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

Coming up on our program this morning...

Chinese premier Li Keqiang is now in Brussels for meetings with European Union leaders...

hundreds injured in a fire at a park in Taiwan...

Greece's prime minister has announced bank closures and withdrawal limits as the country prepares to miss a payment on its debt...

In Business...investors are looking for the Chinese A-share market to bounce back from losses on Friday following moves by the central bank...

In Sports...the top players in Tennis begin competition for the Wimbledon championship today...

In entertainment...Chinese action-comedy Hollywood Adventures opens with 26 million dollars in receipts...

Top NewsChinese premier arrives in Brussels for China-EU leaders' meetingChinese Premier Li Keqiang has arrived in Brussels for a China-EU leaders' meeting.

The premier says he expects to have in-depth discussions with the new EU leadership on coordinating respective development strategies and broadening insights on cooperation.

He has also expressed hope to break new ground for China-EU all-round cooperation.

During his stay in Brussels, Li Keqiang will co-chair the China-EU leaders' meeting with President of the European Council Donald Tusk and President of the European Commission Jean-Claude Juncker.

The two sides are expected to issue a document to outline their future cooperation priorities and a statement on climate change, and sign several cooperation deals.

After Brussels, the Chinese premier will pay an official visit to France.

Industrial cooperation put high on the agenda during Li Keqiang's European visitAnchorObservers say deepening cooperation on energy and infrastructure construction will be a priority on the premier's ongoing European tour.

CRI's Wang Mengzhen has more.

ReporterThe European Union has been China's largest trading partner for the last 11-years, making economic ties between the two sides critical.

The European Commission launched a 3-year investment plan last year, with a focus on infrastructure construction and tighter links among EU member-countries.

Feng Zhongping, European Studies expert with the China Institute of Contemporary International Relations, says the 300-billion-euro "Juncker Plan," named after current European Commission President Jean-Claude Junker, fits well with the Chinese government's "Belt and Road" initiative.

"European countries are the western end of the 'Belt and Road 'initiatives. So it has a natural convergence. The Juncker strategic plan also covers infrastructure building especially in these central and eastern European countries. So you can see there is a very good connection. And we have already held a lot of talks with EU leaders including Juncker himself."Feng Zhongping notes one of the areas of focus during Li Keqiang's trip will be on expanding industrial capacity.

This is a term used to describe upgrading existing sectors with better technology to make them more efficient.

Premier Li Keqiang has been using the phrase "international industrial capacity cooperation" since his visit to Kazakhstan back in December.

"I think in Premier Li's view, China has industrial capacity and European countries have advanced technologies. Now the most important thing is that we have to think about other developing countries, as they have developing demands. So it is a three-party job, China's money and capacities, Europe's technologies and the third country's developing market."One area expected to be focused on will be nuclear power cooperation.

A number of deals are expected to be signed in France by Premier Li Keqiang as part of the government's current "going global" nuclear power strategy.

Over 80-percent of France's electricity is generated through nuclear power.

Chinese and French firms are already working together in a joint nuclear power project in Britain.

Alice Rezkova, an expert on China-EU ties with the Association for International Affairs in Europe, says the European side is also going to be looking for commitments from Li Keqiang when it comes to opportunities in China.

"So for example transportation, there is a huge need in reducing traffic congestion in China and encourage the use of public transportation by making travel more efficient, secure and also safe. Also the area of government services and the area of resources, you know the smart grid and renewable energy system to manage outages, control costs."As part of Li Keqiang's time in Belgium, he's scheduled to meet with top EU leaders, address the opening ceremony of this year's China-EU business summit, as well as take part in a forum on China-EU urbanization partnerships.

For CRI, I am Wang Mengzhen.

More than 100 Young Belgian Students to Visit China in Mid JulyAnchorAhead of this year's China-EU Leaders' Meeting in Brussels, a group of Belgian middle-school students are preparing for a trip to China next month to learn more about the country.

CRI's Zhao Jianfu has more.

ReporterAround 100 young students from Belgium are preparing to head to China as part of a summer camp program.

Half of them will head to Chongqing, while the other half will spend their time in the province of Shandong.

Eline Alifiens is one of the students preparing to make her way to China.

She says she's been studying Mandarin for the last 3-years.

"I started to get interested in Chinese because of the economy and also I found the Chinese language very interesting and it sounds very fine to speak Chinese. I think its a good opportunity to go with this summer camp. So we could know more about the culture and language and other people there."The tour is part of the "Chinese Bridge Project" organized by the Confucius Institute.

The program is meant to try to give overseas students a better understanding of both the Chinese language and culture.

Claeys Lieselot, who is an English teacher in Belgium, took part in the program in 2013.

She says her time in Sichuan's capital, Chengdu, opened her eyes to what China has to offer.

"In the province of Sichuan, and there we see some school where we have some of the language lessons in Chinese but also some cultural lessons, paper cutting for instance and tea ceremony. We did Tai Chi and a little bit of Kungfu as well. Some use traditional music that they play some other performances. So it is really really nice to do all of these things."Tao Hongjian, in charge of the education program at the Chinese embassy in Belgium, says the program has done a lot to create a better understanding of China in Belgium.

"The 'Chinese Bridge' summer camp program has been developing well in recent years. Many young people have fallen in love with China through their short stays in China. Many of those who have gone on the trip have ended up choosing to study in Chinese universities or take part in university exchange programs. Many of them eventually end up finding a job in China or work back here in Belgium in areas connected to China-Belgium communications."Chinese Premier Li Keqiang is in Brussels to attend this year's China-EU Leaders' Meetings.

He's also due to meet with Belgian Prime Minister Charles Michel as part of his time there, with cross-cultural exchanges expected to be one of the highlights of his agenda.

For CRI, I'm Zhao Jianfu.

Signing Ceremony for AIIB to be held today in BeijingA signing ceremony for the official creation of the Asian Infrastructure Investment Bank is going to be held later today in Beijing.

President Xi Jinping is scheduled to meet the heads of the delegations representing the prospective founding members of the bank.

A meeting of finance ministers of the 57 countries involved is also scheduled to take place.

Written remarks by Chinese premier Li Keqiang, who is now in Europe, will be delivered during the meeting.

The China-proposed bank is expected to begin operating later this year with start-up capital of around 100-billion U.S. dollars.

China's Position on Nansha Islands Consistent: FMAnchorChinese Foreign Minister Wang Yi has reiterated that China is determined and able to continue safeguarding its rights and interests of the Nansha Islands in the South China Sea.

Wang made the remarks at the Fourth World Peace Forum which wrapped up here in Beijing on Sunday.

CRI's Niu Honglin reports.

ReporterThe forum included topics of security cooperation among world powers as well as security issues in the Asia-Pacific region.

Responding to the South China Sea issue, a hot topic related to regional security, Wang Yi first briefed the audience with some historical facts about the Nansha Islands.

"During the Second World War, the Nansha Islands were occupied by Japanese forces. After the end of the war, in accordance with the Cairo Declaration and the Potsdam Proclamation, the Chinese government openly reclaimed its sovereignty over the Nansha Islands. China and the United States were allies at the time and Chinese troops were actually on US military vessels on their voyage to Nansha to reclaim China's sovereignty. Our American friends should be well aware of that."Wang Yi has used the occasion to state that the Chinese government's position on the issue is consistent and will not change.

"China's sovereignty over the Nansha Islands has neither expanded nor dwindled. Otherwise, we cannot face our ancestors and forefathers. At the same time, the nibbling at and invading of China's sovereignty and interests must come to an end, or we cannot face our descendants."Wang Yi has also noted that China had fallen victim to the seizure and occupation of its islands and reefs by other nations, related to the exploration for oil in the South China Sea dating back to the 1960s.

Faced with illegal occupations, Wang Yi notes China has always dealt with the Nansha Islands issue through peaceful means; Further to that, China and ASEAN countries signed the Declaration on the Conduct of Parties in the South China Sea.

Wang Yi says despite of differences on maritime security, exchanges and cooperation are still the main trend of China-US ties.

He notes that over 300 agreements were reached between China and the US at the just-concluded Strategic and Economic Dialogue and High-Level Consultation on People-to-People Exchanges.

"It indicates that China and the US share comprehensive common interests in the bilateral, regional and international levels and that exchanges and cooperation are still the main trend of the two countries' relations."China and the United States have launched a joint initiative to step up cooperation on ocean preservation during the annual meetings held in Washington last week.

Han Xudong, professor of China's National Defense University, suggests there is room for China and theUnited States to work together to safeguard the maritime security in the Asia Pacific region.

"China and the US are the most influential powers in the region. The two sides should start making rules to protect regional security, since without rules countries are unable to behave accordingly. Then they can cooperate in concrete operations such as search and rescue. Moreover, they can join hands to fight against non-traditional security threats such as pirates and terrorism."The World Peace Forum, founded in 2012, is China's first high-level non-governmental forum focusing on international security.

For CRI, I am Niu Honglin.

Civilian Injury Revised Down to 498 in Taiwan Park FireAnchorThe New Taipei health bureau confirms the number of people injured during a fire in a park has been lowered to 498.

Some victims had been counted twice during transfers between hospitals.

No deaths have been reported but 202 people are severely injured.

For more on this, CRI's Huang Shan reports.

ReporterThe fire broke out as the park was holding a Color Play Asia party attended by around 4,500 people.

A victim of the blaze gives the detail.

"Everybody was screaming and bleeding. There was blood everywhere in the nearby river because many people were playing in it at the time, and they couldn't get out of there immediately. Everyone was screaming, and many people caught on fire."The organizers have been questioned by police.

Local authorities say most of the victims have breathed in large amounts of black carbon dust, and a number of people are suffering from serious burns.

The injured are currently receiving treatment in 43 local hospitals, and skin-grafts are in urgent need.

It's believed the blaze was caused by an explosion of a colored theatrical powder sprayed on the crowds.

At an emergency meeting Sunday, Eric Chu, mayor of New Taipei, ordered a complete moratorium on the use of carbon powder in the city.

"I presented a preliminary report about the cause of the fire, and the fire department will bring more details later. Along with banning the use of (carbon) powder at all events, we will also step up safety standards for large public events."Chu is further pledging a full investigation into the blaze.

"For those who are found responsible for this incident, we promise no lenience. We are going to carry out a stringent investigation, and level harsh punishment on those found responsible."Taiwan's leader Ma Ying-jeou has also pledged that his government will help victims to get compensation. He made the promise while visiting the injured in hospital.

Among the injured, there are two students from the Chinese mainland who study in Taiwan's Chiao Tung University.

Their relatives have been notified, and are expected to arrive in Taipei in two days.

The injured also includes five from Hong Kong and six foreigners.

Authorities on the Chinese mainland say they will assist the victims' mainland relatives to go to the island as soon as possible.

For CRI, I'm Huang Shan.

Over 2,200 investigated for fiscal violations in ChinaChinese authorities have investigated more than 2,200 government officials for involvement in major fiscal fraud for the year of 2014.

Liu Jiayi,head of the National Audit Office, made the revelation while briefing lawmakers on the audit of the central government 2014 budget.

Liu Jiayi said the majority of violations took place in sectors involving public funds, state assets and state-owned resources, such as land and mining.

"Serious violations often involve the officials abusing their power and colluding with outsiders. Illegal gains were discovered by officials and their close affiliates who profited privileged information concerning state-owned resources, development plans and stocks. Malpractice was also detected in news media coverage and in attracting foreign investment where "under-the-table deals were sealed in the name of public welfare and government policy implementation."In particular, auditors found that over 780 billion yuan originally earmarked for land transfers was misappropriated by crooked officials to fill administrative expenses gaps, used for granting loans, or used to construct new office buildings and venues.

Final Agreement with Iran on Nuclear Programme May Happen Soon: EU Policy ChiefNegotiators from the latest round of talks on Iran's nuclear issues say a couple of more days may be needed for reaching a final deal.

The P5+1 group and Iran met in Vienna over the weekend to strike a long-term deal before the June 30th deadline.

Vice minister of foreign affairs Li Baodong is heading the Chinese delegation to the talks.

He says it is possible to make a comprehensive deal on the nuclear issue within a week, though many tough issues still need to be resolved.

"We noticed that much progress has been made on many fronts, no doubt that still number of very tough issues remain to be addressed, but we hope that we can cut a deal on time."The statement came as Iran's Foreign Minister Mohammed Javad Zarif set to fly back to Tehran from Vienna, in order to consult with the country's leadership on the state of negotiations.

A framework agreement was reached in Switzerland on April 2nd.

Coordinating the meetings, European Union foreign policy chief, Federica Mogherini says the final deal will be drafted within days.

"So we have tasked our negotiating teams to continue work immediately tonight on the text and to try and close all the issues of the translation of the political understanding that we found in Lausanne into text that is solid enough for the coming days."Iran and five UN Security Council permanent members plus Germany have been negotiating over the past 14 months to reach a long-term deal over Tehran's disputed atomic plan.

During the period, Iran would suspend some sensitive nuclear activates; in return, western states would partially relieve sanctions imposed on Tehran.

Greek PM announces bank holiday, capital controlsAnchorGreek Prime Minister Alexis Tsipras has announced that Greek banks will remain shut and restrictions will be imposed on cash withdrawals.

The move comes after the European Central Bank decided not to increase emergency funding to Greek banks.

More details from CRI's Qi Zhi.

ReporterThe decision of the European Central Bank means Greek lenders will have no way to replenish fast diminishing deposits.

Tsipras says capital controls will be introduced on the recommendation of the Bank of Greece.

"This decision, today, led the European Central Bank to not increase the liquidity to Greek banks and forced the Bank of Greece to recommend measures for a bank holiday and a limit on bank withdrawals. It is more than clear that this decision had no other goal but to blackmail the will of the Greek people and obstruct the smooth democratic process of the referendum. But they will not succeed."While Tsipras sought to reassure people that their deposits are safe, he gave no details of how long banks will remain closed or what restrictions will be placed on transactions.

The developments have thrown into question Greece's financial future and continued membership in the Eurozone and even the European Union.

Over the weekend, Greeks have been rushing to ATMs to withdraw money following Tsipras' sudden decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

Since Friday night alone, 1.3 billion euros have been withdrawn from the Greek banking system, according to the bank workers' union.

The government is urging Greeks to vote against the creditor proposals, arguing that they are humiliating and that they would prolong the country's financial woes.

On the streets of Athens, protesters gathered outside the European Union offices.

"We are here today to protest against the measures that the European Union wants to bring against the new austerity measures and to rally in support of the 'no' as an answer to the referendum that the government has brought and to support the exit from the European Union and the eurozone.""As you can see here we are sending a specific message which says 'No to the agreement, overthrow the European Union and the International Monetary Fund."However, two opinion polls published Sunday have indicated that more Greeks want to stay in the eurozone and make a deal with creditors than want to break from the country's European partners.

The country's negotiations with its European creditors have been suspended, with both sides accusing each other of being responsible.

Greece is due to make a 1.6-billion-euro payment to the International Monetary Fund on Tuesday, the same day that its current bailout expires.

The country risks default and moving closer to a possible exit from the eurozone.

For CRI, I'm Qi Zhi.

British Tunisian death toll rise to 30: MediaBritish Foreign Secretary Philip Hammond says a high proportion of the casualties in the attack on a beach resort in Tunisia were likely to be British as teams continue to identify more victims.

A lone gunman killed at least 38 people on a beach on Friday, including at least 15 Britons.

Hammond, speaking from Vienna to British broadcaster Sky News, says many victims were not carrying identification on them.

"We've sent a Disaster Victim Identification Police team out there now and they are working through the remaining non-positively identified victims and, I have to say, there are a significant number of victims who have not been positively identified at this time, and it is highly likely that a significant proportion of them will be British."Media reports have suggested that the number could be as high as 30.

Hotels in the Tunisian city of Sousse have stepped up security after the attack.

More police and armed forces were present on the streets around the beach hotels.

Hotels decided to step up their own security, checking everybody accessing their compounds and the beaches.

However the tragedy has forced more than 1000 British tourists to return home, with more believed to be back today.

Hammond says the British government is working closely with the Tunisians to beef up security to ensure the safety of any remaining tourists still in and around the resort of Sousse.

Kuwait says mosque bomber was SaudiKuwaiti authorities say the suicide bomber who attacked a Shiite Mosque on Friday was a Saudi citizen.

Fahd Suliman Abdul-Muhsen al-Qabaa is said to have arrived in Kuwait by plane on Friday.

He blew himself up later that day near a Shiite mosque in the Kuwaiti capital, leaving 27 people dead.

It is the worst militant attack in the predominantly Sunni Arab country in years.

Kuwaiti authorities have arrested the owner of the car that carried the suicide bomber.

The Islamic State is claiming responsibility.

SpaceX rocket carrying unmanned Dragon capsule explodes at start of ISS cargo supply missionAn unmanned SpaceX rocket carrying supplies and a first-of-its-kind docking port to the International Space Station has broken apart shortly after liftoff.

The accident happened about two-and-a-half minutes into the flight from Cape Canaveral, Florida, on Sunday.

The SpaceX President Gwynne Shotwell says the cause of the accident is not known at the moment.

"We haven't pin-pointed exactly what happened yet. However, we're certainly in an extraordinary position to know what happened, to find what happened, to fix what happened and to get back to flight, given the fact that the majority of this launch vehicle and its components are ours."She adds that an investigation into the explosion will ground the rockets for several months but less than a year.

Officials from the NASA say the accident is a blow to their endeavors as lots of research equipment was lost.

More than 5,200 pounds of space station cargo was on board, including the first docking port designed for future commercial crew capsules.

The accident was the second successive botched mission to resupply the space station.

A Russian Progress cargo ship failed to reach the outpost in April following a problem with its Soyuz launcher. Russia plans to launch a replacement capsule on Friday.

Solar-powered plane departs for HawaiiA solar-powered plane on a round-the-world trip departed from central Japan for Hawaii earlier this morning.

The first Pacific leg of the journey carries the most risk because there is no place to land.

Solar Impulse was due to depart last week, but the flight was postponed due to weather conditions.

The aircraft landed in Japan on June 1st while en route from the Chinese city of Nanjing to Honolulu.

NY Prison Breaker in CustodyThe second of two prisoners who escaped from a facility in New York has been shot, and is now in police custody.

David Sweat was found near the Canadian border.

The 35-year-old was at large for three weeks after taking flight from the Clinton Correctional Facility.

His accomplice, Richard Matt, was shot and killed by police on Friday.

WeatherBeijing will see showers with a high of 26 degrees Celsius.

Overnight temperatures should drop down to 20.

Shanghai will have showers with a high of 28 and a low of 22.

In Chongqing, it will see heavy rain during the daytime with a high of 36 and lows of 29.

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

Islamabad will see slight rain with a high of 38.

Kabul will be cloudy with a high of 28.

Over to North America,New York will be cloudy with a high of 27 degrees.

Washington, cloudy with a high of 32 degrees.

Honolulu, slight rain, 29.

Toronto will be overcast with a high of 21 degrees.

Finally, on to South America,Buenos Aires will have slight rain with a high of 18.

And Rio de Janeiro will be sunny with a high of 24 degrees Celsius.

Headline newsChinese premier arrives in Brussels for China-EU leaders' meetingChinese Premier Li Keqiang is now in Brussels for a China-EU leaders' meeting.

He is due to co-chair the meeting with President of the European Council Donald Tusk and President of the European Commission Jean-Claude Juncker.

The two sides are expected to issue a document to outline their future cooperation priorities and a statement on climate change, and sign several cooperation deals.

After Brussels, the Chinese premier will pay an official visit to France.

Signing Ceremony for AIIB to be held today in BeijingA signing ceremony for the official creation of the Asian Infrastructure Investment Bank is going to be held later today in Beijing.

President Xi Jinping is scheduled to meet the heads of the delegations representing the prospective founding members of the bank.

A meeting of finance ministers of the 57 countries involved is also scheduled to take place.

Written remarks by Chinese premier Li Keqiang, who is now in Europe, will be delivered during the meeting.

The China-proposed bank is expected to begin operating later this year with start-up capital of around 100-billion U.S. dollars.

Greek PM announces bank holiday, capital controlsGreek Prime Minister Alexis Tsipras has announced that Greek banks will remain shut and restrictions will be imposed on cash withdrawals.

The move comes after the European Central Bank decided not to increase emergency funding to Greek banks, meaning Greek lenders will have no way to replenish fast diminishing deposits.

Tsipras has given no details of how long banks will remain closed or what restrictions will be placed on transactions.

Greece is due to make a 1.6-bn-euro payment to the International Monetary Fund on Tuesday - the same day that its current bailout expires.

It risks default and moving closer to a possible exit from the eurozone.

3 die in separate attacks ahead of Burundi's pollsTwo civilians and a soldier have been killed in two separate attacks in the Burundian capital.

The violence happened ahead of the country's legislative and local government polls, which are due to begin today.

The opposition has announced that it will boycott the polls.

Burundi has been in turmoil since its president announced in April that he will run for a third term, which is in defiance of the constitution that limits the president to two terms in office.

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

Here's CRI's Sophie Williams.

ReporterAnxiety about Greece and uncertainty about the timing of higher U.S. interest rates may keep Wall Street on edge early this week.

However one ray of hope for investors could be an unusually long streak of ambivalence on Main Street.

The S&P 500 and tech-heavy Nasdaq hit all-time highs in recent months, with markets bouncing back and forth in a limited range since February as many investors fixate on the Fed.

Over this week, trading might be brisker than usual on Monday and Tuesday as some pension funds and mutual funds buy and sell shares to rebalance their portfolios ahead of the end of the quarter.

Consumer confidence is due on Tuesday and domestic car sales are due on Wednesday.

On Thursday, Labor Department data is expected to show nonfarm payrolls increased by 232,000 in June, with the unemployment rate edging down to 5.4 percent from 5.5 percent in May.

The strengthening economy suggests the Fed could raise interest rates this year even as inflation remains well below the U.S. central bank's 2 percent target. Many economists expect a rate hike in September.

U.S. markets will be closed on Friday ahead of the Fourth of July holiday.

Analysis on PBOC adjustment and Chinese A share marketAnchorEyes are on today's A share market here in the Chinese mainland, after the central bank announced another cut to the Reserve Requirement Ratio and to benchmark interest rates over the weekend.

This is the third Ratio reduction in nearly five months, and the fourth round of interest rate cuts in nearly seven months.

The Reserve Ratio for commercial banks serving rural areas, agriculture and small businesses will be cut by 50 basis points, while that for finance companies will be lowered by 300 basis points.

For more on this, we are now joined by Mike Bastin, director of China Business Center based in London.

Talking points:

1)How do you see this move by the central bank - is it a surprise or was this expected?

2) Many investors are likely hoping for a rebound on Chinese stock exchanges today after Friday's plunge, which saw the sharpest decline since 2008 for the A share market. What impact do you think the central bank's move will actually happen on the market?

3) Entering the second half of this year, are we expecting more cuts?

Back AnchorMike Bastin, director of China Business Center based in London.

Lock-up shares worth 71 bln yuan eligible for tradeLock-up shares worth 71 billion yuan, or 12 billion U.S. dollars, will become eligible for trade on China's stock market this week.

According to Southwest Securities, more than 3 billion shares from 39 companies will be eligible for trade on the Shanghai and Shenzhen bourses.

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

AVIC Aviation Engine will see non-tradable shares worth around 16 billion yuan become tradable on July 1, the largest amount of such shares to hit the stock market in the period.

Chinese stock market slumped for the past two weeks. The benchmark Shanghai Composite Index fell 7.4 percent on Friday.

However, investors are expecting a rebound following credit easing moves from China's central bank.

China's top auditor warns of local government debt riskChina's top auditor Liu Jiayi on Sunday warned of the debt risks of some local governments and called for an evaluation and early warning system for such debt.

When briefing lawmakers on the auditing of the implementation of the central government 2014 budget, Liu said "certain local governments have difficulty in repaying their debt."A huge risk to financial stability, these debts were incurred through unbridled borrowing during the investment and construction binge which followed the 2009 global financial crisis.

There is no official public data on the size of the problem, but authorities estimated direct local government debt at around 11 trillion yuan as of the end of June 2013.

According to Liu, nearly 1.9 trillion yuan, or 17 percent, of this debt will mature this year.

China's industrial profit growth slows to 0.6 pct in MayProfit growth at major Chinese industrial firms slowed to 0.6 percent year on year in May, down 2 percentage points from the pace posted in April.

The National Bureau of Statistics said the profits at major industrial companies totaled 520 billion yuan in May, which is the equivalent of 84 billion U.S. dollars.

In the first five months of the year, industrial profits reached 2.25 trillion yuan.

However, the number is down 0.8 percent compare with the same period last year.

The decline narrowed 0.5 percentage points from the rate seen in the January-April period.

BOC authorized as RMB clearing bank in HungaryThe Bank of China has been tapped to be the clearing bank for RMB transactions in Hungary.

Any deals done with the renminbi will be processed through the BOC's Budapest Branch.

The establishment of the RMB clearing bank in Hungary is part of the Chinese government's 'Belt and Road Initiative.'

Hungarian authorities have been attempting to convince Chinese authorities to use Hungary as its European transfer location for goods moved to and from Europe as part of the broad-based Chinese initiative.

China considers reform on individual income taxThe Chinese government is considering reform of the individual income tax system this year.

China grossed 440 billion yuan, or 70 billion U.S. dollars, in 2014 from individual income tax.

China's finance minister Lou Jiwei said on Sunday, that the number is 3.2 percent above the budgetary expectation.

He attributed the overrun of individual tax to quicker-than-expected growth of urban incomes.

The public has high hopes for reform of the current system, especially on the tax exemption threshold of 3,500 yuan, or 564 U.S. dollars, per capita per month.

However the minister said the reform is not just about thresholds, but must consider overall income and spending, such as costs of mortgages.

SportsTop Players Reunite at Wimbledon 2015AnchorWimbledon, the third Grand Slam of the year, has seen the world's top players reunited after a longer than usual break from the clay courts at Roland Garros.

CRI's London Correspondent Duan Xuelian has more.

ReporterThe first round of this year's Wimbledon Championships starts on Monday, June 29, one week later than its traditional schedule, giving the players a three week break to rest and recuperate after the clay court season at the French Open.

According to the results of the men's singles draw, number one seed and reigning Champion Novak Djokovic is back to defend his title after losing the French Open final to Swiss opponent Stan Wawrinka. And there's a chance the two will meet in the semi-finals. Andy Murray, another clear favorite at Wimbledon, might face Rafeal Nadal and then Roger Federer in the quarter finals, a difficult route to his second Wimbledon title.

In the women's draw, world number one Serena Williams is on her way to become the first tennis player in more than 25 years to win all four grand slam titles in the same season. There will also be pressure on 2014 Champion Petra Kvitova as she skipped major tournaments including the French Open to take a break earlier this year. Maria Sharapova, seeded number four, was drawn in the top half with Serena Williams, expecting a tough battle ahead.

Chinese hopes at this year's Wimbledon are greatly dimmed as Li Na has retired and none of the five qualified young players have any experience on grass courts.

Three female Chinese players are scheduled to play on the opening day, with Xu Yifan taking on seventh seed Ana Ivanovic, Zhu Lin playing Aliaksandra Sasnovich, and Wang Qiang going up against Richel Hogenkamp.

And 65th seeded Zheng Saisai will face the 5th seeded Caroline Wozniacki in the first round.

In women's doubles, veteran player Zheng Jie and her partner are seeded 13th.

With the competition ever so fierce, the prize money for Wimbledon Championships has risen accordingly. This year, the winners of men and women's singles will each bring home 1.88 million pounds, a 7% increase on last year's sum.

For CRI, I'm Duan Xuelian in London.

CSL recap: Beijing Guo'an takes leadIn football,Beijing Guo'an has broken the tie in the standings and become the sole leader of the Chinese Super League after a 2-0 home victory against Chongqing Lifan.

Pablo Batalla and Chen Zhizhao scored those goals in the second half of the game.

Guangzhou Evergrande drew 1-all against Shijiazhuang Ever Bright on the same night and now trails Beijing by two points.

After 16 games, Beijing Guo'an tops the leaderboard with 33 points, Shanghai SIPG is second with 32, and Guangzhou Evergrande third with 31.

Other results from last night,Shandong Luneng beat Changchun Yatai 2-1,Henan Jianye took out Tianjin Teda 3-2,Guangzhou R&F downed Hangzhou Greentown 2-0,And finally it was a draw with one goal apiece in a city derby between Shanghai Shenxin and Shanghai Shenhua.

Basketball recapIn basketball,China failed to defend an early lead and lost to Lithuania 77-73 in Game 3 of a warm-up series.

It was China's first defeat in the warm-up games this summer.

China will host the FIBA Asian Championship in September.

As the host team, China has the privilege to choose a group and decided to go into Group C with South Korea, Jordan and Singapore.

The winner of the championship will qualify for the Rio Olympic Games next year.

Action from the youth team,China beat Argentina 74-67 in Group B at the FIBA U19 World Championship in Greece.

The group stage continues as China takes on Turkey tonight Beijing time.

Pablo Larrazabal wins BMW OpenIn golf,Pablo Larrazabal from Spain has won the BMW International Open in Munich with a one-shot lead.

Larrazabal closed the bogey-free final round at 6-under 66. He finished 17-under overall.

It was the Spaniard's second win at the tournament, where he usually does well.

"It suits my eye first of all, and suits my game, I always play good or very good at this golf course and i played awesome, and my putting this week has been unbelievable, they give me this putter a couple of weeks ago, I tried it, I loved it, and I putted beautiful, awesome, I made a lot of putts this week."Henrik Stenson from Sweden finished second at 16 under, and Englishman Chris Paisley is third, a further shot behind.

Inaugural European Games conclude in AzerbaijanThe curtains have fallen at the inaugural European Games in Baku, Azerbaijan after 17 days of competition.

On the last day, France won two gold medals, in women's judo and BMX, while Russia took gold in beach football.

At the conclusion of the games, Russia dominated the medal tally with 79 golds and 164 in total.

The host nation is second with 21 golds and 56 in total.

The success of the European Games has enhanced Baku's status as a capable host of major sporting events.

Azerbaijan has vocally admitted it would like to bid for a future Olympic Games.

EntertainmentHollywood Adventures earns $26 million this weekendAction Comedy movie Hollywood Adventures has earnt $26 million at the box office this weekend.

This ranks the film as the 9th biggest opening for a Chinese language film this year.

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

It follows the story of three Chinese tourists in Los Angeles who get caught up in a drug trafficking case after found carrying rhinoceros horn powder.

Some film insiders have been saying that the film's results this weekend had been disappointing given the film's superstar cast and the film's $30 million price tag. The movie had been expected to take double the amount it made this weekend.

Ted 2 has poor performance at US box officeUniversal's Ted 2 has had an underwhelming debut at the North American box office with takings of $33 million dollars.

The movie had been predicted to take $15 million more at the box office this weekend.

Ted 2 is the sequel to hit 2012 comedy Ted. Ted 2 centers around the main character Ted who is a bear and tries to convince the court that he's a person in order to have a baby with his wife.

Taking the box office by storm was Disney Pixar's Inside Out which grossed $52 million and Jurassic World which took $54 million. The animated movie has now taken $184 million since its opening last weekend.

The dinosaur film is now the fifth grossing domestic release of all time topping $500 million stateside. It currently stands behind The Dark Knight's $534 million taking.

Melissa McCarthy's Spy movie hung in fifth place taking a further $7.8 million to push its total to $88 million.

Glastonbury Festival Draws to a Close in UKGlastonbury music festival is coming to a close in Somerset, England.

Today sees the final performance from headliners The Who. Earlier on today Lionel Richie performed for the biggest crowd of the weekend with over 100,000 people thought to have turned up to watch his performance.

On Saturday Kanye West headlined the festival in an underwhelming performance. At the end of his slot he referred to himself as 'the greatest living rock star'. His show was interrupted by a stage invader who claimed he was 'doing it for Taylor'.

While on Friday, Florence and the Machine stepped in the cover for the Foo Fighters who had to cancel their performance at the festival after Dave Grohl broke his leg.

Glastonbury is Europe's biggest green-field festival with big names such as U2, Paul McCartney and Bruce Springsteen all gracing the Pyramid Stage in the past.

Stars turn out for US Minions premiereThe stars were out on the yellow carpet in Los Angeles this weekend for the U.S premiere of Minions.

The Despicable Me spinoff is a prequel to the hit film that traces the minions history of serving the greatest villains they can find.

Minions stars the voices of Sandra Bullock, Jon Hamm, Steve Coogan and Michael Keaton.

This is Jon Hamm's first film since the series finale of his television show Mad Men. He says he liked moving the emphasis from the appearance to how he sounded.

"It's very cool to actually get a chance to do something that's not really based on how you look or what you represent in the world. You can just kind of start from the beginning and start from scratch and create something out of whole cloth and that's what (directors) Pierre (Coffin) and Chris (Renaud) and the whole team - (writer) Brian (Lynch) were able to offer me in this whole thing. It was an opportunity to just go crazy and so I did.""Minions" opens in North American theaters Friday, July 10th.

Guardians of the Galaxy 2 Director teases emotional filmGuardians of the Galaxy 2 directors James Gunn has said that the upcoming sequel will be more emotional than Guardians of the Galaxy.

In an interview with Collider, the director said the sequel to the hit film will focus on the idea of fatherhood. He also said the film will have a more intense focus on the characters while still being a big movie.

Chris Pratt previously said in an interview with Digital Spy that when reading the script for the latest installment, he becomes emotional.

Guardians of the Galaxy 2 will star Chris Pratt, Zoe Saldana, Vin Diesel and Bradley Cooper.

Filming begins in 2016 with the aim of a May 2017 release.

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

Recapping our top stories this morning...

Chinese premier Li Keqiang is now in Brussels for meetings with European Union leaders...

hundreds injured in a fire at a park in Taiwan...

Greece's prime minister has announced bank closures and withdrawal limits as the country prepares to miss a payment on its debt...

In Business...investors are looking for the Chinese A-share market to bounce back from losses on Friday following moves by the central bank...

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.