6.

Also through are tenth-seed Czech Barbora Strycova, no. 12 Victoria Azarenka, and 13th seed Russian Svetlana Kuznetsova.

From men's action at the Aegon ChampionshipsTop-seeded Andy Murray handily beat Taiwan's Yen-Hsun Lu in straight sets.

French Open winner and no. 2 Stan Wawrinka also notched a straight-set win over Aussie Nick Kyrgios.

Also through is fourth-seed Marin Cilic.

But out in a shock defeat is no. 5 Rafael Nadal. Fresh off his Mercedes Cup win, Nadal crashed out against Ukraine's Alexandr Dolgopolov 6-3, 6-7, 6-4.

And at the Gerry Weber Open:

No. 2 Kei Nishikori beat Austrian Dominic Thiem 7-6, 7-5.

St. Louis Cardinals Investigated by FBI for Hacking Rival Team's ComputersIn news from Major League Baseball:

Federal law enforcement authorities are investigating whether the St. Louis Cardinals illegally hacked into a computer database of the Houston Astros to obtain information on their former division rival's players.

The New York Times first reported earlier this week that the FBI and Justice Department were investigating whether Cardinals front-office officials were behind the effort to steal information from the Astros' database, called Ground Control.

Baseball Commissioner Rob Manfred confirmed that subpoenas have been issued, but says it's too early to know what actions will need to be taken against the Cardinals.

"Obviously any allegation like this, no matter how serious it turns out to be, is of great concern to us. But it's just too early to speculate on what the facts are going to turn out to be and what actions, if any, is necessary."It wasn't immediately clear how many Cardinals employees were under investigation, or whether top front office officials were possibly aware of the activities.

Snooker: China Loses 3-2 Against England at World CupIn snooker,China's B team of Zhou Yuelong and Yan Bingtao lost 3-2 against England at the World Cup in Wuxi.

England is the favorite for the World Cup.

China's A team had earlier swept Singapore 5-0.

Other results from day two,Hong Kong beat Iran 3-2,And the Neil Roberston-led Australia lost 3-2 against Pakistan.

Boxing: Adrian Broner Fights Shawn Porter This Weekend, Ruslan Provodnikov Returns in FallIn boxing news:

Former welterweight champs Adrian Broner and Shawn Porter will clash Saturday.

The two Ohio natives has each suffered setback losses, but now look to be back on the path to being contenders.

Broner has handed the first loss of his career in devastating fashion when Argentinian bruiser Marcos Maidana kicked the crap out of him for 12 rounds. Since then, however, Broner has won three straight.

Porter has fought just once since losing his title to England's Kell Brook--he knocked out Erick Bone back in March.

In other boxing news:

Former junior welterweight titleholder and in-ring monster Ruslan Provodnikov is aiming for a return to action this coming fall.

Provodnikov is a television free agent, and is reportedly talking to HBO about his next match. The Russian boxer's last match against Lucas Matthyse on April 18 was a slugfest that is being considered for fight of the year.

Provodnikov lost by decision in the close, brutal match. Showtime was outbid by HBO on that match and are expected to also be interested in the Russian's return to the squared circle.

Experts speculate that Provodnikov could next face welterweight contender, Brandon Rios, who is also looking for a big fight.

Provodnikov's return to the ring is expected in October or November.

Entertainment'Jurassic World' Continues to Dominate Box OfficeThe latest figures show dinosaur blockbuster 'Jurassic World' is still taking a big bite out of the global box office.

The latest stats show the film took in more than 25-million US dollars alone on Monday.

This is the highest-ever gross for a non-holiday Monday of all time in US theatres.

The film has now grossed some 234-million dollars in North America since its release on Friday.

Here in China "Jurassic World" has also been generating massive returns.

Audiences here in China have spent around 100-million US dollars on the film over the past 5-days.

"Jurassic World" has already generated over 550-million US dollars around the world since its release last week.

This is putting it on-track to be one of the highest grossing films of all-time.

'The Assassin' Secures Release Date on Aug. 27A release date has finally been set for Taiwan director Hou Hsiao-hsien's new film "The Assassin."The film is set to be released across mainland theatres on August 27th.

The movie has been adapted from a story dating back to the late Tang Dynasty in the 9th century.

A female assassin is sent back to her home province to kill its governor, who just happens to be the man she's been in love with for years.

Actress Shu Qi plays the assassin.

Chang Chen is the governor.

Actress Zhou Yun plays the governor's wife.

The movie has already earned Hou Hsiao-hsien the Best Director award at this year's Cannes Film Festival.

Foo Fighters forced to cancel dates on World TourFoo Fighters have been forced to cancel their entire European tour.

The band says the cancellation will include their planned performance at this year's Glastonbury Festival in the UK.

Band frontman Dave Grohl underwent successful surgery on Monday for a broken leg after falling off the stage during concert last week in Sweden.

The 46-year old Grohl finished out the concert after getting medical attention back-stage.

It remains unclear at this point how long Grohl will be sidelined.

The Foo Fighters statement says he needs to undergo full recuperation, which generally takes at least 2-months, depending on the extent of the break.

Donald Trump Not Allowed to Use 'Rocking in the Free World': Neil YoungRocker Neil Young has come out swinging following Donald Trump's announcement that he's running for President.

"The Donald" entered the stage to announce his candidacy to Neil Young's "Rockin' In The Free World."However, Neil Young isn't impressed, saying Trump didn't have permission to use the song for his public announcement.

The veteran rocker, who is in the Rock and Roll Hall of Fame, hasn't said whether he plans to take any action against Trump.

At least Trump hasn't lost Neil Young's vote.

Neil Young is a Canadian and ineligible to vote in US elections.

However, he's says he's a supporter of maverick Democratic Presidential hopeful Bernie Saunders.

Ironically, the 1989 hit "Rockin' In The Free World" was written as a rebuke of the policies of then Republican US President George H.W. Bush.

'Game of Thrones' Season Five Finale Gets Record ViewershipThe finale of Season 5 of 'Game of Thrones' has drawn a record 8.1-million viewers.

Nielson says even though the finale of Season 5 was up against the NBA finals, the last episode of the season saw ratings 13-percent higher than last week's episode.

It was also nearly 1-million viewers higher than last season's finale.

Season 5 has ended with a death which has reportedly even shocked the most ardent fans of "Game of Thrones," which is well-known for the dispatching of characters thought to be critical to the storyline.

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

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

China and Australia sign off on a much-anticipated Free Trade Agreement.

Debates are now underway among lawmakers in Hong Kong about the fate of proposals to the city's electoral system.

The man they call "The Donald" has finally made good on repeated plans to run for President of the United States.

Business.... the board chair of a division of China's sovergn wealth fund has been given the boot for graft.

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