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

Coming up on our program this morning...

Top officials from China and the United States set to hold high-level talks in Washington next week....

The Chinese government renewing its pledge to step up its support for Hong Kong as an international city....

And the suspect accused of killing 9 African Americans in the US city of Charleston makes his initial court appearance....

In our weekly Business Review.... China and Australia signing a free-trade agreement....

In Sports... an update on the Chinese Super League....

In Entertainment...a renowned Chinese film maker passes away at the age of 90 here in Beijing....

Top NewsChina-US S&ED to Open Next WeekAnchor:

High-ranking officials from China and the United States will meet next week in Washington to discuss issues ranging from security to the economy and people-to-people exchanges.

CRI's Yu Yang reports.

Reporter:

The 7th China-U.S. Strategic and Economic Dialogue and the 6th China-U.S. High-Level Consultation on People-to-People Exchanges will take place on Tuesday and Wednesday.

It's the first time that the two events are being jointly held in the United States.

Vice Premier Wang Yang and State Councilor Yang Jiechi are set to lead the Chinese delegation to the S&ED, while the US side will be led by Secretary of State John Kerry and Treasury Secretary Jacob Lew.

The CPE will be co-chaired by Vice Premier Liu Yandong and Kerry.

Assistant Foreign Minister Zheng Zeguang says the two sides will hold discussions at the strategic dialogue on how to deepen pragmatic cooperation and properly handle differences.

"It is the firm direction of China's foreign policy to build a new model of major-country relationship with the U.S. that features 'non-conflict, non-confrontation, mutual trust, cooperation and mutual benefits.' We believe that China and the US can and will cooperate in wider areas."Vice Finance Minister Zhu Guangyao says the economic side of the discussions will focus 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."This year's strategic dialogue is also expected to cover hot topics like the South China Sea disputes, cyberspace security and North Korea's nuclear program.

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

Adam Posen, president of the Peterson Institute for International Economics, expects the two countries to work more closely through this mechanism.

"There are some rules where China and the US have exactly the same interest. And as China continues to grow rich and grow large and grow more technically sophisticated, it will have increasingly the same interests as the US and Western Europe. So we're going to want China to write the rules with us."In contrary to the S&ED, the CPE will focus on non-critical areas such as education, culture and health.

Vice Minister of Education Liu Limin says more than 100 agreements are expected to be reached.

"In the educational area, over the coming five years, China will invite 100 young American elites to visit China, push forward with a talent-exchange program that will involve 1,000 students from leading universities of each side and send 10,000 Chinese people to study in the US every year."As the world's top two economies, the US and China saw their trade volume hit 550 billion U.S. dollars last year.

Official data show that U.S. investment in China has amounted to nearly 100 billion U.S. dollars, while Chinese investment in America has also rapidly grown.

For CRI, I'm Yu Yang.

Central Gov't Will Continues to Back HK's Foreign CooperationThe Chinese central government says it will continue to support the Hong Kong Special Administrative Region on foreign exchanges and cooperation.

Foreign Ministry spokesman Hong Lei says that Hong Kong importance is hard to overstate.

Hong Kong is a hub of international finance, trade and transportation. Maintaining Hong Kong's prosperity and stability is not only in the interest of China but also in the interest of foreign investors. China's central government will continue to firmly support the region's international exchange and cooperation and protect the interest of foreign investors in Hong Kong in accordance with the law.

Hong Lei says China welcomes all countries to continue to maintain and develop ties with Hong Kong in areas including economy, culture and tourism.

But he notes that Hong Kong affairs are China's internal affairs that foreign nations should not interfere.

His remarks comes after Hong Kong legislative council voted down a motion on universal suffrage for selecting the region's next chief executive in 2017.

The fifth chief executive of the region will thus be selected by the election committee as before.

HK Chief Executive Seeks Support for Economic ProposalsHong Kong's Chief Executive CY Leung has called on the Legislative Council to endorse a series of economic proposals he is going to table next week.

"The SAR government and I personally would like to make immediate and proactive efforts on economic issues to improve people's livelihood. I now declare that we will propose 11 initiatives to the meeting of the Finance Committee of the Legislative Council next Friday."Leung made the call just one day after the LegCo vetoed down the motion on the proposed universal suffrage for selecting the region's next chief executive.

Leung says Hong Kong should set aside disputes and seize the opportunity for social and economic development.

"The SAR government will not stop cooperating simply because the 'pan-democrats' say they will not cooperate. The government expects to have a new cooperative relationship with the Legislative Council and with those who have different political views."The proposals include more social security assistance, greater allowances, and a reduction in public-housing rents for the low-income population.

The new measures also promise better pay for government workers and additional funding for nursing homes.

Rational and fair punishment is essential in eliminating human traffickingAnchor:

A recent post with pictures and stories of abducted children has been gaining traction on social media, with some netizens calling for child traffickers to get the death penalty.

But as CRI's Wang Wei reports, the drive to eliminate trafficking requires both public concern as well as rational and fair punishment.

Reporter:

The viral proposals have sparked heated online discussion on appropriate punishment for child abduction and trafficking.

Wang Xizi, the deputy head of Peking University Law School, says this discussion is a good thing.

"In my opinion, the huge emotional outcry will prompt not only the government and judicial departments but the whole society, to step up efforts in dealing with the social problem. Moreover, the reposts actually are a kind of public debate on the issue, which will help to form a comprehensive legal system with emotionality and rationality to effectively eliminate such crimes. "Experts say the rapid and wide spread of the post reflects the fact that people have long been holding these concerns.

Psychological researcher Zhu Jianjun offers his thoughts on the reasons behind the move.

"Some people forwarded the post out of fear. For those who have kids, or those who don't have kids but consider child kidnapping as quite terrible thing, they wish there could have ruthless law which can greatly reduce human trafficking cases. Thus they will obtain a sense of security."At present, only kidnappers in the most serious trafficking crimes are liable for death. The minimum penalty is five years in prison.

In the end, those in favor of the posts usually blamed the current law for being too merciful to traffickers.

In response, many Chinese law professors have expressed their own opinions, and some suggest web users to recognize that some public pages may be saying these things in a bid to attract hits.

Wang Xizi with Peking University Law School, further points out that the public's emotional concern is acceptable; however, laws should be fair and rational.

"It's polarized thinking to hand down death penalty to anyone involved in human trafficking, actually, the idea needs to reach rational and fair standards in criminal law and sanctions. So the call can only be regarded as emotional expression instead of rational analysis on fighting the criminal behavior of trafficking. To present emotions is acceptable, but as for law, it's always essential to take justice, fairness and rationality into consideration."Some lawyers think the uniform punishment also would deprive the criminal of his right to defend himself.

Still, many legal professors admit that harsher punishment for those buyers could partly solve the problem.

Figures show that in 2014, Chinese police rescued over 13-thousand children, many of whom were sold to childless families nationwide.

For CRI, I'm Wang Wei.

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 route of the Chinese government's "Belt and Road" Initiative.

CRI's Tu Yun reports from Yiwu.

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.

Chinese Students Stand Trial for Abducting CompatriotsThree Chinese girls attending an American high school have gone on trial in the Los Angeles Superior Court for allegedly abducting and torturing two other Chinese female students in March.

Their lawyer says the three defendants pled not guilty.

The next trial is scheduled for July 27.

Lawyer Deng Hong says more Chinese students have violated laws in the US in recent years due to different cultural backgrounds, legal systems and overall environments.

"Chinese parents sometimes fail to fully recognize the educational system in the United States. They think that everything is fine after their children are put in this country."Deng also blames local educational agencies and schools for playing an unexpected role.

"Many families have been affected by the agencies' inappropriate ads and promotions. And there are more than 2,000 schools in the United States aiming to recruit Chinese students as they are a big business for them. The schools often take on international students as a tool for making money."Deng suggests Chinese parents learn more about the way US schools manage students before sending their children abroad.

Shooting Accused Appears in CourtThe man accused of slaying nine people in a historic black church in the US city of Charleston has made his first court appearance.

Dylann Roof appeared via videolink before a judge in South Carolina and spoke only to answer questions.

He is charged with nine counts of first-degree murder.

Judge James Gosnell, who has no authority to release Roof on the murder charges, set a bond of one million US dollars for the one gun charge he also faces.

Roof remains in custody.

Meanwhile, local people have built a memorial to the victims and planned a vigil.

Charleston Mayor Joseph Riley says that Roof's actions have brought the community together in solidarity.

"This hateful person came to this community with some crazy idea he would be able to divide, but all he did was make us more united and make us love each other even more."Roof's next court appearance is set for October 23rd of this year.

Russian president meet business leaders in economic forumRussian President Vladimir Putin is meeting with world business leaders, especially oil executives, in an effort to drum up the country's economy.

The economic forum in St Petersburg is being held amid the economic recession led by tumbled oil prices and economic sanctions imposed by the West.

In a speech at the country's biggest annual investment forum, Putin acknowledged a fall in the price of Russia's main export goods as well as in consumer demand.

"Russia is limited in its access to the world capital market. We should add also the fall in price on our main export goods. The consumer demands have also been reduced which used to push up the economy, but I agree with the participants of the discussions which took place yesterday that the demand begins to restore itself."Russia's economy dropped 2.2 percent in the first quarter of the year.

The president is also appealing the west to work together to reach a peace deal on Ukraine crisis and also an end to western sanctions.

Greek Prime Minister Alexis Tsipras, whose nation is embroiled in last minute attempts to secure new bailout conditions, was present at the forum on Friday.

Update on MERs SpreadThe newly-appointed Prime Minister of South Korea is vowing to do everything he can to put an end to the spread of MERS.

Hwang Kyo-ahn made the pledge on Friday after inspecting MERs wards at a medical centre in Seoul.

"I will do my best and put my all efforts into eradicating the MERS situation. Let's cooperate together, so that our community can immediately get away from this hardship."The outbreak that began last month has taken a toll on South Korea, with tourists cancelling trips and consumers staying at home.

The government has also been criticised for its initial response.

On Friday, the country reported its 24th death from the virus, along with a new case.

But it says the daily rate of new cases has slowed.

Meanwhile, the World Health Organization says it welcomes the quick reaction of Thailand after the country confirmed its first MERs case.

WHO spokesman Christian Lindmeier:

"Now the lab tests have come back positive for MERS coronavirus, so that means we have a first confirmed case in Thailand."Thailand is now the fourth Asian country to register the deadly virus this year.

The patient is a 75-year-old businessman from Oman, who had travelled to Bangkok for medical treatment for a heart condition.

59 contacts have been followed up on, including the medical staff who was immediately in contact with the patient.

Greece hopeful of last-ditch deal despite default warningsAnchor:

Greece says it is still hopeful of reaching an 11th-hour deal with its creditors to avoid a messy exit from the Euro.

But the latest round of negotiations between Euro-zone finance ministers ended in a stalemate on Friday.

Meanwhile, Greek depositors have withdrawn over 4 billion Euros in bank deposits, possibly leading to a bank run in the cash strapped country.

CRI's Poornima Weerasekara reports.

Reporter:

Another emergency European meeting has been called for Monday to break the deadlock in talks to unlock bailout funds.

But the brinkmanship between Athens and its top creditors, the International Monitoring Fund and the European Union, has resulted in Greece already warning that it may default on the 1.5 billion euros due to the IMF by the end of this month.

This could lead to a messy exit from the euro and the European Union altogether.

Dire headlines have led to Greeks rushing to banks to withdraw their savings.

A billion euros were withdrawn from Greek banks on Thursday alone. Panicked withdrawals have eroded Greek deposits by over 4 billion Euros last week.

Despite the exodus, the Bank of Greece insists the country's banking system was stable. But the European Central Bank has decided to increase the emergency liquidity level available for Greek banks by 3.3 billion euros, to avoid a bank collapse, at an emergency meeting on Friday.

But Carsten Brzeski, the Chief Economist of the German development bank ING-DIBA warned a bank run was inevitable, unless the Greek government found ways to break the impasse with its creditors.

"In fact everyone has been warning about a bank-run as a consequence of a Grexit. The fact is right now that we do see the bank-run. Since the new government entered office, the bank run has taken place. it is increasing. More and more people are taking out their deposits, and are creating facts which is increasing more pressure on the Greek government to finally find a compromise, otherwise they would get the Grexit without really wanting it.

Meanwhile,with Greece's relations with its European counterparts at a low ebb, Greek Prime Minister Alexis Tsipras's has headed to Russia to meet Russian President Vladimir Putin.

Tsipras says Greece must look for "seas that offer a safer port in a storm" hinting at the possibility of looking towards Russia for financial aid, in case it fails to cut a deal with its other European counterparts.

"We are living through a time full of anxiety and it seems to me the co-operation between our two countries can give us a chance to make use of these tense times."But Russian authorities say Greece has not asked the Russian Finance Ministry for any financial assistance so far.

Greece's Creditors have refused to pay the remaining 7.2 billion euros in the bailout package if Greece does not agree to deeper austerity cuts.

But Tsipras, who was elected for his anti-austerity policies, is reluctant to accept a deal that would raise taxes and cut spending further.

For CRI, I'm Poornima Weerasekara.

Fostering Development in Palestine through TourismAnchor:

Despite all the difficulties of political and religious clashes, and the Israeli occupation, Palestinians are seeking socio-economic development through tourism.

CRI's Sophie Williams has more.

Reporter:

Nael Hamamra is a Palestinian tour guide living in the West Bank city of Bethlehem. Although he has a certificate to guide tourists in both Palestinian territories and Israel, it is impossible for him to actually work on the Israeli side.

"There are only about 40 Palestinian guides (from the West Bank) who can work on the other side. They are not issuing any more permits. Hundreds of Israeli guides can come and work in our area. We need also to have the same equal right, as Palestinian tour guides to work on the Israeli side."Although there are abundant tourism resources in the Palestinian territories, the development of tourism has been largely restricted due to the Israeli occupation.

The Palestine Liberation Organization said in April that the Israeli Ministry of Tourism has both claimed and profited from Palestinian sites by blurring territorial lines between Israel and Palestine.

Rula Ma'ayah is Palestinian Minister of Tourism and Antiquities.

"Israel is continuing occupying Palestine, which leads to many obstacles. Israel doesn't take responsibility of the peace process, doesn't fulfill commitment to international law, doesn't implement UN resolutions, and doesn't want to reach a just and comprehensive peace in the region. All of these prevent tourism of Palestine to achieve our full goals, and prevents necessary and good investment to this sector."Ma'ayah made the remarks during a conference on religious tourism held from Monday to Tuesday in Bethlehem, organized by the United Nations World Tourism Organization, or UNWTO.

Middle East envoy Tony Blair, representing the quartet of world powers negotiating for peace, also joined the meeting and says despite all the challenges and problems, Palestine is open for tourism though there's much more that could be done.

Taleb Rifai, Secretary-General of UNWTO, says tourism is not only a powerful tool for development, but also helps to build peace, as it brings cultural understanding among people.

This week, various tours are being organized for participants of the conference, most of whom are in Palestine for the first time, to learn more about this land from different aspects.

For CRI, I'm Sophie Williams .

Islamic State eclipses al Qaeda as the leading jihadist militant group: U. S. terrorism reportU.S. officials say the Islamic State has surged to the forefront as the leading jihadist militant group, seizing on fluid borders and a strong social media presence to draw record numbers of fighters to Iraq and Syria.

According to a new report released by the State Department, terrorist attacks worldwide surged by more than a third and fatalities soared by 81 percent in 2014, a year that also saw Islamic State eclipse al Qaeda.

Tina Kaidenow, the U.S. state department coordinator for counter-terrorism says regional instability played a major factor in the Islamic State's rise.

"Despite significant blows to al Qaeda's leadership, weak or failed governance continued to provide an enabling environment for the emergence of extremist radicalism and violence notably in Yemen, in Syria, Libya, Nigeria and Iraq."The state department estimates that as many as 16-thousand foreign terrorist fighters from over 90 countries arrived on the battlefield in Syria and Iraq during 2014.

The State Department report also says more than 9,400 people were kidnapped or taken hostage by militants, triple the rate of the previous year.

WeatherBeijing, a mix of sun and cloud today with a high of 32 degrees Celsius; tonight clear with a low of 19.

Shanghai , cloudy with a high of 29 and a low of 21 degrees Celsius.

Chongqing will see moderate rain with a high of 28 and a low of 24 degrees Celsius.

Lhasa will have showers with a high of 24 and a low of 11 degrees Celsius.

Elsewhere in the world, staying here in Asia,Islamabad, rainy, 35.

Kabul, also wet, 28.

Over in North America,New York will see slight rain with a high of 27 degrees Celsius.

Washington, overcast, 32.

Honolulu, cloudy, 28.

Toronto, also cloudy, 25.

In South America,Buenos Aires will be cloudy with a high of 12.

And Rio de Janeiro will be rainy with a high of 27.

Headline newsChinese vice premier says to maintain reasonable economic growth rateChinese Vice Premier Zhang Gaoli says China will maintain a reasonable economic growth rate.

The remarks were made while Zhang Gaoli gave a speech at the 19th St. Petersburg International Economic Forum in Russia.

Zhang Gaoli says China will actively adapt to the new state of economic growth by maintaining stability while deepening reforms, accelerating economic restructuring, protecting the environment and sticking to the route of green, low-carbon-emission and recycling growth.

Zhang says China will continue to pursue a proactive fiscal policy and a stable monetary policy so as to maintain a middle- to high-speed of growth.

He added that China will also take steps to improve the quality of economic growth.

China's economy grew seven percent in the first quarter of this year.

Late former Chinese top legislator Qiao Shi crematedThe body of the former chair of the National People's Congress Standing Committee, Qiao Shi, has been cremated.

Chinese President Xi Jinping, Premier Li Keqiang, former President Hu Jintao and other senior Chinese officials have attended the funeral this Friday in Beijing.

Former President Jiang Zemin has also sent his condolences.

Qiao Shi passed away in Beijing on Sunday.

He was 91.

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.

EU to increase spending on migration in 2015European Union finance ministers have agreed to increase spending to manage migration and refugee flows.

According to the EU statement, the EU will provide additional resources by 89 million euros in commitments and 16.6 million euros in payments in a fast-track procedure.

The statement says the spending proposal aims to respond to migratory pressures in the Mediterranean.

UN to celebrate first-ever International Day of YogaThe United Nations says the first-ever International Day of Yoga will be observed on June 21 with worldwide events in a bid to raise awareness of the many benefits of practicing yoga.

The UN Secretary-General Ban Ki-moon says yoga offers a simple, accessible and inclusive means to promote physical and spiritual health and well-being.

A draft resolution establishing the International Day of Yoga was proposed by India.

The UN proclaimed June 21 as International Yoga Day on December 11, 2014.

Weekly Biz RoundupAnchor:

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

China and Australia signed a lucrative free trade agreement on Wednesday. The Shanghai Pilot Free Trade Zone is ready for a new round of financial reforms. China is now ready to partipate in IMF's assessment of the yuan for Special Drawing Rights. The Bank of China becomes the first ever Chinese Bank to help set the gold price in London. And Cisco is planning to invest over 10 bln USD in China in coming years.

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

Reporter:

China and Australia signed their long-awaited free trade agreement on Wednesday in Canberra, Australia, capping off a decade of negotiations.

Chinese Commerce Minister Gao Hucheng said 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."One of the highlights of the deal includes Australia opening up its services sector using a negative-list approach.

As part of the deal, tariffs are going to be lifted on 95-percent of Australian exports to China.

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

So far, more than one-third of China's foreign trade has been included in free trade agreements.

The Chinese government on Thursday said it's launching a new internal coordination program amid concerns about the decline in foreign trade.

Chinese Ministry of Commerce spokesperson Shen Danyang said they're working on a number of different plans to increase trade.

"Our focus is to help ease burdens for Chinese companies and boost their growth. Currently, we are working on policies in three aspects based on Chinese firms' concerns. One is to cut procedural charges during import and export. Secondly, we are trying to find a better solution for enterprises' financing concerns. Meanwhile, we need to make overseas trading more convenient, including the set-up of cross-border e-commerce platforms."At the same time, Shen said weak global demand and currency devaluations are also contributing to what the Commerce ministry describes as a "grim" situation when it comes to trade.

China's foreign trade dipped by nearly 10 percent year on year in May, with imports plummeting over 18 percent.

At the same time, the deputy head of the Shanghai Free Trade Zone says that 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.

Wall Street Shanghai Bureau chief Shen Hong explains the focus of the plan.

"According to the planners, the focus will be on allowing individual investors from China to finally make investment overseas in a wide range of assests (such as) property, financial markets and even buying companies."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.

A team from the International Monetary Fund is now in Beijing from this week to assess whether the Chinese currency should be included in the Special Drawing Rights basket.

Data collection and analysis for this year's review of the SDR basket has already started.

The possible addition of the yuan is a major issue for this year's assessment.

China says it will work actively with the IMF on the assessment.

The SDR basket is reviewed every five years.

It is an international reserve asset that currently includes the U.S. dollar, Japanese yen, British pound and the euro.

On the banking front,Bank of China became the first non-western bank to participate in the electronic auctions that set London's Gold Price benchmark on Tuesday.

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 said 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.

In the stock market,Chinese mainland markets took another major hit Friday on the heel of Thursday's sell-off, ending a brutal week for Chinese A share market.

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.

This has led to over 6 percent plunge for major benchmark indexes in Shanghai and Shenzhen.

A new report says China will become the largest market for buying and selling products online across international borders by 2020.

The report jointly released by Alibaba and Accenture says the total value of products sold by online retailers to overseas consumers will reach nearly a trillion U.S. dollars in the next five years.

Official statistics from China E-Commerce Research Center shows total cross-border retail rose more than 30 percent last year to 4.2 trillion yuan.

China's Commerce Ministry predicts this number will climb to 6.5 trillion next year.

On the Corporate front,US-based internet technology firm Cisco announced plans on Wedneday to invest more than 10-billion US dollars in China over the coming years.

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.

CRI's financial commentator Cao Can says the investment will help boost China's research ability.

"It brings China hopefully a lot more research opportunities for scientists; it also makes China an attractive place for R&D. Let's bear in mind that Cisco has actually made a huge cut in the United States. I remember (there is) a massive lay-off in the past years. So it just shows China getting more popular for research and development."And finally China's leading IT equipment maker, Huawei, has reiterated that it is not sponsored by the Chinese government, nor does it spy on customers through its equipment.

Glenn Schloss, the spokesperson for Public Affairs and Communications at Huawei Technologies, restates the company's stance.

"The company is owned by its employees. We are not owned by any governments, any parties or any government departments. We are not a state-owned enterprise."Schloss stresses that Huawei acts purely in the interests of their customers, and fully complies with the law.

And that concludes this edition of the weekly business review; I'm wenjie, thank you for listening.

SportsFootball: Recap and preview of Chinese Super LeagueIn football action from the Chinese Super League,One game was played last night as Round 14 has kicked off,Former league leaders Shanghai SIPG stopped a four-game losing streak with a 5-3 win over Changchun Yatai in Shanghai.

With the victory, Shanghai SIPG remain undefeated against Changchun Yatai in three years.

Shanghai SIPG are now ranked fourth place while Changchun Yatai are at ninth at the league standings.

6 games are on the schedule tonight,First place Shandong Luneng will take on second place Guangzhou Evergrande;Beijing Guo'an 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 Shanghai Shenxin;Then on Sunday,Guizhou will take on Shijiazhuang.

CFA Issues 7-month Ban for Punched Brazilian Coach CucaIn off-pitch football news,Shandong Luneng's Brazilian coach Cuca got a ban off the pitch for seven months and was was also fined 22, 500 U.S. dollars by the Chinese Football Association on Friday.

The linesman Zhan Wei, who punched Cuca in the face, was also banned from refereeing for 12 months.

Four other people from Luneng were banned, including Cuca's young brother Stival.

The punishment decision came from a clash between Luneng's coach Cuca and the linesman Zhan Wei after a match between league leader Luneng and Guizhou Renhe on June 4.

The ban started from June 6.

Shandong Luneng are now atop the league table with 26 points after 13 rounds of the season.

Football: Real Sociedad and Rayo Vallecano to Play A Friendly Game in ChinaIn other football news,Spanish BBVA Primera Liga clubs Real Sociedad and Rayo Vallecano have confirmed that they will play a friendly game in China on June 29th.

Real Sociedad will travel to China on June 26.

The club will also travel to Shanghai to participate in a publicity act.

The match will take place in the Wutaishan Stadium in Nanjing.

Ding Junhui and Xiao Guodong into Last 8In Snooker action from the World Cup in Wuxi,China's star Ding Junhui and his partner Xiao Guodong won all five matches in Group A and advanced to the quarter-finals with a 3-2 victory over Malta on Friday;China's A team will next face Scotland.

Rising star Luca Brecel and amateur Tomasz Skalski topped Group B to earn a match with India in the last eight.

In other action,Hong Kong blew out Brazil 5-0.

Iran beat Malaysia 4-1.

And Norway tied 1-1 with Austria.

China Come Back to Defeat Slovakia 3-2In volleyball,China came from two sets down against Slovakia on Friday to preserve their unbeaten record in World League Group G.

China finally won the match 20-25, 23-25, 25-19, 25-20, 15-13.

China remained unbeaten against Slovakia so far.

In other action,Greece beat Mexico 3-0.

Italy beat Brazil 3-2.

Iran beat USA 3-0.

And it's Poland over Russia 3-1.

Tennis: Roger Federer Reached Semi-finals at Halle OpenIn tennis,The top-seeded Roger Federer made it to the semi-finals of the Halle Open with a 6-0, 7-6 victory over Germany's Florian Mayer on Friday.

Next off for Federer will be Ivo Karlovic, a winner against Tomas Berdych earlier in the day.

Federer said he intends to put pressure on Karlovic's serve when they meet.

"Well I think it starts with focusing on your own game and your own serve, you know. Then you take it from there, clearly I'm going to try and have as big an impact on his second serve, try to pressure his first serve and then when it gets important, you know, maybe he gets a little bit nervous, maybe you can play your best tennis when it really matters."In other action,No. 2 Kei Nishikori got a win over Jerzy Janowicz of Poland 6-4, 5-7, 6-3.

Italian Andreas Seppi also advanced after fourth seed Gael Monfils pulled out of their match with a right knee injury.

At the Aegon Championships,Top seed Andy Murray will face Viktor Troicki in the semi-finals following respective victories over Gilles Muller and John Isner.

In women's action from the Aegon Championships:

Kristina Mladenovic caused an upset at the tournament when she overwhelmed top-seeded Romanian Simona Halep 2-6, 6-0, 7-6.

Awaiting her in the semi-final is Koralina Pliskova from the Czech Republic, who got a straight-set win over Spain's Carla Suarez-Navarro 6-2, 6-2.

European Games RecapGwladys Epangue of France took victory in the Women's +67-kilogram division at the inaugural European Games in Baku on Friday.

The 31-year-old Epangue offered these thoughts on the win.

"I feel great today to have this first European Games medal and I feel the best because it was a hard day today for me and finally I get the gold in front of the Olympic Champion. I am quite satisfied."On the men's side,World and European champion Radik Isaev of Azerbaijan won the gold medal in men's +80-kilogram category.

In gymnastics,Belgium was the winner of the women's group all-around contest, beating Russia into silver medal position and Belarus into bronze.

It was Belgium's first gold medal of the European Games in Baku.

Elsewhere,Petra Zublasing won Italy's third gold medal when she beat France's Laurence Brize in the women's 50M rifle three positions contest.

Zublasing set a record for the European Games with a total of 464.7 points.

EntertainmentRenowned Chinese filmmaker Xie Tieli diesRenowned Chinese film director Xie Tieli has died at the age of 90 in Beijing on Friday.

Born in 1925, Xie is regarded as one of the leading figures in the "Third Generation" of Chinese directors, the group who rose to prominence after the founding of the New China in 1949.

Xie was the winner of a best director award and a lifetime achievement award from the Golden Rooster film awards, China's Oscars equivalent.

His best-known films include "Early Spring in February" and "Bosom Friend".

He was thought of as one of China's most influential filmmakers.

Vin Diesel is developing a Kojak movie"Fast and Furious" star Vin Diesel is working with Universal Pictures to produce and star in a big-screen adaptation of the 1970's cop drama Kojak.

Kojak featured the late, great Savalas as a tough, charming, and proudly bald NYC detective, whose greatest joys were a nice suit, catching bad guys, and attempting to cut down on smoking by sucking on Tootsie Pops.

The studio confirmed that it has hired playwright Philip Gawthorne, who's currently writing a Cube remake for Lionsgate, to re-imagine the bald hero for the big-screen.

The series of "Kojak" was debuted in 1973 and ran for five seasons on CBS.

Amelie musical taps Les Miserables actress Samantha BarksSamantha Barks, best known stateside as Eponine in the 2012 film version of Les Miserables, has been tapped to star in the title role in the world premiere of the musical adaptation of Amelie.

Based on the Oscar-nominated 2001 French film, Amelie follows a shy but curious waitress who intervenes in the lives of others with her active imagination and na?ve pursuit of love.

Barks will play Amelie, the role originated onscreen by Audrey Tautou, alongside a cast that includes Randy Blair, and Adam Chanler-Berat.

The musical will feature a book by Craig Lucas, and music by Daniel Messé.

Tony winner Pam MacKinnon will direct the production.

The show runs at Berkeley Rep from Aug. 28 through Oct. 4, with ostensible hopes for Broadway on the horizon following the run.

Rihanna Passes Beyonce, Trails Only Madonna for Most Dance Club No. 1sRihanna has reigned atop Billboard's Dance Club Songs chart for the 23rd time with a new single.

With her latest leader, she eclipses Beyonce , who last topped the chart in February with "7/11."Rihanna now trails only Madonna for the most No. 1s in the chart's nearly 39-year history, dating to its inception as a national survey in 1976.

Madonna has also made History with 45th No. 1 on Billboard's Dance Club Songs Chart.

Madonna, meanwhile, is set to debut next week with a similarly titled track of her own, featuring Nicki Minaj.

As for Rihanna, her song was remixed by its own cast of electronic dance music stars, including Diplo & GTA, Flosstradamus, Rehab, and Michael Woods.

Kristin Davis takes part in crush of confiscated illegal ivory in NYAmerican actress Kristin Davis joined U.S. government officials, conservationists and other animal-welfare advocates in Times Square Friday to crush more than a ton of confiscated illegal ivory.

The ivory crush was intended to crush "the bloody ivory market" that threatens the survival of African elephants.

Davis, a longtime advocate for elephants said no one should ever buy ivory, even if a dealer says it's an antique.

"We are going to lose elephants in 10 years if we don't do something, which means that our children will never know that elephants roamed the planet in the wild as they should."The crush was one of several ivory destruction events that have been held around the world to stigmatize the ivory trade.

The Times Square ivory will be combined with the 6 tons that was crushed in Denver in 2013 and will be used to create a memorial to elephants.

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

A recap of your headlines:

Top officials from China and the United States set to hold high-level talks in Washington next week....

The Chinese government renewing its pledge to step up its support for Hong Kong as an international city....

And the suspect accused of killing 9 African Americans in the US city of Charleston makes his initial court appearance....

In our weekly Buisness Review.... China and Australia signing a free-trade agreement....

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