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

Coming up on the program this morning...

China voicing firm opposition to Japan's decision to allow Taiwan separatist Lee Teng-hui to enter the country...

China calling on the United States to recognize that it is not a party concerned to issues surrounding the Philippine’s unilateral call for abritration over the South China Sea...

And a UN report hailing China's trailblazing implementation of the UN Millennium Development Goals...

In our weekly business review... the new BRICS development bank launching in Shanghai...

In Sports... Tokyo revealing the logos for the 2020 Olympic Games...

In Entertainment...Bon Jovi set to expand his tour here in China...

Top NewsChina strongly protests Japan allowing Lee Teng-hui's entryChina on Friday voiced grave concerns and strong dissatisfaction over Japan's decision to allow former Taiwan local leader Lee Teng-hui to visit Japan.

Foreign Ministry spokesperson Lu Kang said in a press release that China is resolutely opposed to any individual trying to engage in Taiwan separatist activities in any form.

He added that China also firmly opposes the practice of any country providing a political platform for the Taiwan separatist.

Lu Kang urged Japan to stick to the One-China policy and refrain from creating a new political barrier between China and Japan.

Lee Teng-hui, former Taiwan local leader and Kuomintang Chairman, has long been engaged in activities surrounding the so-called "Taiwan Independence" movement.

He served as the island's local leader from 1988 to 2000.

China opposes Russell's comment on South China Sea arbitrationChina has urged the U.S. to live up to its pledge of not taking sides in the South China Sea issue and reaffirmed that the U.S. is not a party concerned.

Chinese Foreign Ministry spokesperson Lu Kang made the remarks in response to a recent comment by Daniel Russell, assistant U.S. secretary of state for east Asian and Pacific affairs.

Russell implied in a recent speech that arbitration is the only practical means left for China and the Philippines to solve competing claims in the South China Sea.

He also touched upon issues concerning the entitlement of maritime features and jurisdiction of the arbitration tribunal.

Lu Kang said Russell's comment is attempting to push forward the Philippines' unilateral move on arbitration regarding the South China Sea issue.

He adds that this is inconsistent with the stance the U.S. side claims to hold on the South China Sea issue.

He also urged the U.S. not to undermine regional peace and stability.

Chinese Envoy Calls on Palestine, Israel to Resume Peace Talks as Soon as PossibleAt a Security Council open debate on the Middle East, China's deputy permanent representative to United Nations Wang Min says Palestine and Israel should resume peace talks as soon as possible.

"China hopes the Israeli government to take credible measures to create the conditions for peace talks, including steps to halt the settlement construction, release the detained Palestinians and completely lift blockades against Gaza. At the same time the legitimate security concerns of Israel should also be seriously addressed."Wang also adds that China is open to all initiatives that are conducive to the resumption of dialogue.

The recent situation between Palestine and Israel remains tense.

Factors including Israel's settlement construction, political disunity in Palestine and conflicts between the two countries have been threatening the two-state solution.

UN special coordinator for the Middle East Peace Process Nickolay Mladenov says decisive actions by both Israelis and Palestinians are needed to stop the widely backed two-state solution from faltering.

UN Report Hails China Implementing MDGsAnchor:

The UN-initiated Millennium Development Goals will meet their deadline at the end of this year.

On Friday, the Chinese government and the UN in China jointly launched a report on China's Implementation of the MDGs between 2000 and 2015.

CRI's Sophie Williams has the story.

Reporter:

This is China's final progress report on the MDGs before the adoption of the post-2015 development agenda later this year.

According to the report, China has seen unprecedented transformational results in accomplishing the vision that was set out by world leaders in New York 15 years ago.

UN Resident Coordinator in China, Alain Noudehou, speaks highly of China's achievements.

"In terms of the poverty reduction for example, more than 400 million people have lived outside the poverty lines between the year of 1990 to the year of 2011. And tremendous progress has also been made in the areas of maternal mortality as well as infant mortality. We have also made tremendous achievement in terms of food security in the country."UN Secretary-General Ban Ki-moon's Special Adviser, Amina Mohammed, says China has set an example for all countries that face population problems.

"We are incredibly impressed in the way which China has approached this. I think it has shown a lot of leadership for many countries who do have issues of population, issues on capacity and institutions."The report also applauds China's efforts in halving the proportion of the population without sustainable access to safe drinking water, actively engaging in South-south cooperation and providing help to over 120 developing countries in their efforts to attain the MDGs.

The MDGs include eight specific goals that range from halving extreme poverty rates to halting the spread of HIV/AIDS and providing universal primary education.

It was signed in the year of 2000 by all 189 UN member states at the time and 23 international organizations.

At Friday's ceremony, Chinese Foreign Minister Wang Yi said in a video message that China has made unremitting efforts to implement the goals.

He added that China will continue a path of peaceful, innovative and green development in the post-2015 development period.

Chinese Vice Foreign Minister Li Baodong reiterated China's commitment to the new global development agenda towards 2030.

"The post-2015 Development Agenda should adhere to the principle of 'common but different responsibility' and diversified development patterns. China will reinforce South-South cooperation within the premise of south-north cooperation."World leaders will gather at the United Nations in September to adopt the post-2015 development agenda.

It will guide policy and funding for the next 15 years, beginning with a historic pledge to end poverty.

It also aims to promote peaceful and inclusive societies, create better jobs and tackle the environmental challenges of our time - particularly climate change.

For CRI, I'm Sophie Williams.

Official: Safety a Priority if Pension Fund Allowed to Buy StocksAnchor:

A Chinese official has vowed that safety will be guaranteed if the country's pension fund is approved to tap into riskier asset investments.

CRI's Luo Wen reports.

Reporter:

Li Zhong, spokesman for the Ministry of Human Resources and Social Security, said on Friday that the pension fund will tap into riskier asset investments once top policymakers give the nod.

The remarks come nearly one month after the country issued a draft guideline to widen investment channels for the fund.

It stipulates no more than 30 percent of the fund's total net assets could be invested in stocks and equities.

The official says opinions have been invited among more than 1,000 people about the plan. More than half of them were in favor of the plan.

"Sixty-one percent of voters supported allowing pension funds to invest in the stock market, while 31 percent opposed the proposal. Eight percent of voters chose the not relevant option."According to Li Zhong, the fund currently has assets of around 2 trillion yuan that could be invested.

That means up to 600 billion yuan could go into the stock markets if the plan comes into effect.

Li notes that absolute safety must be guaranteed.

"Pension funds are regarded as the 'lifeline' for retirees. Absolute safety of the pension funds must be guaranteed as our primary consideration."In China, urban employees pay for their pension before retirement and usually get a pension equal to about half of their previous salary.

Figures from the ministry show that outstanding contributions to the fund stood at 3.06 trillion yuan at the end of 2014, while money placed in the fund accounts for roughly 90 percent of the country's total social security fund pool.

But its investments have been limited to low-yielding bank deposits and treasury bonds.

An estimate from Chinese Academy of Social Sciences said the country's pension fund depreciated by nearly 100 billion yuan in the past 20 years, taking inflation into account.

Calls for higher investment returns have grown louder in the face of the country's aging population.

Li Zhong adds that professional institutions will help handle the investments and a diverse portfolio will be designed to offset possible stock losses.

"Pension funds have a diverse portfolio so we should not regard the possible losses in the stock market as the overall losses of the fund assets. There are more than 20 products for pension fund investment. We can divide the assets into safe assets and risk assets based on the risks involved."Li says the draft will be submitted to the State Council, or the cabinet, for a final decision.

According to the draft plan, the fund may also be invested in government and corporate bonds, major national construction projects and leading state-owned enterprises.

For CRI, I'm Luo Wen.

Beijing Offers Qualified Facilities for Winter OlympicsAnchor:

The host city for the 2022 Winter Olympics will be selected on July 31 2015.

As CRI's Liu Xiangwei reports, the Chinese capital is believed to have overwhelming advantages in terms of event security and infrastructure.

Reporter:

According to the Evaluation Report from IOC, Beijing enjoys greater assets in event security and infrastructure than Almaty.

Compared with Almaty which in lack of international flights, Beijing has much more international connections. The new Beijing International Airport will be put into service in 2019. Along with the old one as well as Ningyuan Airport in Zhangjiakou, Beijing can provide the world a variety of choices in air transportation.

Since the competition venues of Beijing 2022 are distributed in Beijing, Yanqing and Zhangjiakou Zones, the transportation between the three areas could be a problem. However, the report has recognized Beijing's quick and efficient transportation. According to Guo Jifu, director of Beijing Transportation Research Center, transportation is very convenient for the athletes.

"It takes a really short time for athletes to travel from their accommodation to the three zones. It takes only 15 minutes to the farthest venue in Beijing. Besides, thanks to the high speed rail, the traveling time between the three zones has been tremendously reduced."The construction of the inter-city railroad between Beijing and Zhangjiakou is ongoing. This railroad is capable of doing 200-350 kilometers per hour. It takes 20 minutes from Beijing North Railway Station to to reach Yanqing and one hour to reach Zhangjiakou.

As for accommodation, Beijing can offer over 40,000 hotels, including world-class star-rated hotels, budget hotels, Chinese traditional courtyards and holiday resorts. In comparison, Almaty has to struggle to build another 16,000 hotel rooms, which will also be much more expensive than Beijing.

Zhang Jiandong, vice president of Beijing 2022 Olympic Winter Games Bid Committee, tells us that the amount of accommodations offered by the three zones far exceeds the top requirement for the Games.

"At present, the Beijing, Yanqing and Zhangjiakou Zones have a total of 576 star-rated hotels with 116,368 rooms. By 2022, the total number of star-rated hotels will reach 608 with nearly 130,000 rooms. This is fully capable of meeting the needs of Beijing 2022."In addition, Beijing is equipped with high capability medical security, which can guarantee medical services for both local residents and the Games at the same time.

Back Anchor:

CRI's Liu Xiangwei reporting.

Cruise Tourism Booming in TianjinAnchor:

The Port of Tianjin is the first of its kind in China to offer tourist cruises. Now the port is seeing fast growth in the business, especially after a Free Trade Zone is set up in the area.

CRI's Guo Yan reports.

Reporter:

In recent years, cruise trips have become increasingly popular in China. Behind the boom is the rapid growth of home ports in the country.

A Beijing resident surnamed Xu traveled to Japan with her family on the cruiseliner "Mariner of the Sea" after setting off from the Port of Tianjin in July.

Xu and her family described the trip as very enjoyable.

"My family first travelled from Beijing to Tianjin where we boarded the cruise ship heading to Japan. It's a big ship with excellent recreational facilities and nice food. The children were every excited. It's our first cruise trip, and we felt great. We will try a longer route in the future."Xu's experience is a typical one in China's cruise tourism market.

Statistics show that people in their 40s account for 80 percent of all consumers in the cruise market. And family trips have become a trend.

The cruise trip market in northern China has grown rapidly in recent years, a phenomenon largely attributed to the development of the home port of Tianjin.

Li Weijie, Deputy Director of the Tianjin International Cruise Home Port, says the port has seen strong growth in its international cruise liner business since it officially began operating in 2010.

"The port has received 55 cruise liners in the past year. And the number is expected to exceed 100 this year. Previously, the difference between the slack season and the peak season was quite obvious. The peak season started around late June and ended by early October. Yet in recent years, the peak season have started one month earlier in June and usually ended towards the end of the year."An increasing number of international cruise giants also seek to gain a chunk of the market by expanding their businesses in the Tianjing Port.

Yang Liang , Marketing Director of the Tianjin International Cruise Home Port, says the port offers many advantages.

"The Tianjin Port shows great strength in offering favorable conditions that can meet the demand of even the world's largest cruise liner. The main building for passenger transport here occupies 60 thousand square meters. The service hall for passengers on the first floor is about five thousand square meters. The service hall, largest of its kind in China, can allow four thousand passengers to pass through at the same time. Also the port boasts a huge potential market."The Port of Tianjin is presented with new opportunities as a Free Trade Zone was established in April.

Operators of the port hope that more favorable policies will be launched to boost the whole industrial chain.

For CRI, I'm Guo Yan.

Obama Pays First Presidential Visit to KenyaU.S. President Barack Obama is now in Kenya for his first presidential visit to his father's homeland.

Kenya President Uhuru Kenyatta says they have long been anticipating Obama's visit.

"It's nice experience waiting for the Barack Obama to come to Kenya and to pass by this roundabout, it's been a long time people have been staying here. We stayed here for a very long time, we have been waiting for him and most of the people around this place would want to see the so-called 'beast' type of car."Obama will preside at the Global Entrepreneurship Summit before traveling on to Ethiopia.

He will also pay tribute to victims and survivors of the 1998 U.S. embassy bombing.

Obama had previously visited Kenya when he was still a senator in 2006.

He becomes the first sitting U.S president to visit this East African country.

US John Kerry Defends Iran Nuclear DealUS Secretary of State John Kerry has defended the Iran nuclear deal signed last week in a testimony before the country's Senate.

He says the deal is the only alternative to military action.

"If the United States Congress unilaterally walks away from this arrangement that we have reached we go right back to square one where we were with no alternative. Iran is enriching, we have no inspections. We don't roll back their program, we're right back where we were and we are going to head to conflict."Kerry says Iran has enough nuclear material for at most 12 bombs.

He says the agreement is the best way to prevent the country from developing an atomic weapon.

The deal still faces a vote in the US Congress, who will have 60 days to review it.

Kerry warns if the Congress rejects the deal, Iran will speed ahead with its nuclear program and the international sanctions regime would collapse.

Kerry adds the disapproval of Congress would also undermine The Obama administration's ability to act around the world.

Mohammad Reza Nematzadeh: The Iran Deal Can Help Attract InvestmentIran's Minister for Industry Mohammad Reza Nematzadeh says the lifting sanctions against Iran should spur investment in his country.

"As far as I know, the conditions are in such a way that eases some of the conditions which we had in the past. So I think for investment, there is going to be a good room for foreign qualified companies to come and invest."Iran and the six world powers struck the nuclear deal on July 14.

In exchange, Iran is hoping that sanctions which have crippled the country's economy could be lifted.

Sanctions could begin to be removed later this year should U.N. inspectors confirm Iran is complying with provisions to curb its nuclear activity.

But if an unresolved dispute emerges, the UN sanctions will snap back automatically after 30 days.

Medvedev Optimistic about End of SanctionsRussian Prime Minister Dmitry Medvedev has said he is optimistic that western sanctions against Russia will eventually end.

But Medvedev added that he did not know when that might happen.

Medvedev made the comments during an interview before starting his visit to Slovenia this Sunday.

It's Medvedev's first trip to an EU country after the bloc, together with the US, Canada and Australia, imposed sanctions on Russia over the Ukraine crisis.

Medvedev stated that despite the sanctions, the EU was still Russia's largest trade partner.

"All the same, the European Union is our largest partner. It's not the countries of the Asian region, or the Pacific region. It is the European Union. Yes, our trade turnover fell, but still it reached several hundred billion euro."Medvedev also says that the conflict in eastern Ukraine could only be solved by the Ukrainians themselves.

But he adds that all sides have a responsibility to help end the crisis there.

He also suggests that the United States could play a key role in bringing about an end to the conflict.

World's first malaria vaccine gets the green light from European drug regulatorsAnchor:

The world's first malaria vaccine has been given the go ahead by European drug regulators.

This brings the vaccine a step closer to global release, after almost 30 years of research.

But as CRI's Poornima Weerasekara reports, several challenges remain.

Reporter:

Malaria is one of the biggest killers of children in the world, claiming the life of one child every minute.

It infects around 200 million people a year and has killed an estimated 584,000 people in 2013, the vast majority of them babies in sub-Saharan Africa.

Now, the world's first malaria vaccine has received the green light from the European drugs regulator, who recommends it as safe to use in babies from six weeks to 17 months at risk of the mosquito-borne disease.

The new vaccine called Mosquirix was developed by British drugmaker GlaxoSmithKline (GSK) and the PATH Malaria Vaccine Initiative.

According to GSK's Chief Executive Officer Andrew Witty it would be the first licensed human vaccine against a parasitic disease.

"This is the world's first vaccine against any parasite. It's not just the first vaccine against malaria. It's never been done before and as recently as 10 years ago well informed scientific opinion would say that this was an impossible mission."Researchers at GSK have been working on the vaccine for 30 years. But it is not a final answer to wiping out malaria. Trial data released in 2011 and 2012 showed that it only reduced episodes of malaria in babies aged 6-12 weeks by 27 percent, and by around 46 percent in children aged 5-17 months.

Professor Brian Greenwood from the London School of Hygiene and Tropical Medicine explains why a vaccine for malaria had proved to be such a challenge.

"The malaria parasite is a difficult bug. I mean it's a very complicated. it has different stages: it lives in a mosquito, it lives for part of its time in humans in the liver and in the blood, it has about 5000 genes, it makes lots of different proteins, it's lived with us for a long time and learnt how to evade the immune system that naturally happens when you get an infection. And so it really has proved very, very difficult to develop a vaccine against the malaria parasite and any other of the parasites."The World Health Organization (WHO) is now expected to review the drug and give a recommendation in November.

They will look how long the effect of the vaccine will last before it wanes away.

The vaccine also needs to win approval from local governments and other funding organizations, and if all goes well it is expected to be rolled out sometime in 2017.

GSK has promised not to make any profit from vaccine, pricing it at the cost of manufacture plus a 5 percent margin, which it will reinvest in research on malaria and other neglected tropical diseases.

But with a price tag of around 5 US Dollars per dose, the cost of the recommended four-dose immunization package comes to around 20 Dollars per person. This is still beyond the reach of many chronically underfunded public health systems in many Malaria infested countries, particularly in Sub Saharan Africa.

For CRI I'm Poornima Weerasekara.

Police identify movie theatre shooterPolice in Louisiana have identified the shooter who opened fire at a local theater on Thursday night as 59-year-old John Houser.

3 people were killed, including the gunman, and 9 others were wounded in the attack.

Local police say Houser parked his car outside the theatre and had been prepared to escape after his rampage, until he was trapped by responding officers.

"He was driving a 1995 blue Lincoln Continental. It was parked right outside an exit door of the theatre. It is apparent that he was intent on shooting and then escaping. The quick law enforcement response forced him back into the theatre, at which time he shot himself."Police say the gunman stood-up about 20-minutes into the movie being watched by around a hundred people, and began firing into the crowd.

The shooting comes at the same time a jury in the US state of Colorado is deliberating on whether or not to hand the death penalty to James Holmes.

Holmes is a 27-year old man who killed a dozen people and injured 70 others during a mass shooting at a theatre in the Denver suburb of Aurora 3-years ago.

NASA Reveals New Images of PlutoNASA has released new photos of dwarf planet Pluto taken from the New Horizons spacecraft.　The new photos include a closer look at Pluto's southern end, Tombaugh Regio, nicknamed 'The Heart' after its shape.　New research on Pluto's atmosphere was also released.

NASA also provided closer images of ice on Pluto's surface.

New Horizons is also expected to beam back photos of Pluto's big moon, Charon, and observe its four little moons.　It will take until late 2016 for all the data to reach Earth.

WeatherBeijing is cloudy with a high of 33 degrees Celsius. Cloudy tonight with a low of 23.

Shanghai has showers with a high of 34, cloudy tonight with a low of 27.

In Chongqing, it will be cloudy with a high of 37,clear tonight with a low of 25.

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

Islamabad, ligh rain with a high of 32.

Kabul will be cloudy with a high of 31.

Over to North America,New York, cloudy with a high of 29 degrees.

Washington, cloudy with a high of 31 degrees.

Honolulu, cloudy, 28.

Toronto will have light rain with a high of 30 degrees.

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

And Rio de Janeiro will have light rain with a high of 24 degrees Celsius.

Headline newsChina strongly protests Japan allowing Lee Teng-hui's entryChina on Friday voiced grave concerns and strong dissatisfaction over Japan's decision to allow former Taiwan local leader Lee Teng-hui to visit Japan.

Foreign Ministry spokesperson Lu Kang said in a press release that China is resolutely opposed to any individual trying to engage in Taiwan separatist activities in any form.

He added that China also firmly opposes the practice of any country providing a political platform for the Taiwan separatist.

Lu Kang urged Japan to stick to the One-China policy and refrain from creating a new political barrier between China and Japan.

Hebei provincial Party chief under probeIt is being reported that the provincial Communist Party chief in Hebei is under investigation.

Zhou Benshun is being probed for severe violations of Party discipline and law.

The nature of the probe has not been revealed.

However, 'severe violations of Party discipline and law' is the phrase often employed by authorities describe an ongoing graft investigation.

In addition to being the Communist party chief, is also the current chair of the Standing Committee of Hebei's Provincial People's Congress.

China nursery closed over suspected food poisoningA nursery in southwest China's Yunnan Province has been closed down after a suspected food poisoning incident left 7 preschoolers hospitalized on Friday.

The preschoolers at Shaying Nursery suffered stomachaches and vomiting after lunch on Thursday afternoon.

A health check for all 83 children has been conducted into the possible food poisoning.

All of the children have recovered and were discharged from the hospital midday Friday.

Samples of meals have been sent for lab work at the county's food and drug authorities.

The nursery has temporarily been closed Friday for a hygiene check.

It's unknown when the nursery might reopen.

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.

On Tuesday, the new BRICS development bank was launched in Shanghai.

On Wednesday, China's information technology regulator released a timetable to reduce prices of broadband services.

And China's A share market has picked up from a major sell-off in the past few weeks.

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

Reporter:

On Tuesday, the New BRICS Development Bank was set up by the top five emerging economies Brazil, Russia, India, China and South Africa.

With an initial capital of 50 Billion US Dollars, the new bank plans to give out its first batch of loans by April of next year.

It is the second multilateral lender to open for business this year after China-initiated Asian Infrastructure Investment Bank.

Chinese Finance Minister Lou Jiwei says the bank will gradually open up to more developing nations.

"As a multilateral development bank initiated and established by the emerging markets, the NDB will focus more on the needs of developing countries, respect their national conditions and better represent developing countries' ideas."Headquartered in Shanghai, the BRICS Bank plans to double its capital base to 100 billion US Dollars in the next few years.

It will also work closely with the Beijing based AIIB that has a similar mandate.

China has pledged 41 billion US Dollars to this fund, giving it the largest share of voting rights at 39.5 percent.

/////////////China's Information Technology regulator released a timetable this Wednesday to reduce prices of broadband services.

China Mobile, China Unicom and China Telecom are expected to slash broadband charges across the country this fall.

Wen Ku with the Ministry of Industry and Information Technology says the Ministry is supervising the price cut.

"About the charges of fixed broadband services, we will urge companies in all levels to reduce their prices, and the nation-wide change should be completed by the end of October. It is expected that the prices for broadband speeds between 50 and 100 Mbps will be reduced about 30 percent, and the price cut for 20 Mbps will be about 20 percent."According to the Ministry's plan, average prices for mobile phone access will also sharply decrease, a year-on-year cut of at least 30 percent, by end of this year.

The latest data shows that China's mobile phone users have accounted for some 95 percent of total population.

The new moves are in accordance with the guidelines of the Internet Plus campaign approved by the State Council, China's cabinet.

/////////////On Monday, China's Ministry of Commerce said the country's foreign direct investment rose eight percent in the first half of the year to over 68 billion U.S. dollars, quickening from 2.2 percent in the same period last year.

Vice Commerce Minister Wang Shouwen attributed the improvement to efforts in widening pilot reforms in free trade areas, fewer government restrictions and active promotion of opening up in certain industries and inland areas.

Wang Shouwen also highlighted the services sector as the main growth point of FDI.

"Investment into China's fast-growing services sector jumped 23 percent in the first half of this year from a year earlier, accounting for more than 60 percent of the period's total FDI. This is due to the government's measures in support of the opening up in the services sector."Wang added that more foreign investment will enter China through mergers and acquisitions in the future.

However, the Vice Minister warned that FDI growth will probably drop in the latter half mainly due to a slow economic recovery in major FDI sources and the tapering of U.S. quantitative easing.

//////Official stats this Thursday showed China's foreign exchange deficit grew through the first half of this year.

Chinese banks bought over 860-billion U.S. dollars worth of foreign currency through the first 6-months of this year.

However, they sold-off over 970-billion U.S. dollars in forex through the same period.

Wang Chunying with the State Administration of Foreign Exchange says fluctuations in cross-border capital flows have been stabilizing since the second quarter.

"Statistics suggest that the pressure on China's cross-border capital outflows was down in the second quarter. Domestically speaking, GDP growth remained at 7 percent in the second quarter, the same with the first quarter figure. This shows a sign of improvement in the Chinese economy. Meanwhile, the strengthening U.S. dollar was a key factor in the first quarter, since the US Dollar Index increased 9 percent. However, the dollar index has since fallen in the second quarter."Meanwhile, China's forex reserves have dropped by some 36 billion U.S. dollars through the second quarter.

This was significantly slower than the 110-billion US dollar loss in forex reserves through the first quarter of this year.

/////Turning to Chinese stock market this week,On Friday, China's A share market ended its 6-day bullish run.

However, the benchmark Shanghai Composite Index still stood above the psychologically important 4000 points.

Observers believe the government's measures to stem the major sell-off are now taking a firm hold.

On Tuesday, China Securities Finance Corporation, the national margin trading service provider, has denied a rumor that it reduced holdings in a listed dairy producer.

The announcement is part of its ongoing effort to shore up market confidence.

During the country's concerted efforts to curb sharp stock market declines, China's central bank said it supports the liquidity needs of the CSFC to increase share purchases and offer brokerage firms liquidity aid.

Meanwhile, new analysis this week suggests a majority of the companies listed in China may end up turning a profit through the first half of this year despite the overall market volatility.

/////On the Corporate Front,106 Chinese companies made this year's Fortune Global 500 list, up from 100 firms in 2014.

According to the annual ranking released Wednesday, Sinopec, China's top oil refiner was the second largest company in the world this year by total revenue, up from the third place last year.

The new list is topped by U.S. retail giant Walmart.

Other Chinese companies, like PetroChina, the largest oil and gas producer in China, remained in fourth place this year.

State Grid Corporation, the largest electric utilities company, remained seventh.

The number of Chinese companies is second to the total number of U.S. companies.

/////On Wednesday, the joint-venture between FAW and Volkswagen reported a more than 11-percent drop in vehicle sales through the first half of this year.

Other joint ventures, including Chang'an Ford and Beijing Hyundai, have also been reporting a slowdown in sales.

CRI's financial commentator Cao Can says the negative news about foreign brands have dampened Chinese consumers' enthusiasm.

"We have (been) hearing series of negative news concerning these joint ventures. For instance, for the brand Audi, we heard a price discrimination happening in the China market. For volkswagen, we also heard negative qualities when it comes different models."At the same time, sales of fully-owned Chinese brands are up nearly 25-percent through the first half of this year.

Sales of new-energy vehicles have more than doubled among stand-alone Chinese vehicle makers.

/////And finally,British publishing company Pearson has announced it has agreed to sell its flagship business newspaper the Financial Times to Japanese digital media group Nikkei.

Pearson says it will sell the FT Group, which also includes FT.com, for 1.3 billion U.S. dollars in cash.

Pearson has owned the paper for nearly 60 years.

IG market analyst Chris Beauchamp says he doesn't feel that radical changes at FT are imminent.

"Like all news organisations it has slimmed down quite considerably over the last few years and that paywall continues to provide the steady income it needs. I don't think anyone's looking to make radical changes just yet. It fits what it does very very well, and a desire I think from any new owner not to change that current policy."Nikkei Incorporated, publisher of the Nikkei business daily, is the largest independent business media group in Asia.

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

SportsTokyo unveils 2020 Olympics logoTokyo's Olympic committee has unveiled the official logos for the 2020 Games.

The unveiling ceremony was held yesterday at Tokyo City Hall.

John Coates, vice-president of the International Olympic Committee, attended the event and called the unveiling an historic moment.

"The unveiling of the Olympic emblem is a historic moment for every host city. This is the point on your Olympic journey when you get to share for the first time the symbol that will transmit the vision of your games to the watching world."The logo, based on the letter "T", which stands for Tokyo, Tomorrow and Team, was designed by award-winning Japanese artist, Kenjiro Sano.

Coates sees it as a symbol of unity.

"It will be a symbol of unity, expressing the joy that we will experience when the world gathers in this great city to celebrate the games. A brand that the Japanese people can unite behind as Team Japan, and tirelessly work to deliver great games."The ceremony was also attended by Tokyo 2020 President Yoshiro Mori and Tokyo Governor Yoichi Masuzoe.

CSL: Tianjin Teda 1-3 post loss to Shandong LunengSome football action here in China,Shandong Luneng has beaten Tianjian Teda 3-1 last night to kick off the 21st round of Chinese Super League.

With the victory Luneng is now taking a lead in the standings, but that might be temporary as more clashes are coming during the weekend.

Changchun Yatai will take on Shanghai Shenxin tonight, while Liaoning Whowin is going to play Jiangsu Sainty.

And after a draw with Shanghai Shenxin in the last battle, Shijiazhuang Ever Bright is to go against Guangzhou R&F at home.

In Sunday action,Chongqin Lifan will face its strong opponent Shanghai SIPG,Beijing Guoan is set to play Guizhou Renhe,And it is Hangzhou Greentown to go head to head against Guangzhou Evergrande.

Nibali wins stage 19 as Quintana closes on leader Froome in Tour de FranceIn cycling,Defending champion Vincenzo Nibali has enjoyed some rare success in this year's Tour de France by claiming a vintage win on the 19th stage as Chris Froome came under fire but retained the overall lead on Friday.

Nibali, who had dropped out of contention in the race after a tough first week and a bad first day in the Pyrenees, broke away from a group of top riders 58 kilometres from the finish.

On his way to victory, the Italian caught and dropped Frenchman Pierre Rolland in the final climb, an 18-km ascent to the ski resort of La Toussuire at an average gradient of 6.1 percent.

The Astana rider crossed the line 44 seconds ahead of Colombian Nairo Quintana, who attacked Froome in the finale, finishing second 30 seconds ahead of the Briton.

Froome leads Quintana by 2:38 and Spain's Alejandro Valverde, who finished with the other big guns 2:26 off the pace, by 5:25.

Sara Errani and Karin Knapp advance to semis in Bad GasteinIn tennis,Top seed Sara Errani and fellow Italian Karin Knapp have gained victories to the semi-finals of the WTA Nurnberger Gastein Ladies.

Errani battled injury to come through a tough three-setter against Russian qualifier Daria Kasatkina in the quarter-finals.

After a medical timeout for an upper back problem in the opening set, Errani recovered to take it by six games to three.

And the Italian then went a break up in the second before 18-year-old Kasatkina came back to level at a set all.

But Errani - looking for her ninth career WTA singles title - swiftly took control again to win the decider comfortably 6-2.

She will play third seed and fellow Italian Karin Knapp in the semi-finals.

LPGA event in Beijing postponedSome golf news from China,It is reported that the Reignwood Pine Valley LPGA Classic in China has been postponed due to "a date conflict" and will not take place in Beijing in October.

The event had been scheduled for October 1-4.

However, the LPGA Tour said the decision would not impact the long-term future of the tournament, with an extension of the agreement being finalized for two more years, beginning in 2016.

The postponement leaves the 2015 LPGA schedule with just one event in China's mainland, the October 29-November 1 Blue Bay LPGA at Hainan Island.

That will be part of a five-week LPGA Asian swing which will also include tournaments in Malaysia, South Korea, Chinese Taipei and Japan.

Danny Willett leads at the European MastersElsewhere,Danny Willett is leading the European Masters by a single shot as an electrical storm suspended play in Crans, Switzerland.

YE Yang set the early pace with a round of 63.

Fellow Korean Seukhyun Baek is tied with Yang for second place on 12-under parDavid Lipsky followed up his first round of 66 with another 66 to leave himself on 8-under par.

Lipsky is tied for fifth with six others who all one shot behind Swedish amateur Marcus Kinhult who is fourth.

Sergio Garcia is way off the pace on 1-under with Lee Westwood on fairing slightly better on 3-under overall.

Some players haven't finished their rounds so the cut is yet to happen.

Tommy Fleetwood is on the wrong side of the projected cut line as it stands.

===More action from UK,Suzann Pettersen and Lydia Ko are sharing the lead on four-under-par following the first round of the Ladies Scottish Open.

World number two Ko, playing only her second tournament in Scotland, opened with a consistent bogey-free round which included four birdies, while Pettersen, ranked seven in the world, shot six birdies but was pegged back by a double-bogey on the 18th.

Earlier in the day, France's Celine Herbin had set the target with a three-under 69 - five birdies and two bogeys contributing to her total.

A stroke behind Herbin, Kelsey MacDonald led the Scots charge on two under par, four shots better than top-ranked Scot Catriona Matthew who shot a disappointing two-over-par.

Austria's Christine Wolf turned pro less than a year ago and shares joint fourth place with MacDonald after a storming first round of 70.

EntertainmentBon Jovi expand China tourUS rock legends Bon Jovi have expanded their China tour adding an additional date in Beijing.

Bon Jovi will play in Beijing on September 17th, three days after the band's performance in Shanghai.

The Shanghai and Beijing shows mark the first time Bon Jovi will perform on the mainland.

The band has been together for over 30 years and has released over a dozen albums.

Their shows in China is part of their Asia tour which also takes in Kuala Lumpur, Singapore and Seoul.

U2's Bono to launch sunglasses lineU2 lead singer Bono is set to launch his own line of sunglasses to help raise money for people with eye problems.

The singer who last year finally revealed that he suffers from Glaucoma, is aiming to raise $10 million for screening and glasses by teaming up with eyewear company Revo.

The company will donate $10 for each pair of glasses it sells to the campaign.

He released a statement on Revo's website saying the cause was close to his heart and that the initiative will ensure millions of people have access to eye tests and glasses.

The star's line of sunglasses will be released later this year.

Second trailer for The X Files releasedFox has released a second trailer for The X Files' 'event series' return.

The teaser trailer centers around David Duchovny's Fox Mulder and Gillian Anderson's Dana Scully in a brief exchange.

The first teaser trailer was released earlier this month after Fox confirmed in March that it was bringing back The X Files for a six-episode event series. Shooting is currently taking place in Vancouver, Canada.

Mitch Pileggi and William B Davis will also be returning.

The X Files aired on Fox for nine seasons between 1993 and 2002 with spin off films released in 1998 and 2008.

The series will air in January 2016.

Rumours of Space Jam 2 in the worksRumors of a sequel to basketball hit film Space Jam have been reignited after LeBron James signed an entertainment deal with Warner Bros earlier this week.

Last year it was reported that Warner Bros was planning a sequel to 1996 comedy with James stepping into Michael Jordan's role alongside popular Looney Tunes characters. At the time, James said that he was a big fan of the movie growing up and that he would consider it if he had the opportunity.

The original Space Jam movie grossed $230 million worldwide.

LeBron James recently made an appearance in new film Trainwreck which opened in the US last week.

The basketball star's deal with Warner Bros encompasses film, TV and digital content.

Chris Brown arrives in China after 3 day delay in PhilippinesChris Brown arrived in Macau on Friday after a three day delay in the Philippines.

The singer had been stopped from leaving the country after missing a New Year's Eve concert last year.

He posted a video to his instagram account begging authorities to allow him to leave the country.

Elaine Tan, spokeswoman of the Philippines' Immigration bureau said that Brown was later able to obtain a certificate allowing him to leave the country.

Brown was in the Philippines to play a show after failing to show up at a New Year's Eve concert last year. He reportedly said he's lost his passport and so he couldn't make the show.

Brown also played a show in Macau on Friday evening.

Angelina Jolie teaming up with NetflixAngelina Jolie is teaming up with Netflix to direct an adaptation of "First they Killed My Father: A Daughter of Cambodia Remembers."The film is based on Loung Ung's memoir of her experiences during the Khmer Rouge regime during her childhood.

The script has been co-adapted by both Jolie and Ung. Jolie says the memoir has deepened her connection to Cambodia, where her son Maddox was born. There have been rumours that Maddox may make an appearance in the film.

The actress and director's last project was Louis Zamperini biopic "Unbroken". While drama "By the Sea," in which she acts alongside her husband Brad Pitt is currently in post-production.

The film is expected to be released on Netflix in late 2016.

WeatherBeijing is cloudy with a high of 33 degrees Celsius. Cloudy tonight with a low of 23.

Shanghai has showers with a high of 34, cloudy tonight with a low of 27.

In Chongqing, it will be cloudy with a high of 37,clear tonight with a low of 25.

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

Islamabad, ligh rain with a high of 32.

Kabul will be cloudy with a high of 31.

Over to North America,New York, cloudy with a high of 29 degrees.

Washington, cloudy with a high of 31 degrees.

Honolulu, cloudy, 28.

Toronto will have light rain with a high of 30 degrees.

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

And Rio de Janeiro will have light rain with a high of 24 degrees Celsius.

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

A recap of your headlines:

China voicing firm opposition to Japan's decision to allow Taiwan separatist Lee Teng-hui to enter the country...

China calling on the United States to recognize that it is not a party concerned to issues surrounding the Philippine’s unilateral call for arbitration over the South China Sea...

And a UN report hailing China's trailblazing implementation of the UN Millennium Development Goals...