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

Coming up on our program this morning...

typhoon kujira continues to approach the coast of southern China...

Six suspected economic fugitives have been returned to China from Indonesia...

and Euro Zone leaders are to hold an emergency meeting later today to talk about the Greek debt crisis...

In Business...rules are being relaxed for foreign investors in China's e-commerce industry...

In Sports...China's Team B wins the snooker World Cup...

In entertainment...looking back at the just-completed Shanghai Film Festival...

Top NewsTyphoon Kujira expected to hit Hainan and Guangdong provincesTyphoon Kujira, the eighth this year, is approaching the coastal areas in south China's Hainan and Guangdong provinces with gale-force winds and rainfall.

It is moving northwards to the south China coast at a speed of about ten kilometers per hour.

Zheng Yan is chief forecaster with the Hainan Meteorological Station.

"The typhoon is most likely to land in the area between the Leizhou Peninsula and east or northeast Hainan, sometime between late Monday night to Tuesday morning."Isolated showers spread from east to west in Hainan early Sunday morning, while medium to heavy rains hit the island province's eastern parts.

The meteorological authorities have predicted that the rains will intensify and last for three days.

Meteorologists are warning ships against passing through typhoon-affected areas in the sea.

The storm system, while likely to add to the flooding problems currently gripping southern China, may provide some relief for Hainan, which has been suffering through its worst drought since 1959.

On Sunday, China's National Meteorological Center issued a blue alert, the lowest level in its four-tier warning system, for Typhoon Kujira.

Meanwhile, three people have died and thousands have evacuated homes in the latest rainstorms hitting central and south China.

More than 70 houses collapsed or were damaged in Leisan County in Guizhou, killing one person.

Two other died after being trapped by a landslide.

Torrential rains also swept central Hunan province, affecting more than 360,000 people.

El Nino brings much more rainfall to China: expertClimate experts in China are issuing another warning about the effects El Nino is having on southern China at the moment.

The National Climate Center says the effects of the cyclical weather pattern are only going to strengthen as the summer moves forward.

Li Weijing, chief forecaster with the Center, says the effects have been seen in a localized belt running across the middle-reaches of southern China since the annual flood season began in early May.

"The precipitation in the southern regions of the Yangtze River Basin and other parts of southern China ranges between 300 and 800 millimeters, which is 20 to 50 percent more than normal. The precipitation in the central and northern parts of Guangdong, the northeastern part of Guangxi, and the northeastern part of Jiangxi is more than a thousand to 13-hundred millimeters, which is two to three times more than normal."Economic losses from the heavy rains have been calculated at around 25-billion yuan.

El Nino is a weather phenomenon where warmer ocean temperatures in the Pacific create high-pressure systems which keeps the jet-stream in a lower pattern than normal.

This keeps the monsoon rains from south Asia from dispursing normally, leaving southern China in the path of additional rain.

Six fugitives back to China from IndonesiaChina's Ministry of Public Security says 6 suspects wanted for economic crimes have been returned to China from Indonesia.

One of them is accused of contract fraud worth 10-million yuan.

Around 30-million yuan worth of property and cash has been seized in the arrests.

Kurucyna Modi, who head's Jakarta's Criminal Investigation Bureau, says he's pleased with the level of cooperation the Chinese authorities provided.

"I think they did a good job. We are happy. We are grateful to have this kind of cooperation with Chinese Police. So we expect that in the future we can get the same treatment when we have our suspects escape to China. "This brings the total number of fugitives repatriated to China under the "Fox Hunt 2015" campaign to 256.

"Fox Hunt 2015" began in April.

It's part of a broader campaign to hunt down Chinese economic fugitives who have fled abroad.

Last year's campaign netted 680 suspects.

China-U.S. S&ED, CPE talks will be held this weekTwo major events this week are expected to bring China-U.S. ties closer together.

The 7th China-U.S. Strategic and Economic Dialogue and the 6th China-U.S. High-Level Consultation on People-to-People Exchange will take place in Washington, today through Wednesday.

Vice Premier Liu Yandong is leading the Chinese delegationThe rapid growth in China's U.S. investments will be a key topic between top U.S. and Chinese officials at the meeting in Washington.

A bilateral investment treaty that could deepen ties is expected to be negotiated at the coming meeting.

China and the United States have been holding annual talks since 2009.

Last year was the first time the People-to-People Exchange talk had been held alongside the Strategic and Economic Dialogue, which serves as a major channel of communication to enhance mutual trust, boost cooperation and properly handle differences.

China, Russia enterprises sign contract on high speed railAnchorChinese and Russian rail executives are hailing a new deal signed over the weekend connected to the construction of Russia's first high-speed rail-line.

CRI's Xie Cheng has more.

ReporterThe deal inked this weekend on the sidelines of the St. Petersburg International Economic Forum will see Chinese engineers assist their Russian counterparts in the designing of a high-speed rail link connecting Moscow with the city of Kazan.

Kazan is around 770-kilometers southeast of Moscow.

The agreement, worth some 380-million US dollars, will see design engineers with the China Railway Eryuan Engineering Group assist in the planning process for the new high-speed line for the next year-and-a-half.

Company executive Wu Limin.

"After several years' development, a complete design standard and specifications for Chinese high speed railways is now available. Russia has yet to build any high speed rail lines which can accomodate speeds of 400-kilometers per hour. So we hope we can share our thoughts and experiences with our Russian partners and help them to build their own system to standardize high speed railway construction."Alexander Misharin, vice-President of Russian Railways, says they believe China was the best place to look for help in designing the Moscow-Kazan line.

"China has gained a lot of experience in high-speed railway construction, as well as technology research and development. China currently has the longest system of high-speed rail lines in the world, with over half the total mileage in the world. As such, Russia is going to benefit greatly from China's experience."On top of the tangible benefits for Russia, the new agreement is also being viewed as a benefit to China's long-term economic strategy.

Li Yongquan with the Chinese Academy of Social Sciences says the deal will help develop the Chinese government's "One Belt, One Road" Initiative, as the Moscow-Kazan line is part of the Beijing-Moscow high-speed transport corridor.

"The successful implementation of the high-speed railway project in Russia is a landmark in bilateral cooperation between the two countries, especially in the infrastructure construction field. It's got decisive meaning for the expansion of the project in the future."The Eryuan Engineering Group outbid around 100 different companies to secure the design rights for the new rail line from Moscow to Kazan.

The roughly 30-billion US dollar project will eventually cut travel time between the Russian capital and Kazan to around 3-and-a-half hours.

For CRI, I am Xie Cheng.

Expert: Maritime Drill is a routine exerciseA Chinese military expert says the maritime drill held recently in the South China Sea is a routine event.

The four-day drill in mid-June involved both active and retired soldiers. The drill included anti-submarine warfare along with tactics for fighting terrorism and piracy.

Zhang Junshe is a researcher at China Maritime Studies Institute.

"It's a common exercise often held by China and other countries. It has nothing to do with the current situation in the South China Sea. And it's wrong to suggest China enlists the retired soldiers to serve in the army again."Zhang adds it's just a routine exercise based on China's military laws and regulations.

He says China organizes the retired soldiers to take part in some exercises each year, which also happens in other countries.

New Fishing Season Starts in China's Largest Fresh-water LakeA new fishing season has started at Poyang Lake, China's largest fresh-water lake, in eastern Jiangxi Province, after a three-month protective off season.

Fishery authorities from Poyang County have cruised from port to port, reminding fishermen of safety measures during fishing season.

Liu Yingcai is the head of the fishery bureau in the county.

"Fishermen will work and live by the lake after the fishing season re-opens. There will be heavy winds and rough waves in Polyang Lake and the weather is ever-changing. So we advise them to get life buoys, life jackets and fire-fighting equipment ready on the boats."Many fishermen say they support the fishing rules despite the decrease in their incomes, since the off season promises better profits in the long run.

Yuan Heping is a local fisherman.

"You can see so many big fish after the fishing ban. Had it not been for the ban, even the smallest fish would have been caught up."The fishing off season was officially introduced in Poyang Lake in 2002 to protect fishery resources, especially during drought seasons.

The annual fishing off season lasts three months in spring, from March 20 to June 20.

Booming border trade in the Sino-Kazakh Cooperation CentreAnchorA new passanger train service running from the eastern Chinese province of Jiangsu into Kazahkstan is set to open next month.

CRI's Wang Mengzhen has more on the potential benefits the new line is going to bring to a free-trade zone currently in operation along the border.

ReporterThe Sino-Kazakh International Cross-boundary Cooperation center was first established in 2012 as a joint free-trade zone linking China and Kazakhstan.

It's located on the border in the northwestern border city of Khorgos in Xinjiang.

Khorgos is a Special Economic Zone, with 5-square kilometers on the Chinese side designated as a duty-free area.

Even though the new passanger train service from the city of Lianyungang in Jiangsu to the Kazakh city of Almaty won't be operational until next month, business in Khorgos is already booming.

Around a million people have already made their way through the cross-border cooperation center so far this year, which is double the number of people during the same period last year.

Border trade in the free-trade zone has also shot up by some 90-percent this year.

Nie Yongle with the Khorgos Merchants Group says much of this is thanks to the development of transportation infrastructuire in the region.

"The airport in Yining, which is the capital of the Ili Kazakh prefecture, is now being enlarged. At the same time, the expressway between Lianyungang and Khorgos has been opened up, and the construction of another expressway linking Khorgos and Almaty is underway. Once its done, it will be a highway network linking China with Central Asia and Europe."The links between the far northwestern region of China and the country's coast in Jiangsu is already drawing new businesses.

Qi Xing, who runs a textile company in Jiangsu, set up operations in Khorgos 3-months ago.

He says while the benefits of the border crossing are obvious, more still needs to be done to make Khorgos a more active cross-border trading area.

"Every day, people from the Kazahk side have to stand in line for at least one to two hours to get into Khorgos. I think the customs clearance procedures are still complicated and can be simplified by the authorities on the Khorgos side."Mahira Amraeva from Kazakhstan runs a grocery store on the Chinese side with her boyfriend, and often goes back and forth between the two sides for supplies from the Kazakh side.

"Right now, we have some trouble when going through the custom clearance procedures. Due to the language differences, sometimes it's difficult to communicate with the Chinese custom officers."Chinese authorities have been introducing new steps to make customs clearance procedures more efficient.

Meanwhile, major construction projects are still underway on the Kazahk side of the border crossing.

Authorities say once that work is completed, it should help foster even more cross-border trade.

For CRI, I am Wang Mengzhen.

Leaders of Euro Zone to Convene on Greek Bailout IssueLeaders of Euro zone countries will convene an emergency meeting later today to discuss the Greek bailout issue after the Euro group meeting failed to reach an agreement last week.

Greek Prime Minister Alexis Tsipras has left the country for the meeting in Brussels, which is considered as the last opportunity for Greece to clinch a debt deal with its creditors.

Greece is thirsty for financial aid before June 30, when the country is due to pay about 1.6 billion euros to the International Monetary Fund (IMF).

The failure to unlock financial aid will lead to Greece's default and even its exit from the euro zone.

At a joint press conference in Milan with visiting French President Francois Hollande, Italian Prime Minister Matteo Renzi says everything must be done so as to help Greece remain in the euro zone.

"We are all convinced that we need to offer a solution that would allow Greece to be part of the euro zone, we are all working on this. Obviously, it's extremely important that Greek people work on it as well, the Greek government, the government of (Greek Prime Minister) Alexis Tsipras, we guarantee our full cooperation and help to find an agreement, but to agree, there has to be a reciprocal effort."According to a statement from Tsipras' office, the Prime Minister has offered a new reform package to foreign creditors.

Greek Finance Minister Yanis Varoufakis says he is confident the government will reach a deal with its creditors.

Details of the new offer are still unknown. But the Greek government has defiantly resisted demands to cut pension spending.

Iran lawmakers limits site access in future nuclear dealThe Iranian parliament has approved a bill urging the government to secure Iran's nuclear rights in a possible deal with world powers as a self-imposed deadline looms.

Iranian Parliament Speaker Ali Larijani says the bill bans access to military sites and scientists.

"(According to the bill) The International Atomic Energy Agency within the framework of the safeguard agreement is allowed to carry out conventional inspections on (Iran's) nuclear sites, and access to military, security and sensitive non-nuclear sites as well as documents and scientists is forbidden."According to Larijani, the bill also includes content about complete and immediate removal of all sanctions against Iran.

"Complete and total lifting of all sanctions must be published in the text of a nuclear agreement and take effect on the day of implementation of Iran's commitments."Western powers have long suspected Iran's nuclear program is developing nuclear weapons. But Iran has denied the allegation and insists it has the right to develop civilian nuclear program.

Earlier this year, negotiators agreed on a framework of understanding and set June 30 as a deadline for reaching a final deal that curbs Iran's nuclear programme in return for the lifting of economic sanctions.

French FM in Middle EastFrench Foreign Minister Laurent Fabius is on a two-day visit in the Middle East.

Fabius first held meetings with Palestinian officials, saying France will propose a two-state resolution in the UN Security Council with a framework for negotiations toward resolving the Israeli-Palestinian conflict.

" The main idea is very simple, the situation today is at a deadlock, nobody will contest that, this deadlock is dangerous, there is the risk of deadlock and the risk of (the Israeli-Palestinian conflict) blazing up."Palestinian Foreign Minister Riyad al-Maliki has voiced support for the French initiative.

Both Palestine and France have said the proposal would call for basing the borders between Israel and a future Palestinian state on the lines that existed before Israel captured the West Bank, east Jerusalem and Gaza Strip in the 1967 Mideast war.

It also would set a two-year deadline for an agreement. However,Israel rejects a return to its pre-1967 lines, saying they are indefensible. It also opposes deadlines.

Israeli Prime Minister Benjamin Netanyahu.

"Mutual recognition means that the Palestinians must finally recognise Israel as the nation-state of the Jewish people. I find it frankly inconceivable that while the Palestinians expect us to recognise a Palestinian nation-state, they refuse to accord us the same privilege, recognising a Jewish nation state. And if they continue to refuse to recognise the legitimacy of the Jewish state, what kind of peace are they offering us?"The Israeli-Palestinian peace process collapsed in 2014.

US church holds first service after deadly shootingIn the US state of South Carolina, hundreds of people streamed out of Sunday service at the Emanuel African Methodist Episcopal Church in Charleston days after a gunman killed nine black church members.

Reverend Dr. Norvel Goff led the first service back in the church, thanking the Charleston community for their support and 'acts of kindness' in the wake of the tragedy.

The reverend added that the church community will pursue justice for those slain during the shooting.

"We're going to pursue justice and we going to be vigilant and we are going to hold our elected officials and others accountable to do the right thing. "Messages of love, recovery and healing were interspersed throughout the service.

The suspect, Dylann Roof, was arrested on Thursday.

Authorities say he spent an hour in an evening Bible study group at the church nicknamed "Mother Emanuel" for its key role in U.S. black history, before opening fire.

Federal investigators are examining a racist manifesto apparently written by Roof that surfaced on a website on Saturday.

The site featured photos including one apparently of Roof with a Confederate flag, an emblem of the pro-slavery South in the American Civil War that ended in 1865, and white supremacist writings, as well as an "explanation" by the author for taking some unspecified action.

World Celebrates First International Yoga DayUnited Nations Secretary-General Ban Ki-moon was among hundreds of people who bent and twisted their bodies in New York to mark the first International Day of Yoga on Sunday.

Ban has praised India's proposal calling for a day dedicated to yoga.

"This is a wonderful addition to the United Nations calendar. I commend the His Excellency, Prime Minister Narendra Modi, and the government of India for taking this initiative to spread the practice of yoga far and wide across the world."He went on to further highlight the benefits of yoga.

"Yoga is already immensely popular around the world. It's good for your health. It's good for the spirit. And yoga does not discriminate to varying degrees, all people can practice regardless of their strength, age or ability."In New York's Times Square, organizers say about nine-thousand people took part in the day-long yoga practice.

Meanwhile, in India, millions of people have celebrating the day by doing yoga, following the call of Prime Minister Narendra Modi.

In China, around 500 practitioners performed classic yoga poses in Beijing, taught by instructors from India.

Many people say that yoga is the best form of exercise for the body, and is the best way to calm the mind.

It is reported that 192 countries have held events for the first international yoga day.

Public piano is music to the ears of residents in impoverished cityAnchorA piano in a pop-up park is providing music therapy for people in one of the United States' most impoverished cities.

As CRI's Yu Yang reports, it's music to the ears of the local "Street Mozarts" who come to show off their skills.

Reporter42-year-old plumber Kobie Mack usually tries his hand at a bit of piano playing on his lunch break.

He's not busking, he's just one of many people each day using this public piano to escape their worries and relax.

"This is my, I could say, hobby. It spiritually lifts me to come out here and play the keyboard, just relax, you know? Lunchtime or whatever time I get a chance - I might just be walking through on a Saturday or a Sunday and come right over here."His efforts are the perfect accompaniment for lunch on a sunny day, for local teacher, Ariselys Cruz.

"I hear a lot of things about Camden that are not necessarily positive. And this is like a small little oasis."The piano is part of a pop-up park that opened last year on Roosevelt Plaza, a new park in Camden, a city that ranks among the country's most impoverished and crime-ridden.

There's an ongoing effort to reinvent the city.

In the past few years, the county government has taken over police patrols and hired more officers, and the state has taken over operations of the school district.

State tax incentives are also being used to attract more businesses.

The park in front of City Hall that includes the piano is part of a project to bring life to underused open places.

It's the first chance that 51 year old Bruce Chorzelewski has had to play a piano since last autumn, when he was in a mental health centre.

"I was homeless for three years, three years at one time, and then I had to build myself back up to get back off my feet again. I never took a lesson in my life."The instrument is weather-worn, some keys are missing and others, are dead, but for all the players, the public piano is a tool to achieve a few moments of inner peace.

The piano stands on a site of a former office building which had long been an eyesore.

But now, it's a green oasis in the city's heart that has won a handful of design awards.

Sikora Wells Appel, a landscape architecture firm that designed the park and suggested including the piano, says the plan was to put the instrument away for the winter.

But it became such a part of people's routines that it could not be removed.

The piano will be replaced in coming weeks with another used, and possibly more durable instrument.

For CRI, I'm Yu Yang.

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

Overnight temperatures should drop down to 21.

Shanghai will have slight rain with a high of 25 and a low of 22.

In Chongqing, it will see thundershowers during the daytime with a high of 30 and lows of 24.

Elsewhere in the world, staying here in Asia,Kathmandu, slight rain, 29.

Islamabad will have slight rain with a high of 34.

Kabul will be cloudy with a high of 28.

Over to North America,New York will have slight rain with a high of 30 degrees.

Washington, rain with a high of 34 degrees.

Honolulu, cloudy, 27.

Toronto will be overcast with a high of 26 degrees.

Finally, on to South America,Buenos Aires will be overcast with a high of 12.

And Rio de Janeiro will see slight rain with a high of 25 degrees Celsius.

Headline newsTyphoon Kujira expected to hit Hainan and Guangdong provincesTyphoon Kujira is approaching the coastal areas in south China's Hainan and Guangdong provinces with gale-force winds and rainfall.

It's expected to land in northeast Hainan sometime between late Monday night to Tuesday morning.

The meteorological authorities have predicted that the rains will intensify and last for three days.

On Sunday, China's National Meteorological Center issued a blue alert, the lowest level in its four-tier warning system, for Typhoon Kujira.

Three killed, thousands evacuated as rainstorm hits S. ChinaThree people have died and thousands have evacuated homes in the latest rainstorms hitting central and south China.

More than 70 houses collapsed or were damaged in Leisan county in Guizhou, killing one person.

Two other died after being trapped by a landslide.

Torrential rains also swept central Hunan province, affecting more than 360,000 people.

Police busts group staging paid protestsChinese police have busted a group that allegedly organized multiple mass protests to misguide public opinion and influence court sentences.

Police in Shandong detained the main organizer Zhai Yanmin who paid people to stage protests.

Zhai specialized in paying a "relatively regular" group of people who acted as protestors in the name of protecting the rights of petitioners and assisting lawyers advocating rights.

Another detainee is Liu Jianjun, a lawyer who accepted cases from involved parties who hoped to influence judges.

The two detainees are being held under charges of staging illegal gatherings to disrupt social order.

Thailand Reports No New Case of MERSThailand's health minister has announced there have been no new cases of MERS infection in the country.

Thailand reported its first MERS case last week, a 75-year-old man from Oman who traveled to Bangkok for treatment of a heart condition.

Health authorities said on Sunday that 175 people were exposed to the patient, with no new infections reported so far.

Three relatives of the single case are also being monitored. No symptoms have been found.

Airports in the country have beefed up health and safety measures.

Park, Abe to participate in receptions for normalized diplomatic tiesLeaders of South Korea and Japan are due to attend events in Seoul and Tokyo respectively to mark the 50th anniversary of diplomatic ties between the two countries.

It will be the biggest bilateral event since South Korean President Park Geun-hye and Japanese Prime Minister Shinzo Abe took office, in 2013 and 2012 respectively.

So far Park has refused to sit face-to-face with Abe citing his views on history, including World War II and the Japanese occupation of the Korean Peninsula.

Biz reportsAnchorFirst let's get a preview of what we can expect on the markets this week.

Here's CRI's Sophie Williams.

ReporterAs Greeks withdraw more of their money, Greece's banking system has been pushed to the brink of collapse.

Meanwhile, Europe's leaders have yet to decide if they will extend bailout financing as Greece's leaders resist demands for austerity measures such as spending cuts and tax hikes.

EU leaders will hold an emergency meeting on Monday in Brussels to discuss the issue further.

Also on Monday, Economists estimate the pace of U.S. Existing Home Sales jumped 4.8% in May to an annualized rate of 5.28 million units.

On Tuesday, economists project New Home Sales climbed 1.6% in May to an annualized rate of 525,000 units.

On Tuesday, economists estimate orders of Durable Goods Orders fell by 0.7% in May.

Nondefense capital goods orders excluding aircraft are estimated to have climbed by 0.5%.

Markit US Manufacturing PMI is also due on Tuesday: Economists estimate this manufacturing index improved to 54.1 in June from 54.0 in May.

On Wednesday, it is estimated that Q1 GDP growth will be revised up to -0.2% from an earlier estimate of -0.7%. Monthly construction data will also be revised up.

Markit US Services PMI is due on Thursday: this services index climbed to 56.5 in June from 56.2 in May.

Two major events this week are expected to bring China-U.S. ties closer together.

The 7th China-U.S. Strategic and Economic Dialogue and the 6th China-U.S. High-Level Consultation on People-to-People Exchange will take place in Washington, today through Wednesday.

The rapid growth in China's U.S. investments will be a key topic between top U.S. and Chinese officials at the meeting in Washington.

China relaxes e-commerce investor rules for foreignersChina has decided to give foreign investors greater freedom in the booming e-commerce industry.

The Ministry of Industry and Information Technology is to allow foreign investors to fully own e-commerce companies in China and will open up online data processing and transaction processing businesses to foreign investors.

The new policy will enable more foreign companies to compete with local firms, thereby driving the sector to higher standards.

The move is an expansion of a pilot scheme launched in January in the Shanghai Free Trade Zone.

Currently, China's lucrative e-commerce business is dominated by big homegrown firms.

The e-commerce market hit 13 trillion yuan last year, or more than 2 trillion US dollars, and the country is aiming to double the value of the sector in two years.

China's Pension Fund likely to be invested in public offeringsExperts are now suggesting China's fund industry needs to broaden its investment channels.

It is said that the pension fund is likely to begin public offerings on a trial base, including the Chinese A share market.

However, the final reform plan still needs to be nailed down by the authorities later this year.

Till the end of 2014, the balance of China's pension fund stood at some 3 trillion yuan, or some 480 billion U.S. dollars.

It is still confined to bank deposits and government debt.

In contrast, China's social security fund is recording steady growth.

That fund acquired a 5 % stake in Alibaba's financing arm Ant Financial group, paying over 10 billion yuan.

This is the first direct investment for the social security fund.

For more on the fund industry in China, we're joined on the line by Mike Bastin, director of China Business Center based in London.

Talking points:

1) There is debate over whether the pension fund should be allowed to diversify its investment channels.If it is allowed to be invested in public offerings, what kind of benefits/risks will there be?

2) What kind of challenges need to be addressed if the pension fund is to go public like the widely-invested social security fund?

3) Could you give us a brief intro of pension fund investment in UK? Any difference from that in China?

Back Anchor:

That was Mike Bastin, director of China Business Center based in London.

Chinese Economy to bottom out in Q3: think tank reportA new academic study is suggesting the current downturn of the Chinese economy is going to bottom out in the third quarter of this year, and then begin picking up.

The analysis from Beijing-based Renmin University is suggesting economic growth will begin to pick up slightly in the 4th quarter through a rebound in the property market and consumer purchases.

The study points out consumption will also pick up due to increased income and recovering exports and imports.

The report also predicts the Chinese economy will start to grow steadily in 2017, after development of new growth engines in the last two years.

Lock-up shares worth 41.7 bln yuan to become tradableLock-up shares worth nearly 42 billion yuan, or about 6.8 billion U.S. dollars, will be eligible for trade on China's stock market as of this week.

According to data compiled by Xinan Securities, nearly 2 billion shares from 29 companies will be eligible for trade on the Shanghai and Shenzhen stock exchanges.

Shanghai Tunnel Engineering will see the unlocking of nearly 826 million shares on Friday, the largest volume to be released in this round.

Under China's market rules, major shareholders of non-tradable stocks are subject to one or two years of lock-up before they are permitted to trade the shares.

New shares will put some downward pressure on the market due to the increase in stock supply.

Asia GDP growth at 6 pct: ADBThe Asian Development Bank estimates the overall GDP growth of Asian countries for 2015 will be around 6 percent, the fastest rate of growth globally.

Wei Shangjin, chief economist of the ADB, says the growth speed in the northeast and mid-west of the continent is dropping, but the southwest is seeing better prospects.

Wei has attributed the slowdown in the Chinese economy to structural changes, rising labor costs, and the impact of international economic cycles.

He says Mongolia is also seeing a downward growth trend, and cites Singapore as a good example of upward growth in southwestern Asia.

The ADB estimates India's growth rate at 7.8 percent.

Russia and Greece Sign Joint Energy DealRussia and Greece have signed a deal to build an extension of a prospective gas pipeline that would carry Russian gas to Europe through Turkey.

Russia promised Greece hundreds of millions of dollars in transit payments yearly if it agreed to build the pipeline.

Construction of the pipeline is expected to start next year and be completed before 2020.

SportsChina B Wins Snooker World CupIn snooker,China's B team has beaten Scotland in the final to win the World Cup at the eastern Chinese city of Wuxi.

Teenagers Yan Bingtao and Zhou Yuelong defeated Stephen Maguire and former world champion John Higgins 4-1.

Yan and Zhou have secured a 200-thousand-US-dollar top prize.

The Scots had earlier conquered China's A team of Ding Junhui and Xiao Guodong in the quarter-finals.

Wins for Murray, Federer, KerberIn tennis,Andy Murray has won his fourth title at the Queen's Club in London after outclassing Kevin Anderson in straight sets 6-3, 6-4.

Murray had just reached the final two hours before by defeating Viktor Troicki after a rain-delayed semi-final.

Murray is already turning his attention to winning his second Wimbledon title.

"I've always enjoyed this tournament. Like said in the presentation just now, it was where I won my first ATP match, so I have really good memories from here. I always enjoy coming back and it's the perfect tournament to prepare for Wimbledon. The courts are - I mean this year I think they were better than usual and normally they're fantastic, so it was a very good week and nice to finish it with a win."In Halle, Germany,Roger Federer has claimed a record eighth title at the Gerry Weber Open with a 7-6, 6-4 win over Andreas Seppi.

Seppi had defeated Federer at the Australian Open. Federer has confirmed he will be at Wimbledon.

"Andreas is the one that killed in Australia. So it's okay, those matches happen, and other than that I've been playing really good tennis. I think it's my fourth title in my sixth final, so I'm very, very pleased, and I hope I can keep it up obviously now, you know, onwards to Wimbledon tomorrow."On the women's side,Angelique Kerber has won the Birmingham Classic, beating Karolina Pliskova in three sets.

Kerber is thrilled about her form.

"Yeah, I mean, of course, I'm very confident right now. I won five matches right now here, so you know, I'm very happy about my way I play on grass and yeah, I'm looking forward top playing my next matches on grass and going then to Wimbledon."Wimbledon begins next Monday.

Spieth, Day, Johnson, Grace share lead at US OpenIn golf,Jordan Spieth, Jason Day, Dustin Johnson and Branden Grace are sharing the overall lead at 4-under after round three at the US Open.

Spieth is hoping to return to the form that helped him win the Masters in April.

"If we can use that winning formula we had back in April, mentally, then all it comes down to is can I just pull off the shots and it's all on execution. And my execution hasn't been phenomenal this week. I've saved it with some midrange and long putting, but you can't rely on that, especially on a Sunday at a U.S. Open. That's as hard of a golf course as you're going to see every year. So I'm going to need to execute a little bit better, because mentally I think I'll be strong enough to pull it off."Spieth will become the first player since Tiger Woods to win the first two majors of the calendar year if he can hold on to his lead.

Nico Rosberg wins F1 Austrian Grand PrixIn Formula One,Mercedes' driver Nico Rosberg has won the Austrian Grand Prix.

Rosberg passed fellow Mercedes driver Lewis Hamilton, who started on the pole, on the first turn.

It was a good weekend for Rosberg, and his second consecutive victory at the annual race in Austria.

"It's an awesome feeling of course, to win again here. I am very, very happy and the start made the race. It was a great start and then I managed to defend the first couple of corners. Then I really just tried to push flat-out this time and I was really happy with the car and happy to see the gap open up to Lewis, so it really worked out perfectly today."Felipe Massa finished third for Williams.

Former champions Fernando Alonso and Kimi Raikkonen had a terrifying collision in the opening lap which saw Alonso flying over Raikkonen and they both crashed into the barriers.

Both drivers were unhurt from the crash.

Weekend football recapA quick recap of football action over the weekend,Shijiangzhuang Ever Bright and Guizhou Renhe played to a scoreless draw in the Chinese Super League last night.

In earlier games,Beijing Guo'an beat Tianjin Teda 3-0,Guangzhou Evergrande beat Shangdong Luneng 2-1.

After 14 regular season games Guangzhou Evergrande is leading the league with 29 points. Beijing has the same points but is second on goal differential.

In the Copa America,Neymar-less Brazil defeated Venezuela 2-1No goals between Colombia and Peru,Uruguay drew 1-all against Paraguay and secured a spot in the last eight.

Finally in the Women's World Cup,France took out South Korea 3-0,Australia beat Brazil 1-0.

Both winners are into the quarter-finals.

EntertainmentShanghai International Film Festival closesThe Shanghai International Film Festival has drawn to a close with 'The Night Watchman' named best film and winner of the Golden Goblet award.

The Night Watchman directed by Pierre Jolivet tells the tale of a former skilled worker who becomes a shopping mall security guard. He then tries to regain control of his life.

Actor Marc Zinga accepted the prize on his behalf.

Chinese film The Dead End earned Cao Baoping the best director award while three cast members Deng Chao, Duan Yihong and Guo Tao drew the actor award.

The film festival reached an audience of more than 300,000 people and took nearly 18 million yuan at the box office. 391 films were screened at the event across 17 Shanghai districts.

The 18th edition of the Shanghai Film Festival ran from June 13-21.

Disney Pixar movie Inside Out performs well at US Box OfficeDisney Pixar movie Inside Out raced to a $91 million opening at the US box office this weekend marking the best opening for an original Pixar movie ever.

Inside Out is an action-comedy about the personified emotions of a young girl who is coping with life after she moves with her family to a big city.

The film became the second best opening of any Pixar film ever behind Toy Story 3 which launched to $110 million and was also part of a well known franchise.

However it still wasn't enough to beat Jurassic World which took $102 million in its second weekend.

Here in China, Jurassic World has now taken $161 million. This now pushes its global box office figure to $981 million which will make it the fastest in history to cross $1 billion.

New Star Wars movie trailer breaks viewing recordThe second official trailer for Star Wars: The Force Awakens has broken the world record for the number of plays in 24 hours.

The clip which was released in April pleased Star Wars fans around the globe. Just under two minutes long it gives an insight into the film which is due for release in December.

Viewers are treated to a quick look at Darth Vader's helmet and the long awaited return of Han Solo and Chewbacca.

According to The Guinness World Book of Records, the clip was viewed over 30 million times in 24 hours. The total number of views currently stands at over 55 million views.

Star Wars: The Force Awakens takes place 30 years after The Return of the Jedi. It hits theaters on December 18.

Taylor Swift pulls 1989 from Apple streamingTaylor Swift has pulled her hit album 1989 from Apple's new streaming service and penned a letter criticizing the company.

In an open letter she said she was withholding the album from the streaming service as she was unhappy that customers were offered a free three month trial.

The star said during these three months Apple would not be paying writers, producers or artists even though the company had the money to foot the bill.

Swift called on Apple to change the policy and said she would reinstate her album if they changed their mind.

This isn't the first time that the star has spoken out about streaming sites. Last year she removed her entire catelogue from Spotify saying streaming had shrunken the business of paid album sales.

Swift's album 1989 was one of the biggest selling albums of 2014 and sold almost 5 million copies in the US alone.

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

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

typhoon kujira continues to approach the coast of southern China...

Six suspected economic fugitives have been returned to China from Indonesia...

and Euro Zone leaders are to hold an emergency meeting later today to talk about the Greek debt crisis...

In Business...rules are being relaxed for foreign investors in China's e-commerce industry...

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