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

Coming up on our program this morning...

Chinese leaders will gather in October to discuss the country's next five-year plan, covering 2016 through 2020...

A former vice-chair of China's top political advisory body has been formally arrested following months of investigation...

The UN Security Council has unanimously endorsed the Iran nuclear deal...

In Business...54 nations including China reach agreement on cutting tariffs on more IT goods...

In Sports...Shanghai SIPG, still #1 in the Chinese Super League Standings...

In entertainment...martial arts legend Bruce Lee, showcased at the Hong Kong Heritage Museum...

Top NewsCPC to hold key plenum in OctoberThe 18th Communist Party of China Central Committee will hold its fifth plenary session in Beijing in October.

High on the agenda is the discussion of the country's new five-year plan of national development, covering the period from 2016 to 2020.

At a meeting of the Political Bureau of the CPC Central Committee held Monday, it was agreed that development is still the top priority during the period.

A statement issued after the meeting outlines the goals during the period, vowing to advance the economic, political, cultural and social development, as well as environment protection and Party management.

On economy, the statement stresses that the country will aim at a development pattern of higher quality, efficiency, equality and sustainability.

It says the economic growth rate will be maintained at a medium-high level.

China has drafted five-year plans since 1953 to map out strategies for overall economic and social development, setting growth targets and defining development policies.

Ling Jihua arrested, expelled from CPCA former vice chair of China's top political advisory body has been formally arrested as prosecutors open a criminal investigation.

Ling Jihua has also been expelled from the Communist Party of China and removed from public office, according to a decision made at a meeting of the Political Bureau of the CPC Central Committee.

Ling was the former vice chairman of the Chinese People's Political Consultative Conference and head of the United Front Work Department of the CPC Central Committee.

A statement issued after the meeting says Ling is being investigated for accepting huge bribes and obtaining a great deal of the Party and state's core secrets, and other criminal offenses.

Ling was first put under investigation last December. In February, he was removed from the post of vice chair of the top political advisory body.

US, Cuba Restore Ties and Reopen EmbassiesAnchorThe Cuban flag has been raised over Havana's embassy in the U.S. capital for the first time in 54 years as the two countries have formally restored relations.

CRI's Niu Honglin has more.

ReporterThe United States and Cuba resumed normal ties on July 20, as the diplomatic missions of each country were upgraded from interests sections to embassies.

Cuban Foreign Minister Bruno Rodriguez presided over the re-inauguration of the embassy in Washington, DC. A three-man honor guard marched onto the front lawn where the Cuban flag was raised, while a band played the Cuban national anthem.

This is a milestone in the diplomatic thaw that began with a breakthrough announcement by U.S. President Barack Obama and Cuban President Raul Castro on Dec. 17. More than 500 people, including Obama administration officials headed by Assistant Secretary of State Roberta Jacobson, and a large visiting Cuban delegation, attended the ceremony.

Meanwhile, the U.S. Interests Section in Havana has also announced its upgrade to embassy status in a written statement, but the Stars and Stripes will not fly at the mission until Secretary of State John Kerry visits on August 14th for a ceremonial flag-raising.

On the same day, Cuban Foreign Minister Bruno Rodriguez meet John Kerry at the U.S. Department of State.

Though normalization has taken center stage in the U.S.-Cuba relationship, both Rodriguez and Kerry admit that serious differences remain between the U.S. and Cuba. Rodriguez says the challenges of the U.S.-Cuba relationship are still huge.

"The reopening of embassies completes the first stage of bilateral dialogue, and paves the way to the complex and certainly long process to the normalization of bilateral relations, but the challenge is huge, because there has never been normalization between the US and Cuba, in spite of one and a half centuries of intensive and rich links that have existed between both peoples."Among issues still to be resolved, the U.S. calls for Cuba to improve its human rights record. As for Cuba, Rodriguez calls for The U.S. to lift its comprehensive trade embargo and return to Cuba the U.S. naval base at Guantanamo Bay in eastern Cuba.

John Kerry says the end of the 53-year-old trade embargo is now under discussion by the U.S. government.

"The president has called our Congress to lift the embargo, and it's our hope that over the course of development of the relationship in the next weeks and months and years, hopefully not too many years, there would people begin to see benefit that are emerging in both countries as result of this change today."But Kerry adds that the U.S. government hasn't discussed closure of the U.S. naval base at Guantanamo Bay. Kerry says the U.S. respects the issue, because it's part of U.S. foreign policy.

For CRI, I'm Niu Honglin.

Cubans react to embassies openingResidents in the Cuban capital Havana have watched on television the opening of the country's embassy in Washington as the two former Cold War foes formally restored relations.

Many say they had waited for so long to see the historic moment.

"I am very happy, it is an historic moment that cannot be forgotten, at least I will not forget it until the last day of my life. It will always be inside me, a happy memory until I die."The U.S. Embassy was also reopened for business in Havana with no outward sign of change.

Some Cubans gathered outside the embassy waving "Welcome USA" banners and sporting T-shirts which displayed the two flags side by side.

At the same time, hundreds of Cubans seeking visas queued outside the US embassy.

Many of those in the queue in hope that the increase in status of the mission in Havana, from Interests Section to Embassy, will improve their chances of being able to travel between Cuba and the US.

"It is a chance not to leave permanently, but to travel instead with an open five-year visa. More possibilities for Cubans and international relations between the two countries."The change so far is largely symbolic, with a formal ceremony scheduled for mid-August when the American flag will be raised over the embassy in the presence of US Secretary of State John Kerry.

UN Security Council endorses Iran nuclear dealAnchorThe UN Security Council has unanimously endorsed the historic agreement reached between Iran and major world powers on Iranian nuclear issues, paving the way to lift the sanctions imposed by the US, EU and UN on Iran.

It marks the formal UN approval for the hard-won agreement reached between Tehran and the permanent members of the Security Council, plus Germany, after 18 straight days of talks in Vienna earlier this month.

For more on this, we are joined live on the line by our UN correspondent Su Yi.

Talking points:

— What are the next steps for the UN to lift its sanctions on Iran?

On the part of the Security Council, there is already a timetable in the agreement regarding the process of lifting its sanctions on Iran. According to the resolution, the Security Council will first review a report from the International Atomic Energy Agency in the coming months. The report will verify whether Iran is implementing its commitments under the comprehensive deal. And then the SC will terminate some of its resolutions.

There were 7 UN resolutions passed between 2006 and 2015. The Security Council resolution will not completely lift all sanctions on Iran. It maintains an arms embargo, and sets up a panel to review the import of sensitive technology on a case-by-case basis. Also it sets up a way to renew sanctions if Iran does not abide by its commitments. That means if an unresolved dispute emerges, the UN sanctions will snap back automatically after 30 days.

We know the European Union has approved the deal on the same day as the Security Council did it, so apart from the Security Council, the next milestone would be whether the US congress will approve the deal. American lawmakers have 60 days to decide. US President Barack Obama has already said he will veto any rejections over this matter from the Congress.

— You said the Security Council will examine whether Iran is implementing its commitments. What are those commitments?

Under the deal, Iran agrees to redesign its Arak heavy-water reactor, convert its Fordow Fuel Enrichment Plant into a technology center, remove centrifuges and uranium-enrichment-related infrastructure, just name a few here.

One of the key issues discussed during and after the Vienna talks was whether the deal is verifiable and whether it can be fully implemented. That is also what the UN ambassadors focused on Monday's Security Council meeting.

Iran's UN ambassador Gholamali Khoshroo says he hopes the adoption of both the resolution and the comprehensive agreement can turn the page in the region.

"We earnestly hope that it helps turn the page in our region, enabling countries to close the ranks and fight against violent extremism and to move towards more cooperation to tackle the grave threats that our region and the world face."— What does China say about the endorsement?

China' permanent representative to the UN Liu Jieyi said that the unanimous adoption of the new Council resolution represents the first important step in implementing the Iran nuclear deal.

"We must implement the Security Council resolution as well as the comprehensive agreement in a balanced, precise and comprehensive manner. All parties should firmly fulfill their commitments in order to fully implement the deal."Liu Jieyi particularly emphasized the importance of the spirit of win-win cooperation around the solving of the Iranian nuclear issues.

He had this to say.

"The achievement around the comprehensive agreement is a far-reaching inspiration to the modern international relations. It shows the powerful viability of building a new type of international relations based on win-win cooperation. The Iranian nuclear issues involve so many vital interests and even some core interests, yet without the spirit of win-win cooperation, it would have been much more difficult to reach such an agreement and would be difficult to implement any deals."Back to u Shaneback anchorThat was CRI's UN correspondent Su Yi.

30 killed in Bomb attack in Southeastern TurkeyAt least 31 people have been killed by a suspected suicide bomber in Southeastern Turkey.

The explosion happened in front of Amara Cultural Center near the Syrian town of Kobane.

A group of young activists were gathered to discuss helping rebuild Kobane, which has witnessed heavy fighting between IS militants and Kurdish fighters.

There was no immediate claim of responsibility.

Local authorities blame the IS for the attack, saying it was a retaliation for the Turkish government's efforts to fight terrorism.

Turkish President Tayyip Erdogan condemned the attack, saying the incident will not stop Turkey's support for the international effort to combat terrorism.

Prime Minister Ahmet Davutoglu also condemned the attack, which he says is against the democracy of Turkey.

"The way the incident took place is clearly an incident of terrorism and most likely a suicide bombing, savagely (committed), and that we curse. We not only curse it. We are face to face with a terrorism incident. We have the willpower to find and certainly punish those who are responsible."Following the attack, angry locals held a sit-in, but the protest later turned violent.

Protestors attacked a man who they claimed to be an IS sympathizer.

Police later deployed water cannons and tear gas to disperse the angry crowd.

Similar demonstrations also took place in the Turkish capital of Istanbul, where protestor clashed with riot police.

Banks in Greece reopen on Monday with real economy severely hitAthens has paid around 2 billion euros to the International Monetary Fund and is no longer in arrears.

The repayment, and another 4.2 billion to the European Central Bank, was made after the EU agreed last week to 7 billion euros of emergency funding assistance to Greece.

In the meantime, Greek banks reopened on Monday after being closed for three weeks.

The withdrawal limit has been capped at 420 euros per week.

Many Greeks complain about the limit, calling it an obstacle.

"But they did not make that clear in their announcement, they didn't say "don't go to the bank today, wait until Friday to get the full amount". We are once more withdrawing only 60 euros a day, or we will have to wait until Friday for the full amount. This is very tiring for everybody."Also on Monday, the country's Value Added Tax went up, affecting prices on a wide range of consumer goods.

The tax went up 10 points, from 13- to-23 percent, causing worry in most households and businesses.

Mary Christou is a coffee shop manager.

"Our business has already been impacted by the crisis over the past years. Now with the new VAT rates there will be an even bigger impact because people will be paying more on other products and it will not be so easy for them, financially, to go out for a coffee or a drink."The increase in value added tax is only one of the austerity measures the Greek government agreed to in order to secure the country's third bailout.

More measures including pension cuts and strict curbs on public spending are likely to be implemented later.

Greek prime minister Tsipras is eyeing a fresh start and swift talks on the bailout aimed at keeping Greece afloat.

The third bailout for Greece could take around four weeks to negotiate.

Blatter's Press Conference Interrupted with Fake MoneyFIFA has announced a presidential election on February 26th, giving Sepp Blatter seven more months in power before leaving the governing body.

During a press conference on Monday, Blatter confirmed that he will not run for the next term.

"I will not be a candidate for the election in 2016, I have put my mandate at disposal, and now there will be a new election, election for a new president. I insisted on that, it's not only for a president, for a new president. I can not be the new president, because I am an old president, not so old, but old (chuckles)."The conference was forced to a brief halt when British comedian Simon Brodkin threw a pile of fake banknotes at Blatter.

Along with the election date, FIFA's executive committee also proposed a range of important reforms.

These include enhanced centralized integrity checks, introduction of term limits, and higher standards of governance within football structures.

Former Croatia Ambassador loves ChongliAnchorFollowing the launch of Beijing and Zhangjiakou's joint application to host the 2022 Olympic Winter Games, more people have learned about the ski industry in Chongli.

The resort attracts lots of tourists from neighboring cities and from across China. During the winter season, the resort can take around ten thousand tourists.

CRI's Liu Xiangwei has more.

ReporterAnte Simonic is the former vice-prime minister of Croatia, and the former Croatian ambassador to China from 2008 to 2013. The 66 year old remembers Chongli well.

"As you see, I'm very old. I used to ski in so many European countries. But with my wife I chose to ski in Chongli. 8 years ago, I started as a tourist, coming for 1 or 2 weeks per year. Then we used to spend at least 2 or 3 months per year in Chongli. So we witnessed the development of Chongli and the ski industry."Ante speaks very highly of the skiing facilities in Slovenia and the neighboring countries of Croatia. But the reason why he eventually chose Chongli is because the resort has so much to offer including the service, local people and equipment.

"The quality of snow, the climate, and the service in the ski resorts are great! The restaurants and the drinks are really nice. Chinese don't drink only tea! Security, hospitality of the locals and their ability to communicate with others are excellent. There are shops in Chongli with the best equipment you can imagine. These are the reasons we are not skiing in other countries"It's obvious that Ante is very fond of the facilities in Chongli. At the same time, he said he has faith in the ability of the Chinese people to organize large events after the 2008 Olympic Games in Beijing.

"The Chinese planned to organize Winter Olympics in Chongli. Beijing had organized one Olympics so good. People don't know about Zhangjiakou, but it's a city where a couple of millions live, and it has the size of a medium European country. It's a beautiful city with high capacity to do the job."Ante hopes that skiing enthusiasts and athletes from all over the world can see and feel Chongli by themselves. In fact, Chinese people have already started to show interest in winter sports.

Back AnchorThat was Liu Xiangwei Reporting.

Illegal Demolitions Blamed for College Dorm BlastAn initial probe suggests the explosion that injured 31 people in and around a dorm in Lanzhou was caused by a gas leak.

Authorities in Gansu province say 28 of the injured are still hospitalized.

The explosion occurred at Lanzhou University on Monday morning, seriously damaging three floors of a six-floor building.

Most of the injured are students.

"I was fast asleep when an the explosion occurred with a loud bang. Then I felt the walls and building shaking and a lot of ash kept falling. I thought the building was going to collapse."The preliminary investigation suggests the blast was caused by a gas leak from damaged pipes in a building adjacent to the dorm.

Officials say a demolition crew accidentally cracked the pipes. But the demolition work started without any formal approval for licensing from the authorities.

After smelling gas on Sunday afternoon, personnel did not take any measures in the following 17 hours before the explosion.

Police say people responsible for the explosion have been detained.

Fujian and Taiwan Sign Water Supply ContractFujian Province has signed a contract with Taiwan's Kinmen County to construct a pipeline to deal with the latter's shortage of freshwater resources.

The contract allows fresh water to be brought to Kinmen, an island several kilometers off the coast of Xiamen City in Fujian.

The head of Kinmen County, Chen Fu-hai, speaks of the importance of the project.

"The signing of the contract not only marks the beginning of water supply to Kinmen, but also proves the feasibility and potential of cross-Straits exchanges on people's livelihood and resources. It has also laid a good foundation for cross-Strait cooperation in fields such as electricity supply, marine resource maintenance, commerce and trade, and for mutual benefit and common prosperity to achieve a win-win satiation in the future."According to the contract, fifteen thousand tons of water will be supplied per day with the price staying at 0.36 U.S. dollars per cubic meter when the project becomes fully operational in 2017.

Express Delivery Industry in China Faces TransformationAnchorThe express delivery industry is leading the growth in China's service sector.

As CRI's Yu Yang reports, it has become deeply rooted in Chinese people's daily lives.

ReporterExpress deliveries grew more than 43 percent in the first half of 2015, compared with the same period last year.

According to head of China's State Post Bureau, about 14 billion parcels were delivered in 2014, up 52 percent.

Song Guowei is a courier who has been in the express delivery industry for three years.

He says more people are using this service and he is sending more packages on a daily basis.

"I send about 100 packages every day. The volume will double during days where promotions are taking place. Now, it is not only young people who purchase goods online. Old people also like online shopping."The express delivery industry has appeared in government reports for two consecutive years since 2014, and is called the "dark horse" of the economy.

Chinese Premier Li Keqiang has said the industry creates jobs and stimulates consumption.

Shao Zhonglin, former deputy secretary general of the China Express Association, says the continuous growth of express delivery industry is accelerating the integration of urban and rural areas.

"Since 2014, the express service points has increased by over 50-thousand, mostly located in rural areas. The service network has covered about half of the country's rural areas. We expect the network to cover all villages and towns by 2020, so that people living in countryside can buy high-quality goods from all over the country, and at the same time sell native products to the other parts of the country."Despite rapid development of the industry, many managers are planning ahead and taking precautions due to fierce competition and dropping profit.

Yu Lianbing, president of UC Express, a Chinese express company, says many companies are thinking about transformation to better adapt to the current situation.

"The overall profitability of express companies is declining due to factors like rising rents and manpower cost. Many factors are pushing large express companies to transform to integrated logistics service provider, medium-sized companies more specialized, and small companies more personalized. "China has over 8-thousand express delivery companies, with almost 6 million workers employed in the industry.

For CRI, I'm Yu Yang.

WeatherBeijing will see thundershowers with a high of 29 degrees Celsius.

Overnight temperatures should drop down to 22.

Shanghai will have slight rain with a high of 30 and a low of 26.

In Chongqing, it will be cloudy during the daytime with a high of 36 and lows of 27.

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

Islamabad will see slight rain with a high of 33.

Kabul will be overcast with a high of 31.

Over to North America,New York will be cloudy with a high of 34 degrees.

Washington, overcast with a high of 33 degrees.

Honolulu, slight rain, 27.

Toronto will be cloudy with a high of 25 degrees.

Finally, on to South America,Buenos Aires will see slight rain with a high of 12.

And Rio de Janeiro will see slight rain with a high of 29 degrees Celsius.

Headline newsCPC to hold key plenum in OctoberThe 18th Communist Party of China Central Committee will hold its fifth plenary session in Beijing in October.

High on the agenda is the discussion of the country's new five-year plan of national development, covering the period from 2016 to 2020.

At a meeting of the Political Bureau of the CPC Central Committee held Monday, it was agreed that development is still the top priority during the period.

Ling Jihua arrested, expelled from CPCA former vice chair of China's top political advisory body has been formally arrested as prosecutors open a criminal investigation.

Ling Jihua has also been expelled from the Communist Party of China and removed from public office.

Ling was the former vice chairman of the Chinese People's Political Consultative Conference and head of the United Front Work Department of the CPC Central Committee.

A statement issued after the meeting says Ling is being investigated for accepting huge bribes and obtaining a great deal of the Party and state's core secrets, and other criminal offenses.

Ling was first put under investigation last December.

China to lower flags at half-mast for late leader Wan LiFlags will be flown at half-staff on Wednesday to mourn former Chinese top legislator Wan Li, who died in Beijing last week at the age of 99.

His remains will be cremated that day. Flags will be lowered at major government sites across the country and at overseas embassies and consulates.

Wan played a key role in advancing the country's rural reform in the late 1970s when he was the Party chief of the eastern province of Anhui.

He serves as chairman of the National People's Congress Standing Committee from 1988 to 1993.

Cuba reopens embassy in U.S. as diplomatic ties restoredCuba's national flag has been raised over the country's newly opened embassy in Washington as diplomatic ties between the two nations have been restored after more than half a century.

Cuban Foreign Minister Bruno Rodriguez attended the ceremony, and later had a meeting with his US counterpart John Kerry.

The U.S. Embassy in Havana was also officially reopened Monday.

Kerry will travel to Havana next month to attend a flag-raising ceremony there.

Stephen Hawking launches search for alien lifeRenowned physicist Stephen Hawking is joining a Russian billionaire to launch a major new effort to search for alien life.

Hawking has offered his support to tech entrepreneur Yuri Milner's Breakthrough Initiatives project.

The 100-million-US-dollar quest is expected to cover a million nearby stars, the galactic center, the entire plane of the Milky Way, and a hundred nearby galaxies.

Biz reportsClosing numbers of the North American and European marketAnchorMoving into the North American and European market.

Our reporter Min Rui.

ReporterU.S. stocks rallied on Monday, with the Nasdaq Composite Index setting a closing record for the third straight session, as investors digested positive second-quarter earnings reports.

Both the Dow Jones and the S&P 500 added a fraction of a percent.

The Nasdaq added 0.2 percent.

Over in Europe, Greek banks reopened on Monday after an imposed three-week holiday to avoid a collapse of the country's banking system.

On the same day, the International Monetary Fund said Greece is no longer in arrears to the Fund after the country repaid 2 billion euro owed to the organization.

European shares finished higher following the news from Greece.

The British benchmark FTSE 100 edged up 0.2 percent.

Germany's DAX added half a percent.

France's CAC 40 went up by 0.4 percent.

In Asia, Chinese equities kept recovering on Monday as the China Securities Regulatory Commission dismissed rumors that it mulled pulling rescue funds.

The benchmark Shanghai Composite Index increased 0.9 percent, with oil companies lead the rally.

WTO Negotiators Agree Tariff Cuts on more IT ProductsAnchorWTO negotiators seeking to eliminate tariffs on IT products agreed over the weekend to expand the list of items covered.

Participants from 54 nations had struck a tentative deal to add about two hundred IT products on which tariffs would be dropped.

WTO said the list had an annual trade value of one trillion U.S. dollars.

Products on the list include semiconductors, MRI machines, GPS devices, loudspeakers and video game consoles.

Negotiators expect their respective governments will sign off on the deal by Friday.

For more on the tariff cuts, we are now joined live by Gao Shang, analyst with Guantong Futures.

Talking points:

Q1: The ITA expansion talks were at one point suspended due to differences among the participants. What were the differences at the negotiations?

Q2: Once a final deal is reached, how will it change the global IT industry as a whole?

Q3: How will the expansion benefit Chinese IT companies? What about individual consumers?

Back anchor:

Gao Shang, analyst with Guantong Futures.

Hong Kong regulators extend two-month investigation into Hanergy Thin Film PowerThe troubled Hanergy Thin Film Power company has announced the cancellation of a supply deal with its parent firm Hanergy Holdings worth 13 billioan yuan or 2 billion U.S. dollars.

This comes after the solar panel maker was notified by the Hong Kong securities regulator that the two-month investigation into the firm's dramatic share price fall in May will be extended.

Sources reveal Hanergy is being investigated for alleged market manipulation.

Delta Financial Securities' strategist Sam Chi Yeung says there are many unknowns between the firm and its parent firm.

"There are many unknowns between the relationship between the company as well as holding companies, so if they can improve the transparancy in this case, I think it's good for the company."Its parent firm Hanergy said earlier that it had not defaulted on any of its loans and denied reports that pledged shares of Hanergy had been sold by creditors.

On May 20, Hanergy lost 19 billion U.S. dollars, half of its market value within just 24 minutes of trading.

The sell-off saw Chairman of Hanergy, Li Hejun's fortune shrivel by 100 billion Hong Kong dollars, knocking him from the top spot of the list of the richest people in China.

Many investors have lost huge sums of money.

The stock has since been suspended, pending the results of the ongoing investigation.

China to release top-level design planning for SOE reform soonMedia report says China will speed up the reform of state-owned enterprises and will formulate a top-level design plan which is to be released soon.

The move is in a bid to accelerate market-oriented SOE reform comprehensively in the second half of 2015.

The Xinhua-run Economic Information Daily on Monday quoted an analyst as saying that the real economy will be key to domestic economic development in the second half of this year. And SOEs, as significant carriers of the real economy, will be involved in dramatic reforms in the period.

Recently President Xi Jinping stressed the importance of SOE reform in the country's development during his visit to northeast China's Jilin Province.

He stressed the importance of innovation, quality and management in SOE development, saying the reform should help improve the competitiveness of the state-owned economy.

China's Housing Market Continues to RecoverChina's real estate market has continued to warm up, with fewer cities seeing new home prices drop for a fourth consecutive month.

According to data released by the National Bureau of Statistics, among the 70 cities monitored by the government, 34 recorded lower new home prices in June, down from 43 in May.

New home prices climbed in 27 cities, up from 20 in May, including Beijing, Tianjin, Shanghai, Guangzhou and Shenzhen.

Zhang Dawei, Centaline Property Agency Ltd's chief analyst, says policy regulation is the main reason for the warming trend in the sector.

"The average home price of the 70 cities has seen an increase for the second consecutive month, which is higher than that of May. Favorable policies are the main reason behind the trend, especially cuts of the benchmark interest rate and reduced banks' reserve requirement ratio, along with a series of policies issued by both central and local governments since March 30. "Zhang predicted that home sales in top-tier cities will see continuing growth, while in less developed cities, both new and existing home sales either will stay flat or even drop.

PayPal expects further growth in ChinaPayPal sees great potential in the Chinese market and expects to grow further in the country.

The company made this comment on Monday after it completed its separation from eBay, and is now an independent public company trading on the Nasdaq.

The company says China's online payment has huge market potential with a growth rate of 35 to 40 percent.

The company has mainly focused on two categories of users in China -- Chinese merchants trying to reach overseas customers, and Chinese consumers buying from overseas merchants.

IMF appoints new chief economistManaging director of the International Monetary Fund Christine Lagarde on Monday announced the appointment of Professor Maurice Obstfeld as the Fund's Economic Counselor and Director of the Research Department.

Obstfeld succeeds Olivier Blanchard, whose retirement was announced previously.

He is expected to begin his work at the Fund in September.

As a professor of economics and former chair of the Department of Economics at the University of California, Berkeley, Obstfeld has advised many governments and consulted at central banks all over the world.

He is currently a member of U.S. President Barack Obama's Council of Economic Advisers, on leave from Berkeley.

SportsCSL recapStarting things off with football action in the Chinese Super League,A scoreless game between Shanghai SIPG and Beijing Guo'an has put the standings back in order.

Shanghai had its chance in this fight for the top spot with a penalty in the first half but Davi Rodrigues' shot into the right side of the goal was saved by Beijing goalkeeper Yang Zhi.

After 20 games SIPG is leading the league with 42 points, Guangzhou Evergrande is second at 41, Shandong Luneng and Beijing Guo'an are a further point down.

Zhang Xizhe, newly returned from Bundesliga's Wolfburg, made his debut since rejoining Beijing Guo'an.

Robinho arrives in GuangzhouBrazil's Robinho has arrived in Guangzhou to begin his adventure with Guangzhou Evergrande.

Robinho has a 6-month contract with the Chinese Super League team.

He will likely be making his debut in Evergrande's friendly against Bayern Munich this weekend.

Meanwhile,Guangzhou Evergrande has extended its contract with backfielder Zhang Linpeng for five years until the end of 2020.

It terminated Zhang's rumored move to the Italian Serie A.

Inter Milan prepares for friendly against Bayern MunichItaly's Inter Milan is in Shanghai preparing for a friendly against Bayern Munich later today.

Milan coach Roberto Mancini sees the challenges the German Bundesliga champion poses for his team.

Mancini says Bayern is form-wise better than his side and will make it difficult. But Inter Milan hopes it will be a good game.

Both Inter Milan and Bayern Munich are on tour in China. After tonight's game Milan will face its city rival AC Milan before taking on Real Madrid for the Asia edition of the Champions Tournament.

Bayern will play Guangzhou Evergrande to wrap up its China tour.

Zach Johnson wins Open by play-offIn golf,Zach Johnson from the United States has won the Open Championship after a four-hole play-off.

Johnson entered the playoff at 15-under 273, tied with Louis Oosthuizen and Marc Leishman.

Johnson won the extra holes by one shot over Oosthuizen.

The 39-year-old American says it's an honor to have his name inscribed on the Claret Jug.

"I mean these are the things you dream about, these are the things you work to get to. I'm humbled because there's a lot of individuals that put me in this positions, that trust in me and I trust in them. I'm humbled by the talent that I have been given and I am humbled, right now, because of what's in my lap and the names that are etched on this piece of metal that is very special. It's the 'who's who' in the game, the guys that paved the way, it's the individuals that are historic in sport so I've said it in (20)07 humbled, honoured, it's still beyond surreal."Jordan Spieth, chasing a grand slam, failed to make the play-off by one shot.

Spieth is not too upset about the result and has had his sights set on the PGA Championship.

"I've made a lot of the right decisions down the stretch and certainly closed plenty of tournaments out, and you know this just wasn't one of those, and it's hard to do that every single time - so I won't beat myself up too bad because I do understand that."Over in the LPGA tour,Chella Choi from South Korea won the Marathon Classic.

China's Feng Shanshan finished tied for third place.

Baseball prospect Xu Guiyuan makes MLB historyA young Chinese baseball player has made Major League Baseball history, becoming the first prospect from one of MLB's three development centers in China to sign with a Major League club.

19-year-old Xu Guiyuan has signed a deal with the Baltimore Orioles. The outfielder/first baseman has spent the last five years learning the game at MLB's development center in the city of Wuxi, Jiangsu province.

The deal will see Xu joining Baltimore's minor league system.

Xu is a two-time China National Youth Baseball League MVP, and a two-time MLB Taiwan Elite Camp All Star, among other honours and achievements.

Baseball enjoyed immense popularity in China in the first half of the 20th century, before the game was banned for a 10-year period in the 60s and 70s.

Ruben Plaza wins TdF stage 16, Sky to release Froome's dataIn cycling,Lampre-Merida's Ruben Plaza has edged out green jersey holder Peter Sagan to win stage 16 of the Tour de France in Gap.

It was the 35-year-old Spaniard's maiden Tour victory.

Chris Froome is still in yellow but lost some ground to Vincenzo Nibali, who attacked the yellow jersey group and managed to steal 26 seconds on the favorites.

Froome's Sky Team is planning to release part of his data to clear any doping suspicions against him.

Froome attracted attention when he distanced his rivals in the opening mountain stage and had had urine splashed in his face during one of the following stages.

EntertainmentBruce Lee collection to be showcased in HK museumA new installment in a series of displays about martial arts legend Bruce Lee has been showcased at the Hong Kong Heritage Museum.

The exhibition opened on Monday, the 42nd anniversary of Bruce Lee's death.

The exhibits include the first edition of "Chinese Gung Fu: The Philosophical Art of Self-Defense" autographed by Lee, original behind-the-scenes photos taken on the set of "Enter the Dragon" and several reels of movie trailers including the popular "The Big Boss" and "Fist of Fury".

Themed under "A Collection of Insights, Memories and Pride," the newly added collection has been on display at the five-year thematic exhibition "Bruce Lee: Kung Fu Art Life".

The thematic exhibition has been well received by the public since it was launched in July 2013.

It showcases more than 600 precious relics related to Lee on loan from a number of local and overseas collectors and institutions.

"Attack On Titan" live-action movie trailer releasedThe trailer for the live-action Hollywood adaptation of "Attack on Titan" is out.

The movie is based on the hit Japanese dark fantasy manga series of the same name, which was written and illustrated by Hajime Isayama.

It is about how humanity lives in cities surrounded by enormous walls, and battles gigantic humanoid creatures called Titans to stop the creatures from eating them.

Hollywood studios, over the past few years, have taken steps to bring a number of Japanese manga/anime properties such as Death Note and Akira to the big screen.

The film will be split into two parts, with the first part scheduled to be released in Japan on August 1, and the second part following on September 19.

Blake Shelton, Miranda Lambert divorce after 4 yearsCountry music superstars Miranda Lambert and Blake Shelton are ending their 4-year marriage.

The news was confirmed in a statement on Monday.

Grammy-winning native Texan Lambert is one of country's music most lauded female singers who regularly dominated the Academy of Country Music's and Country Music Association's awards shows.

Shelton became a ubiquitous star as he juggled his music and television career, as a judge on "The Voice" and a co-host of the ACMs.

They married in 2011 in Texas and were seen together as recently as April at the ACMs in Texas.

ACDC drummer back in courtAC/DC drummer Phil Rudd has been released on bail by a New Zealand court, a day after he was arrested on a charge of breaching the conditions of his home detention sentence for threatening to kill a man.

The Australian drummer was arrested at his home on New Zealand's North Island on Saturday.

Rudd's Lawyer says that the drummer appeared in Tauranga District Court on Monday on a charge of breaching conditions of his home detention by allegedly possessing and consuming alcohol.

He has been released on bail and will enter a plea when he appears in court on August 3.

Rudd was sentenced to eight months of house arrest on July 9 after pleading guilty to threatening to kill a former employee along with the possession of methamphetamine and marijuana.

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

Recapping our top stories this morning...

Chinese leaders will gather in October to discuss the country's next five-year plan, covering 2016 through 2020...

A former vice-chair of China's top political advisory body has been formally arrested following months of investigation...

The UN Security Council has unanimously endorsed the Iran nuclear deal...

In Business...54 nations including China reach agreement on cutting tariffs on more IT goods...

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.