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

Coming up on the program this evening...

The People’s Bank of China, China’s Central bank announcing it will roll out targeted reserve requirement ratio cuts to stimulate economic growth.

Chinese Premier Li Keqiang set to depart for a visit to the European Union on SundayAnd a two day World Peace Forum kicks off today in Beijing.

In our weekly business review…The 7th round of China-US strategic and Economic dialogue wrapping up on Wednesday.

In Sports.... China Loses 1-0 to U.S. in Women's World Cup Quarter FinalsIn Entertainment.... Action comedy "Hollywood Adventures" Takes in 55 Mln yuan on Opening DayTop NewsChina cuts bank RRR, lowers interest rate to boost economyThe People's Bank of China, China's central bank, has announced it will roll out targeted reserve requirement ratio cuts to stimulate economic growth from Sunday.

The central bank cut the reserve requirement ratio by 0.5 percent for qualified city and rural commercial banks engaged in proportionate lending to the farming sector.

State-owned commercial banks, shareholding commercial banks and foreign-funded banks that engaged in proportionate lending to the farming sector or small firms will also enjoy the same ratio cut.

The reserve requirement ratio for finance companies will be cut by 3 percent in order to boost liquidity.

The central bank also cut the one-year lending and deposit interest rates by 25 basis points from Sunday.

Li's Visit to Boost China-EU TiesAnchor:

Chinese Premier Li Keqiang will depart on Sunday for a visit to the European Union.

As CRI's Luo Wen reports, Chinese officials believe the visit will mark a new stage in China-EU ties.

Reporter:

During his five-day trip, Li Keqiang will attend the 17th China-EU leaders' meeting in Brussels, pay an official visit to France and give a speech at the headquarters of the Organization of Economic Cooperation and Development in Paris.

Vice Foreign Minister Wang Chao says the meeting in Brussels, the first since the change of EU leadership and as an important part of celebrations for the 40th anniversary of China-EU ties, will inject new momentum to the bilateral relationship.

"During the visit to the EU headquarters, Li will hold discussions with President of the European Council Donald Tusk and European Commission President Jean-Claude Juncker about new ways to expand China-EU cooperation. The leaders will also hold talks over international and regional issues."Li will also meet the President of the European Parliament Martin Schulz, address the opening ceremony of a China-EU business summit, and attend a forum on China-EU urbanization partnership.

According to Wang Chao, China and the EU will issue a document to outline their future cooperation priorities and a statement on climate change.

The two sides are also expected to sign cooperation deals on regional policies, intellectual property rights, customs and technological innovation.

The EU has been China's largest trading partner for 11 years while China has been the EU's second largest trading partner for 12 years. Their bilateral trade exceeded 600 billion U.S. dollars last year.

Wang Chao says the two sides will strengthen coordination on trade and investment policies through the meeting.

"Both of the reforms in China and Europe are at crucial stage. The two sides will try to connect each other's development strategies, such as China's Belt and Road initiative and Europe's investment-oriented Juncker Plan, to further unleash potential of cooperation and boost the bilateral partnership to a higher level."Li will also become the first Chinese premier to visit France in nearly a decade.

Besides Paris, he will also set foot in Marseille and Toulouze.

During his stay, China and France will sign deals covering nuclear energy, aviation, finance, agriculture and health care, while a joint statement on third-party market cooperation and a joint statement on civil nuclear energy cooperation are to be issued.

Vice Minister of Commerce Wang Shouwen.

"China and France will encourage joint development, joint investment, joint manufacturing and joint research between their enterprises, through which the companies can combine forces to strengthen competitiveness when joining hands to explore a third-party market."As Wang Chao announced, China and Belgium will sign cooperation deals on finance, telecommunication, technology and education after the talks between Li and Belgian Prime Minister Charles Michel.

This is also the first meeting between the two heads of government since the new Belgian government took office last October.

And in his speech to the OECD, Li will elaborate on China's stance on development issues.

It's being reported that China and the OECD are formulating a cooperation vision and cross-year action plan.

For CRI, I'm Luo Wen.

World Peace Forum Kicks off in BeijingAnchor:

The two day World Peace Forum is being held in Beijing this weekend. The conference has gathered many former foreign leaders and scholars to discuss key issues on peace resolutions.

CRI's Min Rui has more.

This is the 4th annual World Peace Forum hosted by Tsinghua University. This year's theme is overcoming difficulties: understanding, consultation and reciprocity.

Chinese Vice President Li Yuanchao attended the opening ceremony this morning at Beijing's Tsinghua University.

He says peace and security are the prerequisite for common development of mankind.

He also stressed that disagreements and differences between countries can be resolved through consultation.

Susilo Bambang Yudhoyono, former president of Indonesia, speaks highly of Li's proposal and is calling to build mutual understanding through solving challenges together.

"Building peace and security should start by knowing and identifying our challenges. Most importantly, knowing how to overcome those challenges. The next important step is finding and creating opportunities for a stronger and durable peace. Only then would we be able to build a framework and architecture for a comprehensive regional security cooperation."Other key topics of the forum include security cooperation in the Asia-Pacific region, European and global security cooperation, ASEAN and South Asian regional security cooperation.

Regarding the South China Sea issue, Chinese Foreign Minister Wang Yi said at the meeting that some foreign politicians are enthusiastic about playing with the issue for their own political motivations. However parties concerned should all view this in a cool headed and objective way.

"We have full commitment and sufficient ability to solve this issue, we will continue to uphold our legitimate rights and interests in Nansha in reasonable and justified means. And we will continue the cooperation with the ASEAN countries to safeguard the peace and stability of the South China Sea and we will work with all countries on the basis of respect and international law."Some 500 former foreign leaders and scholars participated in the plenary meeting and panels on different issues.

The forum was first launched in 2012, and is China's top level non-governmental seminar focusing on international security.

For CRI, I'm Min Rui.

Chinese lawmakers discuss to include drug driving into Criminal LawChinese lawmakers are currently attending the bi-monthly session of the country's top legislature. One of the focuses is including the offense of driving under the influence of drugs into Criminal Law.

The move comes after a recent spate of severe traffic accidents caused by drivers who had taken drugs.

Liang Shengli, one of the lawmakers, says currently drugged drivers can only be punished by traffic rules and anti-drug rules.

"The current punishment is not serious enough to deter the drug users. And it definitely promotes drugged driving."Ma Lan, a lawmaker and expert in drug addiction research, says driving under the influence of drugs is more harmful than drunk driving.

"Heroin can impose irreversible impact on the human brain and its behavior. People will have hallucinations and can't make the right decision. So drugged driving is more dangerous than drunk driving."Though it is difficult to check for drugged drivers, many members of the standing committee are determined to include driving under the influence of drugs into Criminal Law.

By the end of 2014, over 2.9 million drug addicts have been registered in China.

The real number of those who have used narcotics has exceeded 14 million. Around 20 percent of them have a driving license.

Chinese lawmakers discuss cheating on tests in draft amendment to Criminal LawChinese lawmakers have submitted a draft amendment on the country's Criminal Law to the National People's Congress Standing Committee for deliberation.

The draft amendment contains new clauses on the country's Criminal Law including the regulation on cheating in examinations.

Lawmakers are currently attending a panel discussion on the top legislature's ongoing bi-monthly session which lasts from June 24 to July 1.

The draft clarifies that criminal punishment will be imposed on cheating in nearly 20 examinations including the annual college entrance, judicial and civil service examinations.

Wang Xiaochu, one of the lawmakers, says there are still many large national exams not stipulated in the law.

"I suggest that we add more words to confine these exams and change the original one to national exams stipulated in laws and regulations. In this way, exams stipulated in formal regulations will also be contained by the clause."According to the draft, anyone who organizes cheating in national exams which are stipulated in the law, will face imprisonment or detention of less than three years, as well as a fine.

For those who commit more serious crimes, they will face imprisonment or detention of between three and seven years along with paying a fine.

The draft also stipulates that anyone who provides cheating devices or help to others for such crimes, including providing exam content and answers, replacing others in exams or anyone who asks other people to replace him or herself in exams, will also face criminal punishment.

China to open up the dealing with private banks applicationsChina's banking regulator says it has officially started accepting applications from all private banks on Friday.

This is a major step forward after the pilot program to allow the creation of private banks launched last year.

CRI's Wang Mengzhen has more.

"I didn't need a guarantee, nor a mortgage, and on the second day I got the loan. I used to apply for loans before but that experience was like begging for money, but private banks treated me like a client."That is Huang Xianxiang, chief manager of a hardware firm talking about his first experience dealing with Wenzhou Minshang Bank, the country's second private bank.

Thanks to the pilot program which was launched last year, Huang managed to get an unsecured loan of three million yuan or 480 thousand US dollars from the bank.

In 2014, China Banking Regulatory Commission approved the establishment of five private banks, including Tencent-backed Webank and Alibaba-backed MYbank.

These private banks will help finance small and micro-sized businesses which have long faced difficulty in funding.

From now on, the banking regulator is ready to accept a floor of new applications, opening up all channels for dealing with them.

So far, over 40 private bank applications are waiting for potential approval.

The bank watchdog will decide whether to approve private firms' applications within 4 months, though the legal time limit for such processes is 6 months.

In order to apply for a license, private companies must have been profitable over the past three years, while having clean credit and tax records.

But at the same time, China Banking Regulatory Commission Chairman Shang Fulin is warning private banks to deal with "residual risks" which are not covered by the deposit insurance system.

"China has already set up the deposit insurance system. Apart from this, private institutions should make some additional commitment for potential risks. This could make depositors feel much more secure, which in turn attracts more clients."While welcoming the new direction from the banking regulator, private bank operators are also cautious.

Xu Zhiwu, shareholder of Wenzhou-based Minshang bank, explains.

"Firstly, we can't take it for granted that we can make big money by operating a bank. Secondly, instead of expecting to get big profits, we should really be prepared to continue investing and even investing more in the bank, especially in a middle or short term."The latest move was seen as an important reform measure of China's banking sector, which is still dominated by major state-owned banking institutions.

The influx of private capital will also provide a new growth engine for China's slowing economy.

For CRI, I am Wang Mengzhen.

Chinese Doctors Bring Brightness Back to Botswana Cataract PatientsAnchor:

A team of Chinese ophthalmologists in Botswana will provide 500 free cataract removal operations this month, as part of this year's "Brightness Action" campaign.

CRI's Liu Yuanhui reports from Botswana.

Report:

Botswana performers sing a local song to celebrate that group of cataract patients can see clearly after the gauze on their eyes was removed on Thursday.

"Two years ago, I cannot see very clearly. Yesterday, they did the operation, after the operation, they take this (the gauze) out, I can see clearly now. Clearly."Due to cataracts, 62-year-old Fith Malebe was half-blind. Now she has full sight. Fith is one of those who recently received free operations by Chinese doctors in the Brightness Action Campaign launched by the Chinese government in the Scottish Livingston Hospital in Melopolole, Botswana's biggest village.

Eleven ophthalmologists from China are providing surgeries for local patients from June 17th. They are going to carry out around 500 cases of free cataract operations and help them see the world again.

Hao Yansheng, a professor from Peking University Third Hospital, says doing surgeries in Botswana is more of a challenge than in China.

"Most of cataract patients here are with hypermature cataracts. They have missed the best time to cure them; some patients would have become permanently blind if they didn't have immediate operations. In addition, Botswana has the second-highest HIV rate in the world, so we are taking the potential risk of contracting HIV while doing operations and the top priority is taking care of ourselves."According to Professor Hao, over 350 operations have been completed so far. The team also provides training to the local doctors on how to conduct the operations.

For Zhang Xiaoxia, a nurse from Fujian Provincial Hospital, this is her second time to take part in the campaign.

"Many local patients don't speak English but rather their own language, so we learned many necessary words of their languages like 'open or close your eyes' and 'don't move'. At first, it was hard to cooperate with local nurses because of the different working style, but now it's getting better."Besides the campaign, the Chinese government also donates medical equipment, devices, drugs and consumables, worth of more than 1 million US dollars to Botswana.

Alfred Madigele, Assistant Minister of Health in Bostwana described the campaign.

"This campaign comes at a time when we are experiencing a high cataract backlog in our country, and this will in no doubt take us closer to the reduction of preventable blindness."Zheng Zhuqiang, Chinese Ambassador to Botswana, believes that the campaign definitely benefits hundreds of Botswana people and pushes bilateral relations to a higher level.

"The Chinese government expects to bring brightness back to more Botswana cataracts patients, to push forward the development of public health in Botswana, and to demonstrate the goodwill and love of Chinese people for Botswana people."In Botswana, statistics show that the prevalence of blindness is 5.4% among people aged 50 years and above, and there are about 4,000 cataract patients waiting to do operations.

In 2011, the first Brightness Action Campaign in Botswana provided more than 200 operations.

For CRI, this is Liu Yuanhui reporting in Melopolole, Botswana.

On UN Charter Day, Ban calls for 'deeper cooperation' amid growing global challengesAnchorThe United Nations has held several activities at the headquarters in New York and also in San Francisco on Friday to mark the 70th anniversary of the signing of the UN Charter.

UN chief Ban Ki-moon is using the occasion to call for the international community to work together to better address shared challenges.

CRI's UN correspondent Su Yi has more.

ReporterUN Secretary-General Ban Ki-moon is in San Francisco to take part in events commemorating the 70th anniversary of the signing of the UN Charter.

"The drafting of the Charter was a glorious gamble. Delegates from dozens of countries bet on humanity. So much faith was lost in the trenches and gas chambers of two world wars in the space of just one generation. But they dared to believe in something bigger than a person or a country."Ban says that, although the UN Charter is often taken for granted today, it took a lot of effort from the delegates at the San Francisco meeting to bridge their differences.

"They knew you do not just rebuild broken societies with bricks and mortars, but with ideas and values for the human being. With the adoption of the UN Charter, a world in rubble found a path to renewal."Ban also says in an article published in the The Huffington Post, quote "as the distinctions between the national and the international continue to fall away, challenges faced by one become challenges faced by all, sometimes gradually but often suddenly", unquote.

The UN chief is also calling on the international community to work together to address such challenges as climate change, poverty and some other things on the global development agenda.

Ban says "we are the first generation that can erase poverty from the earth – and the last that can act to avoid the worst impacts of a warming world."To commemorate the occasion, the UN has also unveiled the anniversary edition of the UN Charter featuring six languages.

In 1945, representatives of 50 countries met in San Francisco at the UN Conference on International Organization to draw up the charter.

The charter was signed on June 26 in 1945 at the conclusion of the conference and came into force on Oct. 24 of the same year.

The charter had been ratified by China, France, the former Soviet Union, the UK, the US and by a majority of its original signatories. United Nations Day is celebrated on Oct. 24 each year.

For CRI, I'm Su Yi in New York.

IS claims responsibility for terrorist attack in TunisThe Tunisian government has announced plans to close down 80 mosques within the next week that remain outside state control for inciting violence.

The announcement from Prime Minister Habib Essid came after an attack on a Tunisian seaside resort on Friday.

The Islamic State group has claimed responsibility for the attack.

At least 39 people have been killed and dozens more have been wounded.

The incident happened when a gunman opened fire on a crowd of tourists at a resort in Sousse.

The gunman was later shot dead by police.

Mohamed Ennaceur, the President of Tunisian Parliament, said during a visit to injured tourists at a hospital that the country's determination to fight terrorism is stronger than ever before.

"We decided today to pass the counter-terrorism law before the Day of the Republic, so before 25 July, but at the same time we consider that the fight against terrorism can't only be through law. Terrorism has different aspects and we will ensure, as the Assembly of the People, that it won't only be law. We will pressure the government to make sure it takes the necessary measures in all fields, in order for the fight against terrorism to be well-rounded and the results important."The attack comes just months after a massacre in March on a museum in the capital Tunis that killed 22 people.

One of escaped US prisoners shot and killedOne of two convicted murderers who escaped from a US maximum-security prison three weeks ago has been shot dead.

Governor Andrew Cuomo said at a news conference that 48 year old Richard Matt was shot dead by a Border Patrol agent in a wooded area around 30 miles from the prison.

"They came upon a cabin, they went inside the cabin, they detected the smell of gunpowder. The law enforcement partners were then notified and the (US) Customs and Border Patrol tactical team helicoptered in and approached the site. The team came upon (Richard) Matt, who was an escaped prisoner from Dannemora, engaged Mr Matt who was armed and Mr Matt was shot and killed."Cuomo says Customs and Border Patrol agents were sent in by helicopter to find Matt, adding that the team smelled gunpowder in a nearby area, a sign a gun had been fired.

The other convict, David Sweat, hasn't been spotted.

Cuomo says it isn't clear if Matt and Sweat were together at the time of the shooting.

"We have no reason to believe that Mr (David) Sweat was not with Mr Matt at the time but we don't have any confirming evidence that he was either. There are several leads that are being tracked down as we speak about Mr Sweat and his possible whereabouts. But we don't have have anything confirm where Mr Sweat is at this time."David Sweat and Richard Matt, cut through a steel wall, broke through bricks and crawled through a steam pipe before emerging through a manhole outside the prison grounds in upstate New York earlier this month.

It's the first time the prison in Dannemora has been broken out of.

Referendum Announced on Fraught Bailout Deal in Greece: PMGreek Prime Minister has called a referendum on the country's fraught bailout talks with international creditors.

Alexis Tsipras announced the decision in a televised address following an emergency meeting of his cabinet.

"Greek men and women, right now we bear an historic responsibility towards the struggles and sacrifices of the Greek people for the consolidation of democracy and national sovereignty, our responsibility towards the future of our country. And this responsibility obliges us to answer an ultimatum based on the sovereign will of the Greek people."Tspiras added that he has informed the leaders of France, Germany and the European Central Bank of the referendum decision.

Headline newsChina cuts bank RRR, lowers interest rate to boost economyThe People's Bank of China, China's central bank, has announced it will roll out targeted reserve requirement ratio cuts to stimulate economic growth from Sunday.

The central bank cut the reserve requirement ratio by 0.5 percent for qualified city and rural commercial banks engaged in proportionate lending to the farming sector.

State-owned commercial banks, shareholding commercial banks and foreign-funded banks that engaged in proportionate lending to the farming sector or small firms will also enjoy the same ratio cut.

The reserve requirement ratio for finance companies will be cut by 3 percent in order to boost liquidity.

The central bank also cut the one-year lending and deposit interest rates by 25 basis points from Sunday.

Chinese taxi-hailing app Didi-Kuaidi raising 2 bln USDChina's biggest taxi-hailing app Didi-Kuaidi is now raising a new round of 2 billion US dollars investment from ventures.

A group of investors including Alibaba, Tencent and Hill House Capital are now bidding to increase their shareholding in the taxi-hailing app.

Currently, Didi-Kuadi has received over 1.5 billion USD of investment.

The funding is likely to put the company at a valuation of more than 13 billion U.S. dollars.

The funding comes as a taxi-hailing app war is escalating in China as both Didi-Kuaidi and Uber claim to have gained the upper hand.

Didi-Kuaidi claims it has taken 80 percent of the ride-sharing market while CEO of Uber Travis Kalanick earlier said Uber has taken some one million orders from passengers in China.

Xinjiang to start imports of finished vehicles in JulyConsumers in west China can expect cheaper imported vehicles when a land port in the northwestern Xinjiang Uygur Autonomous Region starts importing finished vehicles next month.

The Alataw Pass port on the Kazakhstan border, China's largest inland port, previously imported only auto parts.

It takes only 15 days for European vehicles to arrive in Xinjiang by cargo train, one month quicker and 5 percent cheaper than through coastal ports.

More than 40 international cargo trains, which connect Chinese cities with Europe, pass through Alataw Pass every month.

Crude oil, petroleum products, electrolytic copper and cotton are the main imports through the port.

IS claims responsibility for terrorist attack in TunisThe Tunisian government has announced plans to close down 80 mosques within the next week that remain outside state control for inciting violence.

The announcement from Prime Minister Habib Essid came after an attack on a Tunisian seaside resort on Friday.

The Islamic State group has claimed responsibility for the attack.

At least 39 people have been killed and dozens more have been wounded.

The incident happened when a gunman opened fire on a crowd of tourists at a resort in Sousse.

The gunman was later shot dead by police.

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.

The 7th round of China-US Strategic and Economic Dialogue wrapped up on Wednesday in Washington, with a bilateral investment put high on the agenda.

China decided to get rid of its 75% loan-to-deposit ratio requirement, giving more freedom to banks.

And it is being reported that Russia has overtaken Saudi Arabia to become China's top oil supplier.

On Friday, HSBC announced that it will stop cooperation with Markit to release China's monthly PMI data.

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

Reporter:

Two days of high-level talks in this year's China-U.S. Strategic and Economic Dialogue came to an end in Washington on Wednesday, with over 70 different agreements worked out in different fields.

On the economic front, talks connected to a bilateral investment treaty have been high on the agenda.

Among the discussions, both sides say they plan to hand over their 2nd offers on theirrespective 'negative lists' sometime in early September.

Stephen Orlins, President of National Committee on United States-China Relations, talks about the benefits China's investment could bring to the U.S.

"I wanted the congress and the American people to understand how many jobs are depended upon Chinese investment in the United States, and what the report tells us is more than 80,000, direct jobs."The swapping of "negative lists" is viewed as one of the final steps toward the creation of a bilateral investment treaty.

//////////China will put more momentum behind its "Internet Plus" drive, which aims to integrate the Internet and industry while encouraging entrepreneurship and innovation.

China's State Council, the cabinet, on Wednesday said the campaign is very important in creating a new engine for economic growth.

An Internet Plus guideline was approved at the meeting.

It maps development targets and supportive measures for sectors which the cabinet hopes can establish new industrial modes, including agriculture, energy, finance, public services, logistics, e-commerce, traffic, biology and artificial intelligence.

//////////The Chinese government has announced plans to set up a national investment fund for insurance.

The State Council has announced the fund will be given money of 300 billion yuan or close to 50-billion US dollars.

On Friday, Liang Tao from the China Insurance Regulatory Commission, elaborates the fund's two purposes.

"Basically, we have two major considerations. One is to use it as a direct investment fund, which aims to meet the market demand of economic reform strategies. Secondly, it will act as an initial fund involved in shanty town revamping, major infrastructure building, water conservancy projects and the country's 'Belt and Road' initiatives."The new fund will be established as a stand-alone company, and will raise funds through bonds and the equity markets.

It will provide an opportunity for companies to obtain insurance on projects that individual insurance companies might not have been interested in investing in.

//////////The State Council has approved a draft amendment to China's Banking Law.

The amendment removes the 75 percent loan-to-deposit ratio, giving banks more freedom to lend.

Under the outgoing law, for every equivalent of a dollar deposited in a Chinese bank, only 75 cents worth of it could be used to lend.

Victor Gao, Chair of the China Energy Security Institute, says the removal could allow banks to manage their risks in a new manner.

"The 75% loan-to-deposit ratio has been used for the government as risk management and risk control tool to prevent, for example, the build-up of too many risks in commercial banks. I think this time, the intention is to enable commercial banks to be smarter in managing their risks, rather than being strait-jacketed by this criteria posted by the regulators of commercial banks."Authorities say this will make it easier for banks to lend to the agriculture and small business sectors.

//////////It is being reported on Friday that HSBC is ending its 5-year collaboration with information firm Markit when it comes to publishing its Purchasing Managers Index in China.

HSBC is also ending its deal with Markit in other emerging markets.

Observers are suggesting the move may be a result of sluggish growth within HSBC itself.

The bank has already announced it's planning to slash 50-thousand jobs worldwide.

HSBC/Markit produces its own PMI data every month ahead of the official stats from the Chinese authorities.

Those figures are taken from a much smaller sample of company surveys than the official stats in China.

//////////Also in the banking sector,Bank of China has denied receiving any formal documents from Italian prosecutors about alleged money laundering at its Milan branch.

This was announced in an official statement from the bank on Wednesday.

It's been reported Bank of China and around 300 individuals, mostly Chinese nationals, are accused in the illegal transfer of around 5-billion US dollars to China.

Italian prosecutors say around half of all the transfers were conducted between 2006 and 2010 via the bank's Milan Branch.

Bank of China is promising to respond to any formal request from Italian authorities and cooperate with the Italian government in any forthcoming probe.

//////////In the stock market,On Friday, mainland shares saw their largest one-day drop since the 2008 financial crisis, with all he major benchmarks declining over 7-percent.

Communications, the Internet, medical care and transport sectors were the biggest losers, as concerns over market overvaluation mount.

The rapid influx of new IPO's this week was also being blamed, as traders moved money from their existing portfolios into the new offerings.

A new report suggests the Chinese market is going to come out as the world's most active IPO market for the first half of this year.

//////////It is being reported that Russia has surpassed Saudi Arabia to become China's largest supplier of oil, cited the new stats from China Customs on Wednesday.

In May, Russia accounted for around one-third of all of China's oil imports, reaching nearly 4 million tons. That was a 20-percent rise from the previous month.

At the same time, it's being reported oil supplies from Saudi Arabia slumped by over 40-percent to some 3 million tons in May.

Professor Liu Baocheng at the University of International Business and Economics based in Beijing talks about Russia's shifting strategy.

"Russia has been under economic pressure because of sanctions imposed by Europe and the US, and more than 50% of its revenue comes from the export of oil and gas. Therefore, they have to look to new alternatives and place priorities on expanding the Asian market."Observers are also suggesting the rise is being driven by increasing oil deals between the two countries, as well as Russia's acceptance of the Chinese yuan in its oil deals.

//////////On the corporate front,Alibaba affiliate Ant Financial Services Group launched its Internet Bank Mybank on Thursday.

The online lender will offer loans to small and medium-sized enterprises.

Yu Shengfa, president of MYbank says big data will be playing a key role in the bank.

"The loan limit to customers will be based on our big data model. Alibaba and Ant Financial have collected a huge database of customers' transactions. We will analyze the data, and evaluate the credibility of customers."As one of the first five private banks approved by China's Banking Regulatory Commission, MYbank has 4 billion yuan, or 644 million US dollars, of registered capital.

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

SportsChina Loses 1-0 to U.S. in Women's World Cup QFKicking things off with Women's World Cup action:

China's run in the tournament has come to an end, as the Steel Roses fell to the U.S. 1-0 in quarter-finals action from this morning.

The game was gridlocked at 0-0 for the first half, where the best chance came for the U.S. at the 26th minute, but Chinese defender Li Dongna cleared the ball as it threatened the unattended net.

Then it the second, it was the United States' Carli Lloyd who scored in the 51st minute with a header 10 yards from the goal line that went past Chinese keeper Fei Wang.

Lloyd says that her side came out aggressive and stuck to the game plan to get the win:

"Collectively we had the game plan, we wanted to go at them, we wanted to get into the flanks, I was able to roam and it was just great and you could tell the more pressure we put China under the more they coughed the ball up and we just gotta keep going in there and keep grinding away."　　The 32-year-old midfielder scored the winning goal against Brazil at the 2008 Beijing Olympics for the gold medal.

Although now out, China has shown vast improvement in this year's tournament--making it to the quarterfinals after China failed to qualify in 2011.

Chinese head coach, Hao Wei, says that his team can still hold their heads high and have a bright future in women's football:

"They gave their all and performed quite well. I think they still have great potential to improve. I hope they can move on and make a greater contribution to football in China."Chinese goalkeeper, Wang Fei says that, while the Steel Roses didn't advance, this will be a memorable World Cup for her:

"I'm satisfied with my performance over the past five matches. For me, my World Cup experience had ended successfully. Though the result of this match is not satisfactory, the World Cup does leave me with a good memory."The U.S. will next face the tournament's top-ranked team, Germany, who beat European rivals France 5-4 in a shootout after finishing regular and extra time 1-1.

CSL PreviewIn men's football action from the Chinese Super League:

Two games are on deck tonight, which are kicking off right about now:

Third place Shanghai SIPG will play Jiangsu Sainty;And Liaoning Whowin will play struggling Guizhou Renhe;Tomorrow, there are a bigger slate of games on deck--among them:

League leaders Guangzhou Evergrande will be on the pitch against Shijiazhuang Everbright.

Guangzhou is now on top of the leaderboard on goal differential halfway through the season.

Argentina Downs Colombia 5-4 in Shootout at Copa AmericaIn men's football action from the Copa America:

Argentina overcame a tenacious Colombia side 5-4 in penalties after a scoreless match.

While favorites Argentina blew chance after chance to overcome their opponents in regular time, Colombian keeper David Ospina was the main reason the Argentines couldn't get on the scoreboard.

Boiling down to shootouts, however, it was substitute Carlos Tevez who scored the game-winning spot kick to put Argentina through.

But Argentina coach, Gerardo Martino, says it's frustrating to be so aggressive on offense and still have a game come town to penalties:

 "I think we were able to neutralize them when we put pressure on them, which was for the most part, we also did well when we had to recede. I think the riskiest play was a header in the corner, and I think Ospina was most likely the best one on the field. So I think it’s very unfair to have reached the penalties, but it’s what we have."Argentina goes on to face the winner of the next match between Brazil and Paraguay.

Sources: Carmelo Anthony Not Happy with Knicks Draft PickSome news out the National Basketball Association:

Reports are coming out of the New York Knicks camp that star Carmelo Anthony is not too happy about team president Phil Jackson picking Latvian player Kristaps Porzingis during Thursday's NBA draft.

The Daily News first broke news of Melo's displeasure at the pick. ESPN reports that Anthony complained to former teammate Tim Hardaway, who was traded to Atlanta, that he didn't see wisdom in picking the 19-year-old Porzingis, who may not be ready to hit the court this coming season.

Phil Jackson says he texted with Anthony Thursday night about the pick, but didn't elaborate on the athlete's response.

Later, in an instagram response to a fan, Anthony called the Knicks picking Porzingis "a steal."Golf RecapIn golf:

On the European Tour:

Spain's Rafa Cabrera-Bello shot a second round five under par 67 on Friday to lead the BMW International Open in Munich by one stroke.

Getting clear of his round 1 three-way tie with Denmark's Lasse Jensen and Australian Daniel Gaunt, Cabrera-Bello says his goal was to focus on playing and not any particular score moving forward:

"I didn't want to think on any score, I just wanted to keep playing, keep playing one shot at a time, give myself a few more chances coming into the next few holes. I had a mistake at number six, where I three-putted and then I end up bogey-ing number eight, but hey, I would have takiken five under at the start of the day, yes."A shot off is England's James Morrison, who followed up his opening 67 with a 66 to get to within one shot of the lead at eleven under par.

On the PGA Tour's Travelers Championship:

Bubba Watson shot a three-under-par 67 on Friday to maintain a two-stroke lead after the second round.

After opening with an impressive 62 to seize the first round lead, Bubba Watson followed it with a bogey-free round of three-under 67.

At 11 under par, the two-time Masters champ heads into the weekend with a two-stroke advantage on the field.

And in the LPGA's NW Arkansas Championship:

South Korea's Mi-Jung Hur leads at 8 under.

Lance Armstrong to Ride 2 Stages of Tour de France for CharityDisgraced former Tour de France champion Lance Armstrong will return to the world top road cycling race to ride two stages in the Massif Central region in July.

The 43-year-old Texan will join fellow cancer survivor and former England footballer Geoff Thomas, together with his team of 10 amateur riders in a charity race following the Tour route.

Thomas and his team are attempting to cycle each of the 21 stages a day before the professional race in a bid to raise one million pounds (about 1.58 million U.S. dollars) for his Cure Leukaemia foundation.

Armstrong, who was stripped of his seven Tour titles and banned from organized sport for life for doping in 2012, will ride the 13th and 14th stages respectively on July 16 and 17 from Muret to Rodez and then to Mende, each a 178.5km ride.

The Tour, which begins on July 4 in Utrecht, the Netherlands, is a 3,344km race lasting 23 days.

EntertainmentAnnual Golden Melody Awards UnderwayThe 26th annual Golden Melody Awards are currently underway in Taipei, Taiwan.

Competition is expected to be tough with some of the big names in the Chinese music industry releasing their albums in the past year.

Taiwan singer A Mei and Hong Kong singer Karen Mok are widely expected to compete for the Best Mandarin Female Singer award.

Both of the singers are in position to grab their third award in this category.

Karen Mok's latest album "Departures" was nominated in seven categories, including Best Mandarin Album, Best Composer and Best Producer.

Another popular Taiwan singer, Jolin Tsai's album "Play" was nominated in nine categories, apart from the Best Mandarin Female Singer.

She will also compete with former lover Jay Chou for the Best Mandarin Album of the Year.

Popular singer Jay Chou failed to make it into the Best Mandarin Male Singer category.

Hong Kong singers are in a comparatively dominating position in this sector, taking three out of the five spots in the category, including industry icons Jacky Cheung and Eason Chan.

Documentary on Pink Floyd's Founding Member to Be Released This SummerA new documentary film centering on late Pink Floyd member Syd Barrett is to be released later this summer.

Barrett, who died in 2006, founded the rock band with bass guitarist Roger Waters, drummer Nick Mason and keyboardist Rick Wright in 1965.

However, Barrett stayed in the band for only three years.

Titled "Have You Got It?", the film was directed by Roddy Bogawa and included interviews with the surviving members of the band.

The film is set to explain the singer and guitarist's life and his short musical career.

This year also marks the 50th anniversary of the founding of Pink Floyd.

"Hollywood Adventures" Takes in 55 Mln yuan on Opening DayAction comedy "Hollywood Adventures" has made a grand opening with a taking of 55 million yuan, close to one million US dollars, at the Chinese box office.

Directed by Timothy Kendall, the film stars Zhao Wei, Huang Xiaoming and Tong Dawei.

The film follows the story of three Chinese tourists in Hollywood caught in a drug trafficking case because of a bag of rhinoceros horn powder.

Despite the big box office opening, the film has received mixed reviews with ratings of five out of ten on two major Chinese movie review sites.

A total of ten movies opened in Chinese mainland theatres on Friday, including Oscar-nominated "Begin Again" and Taiwan movie "Hear Me" which opened six years after its premiere.

Starring Mark Ruffalo, Keira Knightley and Adam Levine, "Begin Again" took only 800-thousand yuan at the box office.

The rom-com musical grossed 63-million US dollars globally.

Dinosaur blockbuster "Jurassic World" continues to draw big with an additional 22 million yuan added to its overall revenue.

"Jurassic World" has earned nearly 1.2 billion yuan in China alone, making it the seventh biggest film in Chinese box office history.

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

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

The People’s Bank of China, China’s Central bank announcing it will roll out targeted reserve requirement ratio cuts to stimulate economic growth.

Chinese Premier Li Keqiang set to depart for a visit to the European Union on SundayAnd a two day World Peace Forum kicks off today in Beijing.

In our weekly business review…The 7th round of China-US strategic and Economic dialogue wrapping up on Wednesday.

In Sports.... China Loses 1-0 to U.S. in Women's World Cup Quarter FinalsOn behalf of the Beijing Hour staffers, this is Sophie Williams in Beijing hoping you'll join us for the next edition of the Beijing Hour, and open a window to the world together.