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

Coming up on the program this evening...

Environmental testing is underway along the Yangtze River following the capsizing of a tanker in Nanjing.

Final preparations are underway for next week's China-US Strategic and Economic Dialogue in Washington.

New revelations are suggesting the suspect behind this week's church shooting in the US may have been contemplating it for some time.

Business....a group backed by Morgan Stanley investing nearly a billion dollars into Alibaba's online insurance company.

In Sports.... action set to resume this evening in the Chinese Super League following a break.

In Entertainment.... plans have been announced for the creation of a new film center in Shanghai.

Top NewsCargo ship capsizes in Yangtze River, 2 missingTesting is underway on the Yangtze River in the city of Nanjing following the capsizing of a tanker on Thursday.

The ship was discovered overturned early Thursday morning.

It was carrying 280 tons of liquid caustic soda.

Qian Feng with Nanjing's environmental protection bureau says they're currently running tests to see if any environmental damage has been caused.

"At present, we have set up oil fences and placed oil absorbents in the water. Once we find an oil spill, we will take steps to clean it up."The two people thought to be onboard the cargo ship are still missing.

The ship itself is being salvaged.

National maritime oil pollution compensation system establishedChinese transport authorities have announced the creation of a national compensation program specifically for oil spills.

It's already dealing with 14 separate claims worth around 160-million yuan.

Currently, ship owners have little liability when it comes to oil spills.

Li Qingping with China's Maritime Safety Administration says the new compensation program is an additional supplement for sea farmers or fishermen affected by oil spills.

"It's a protection system complementing the current insurance mechanism. At the same time, it can support our country's legal system in dealing with pollution and damages due to ships' oil spills."The number of oil spills in China has been on the rise in recent years amid the country's growing demand for imported oil.

El Nino effect on China to last till autumn: expertsEnvironmental experts in China are warning the so-called "El Nino effect" is going to remain in effect here in China through until the fall.

Liu Zhiyu with the Ministry of Water Resources says they're concerned this current cycle may bring additional flooding along the Yangtze River this summer.

"The rainfall is likely to be more than usual this summer in the middle and lower reaches of the Yangtze River, including the area around Lake Tai. The situation will not change until the end of July. We predict there may be significant regional flooding in the middle and lower reaches of the Yangtze River with a magnitude as big as in 1996 and 2010."Forecasters are also warning the effects of the current "El Nino" event are likely going to increase as the summer goes on, potentially extending the rainy seasons along the upper reaches of the Yangtze River in the Sichuan Basin.

"El Nino" is a periodic change in ocean temperatures in the Pacific which creates high-pressure systems along the western Pacific.

The effect typically generates more rain in central and southern China during the summer.

It also limits rainfall in the northern sections of China and the rest of the region.

North Korea is said to be struggling through its worst drought in the country's history.

China, U.S. officials to meet for annual dialogue, consultationPreparations are underway for the latest round of the China-US Strategic and Economic Dialogue.

Chinese vice-Premiers Wang Yang and Liu Yandong, along with State Councilor Yang Jiechi, are set to lead the Chinese delegation to next week's meetings in Washington.

The talks are scheduled to take place Tuesday and Wednesday.

Vice-Finance Minister Zhu Guangyao says the economic side of the discussions will focus this time on three main areas.

"Both sides will hold in-depth discussions on three special topics: macroeconomics polices and structural reforms, promotion of trade and investment, as well as stability and reforms of the financial market."On the strategic side, areas of discussion during the forthcoming session are expected to focus mostly on non-critical areas such as education, health and sports.

However, it's widely expected areas of strategic importance, including the South China Sea, will be discussed.

Assistant Chinese Foreign Minister Zheng Zeguang says the Chinese side is prepared for these topics.

"Towards these issues, first, we won't avoid them and will consistently safeguard the interests of China. Second, we will strengthen the mutual trust between China and US to deal with these kinds of conflicts. Only in this way can we maintain the sound and stable development of Sino-US relations."The US side to next weeks talks will be led by US Secretary of State John Kerry and Treasury Secretary Jacob Lew.

Discussions are also expected to be held on the sidelines of the meetings to pave the way for Chinese President Xi Jinping's visit to the US in September.

Top Chinese, U.S. universities launch Global Innovation Exchange Institute in SeattleA pair of leading universities from China and the United States have entered into a new exchange program.

Tsinghua University and Washington State University have entered into the agreement.

A signing ceremony has taken place in Seattle.

The creation of the Global Innovation Exchange Institute will focus on training students from both sides in technology development.

Microsoft, which is based in Washington State, is pumping 40-million US dollars into the program.

China, Russia to increase bilateral investment, financial cooperationVisiting Chinese Vice-Premier Zhang Gaoli has had a sit-down with Russian President Vladimir Putin on the sidelines of this year's St. Petersburg International Economic Forum.

As part of the meeting, Vladimir Putin has taken time to laud the Chinese government for tightening its ties with Russia.

"Our relations (in general) and in the economic sphere are on the rise. To a large extent it is due to the efforts of the Russian Federation and the Chinese State Council, so we are grateful to you for this."The annual meetings in St. Petersburg are designed to attract foreign investment into Russia.

Ping Yu, vice-chair of the China Council for the Promotion of International Trade, says there is still a lot of potential in Russia, despite its current economic problems.

"I think there's a lot of potential in the investment field between the two countries. Lots of Chinese companies would like to invest in Russia, in the Far Eastern part of Russia, and in the European part of Russia."Chinese investment in Russia hit 33-billion US dollars last year.

Chinese and Russian companies are set to sign deals at the meetings in St. Petersburg covering the pre-construction surveys and designs for the Moscow-Kazan high-speed rail link.

The 770-kilometer section of rail line is part of the broader Beijing-Moscow high-speed transport corridor being developed.

Discussions are also taking place in St. Petersburg connected to natural gas pipelines, airplane manufacturing and China's involvement in Russia's development strategy for its Far East Region.

Special higher-education enrollment plan benefits rural studentsAnchor:

Groups of students from China's rural areas are now in the process of taking independent admission tests to try to qualify for enrollment in some of China's most prestigious universities.

CRI's Xie Cheng has more.

Reporter:

Under the current education requirements here in China, colleges and universities are required to have at least 2-percent of their students enrolled from rural areas.

This year, in an attempt to get more young people from the countryside into post-secondary education, more spaces are being set aside exclusively for rural enrollment.

The minimum passing scores for the exams have also been lowered.

At Tsinghua University in Beijing, considered China's most prestigious university, more than 100 rural students who pass the independent admission tests will be enrolled.

Wang Aijun is one of those hoping to get in under the rural enrollment program.

"First of all, the plan greatly reduces the number of students we have to compete with. The pressure is sharply lower. Take myself as an example. My scores on the Gaokao can be dozens of points below the minimum passing score for top universities like Peking or Tsinghua. But under the rural admission program, the gap for me getting in is greatly reduced."Gu Yu, head of admissions at Tianjin University, says test scores aren't the only thing they look at when deciding which students from rural areas will be admitted.

"The students' family background and places of birth will be included in the information notes for the examiners. This is something they pay a lot of attention to while asking the students questions and assessing their abilities."Zi Yanyang is an enrollment officer.

He says they are looking for special qualities in the rural students they assess.

"We don't want to embarrass or stump the students. What we really want to do is enlighten them, tap their potential, and give them a chance to exchange their ideas with their professors. We hope to include intelligent students who have great potential and great passion for science into our school through the independent enrollment exams."Education authorities have also extended the rural enrollment program for medical students.

55-hundred slots at rural medical schools are being opened this year.

Those who sign up for admission to the program will be trained for free, provided they agree to spend at least 6-years practicing medicine in the country's rural areas.

For CRI, I am Xie Cheng.

China to Punish Violent Crimes in Doctor-patient Disputes: SPCAnchorThe Supreme People's Court has been forced to once-again issue a statement, warning of harsh punishments for anyone who assaults medical staff in China.

This follows a horrific attack on a doctor earlier this week in southern China, which is the latest in a string of attacks on medical personnel in the country.

CRI's Niu Honglin has more.

ReporterFrustration, misunderstanding and dissatisfaction are the characteristics of doctor-patient relations in China, often resulting in violence.

A 54-year-old radiotherapy doctor at a hospital in Guangxi was attacked on Tuesday morning. A patient poured gasoline on him in a hospital lift and lit it.

Chen Huaidai, a stuff nurse who was on the scene, helped Dr. Qin right after the attack.

Act 1 Chen female in Chinese"There was fire all over him. I saw him rolling on the floor, taking off his burning clothes. He told me it was his old patient who lit him on fire. He was whispering, looked very weak, already."Dr. Qin is currently in intensive care, with burns to over a third of his body. Doctors say if he survives the attack, the burns will definitely disfigure him.

Local police say the suspect, surnamed Wang, had received treatment in Qin's department three years ago after being diagnosed with nasopharyngeal cancer.

This case is hardly an isolated incident in Chinese hospitals.

Only two weeks ago, Liu Feng, an Otolaryngology attendant at a hospital in Shanxi province was hit by a patient after stopping the patient from cutting in line.

Liu was diagnosed with a severe rupture to his eyeball.

While doctors are fretting over troubled relationship with patients, the patients have grievances of their own, having long complained about the difficulty of seeing doctors and obtaining proper treatment.

Deng Liqiang, a lawyer with the Chinese Medical Association, says one of the underlying reasons is uneven distribution of medical resources.

Act 3 Deng, male in Chinese"Patients flood into big hospitals where doctors are always busy. Meanwhile, community hospitals remain highly available but are barely recognized by patients. The overcrowding in big hospitals inevitably slashes consultation times and mars doctor-patient communication, resulting in patients feeling unsatisfied and creating problem-prone medical relationships."The dissatisfaction has fueled resentment on both sides. In 2014, more than 110,000 medical disputes were reported across the country.

Zhang Xiaodong, with Beijing Cancer Hospital & School of Oncology, Peking University, says patients should have "reasonable expectations" for doctors.

Act 4 Zhang, female in Chinese"Patients have very high expectations and they do not accept the fact that there are complications after treatment. It creates a huge problem. Actually, we do not have adequate public education concerning many kinds of diseases."In a survey published last month, 13 percent of the over 12,000 doctors polled said they had been physically assaulted by patients in the last year, with nearly 60 percent having been verbally abused.

Sixty percent of doctors reported low job satisfaction, and 64 percent did not want their children to become doctors.

For CRI, I'm Niu Honglin.

Unimpeded Trade Sought After Along "Belt and Road" Initiative RouteAnchor:

Leading trade officials and observers from over 40 different countries have gathered in the city of Yiwu in Zhejiang to discuss how to create unfettered access to trade along the Chinese government's "Belt and Road" Initiative.

CRI's Tu Yun has more.

Reporter:

Said to be the world's largest market for wholesale, small-scale commodities, the city of Yiwu is being touted as a pivot city in the "Belt and Road" Initiative.

"There are 1.8 million kinds of products available from over 100 countries in the Yiwu Small Commodity Market."Sheng Qiuping is the Mayor of Yiwu.

"We have a well-developed transportation network, and convenient logistics and customs clearance system. Yiwu's foreign trade enjoyed annual growth of 43-percent in the first five months against the backdrop of the economic slowdown in the country. The city's foreign trade volume is expected to surpass 30 billion US dollars this year."But the picture is not that rosy in other cities along the "Belt and Road" route.

And their biggest concern?

"Security issue will be a challenge.""Security is a concern. Security.""Security issues in Afghanistan."The Belt and Road Initiative is designed to try to bring China economically closer to the rest of the world, linking Central Asia, West Asia, the Middle East and Europe through a series of trade routes.

But some countries and regions along the route, such as Afghanistan and Pakistan, are economically, politically and militarily unstable .

Now efforts are being made to break the bottleneck.

Former Pakistani Foreign Secretary Riaz Hussain Khokhar says he feels working with China is one of the best ways to break the cycle.

"We all have to cooperate to ensure that these projects are secure, and that terrorism and extremist people and people who believe in separatism do not create problems for Pakistan and China."Nine army battalions and six wings of civilian security forces are reportedly going to be devoted to protecting the China-Pakistan Economic Corridor project.

This is a passageway connecting the Silk Road Economic Belt through the restive tribal areas with the 21st Century Maritime Silk Road, which is the sea trade route included in the "Belt and Road" initiative.

Aside from physically protecting the routes, Ariella Viehe, an international affairs fellow with the U.S. Council on Foreign Relations, says long-term strategies for the region are also needed.

"One thing we have learnt that's very challenging is to ensure the sustainability of economic growth. And that includes long-term education. It includes many conferences like this to build cultural, social and business ties. We require thinking about the project not just in getting it done, but in making sure it has impact for decades to come."The United States launched a similar project called the "New Silk Road" in 2011, mainly focusing on Afghanistan, Pakistan and Central Asia.

The two-day forum in Yiwu has been organized by the Chongyang Institute for Financial Studies at Renmin University.

For CRI, I'm Tu Yun reporting from Yiwu.

Thailand confirms first MERS caseHealth authorities in Thailand have confirmed the country's first case of Middle East Respiratory Syndrome.

A 75-year-old businessman from Oman had tested positive for the MERS virus.

Thai Public Health Minister Rajata Rajatanavin is calling for calm.

"Please don't panic. This person travelled from another country. The public health ministry has confirmed the case as quickly as possible. Since he arrived here, we have isolated him from other patients, and his relatives also have had no contact with other patients in the hospital."59 others are being monitored for the virus, including three of the man's relatives who traveled with him to Bangkok.

In the wake of this, Thai Airways is increasing its disinfection procedures for its flights.

The current outbreak of MERS in South Korea has left 24 people dead, and over 160 others infected.

South Korean officials have confirmed one new death and one new infection as of this Friday.

Health authorities in the country are monitoring around 3-thousand people who may have had some level of contact with a paramedic who works for the Samsung medical center in Seoul who has been diagnosed with MERS.

Despite this, South Korean health authorities, as well as the World Health Organization, are suggesting the MERS outbreak in the country is on the decline.

China develops 15-minute MERS testA new diagnostic test for MERS has been developed in China.

It's been developed by researchers at Hong Kong and Xiamen universities.

The new reagent test only takes 15 minutes to determine if someone has MERS.

It should allow a single tech to process around a thousand samples a day.

Hijacked oil tanker in Malaysia rescued, pirates fleeMalaysian authorities are now hunting for the men who hijacked a Malaysian oil tanker last week.

Naval forces are currently trying to track down 8 men thought responsible for the hijacking of the Orkim Harmony on June 11th.

Admiral Ahmad Kahar with the Malaysian Maritime Enforcement Agency says all 22 crew members of the boat are safe.

"I want to inform you today that the Orkim Harmony case is solved. We succeeded in recovering the vessel and its crew. It is now on its way back home to Kuantan port."The hijacking of the Orkim Harmony is the latest in a string of pirate attacks off southern Malaysia so far this year.

It's believed groups of Indonesian-based pirates have been specifically targeting vessels for their fuel cargo.

There have been 5 hijackings off southern Malaysia so-far this year.

U.S. church shooting suspect 'has a plan': friendNew details are starting to emerge in connection with Wednesday's mass shooting at a black church in the US state of South Carolina.

2nd-hand reports relayed through friends of the survivors are suggesting the suspect, 21-year old Dylann Roof, sat with parishners for around an hour during a prayer session at the church in Charleston before bringing out his gun and opening fire.

Reports are suggesting the 21-year old young white man took time to reload around 5-times during the killing spree, which left 9-people dead.

It's believed the killings are racially motivated.

Joseph Meek Junior, a friend of the suspect, says Roof had been talking about taking part in something like this for at least half-a-year.

"He was drunk whenever he was talking about him wanting to do something crazy. And whenever he was saying he was wanting to do something crazy, I just blew it off and didn't really pay attention to him because he was intoxicated."Dylann Roof was picked up on Thursday in neighboring North Carolina, and has since been returned to police custody in Charleston.

He's facing murder charges and a likely death-penalty case against him.

Low Emission Helicopters and Electric Planes Highlights Paris Air ShowAnchor:

Low emission helicopters and electric planes have been generating a lot of buzz at this year's Paris Air Show, with observers suggesting they could be the future of a greener and cleaner aviation sector.

CRI's Qian Shanming has more.

Reporter:

From the state of the art to the shape of the future, the 51st Paris Air Show is highlighting current designs and cutting edge technology.

Airbus is displaying its E-Fan electric plane, which the company claims has zero carbon dioxide emissions.

Didier Esteyne is an E-Fan test pilot.

"Starting from now, from 2015 and in the following years we will be capable to make and fly purely electrical planes, without CO2 exhaust and with an extremely reduced noise impact, and that is a very important environmental challenge".

Airbus is currently developing two-seat and four-seat versions of the plane, aiming to release the two-seat pilot trainer in 2017 as the first electric plane to meet international certification standards.

The company intends on marketing the small planes for entry-level pilot training, which Esteyne maintains will be more efficient with regards to costs.

But Jean Botti, the Chief Technical Officer of Airbus, says the company has even greater ambitions for the future.

"Our objective here is to make a hybrid - electric hundred seater for the future, it will be original aircraft, and this electric power aircraft could be (available) within fifteen years; we are hoping to make a prototype that will be visible and functional."Also on show in Paris is Airbus' H160 helicopter, a prototype expected to go on the market in 2018.

It will go on offshore oil-and-gas missions, search-and-rescue missions, and be used for first class travel.

Airbus anticipates the new helicopter will burn 15 to 20 percent less fuel than its competitor, the Agusta Westland AW139.

Benoit Terral, Sales Manager at Airbus Helicopters, emphasizes the H160's low noise operational capabilities.

"There is a lot of gain in this helicopter like a huge decrease of sound emissions, gain in the performance, in lift and so in useful load. We do now, on the main rotor two to three decibels less (noise) which means something between 40 - 50 percent of less perceived noise. "Airbus aims to begin taking orders for the new helicopter next year.

The company also showcased its P.1HH Hammerhead drone, which can perform missions lasting up to 16 hours.

The Italian air force is currently testing that model.

The Paris Air Show at the Le Bourget airfield outside Paris runs until June 21st.

For CRI, I'm Qian Shanming.

First electric planes produced in China deliveredThe first two fully-electric passenger aircraft generated in China have been delivered to their customer.

Liaoning Ruixiang General Aviation has purchased the planes for around 1-million yuan each.

The electric aircraft can fly for up to an hour on a single charge.

They've been manufactured by Shenyang Aerospace University and the Liaoning General Aviation Academy.

The light-planes are designed primarily for training and sight-seeing, and can reach heights of up to 3-thousand meters.

28 of the aircraft are now on-order.

The RX1-E is said to be the first fully-electric aircraft in the world to recieve an airworthiness certificate.

It also participated in the 10th China International Aviation and Aerospace Exhibition in Zhuhai last November.

Highway ramp collapse kills 1, injures 3 in S ChinaThe collapse of a highway overpass in Guangzhou has left at least one person dead.

Three others have been hurt, after the overpass came down earlier this Friday morning.

It's believed the weight of 4 industrial trucks on the bridge at the time led to the collapse.

The highway itself opened in 2005.

It links Guangdong with the neighboring province of Jiangxi.

WeatherBeijing will be partly cloudy tonight with a low of 17 degrees, tomorrow will be sunny with a high of 32.

Shanghai will be cloudy overnight with a low of 20, also cloudy tomorrow with a high of 29.

Chongqing will have showers tonight with a low of 22, tomorrow will also be rainy, high of 27.

Lhasa will have slight rain tonight with a low of 12, also rainy tomorrow with a high of 25.

Elsewhere in Asia,Islamabad will have slight rain with a high of 40.

Kabul, rainy, 32.

Down in the Southern Hemisphere.

Sydney will have slight rain with a high of 14.

Brisbane will be cloudy with a high of 18.

Perth, rainy, 19.

And finally Auckland, New Zealand will also be rainy with a high of 19 degrees Celsius.

Headline newsS China storms kill 18New figures show the heavy storms which have been battering central and southern China since Tuesday have left 18 people dead.

Four others are still listed as missing.

Flooding and landslides have been brought on by the heavy rains which have been inundating the region.

In Hubei alone, building collapses and rockslides have left 10 people dead.

China, U.S. officials to meet for annual dialogue, consultationPreparations are underway for the latest round of the China-US Strategic and Economic Dialogue.

Chinese vice-Premiers Wang Yang and Liu Yandong, along with State Councilor Yang Jiechi, are set to lead the Chinese delegation to next week's meetings in Washington.

The talks themselves will be held on Tuesday and Wednesday.

Areas of discussion during this particular session are expected to focus mostly on non-critical areas such as education, health and sports.

However, it's widely expected areas of strategic importance, including the South China Sea, will be discussed.

The US side will be led by US Secretary of State John Kerry and Treasury Secretary Jacob Lew.

Chinese vice premier to visit Cuba, BrazilIt's been announced Chinese Vice Premier Wang Yang is set to visit Cuba and Brazil next week.

As part of his 3-day visit to Cuba, Wang Yang is set to hold talks with Cuban leaders.

In Brazil, Wang Yang will co-chair a meeting of the China-Brazil High-level Coordination and Cooperation Committee.

Visa process for Chinese traveling through Europe streamlinedThe UK and Belgian governments are moving to streamline the visa application processes for Chinese visitors.

Chinese travellers are going to be able to submit visa applications for both countries during a single visit to a UK visa application center.

The new scheme means visitors from China will be able to obtain a visa for both the UK and the Schengen area - which the UK is not part of - without having to visit two different application centers.

The Schengen area is a collection of 26 countries in Europe which allow travel across their borders under a unified visa.

The new visa rules at UK visa centers in China will come into effect on July 1st.

Fire kills many in hotel in northern IndiaAt least 10 people are dead following a hotel fire in northern India.

The fire in the state of Uttar Pradesh broke out early Friday morning in a neighboring restaurant.

13 others in the hotel managed to survive, though many are suffering from serious burns.

This could increase the death toll.

Local authorities say they believe the fire was sparked by an electrical short circuit.

Biz ReportsStocksTurning now to business news.

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

Mainland markets took another major hit today on the heel of Thursday's sell-off.

This week's panic selling is being driven by fresh government moves to tighten margin financing amid a new wave of initial public offerings.

Meanwhile, signs of improvement in the real estate sector has also prompted investors to sell early amid speculation money may be moving from the stock markets back into the housing sector.

At the close,The Shanghai Composite Index plunged 6.4 percent.

The Shenzhen Component Index also fell some 6 percent.

Bucking the trend, the Hang Seng Index in Hong Kong slightly up 0.3 percent.

Elsewhere in Asia,The Nikkei 225 finishing 0.9 percent higher as investors went bargain hunting after three straight sessions of declines.

South Korea's KOSPI gained 0.3 percent.

Singapore's Straits Times Index ended almost flat.

And Australia's ASX 200 increased over 1.3 percent.

Morgan Stanley invests in China's first online-only insurer Zhongan, valued at 8 bln USDIt's being reported a Morgan Stanley-led consortium has invested over 930-million US dollars in Alibaba-backed Zhong'an Online Insurance.

This now values the Chinese online insurer at 8-billion US dollars.

Zhong'An began shopping around for private financing in late March.

Other investors who have jumped onboard include China International Capital Corporation, CDH Investment and SAIF Partners.

Alibaba, Tencent and Ping'An Insurance jointly set up "Zhong'An" in late 2013.

Zhong'An is also reportedly considering an IPO sometime in the next couple of years.

Hanergy Vows to Give away 1 bln yuan to tackle China's environmental problem amid huge profit lossChinese new-energy firm Hanergy is promising corporate donations of one-billion yuan over the next 5-years to help support environmental causes in China.

The pledge comes just days after the company's biggest client cancelled an 565-million US dollar deal with one of its units, which would have accounted for more than half the company's annual sales.

Despite this, the CEO of Hanergy insists his company is still in sound financial shape.

Shares of the Hong Kong-listed firm have been suspended for nearly one month after a massive sell-off in its shares in May in just 24-minutes worth around 20 billion US dollars.

It remains unclear at this point when Hanergy shares in Hong Kong will resume trading.

Shanghai FTZ to deepen financial reforms and cut red tapesAnchor:

The deputy head of the Shanghai Free Trade Zone says close to 50 new plans are being worked on to try to cut red tape in the FTZ.

Sun Jiwei says the details of their plans are going to be discussed at a forum in the city next week.

It's widely-expected the new plans will include an update to the "Qualified Domestic Institutional Investor" program, which allows Chinese institutions to invest in the overseas markets.

At the same time, customs authorities are also working to streamline clearance procedures for products sold within the Shanghai Free Trade Zone.

The changes will allow importers to fly in a small sample of the products they're shipping in by sea so they can be inspected.

It's expected this change may cut customs clearance times by around 80-percent.

For more on Shanghai FTZ's ongoing reforms, we earlier spoke with Shen Hong, Wall Street Journal's Shanghai bureau chief.

Back Anchor:

Shen Hong, Shanghai Bureau Chief of Wall Street Journal.

Emergency summit called on Monday to tackle Greek debt crisisAn emergency meeting among the leaders of Eurozone countries has been set for Monday.

The emergency session has been called after the failure of the latest round of Greek debt talks this week.

Eurogroup chief Jeroen Dijsselbloem says Thursday's meetings made virtually no headway.

"What we need is credible measures which fill in the fiscal gaps which are still in the talks, and credible measures to bring the economy back on track. Those measures are not popular, they will not be easy to take and the big question is whether the Greek government is prepared to take them, because they are inevitable, they are necessary for Greece."Despite this, Greek Finance Minister Yanis Varoufakis says he remains confident a deal can be struck.

"We are dangerously close to a state of mind that accepts an accident. And I urge my colleagues not to fall prey to this state of mind. We can forge a good agreement. Our government is standing by with ideas and with a determination to cultivate the two forms of trust necessary to end this Greek drama."Greece has less than two weeks left to strike a deal with its creditors or default on a 1.6-billion euro repayment due to the International Monetary Fund at the end of the month.

If it can't make the payment, Greece may be forced out of the eurozone.

Japan to Issue the 1st yuan bondJapan's largest banking group has announced plans to issue yuan-denominated bonds.

Mitsubishi UFJ is preparing to issue 350-million worth of 2-year, yuan-denominated bonds.

They're going to be sold at an annual yield of around 3.6 percent.

Sales of the bonds will be limited to institutional investors, including life insurance companies and local banks.

Mitsubishi is going to put them out on Monday.

Japanese investors turn to favor Chinese stocksNew stats are suggesting Japanese investors have been making a run on Chinese A-shares over the past few weeks.

Some 4.6-billion US dollars worth of Chinese A-shares were purchased by Japanese investors in the last week of May.

Yasuhiro Chihara, chief of Naito Securities' China Market Intelligence Department, says he fully expects more Japanese investors gravitating toward the Chinese A-share market in the coming week.

"International investors are bullish on China's banking shares as the sector is undervalued. Meanwhile, there is room for further interest rate cuts in China which may give a boost to the sector. So we expect heavyweight banking stocks to continue driving up the benchmark Shanghai index."Foreign investment into the Chinese A-share market can be done through the Hong Kong stock connect system.

SportsFootball: Chinese Super League Kicks Off TonightIn upcoming football action from the Chinese Super League, as the season break comes to and end:

Former league leaders Shanghai SIPG will clash against Changchun Yatai at 7:45 p.m., Beijing time.

On Saturday,First place Guangzhou Evergrande take on second place Shandong Luneng;Beijing Guoan will take on regional rivals Tianjin Teda;In other action:

Hangzhou will take on Jiangsu Guoxin;Chongqing Lifan will face Guangzhou R&F;Shanghai Shenhua hit the pitch against Liaoning;Henan Jianye will face Shangahi Shenxin;Then on Sunday,Guizhou take on Shijiazhuang.

CSL: Sun Ke Signs with Tianjin Teda for League Record 66 mln YuanIn more CSL news:

Chinese mid-fielder Sun Ke has set a new transfer fee record for the CSL on Thursday, joining Tianjin Teda from Jiangsu Sainty for 66 million yuan RMB, or about 10.6 million dollars.

Sun Ke will officially join Tianjin on June 22, when the transfer window opens.

Sun is signed with Tianjin until 2020.

The previous signing record in the CSL belongs to Yu Hai, who left Guizhou Renhe to sign with Shanghai SIPG for 50 million yuan RMB (8 million dollars).

Football: Peru Downs Venezuela in Copa AmericaIn football action from the Copa America in Chile:

Peru notched the single goal of their match to beat Venezuela 1-0.

Claudio Pizarro scored for the Peruvians in the 72nd minute after a back-and-forth first-half that saw each side offer little to the other regarding scoring chances.

The win now puts the Peruvians even at three points everyone else in their group--Brazil and Colombia are the other two teams. The deciders will be in the group's final clashes on Sunday.

Two Argentine Businessmen Wanted in FIFA Corruption Case Turn Selves InTwo Argentine businessmen wanted in the United States in a FIFA bribery case turned themselves in to authorities on Thursday.

Accompanied by their lawyers, Hugo Jinkis and his son, Mariano, presented themselves at a federal courthouse in Buenos Aires after ignoring arrest warrants for three weeks.

They stated their intention to fight a US extradition order and requested house arrest rather than jail while they do so.

Jorge Anzorreguy, a lawyer for the two men, told reporters they would be detained while a judge decides on their petition.

The men were among 14 football and business officials indicted by the US Justice Department in a sweeping investigation into alleged bribery, racketeering and money-laundering.

The Jinkis' are owners of Full Play, a sports marketing and broadcasting company.

According to US authorities, the company paid millions of dollars in bribes to secure rights to several games during four Copa America tournaments, which feature national teams from South America.

Golf: Henrik Stenson, Dustin Johnson Tie for 1st After Round 1 of U.S. OpenIn golf action from the U.S. Open:

Henrik Stenson and Dustin Johnson each shooting a five-under-par 65 to share the first round lead at tournament.

Johnson scattered six birdies across his card with just a blemish on the par-three ninth - his closing hole.

Stenson, who birdied four of his last five holes, says that his mentality helped boost is impressive first-round play:

"Mentally, I was very pleased with the round and my putting was excellent. I finished up with some really nice birdie putts. Great day, still a lot of golf to play. One day out of four done in a good way."Three-time U.S. Open champion Tiger Woods had another disappointing round. He signed a 10-over-par 80.

Woods says this when asked if this is the most difficult time of his career:

"Yeah, it has, because I haven't had enough -- I haven't played enough. I haven't had a rhythm to play. I didn't play much last year and I haven't played much this year. Knee surgeries are pretty easy compared to a back surgery, the recovery time. And for some reason, it's just a lot harder dealing with a nerve than a joint."Playing in the same group as Woods was Rickie Fowler, who fared even worse with a 11-over 81. Fowler, however, did have the top shot of the day with his drive off the tee of the par-four, 317 yard 12th hole.

F1: Austrian GP PreviewIn racing:

In Formula One,Drivers have spoken ahead of the Austrian Grand Prix, hoping for a good weekend.

Ferrari's Sebastian Vettel admitted there is quite a big gap between the Italian manufacturers and Mercedes.

"We also have to be realistic, challenging the Mercedes we first of all have to have a flawless weekend, a perfect weekend, and maybe hoping for them to have a little bit of a struggle. Normal circumstances it is quite difficult to beat them as they are still the favourites going in and there is still quite a big gap."　Vittel is sitting third in the driver's championship behind Mercedes' Lewis Hamilton and Nico Rosberg.

Those two have won six of seven races this season and qualified on the pole in all of them.

Nico Rosberg is very optimistic about his team's chances here.

"I don't think so much about the past or things like that, for me it's just now and lately it's been going okay. Of course Canada not so much, I lost out there, but I'm feeling good. It's great to be here, I won here last year so I arrive here very optimistically, we have a great car so it should be a great weekend."The Grand Prix begins with free practice sessions on Friday.

Tennis RecapIn tennis:

In men's action at the Halle Open:

Andreas Seppi caused an upset at the Gerry Weber Open on Thursday when he beat fifth seed Tommy Robredo 6-2, 7-6, 6-3.

No. 2 Kei Nishikoria got a straight-set win over German Dustin Brown.

At the Aegon Championships:

Top-seed Andy Murray cruised past Spain's Fernando Verdasco in straight sets;Luxembourg's Gilles Muller got a shock win over no. 6 Grigor Dimitrov 6-4, 7-6;In women's action from the Aegon Championships:

Top-seeded Romanian Simona Halep eased pass Czech Klara Koukalova 6-1, 6-3.

Third-seed Carla Suarez-Navarro got a straight-set win over 13th-seed Svetlana Kuznetsova.

No. 4 Angelique Kerber beat 15th-seed Jelena Jankovic 6-4, 6-2.

And eighth-seed Sabine Lisiki ousted Slovakia's Magdalena Rybarikova in straight sets.

Snooker World Cup Recap/UpdateIn Snooker action from the World Cup in Wuxi:

The China A team tied 2-2 with Malta;Hong Kong blew out Brazil 5-0;Scotland lost to Belgium 3-2;Iran beat Malaysia 4-1;Norway and Austria tied 1-1;and India defeated Singapore 3-1.

At 8 p.m., Beijing time,China's B team will take on Germany.

EntertainmentNew Art Film Centre to Be Set up in ShanghaiA pair of mainland actors have announced plans to establish a film centre in Shanghai.

Award-winning actors Wang Jingchun and Liao Fan have made the announcement at the Shanghai International Film Festival.

They plan to screen art-house movies at the facility, as well as offer workshops for actors and directors.

At the same time, "Ip Man" producer Shi Jianxiang has announced the establishment of a film-based endowment fund.

It's going to be used to fund the education of young Chinese film makers.

This year's Shanghai International Film Festival runs until Sunday.

Tom Hanks in Talks to Play Pilot Sully in East Clintwood FilmVeteran actor Tom Hanks is reportedly in negotiations with Captain Chesley "Sully" Sullenberger in a new film being put together by Clint Eastwood.

It's unclear at this point if Hanks will take on the role.

Eastwood is reportedly planning to begin shooting for the film in September.

"Sully" Sullenberger became an overnight sensation after he successfully crash-landed a passenger aircraft into the Hudson River in New York after a flock of geese killed the plane's engines shortly after take-off in 2009.

All 155 people onboard the flight survived.

Sullenberger's calm demeanor as the incident took place earned him the nickname "captain cool."Trailer of Robin Williams' Final Movie ReleasedA trailer for late actor Robin Williams' final film 'Boulevard' has been released.

'Boulevard' tells the story of a 60-year-old married man, played by Williams, struggling with his sexuality after befriending a young male prostitute.

Directed by Dito Montiel, the film also stars Bob Odenkirk and Kathy Baker.

"Boulevard" was mostly through filming when the 63-year old Robin Williams killed himself last summer.

It's set to open in US theatres on July 10th.

Fifty Shades Rewrite Comes under SlashCritics are panning the new retelling of EL James' original novel 'Fifty Shades of Grey'.

The new novel, simply titled "Grey" recasts the erotic relationship between self-made billionaire Christian Gray and college student Anastasia Steele, but this time in Gray's perspective.

One critic with the The Guardian newspaper in the UK says the 'love affair' from the original book has now been turned into the ramblings of an utter psychopath.

The book has hit shelves today.

EL James says she wrote the book through Grey's perspective because of demands by thousands of fans of the original book, which as sold 125-million copies worldwide.

Despite not being an instant fan-favorite among critics, the book is expected to become a bestseller.

"Gray" has already topped pre-orders in Amazon.

In February, a movie adapted from the original work grossed more than 500-million US dollars world-wide.

Two sequels of that film are also under production.

Mercury Rev Returns with New AlbumUS alt-rock band Mercury Rev has announced its return with its latest studio album 'The Light in You.'

The band has already put out its first single, 'The Queen Of Swans'.

"The Light In Your" is Mercury Rev's 8th studio album.

The band is also launching a new tour in Europe in mid-September.

Marvel, Paramount Not to Attend Comic-ConMarvel and Paramount have both announced they will not be taking part in the annual comic book convention in San Diego in July.

Marvel is citing timing issues.

Marvel's 'Ant-Man,' produced by Paramount, is going to open in US theatres a week after the San Diego Comic-Con.

"Captain America: Civil War" is also shooting at the moment.

At the same time, Sony has also announced its going to have a limited showing at the San Diego Comic-Con.

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

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

Environmental testing is underway along the Yangtze River following the capsizing of a tanker in Nanjing.

Final preparations are underway for next week's China-US Strategic and Economic Dialogue in Washington.

New revelations are suggesting the suspect behind this week's church shooting in the US may have been contemplating it for some time.

Business....a group backed by Morgan Stanley investing nearly a billion dollars into Alibaba's online insurance company.

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.