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

Coming up on the program this evening...

Delegates to China's successful bid for the 2022 Winter Olympics are promising to put on a special event in Beijing.

The People's Bank of China is considering new plans to limit the daily amount people can spend through 3rd-party online payment platforms.

A multi-national task force has been put together to fight Nigerian militant group Boko Haram.

In the 2nd half of the hour, we'll bring you some of the stories making headlines the world of business this past week.

In Sports.... an update on tonight's action in the Chinese Super League.

And in Entertainment.... a former member of a South Korean boy band is lashing back at a lawsuit filed against him.

All of that coming up in the next hour, but first, just a reminder there are several ways to reach out to us here on the Beijing Hour.

You can follow us on our weibo account at weibo.com/beijinghour.

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You can also visit crienglish.com for the latest news and information from China Radio International.

Top NewsBeijing Promises a Great, Special and Excellent GamesAnchor:

Chinese delegates at the IOC session in Kuala Lumpur are promising a "great, special and excellent" Winter Olympics in 2022.

The pledge comes after the International Olympic Committee chose Beijing as its host city for 2022.

CRI's Luo Wen reports.

Reporter:

Chinese vice-premier Liu Yandong said China will work hard for the 2022 Winter Games.

"Successfully winning the bid is a new beginning for us. We will work hard to build our nation, to become an especially good country, so we can present a great, special and excellent Games to the world."The Chinese capital, the first city to be awarded both the Summer and Winter Olympics, narrowly beat Kazakhstan's Almaty 44-40 in a vote, with IOC President Thomas Bach abstaining.

Beijing mayor Wang Anshun said it was "highly significant" for China to host a second Olympic Games.

"The Olympics has a history of over 120 years, and in that 120 years our country, with over one quarter of the world's population, has hosted only one edition of the Olympics. The success of our bid means that we will be hosting a second edition in 2022. Only the second time in over 120 years for a country of 1.3 billion people. It is highly necessary, significant and important for us to host an Olympic Winter Games."The Beijing bid has committed to encouraging Chinese participation in Winter Sports to increase interest ahead of the 2022 Games.

Zhang Li, Head of Beijing 2022 Venue planning and sustainability, said all of the preliminary plans will be improved to ensure a best games.

"We are aimed at the best games in 2022 and we are keen to improve the current preliminary plans we have. We will work closely with IOC and with International Sports Federations on all the plans we have now because our chief goal is the best games in 2022. We need to deliver upon all the pledges we have made and we'll continue to improve it. Thank you."Beijing's bidding committee had said the city will take advantage of the tremendous legacy of the Beijing 2008 Olympic and Paralympic Games legacy - including existing competition venues, infrastructure and professional experience.

But the city is still facing major challenges including air quality and snow conditions.

Local authorities have vowed to cut airborne particles PM2.5 by 20 percent by 2017, and by 45 percent in 2022, with a total of 130 billion U.S. dollars earmarked for environmental protection.

To deal with the lack of real snow, bid officials have promised that they have the capacity to rely entirely on artificial snow-making and to comply with all snow requirements.

Currently, a high-speed railway linking Beijing and Zhangjiakou is under construction.

It's expected to cut the travel time from the two cities to around 50 minutes after completion in 2019.

The Beijing Games will coincide with the Chinese New Year, a plan to create a thrilling festival atmosphere for visitors.

For CRI, I'm Luo Wen.

China's Evolving Role in 25 Years of UN Peacekeeping MissionsAnchor:

Today, August 1st, marks the 88th anniversary of the founding of People's Liberation Army.

Starting from today, we are bringing you a series of China's armed forces involvement in UN peacekeeping missions.

CRI's Wang Mengzhen has more.

Reporter:

It all started in April 1990. Five Chinese military observers joined the UN Truce Supervision Organization in the Middle East, breaking a 40-year China silence in the UN peacekeeping operations.

That was a small pioneering step for China, which had long been opposed to stationing military staff abroad, thinking this might indicate infringing upon sovereignty of other countries.

But things changed. In 2000, China expanded its UN peace-keeping contributions by sending 15 civil police officers to East Timor for the first time. By 2013, China had taken a step further, assigning actual security forces in the Mali operation.

A global outlook and international responsibility is the basis for China's current position, as the country's deputy permanent representative to the UN, Ambassador Wang Min, spoke to a council meeting on peacekeeping this June.

"Right now, China's infantry troops in South Sudan have been fully deployed. This is the first time that China sent infantry troops to the UN peacekeeping operations. At the same time, China has decided to send helicopter units to the UN-African Union Mission in Darfur, Sudan, which will be the debut of Chinese air operations in the Blue Beret. And China is also willing to dispatch more police personnel and experts to join the missions."Alex Bellamy, Professor of Peace and Conflict Studies at the University of Queensland, attributes the dramatic shift in 25 years to China's self-consciousness to shoulder more international responsibilities. This could be seen in the context of China's increasing engagement in the Security Council.

"Since that time, we have seen China become more proactive as foreign trade is growing, foreign investment is growing and foreign aid is growing, so it became more interested and concerned with crisis in other parts of the world. And (China is) also more aware that as a great power, other countries are expecting China to play a leadership role in these areas. We saw that change start around late 1990s."In its 2010 White Paper on National Defense, the Chinese government affirmed its active role in the UN peace-keeping missions as a responsible major power.

Seen from a larger picture, mistrust still remains an existing challenge, especially after China started sending infantry troops to the South Sudan mission since January. Some commentators have raised concerns whether China's increasing military presence in Africa could be part of a broader strategy.

Professor Bellamy believes this kind of suspicion is groundless and unnecessary.

"Forces China sent are always extremely highly trained, very professional. That is very helpful these operations in Mali and South Sudan that are very difficult and dangerous missions. I know that within the UN context, there is nothing but only praise and admirations for China in doing this."Right now, China has become the biggest contributor of troops among the five permanent members in UN's Security Council.

Besides, China's contribution to the UN peacekeeping budget has grown to 6.6 percent this year, the highest among the developing world, and also the 6th among all peace-keeping contributors.

For CRI, I am Wang Mengzhen.

Back anchor:

For more stories on China's participation in UN peacekeeping missions, go to crienglish.com.

China considers limiting third-party online paymentsThe People's Bank of China is proposing setting limits on the size of transactions through third-party online payment systems like Alipay.

The PBOC says its put out the proposal for public scrutiny in an attempt to ensure security for consumers' information and money.

Under the proposal, the amount people will be able to spend through third-party online payments per day may be limited between one and 5-thousand yuan, depending on how sophisticated the system's security checks are.

Platforms that have both digital certification and signature qualification checks will be exempt from the restrictions.

Those with only one qualification check will be limited to a thousand yuan per day.

If the system has two or more checks but don't have digital certifications and signatures, the limit will be 5-thousand yuan.

China's Central Bank says it’s basing the figures on the average spending by average Chinese consumers this past year.

Beijing to restrict flights around Sept. 3 paradeAuthorities in Beijing have officially confirmed both of the city's major airports are going to be shut down for part of the day on September 3rd.

Officials have confirmed both Beijing Capital and the smaller Nanyuan airport are going to be closed to air traffic from 9:30am to 12:30pm on September 3rd when Beijing plays host to a military parade to mark the 70th anniversary of the end of World War Two.

Authorities say many of the airlines operating in and out of those airports have already cancelled their flights during that 3-hour window.

At the same time, authorities have also announced that any aerial flights involving small helicopters, gliders or hot air balloons are going to be banned between August 22nd and September 4th.

1,000-km of underground pipe gallery under construction in 69 Chinese citiesConstruction is to begin on around a thousand kilometers of underground tunnels being built in 69 different Chinese cities.

The idea is to create new trenches for underground utilities.

Housing and Urban-Rural Development vice-Minister Lu Kehua says the project will cost around 88 billion yuan to complete.

"We have designated Baotou and nine other cities as the pilots to build 389 kilometers of comprehensive underground pipe galleries within three years. The construction of 190 kilometers of them will be started this year, with a total investment of 35.1 billion yuan."The massive project is expected to be finished in the next 5-years.

It's expected to be included in the Chinese government's next 5-year development plan, which will be discussed in October.

Somali Official: Terrorist Attack Won't Affect China-Somalia RelationsSenior officials in Somalia are downplaying any suggestions this week's terrorist attack in Mogadishu may affect ties between China and Somalia.

A suicide bomber detonated a massive truck-bomb outside a hotel complex where the Chinese embassy is headquartered, killing a member of the Chinese Armed Police Force guarding the facility.

He is among 15 people killed in the massive blast.

Speaking to CRI in Mogadishu, Somali Foreign Affairs Minister Abdisalam Omer says they don't believe ties between China and Somalia will be impacted by the incident.

"Long relationships that China and Somalia had - it has stood the test of time. There might be as many as 5,000 Somali traders that are based in Guangzhou and other cities that have sent everything that we use in Eat Africa, not only in Somalia. This will not have a lasting impact or even short term impact. "At the same time, China's Ambassador to Somalia, Wei Hongtian, says the scope of the attack is something no one could have anticipated.

"We picked the Jazeera Hotel as our headquarters because it was known for its enhanced security measures. We also strengthened our safety provisions earlier this year with the addition of blast walls. But the magnitude of this attack was unimaginable, and we were quite disturbed by it. The blast severely impacted the hotel and our offices. I am especially saddened by the loss of one of our security officers and the injuries suffered by many others."Wei adds the Chinese embassy will continue its work in Somalia and that China is committed to further enhance bilateral relations with Somalia.

Somali militant group al-Shabaab has claimed responsiblity for the attack, which was carried out by a German national of Somali decent.

Chinese diplomats in DPRK pay tribute to CPVA martyrsA ceremony has been held in North Korea to pay tribute to some of the Chinese soldiers killed in the Korean War.

Chinese ambassador to North Korea, Li Jinjun, has attended a ceremony in the city of Kaesong this week to mark the 62nd anniversary of the signing of the armistice which brought the fighting to an end.

The ceremony has taken place at cemetery where some 15-thousand members of the Chinese military are buried.

"The two countries share a long history of communication and exchanges. Under the new historical conditions today we are going to inherit the tradition and pass it down and attach fresh meaning to the friendship in the new historical period."The Chinese Army, officially called the Chinese People's Volunteer Army during the Korean War, fought alongside the North Korean military after China entered the War in October of 1950.

Tens-of-thousands of Chinese troops were killed in the 3-year war.

The fighting finally ended on July 27th, 1953 after the signing of an armistice.

China jails military officer for embezzlementChinese authorities have sentenced a senior military official to 10-years in prison for embezzlement.

Zhang Daixin served as deputy commander of the Heilongjiang provincial military area command before his fall.

At the same time, it's been announced Wang Xin, former political commissar of the traffic unit of the Chinese Armed Police Force, is being investigated for suspected serious disciplinary violations.

Wang's case has been transferred to military prosecutors.

Multinational Task Force Established to Fight Boko HaramA multinational force has been set up to fight the Boko Haram militants in northeastern Nigeria.

Nigerian Major-General Iliya Abbah has been tapped to head the joint task force, which includes troops from Nigeria, Cameroon, Niger and Chad.

"I assure you by the will of God, that I will live up to expectations and we will see the end of this menace very soon."Abbah says the troops will be a welcome addition to the region.

"It's a terrain that I just went on sabbatical leave in the Military secretary's office So I am back to the same terrain and I think I am going to operate better there. The formation of this multinational joint task force is the best thing that has ever happened to the region. If this has been done 2-3 years ago, definitely it would have been a different story all together."The 87-hundred strong force is being headquartered in Chad.

A regional offensive launched in February has been successful in forcing the Boko Haram militants out of several of their strong-holds in northeastern Nigeria.

However, the group has been on an offensive since May after Nigeria's new president Muhammadu Buhari took office.

Possible Relatives of bin Laden Killed in Jet Crash in EnglandFour people have been killed in a private plane crash in southern England.

It's being reported some of the victims may be relatives of late al-Qaeda leader Osama Bin Laden.

However, Olga Venner with the local police in the city of Hampshire says they're not in a position at this point to identify the victims.

"We can confirm that we are undertaking a joint investigation with the Air Accident Investigation Board, to determine the circumstances surrounding the cause of the incident. We can confirm that there were four people on board, including the pilot, and sadly there were no survivors. There have been no injuries on the ground."The Saudi ambassador to the UK has publically offered his condolences to the bin Laden family.

The flight crashed shortly after take-off.

It's not clear what caused the crash.

The bin Laden family is one of Saudi Arabia's wealthiest.

It has holdings in the UK and many other parts of the world.

Complaint to be filed in killing of Palestinian toddlerPalestinian president Mahmud Abbas has announced he plans to file a complaint with the International Criminal Court in connection with the fire-bombing of a home near the West Bank city of Nablus which left a young child dead.

The child, a year-and-a-half old, died after suspected Jewish settlers set fire to their home early Friday.

Abbas says he believes the Israeli government should be held accountable.

"This is not an isolated act committed by settlers, it's the result of the settlement carried by the Israeli government who is directly responsible for any act carried by its citizens wherever they live and wherever they attack."The fire-bombing has sparked a series of violent Palestinian protests which has seen at least one Palestinian teenager killed in clashes with the Israeli Defense Forces.

Israeli Prime Minister Benjamin Netanyahu has ordered an investigation into the fire-bombing, labeling it a "terrorist attack."France deploys riot police to bolster Calais security as asylum crisis worsensAnchor:

French riot police have been deployed in the port city of Calais where asylum seekers hoping to make it into Britain through the Channel Tunnel have been stepping up their attempts to board trucks and trains to get into the UK.

French police have been forced to stop around 17-hundered of them from illegally entering the UK on Thursday alone.

CRI's Poornima Weerasekara reports.

Reporter:

Hundreds of desperate asylum seekers were seen crawling under the fences near the Eurotunnel terminal in Calais on Thursday night, hoping to jump aboard a train to England.

Despite an influx of French riot police and a surveillance helicopter many continue to make repeated attempts at this perilous journey.

One asylum seeker was crushed to death and another was critically injured after being electrocuted in Paris on Wednesday. This brings the total death toll to nine.

But Gilles Debove, Spokesperson for the French Police Union say the situation as eased slightly over the week.

"The migrants know there is more security around the ferry port and that is the reason they are increasing their attempts on the channel tunnel. In the past we had usually between 800 and 1,200 attempts on the Eurotunnel. This week we saw 2000 attempts on Monday. That was the peak. But last night we recorded 1,700 attempts."Some 3,000 migrants live around the tunnel entrance in a makeshift camp called "The Jungle", making the northern French port one of the frontlines in Europe's wider asylum crisis, alongside Italian and Greek islands used as entry points for those crossing the Mediterranean from Africa or the Middle East.

This also includes many unaccompanied children. In the last three months, the number of under-18 asylum seekers in the care of the Kent council in UK has doubled to 629. Social services in the area are facing a funding shortfall of over 5.5 million pounds as they struggle to cope with this rapid influx of illegal asylum seekers.

Freight and passenger traffic through the rail tunnel have also been severely disrupted in past weeks.

6,000 lorries are parked on the M20 in Kent on the UK side.

British Prime Minister David Cameron earlier chaired a meeting of the UK government's emergency committee.

Cameron says the UK government will work with their French counterparts to tackle the crisis.

"It has been foreseeable and we have taken action. That's why we've had the Royal Navy in the Mediterranean, that's why we're investing in North African countries to stabilise them, that's why we're part of the European operations to deal with the migrant crisis at source. It's also why we've already spent millions of pounds building better fences on the French side of the tunnel and investing in our border and security effort."The UK is sending extra sniffer dogs to Calais and erecting new fences in the French port town, to prevent asylum seekers from crossing over to the UK.

Meanwhile, anti-EU parties on both sides of the Channel have seized on the drama to insist that national borders be better defended.

For CRI I'm Poornima Weerasekara.

Guinea Sees Successful Ebola Vaccine TestResearchers are expressing optimism about an experimental Ebola vaccine.

Doctor Marie-Paule Kieny, Assistant Director-General of the World Health Organisation, says testing of the Ebola vaccine in Guinea has proven completely effective, but only for half the population.

"This is the very very first time that there is a demonstration that the vaccine might be so effective, a hundred percent, in men. For the time being, the studies in men have only been to show safety and immunogenicity (ability to provoke an immune response), so is there antibodies, does the vaccine get the immune response to do something? And this is, would not have been new. But in terms of efficacy in men, this is the first one."The vaccine has been tested on thousands of people in Guinea.

This is the West African country which saw the start of last year's massive Ebola outbreak.

The vaccine itself has been developed by the Canadian government.

It has yet to be given official approval.

The massive ebola outbreak in West Africa, which has yet to completely subside, has left at least 11-thousand dead.

Legal experts debate likelyhood of US dentist being extradited to Zimbabwe in lion killingLegal obsevers have begun weighing-in on Zimbabwe's attempt to have an American man extradited back to the country to face charges connected to the killing of a famous lion.

The government of Zimbabwe has formally asked the United States to send Walter Palmer back to the country to face poaching-related charges.

He's the US dentist who shot and killed 'Cecil' the lion while on a paid safari.

Professor Jens David Ohlin with the Cornell School of Law says Palmer's extradition to face charges in Zimbabwe isn't set-in-stone.

"If it's a crime in Zimbabwe and the allegations also constitute a crime in the United States and it's considered a sufficiently grave crime, and that means something that could be punished by at least a year in prison, then a formal extradition request could be considered. But just because and extradition request is sent from Zimbabwe doesn't necessarily mean the United States will grant it."US officials are also obligated to conduct a legal review to determine whether or not the crime he's been charged with is a crime in both countries.

If not, Palmer has grounds to avoid being sent back to Zimbabwe to face the charges.

He's accused of violating Zimbabwe's Parks and Wildlife Act for killing 'Cecil' in an illegal hunt.

The dentist claims he was told by his safari organizers that his hunt was perfectly legal.

Palmer killed the animal in early July as part of an organized hunt, for which he reportedly paid 50-thousand US dollars.

'Cecil' was considered one of Zimbabwe's most famous lions, and was collared for a study when he was killed.

Dozens of e-mails of Hillary Clinton ClassifiedThe US State Department is moving to defend its former boss amid new suggestions connected to her use of a private e-mail server to send official correspondence during her time as the United States' top diplomat.

Reports have emerged suggesting Hillary Clinton used her private e-mail server to send classified information out.

This follows the release of another batch of her e-mails sent out during her time as Secretary of State.

Mark Toner with the US State Department says the suggestion that she sent out classified information on potentially unguarded internet lines are somewhat misleading.

"To date we've not seen any classified, information that should have been classified at the time. We've upgraded some of this information, and that's a very common practice. But we've not seen anything, as we've conducted this review, that indicates any information should have been classified at the time."Clinton, who is the lead contender for the Democratic nomination for next year's Presidental run, has seen her popularity among likely voters take a hit because of the e-mail scandal.

A new survey has found that nearly 70-percent of voters asked say they would like to see the US Justice Department appoint a special prosecutor to determine if Clinton broke any US state-secrecy laws while serving as Secretary of State.

3 Ex-TEPCO execs to face mandatory indictment for nuclear crisisThe former chair of the Tokyo Electric Power Company, or TEPCO, along with two former vice-presidents, are to face charges of professional negligence.

The three are being indicted over their handling of the Fukushima nuclear disaster.

They're accused of failing to take measures to strengthen safety requirements at the Fukushima nuclear plant, even though they knew there was potential danger from a tsunami.

Japanese nuclear activist Ruiko Muto, who filed a complaint on behalf of people living in Fukushima, says the charges are a long-time in coming.

"The nuclear accident caused such serious damage and there are still 110,000 evacuees who cannot return home. With anger and sadness, the victims living in Fukushima had been longing to have the trial opened to seek its criminal liability for it. We feel we finally reached to this point."The tsunami caused by a massive earthquake in March 2011 flooded the Fukushima nuclear plant, setting off a nuclear meltdown which forced some 160-thousand people in the area out of their homes.

(bjh/top w soundbites) TPP Talks Fail to Reach Final DealTrade ministers from the countries negotiating the Trans-Pacific Partnership have failed to clinch a deal to free up trade among the dozen countries.

A meeting of the 12 TPP nations in Hawaii has failed to overcome a number of key areas connected to market access and intellectual property rights.

US trade representative Michael Forman says his side remains confident a deal can still be struck.

"I'm very impressed with the work that has been done. I feel very gratified about the progress that's been made and I am confident that through our continued intensive engagement we will be able to tackle the remaining issues successfully."The proposed Trans-Pacific Partnership is believed to be central to the Obama administration's policy of economic engagement in Asia.

Failure to seal an agreement in Hawaii is being seen as a setback for Obama.

This latest round of talks had been billed by some as the last chance for his administration to get the TPP before Congress before next year's Presidential elections.

The goal of the multilateral program is eliminate tariffs and other barriers to trade and investment among the twelve countries involved.

China has not been included in the proposed plan.

weatherBeijing has some rain tonight with a low of 23 degrees Celsius; cloudy tomorrow with a high of 30.

Shanghai will be clear tonight with a low of 29; sunny tomorrow with a high of 38.

Chongqing will be clear tonight with a low of 28, cloudy tomorrow with a high of 37.

Headline newsBid win will boost regional links, create jobsBeijing's Mayor is suggesting the capital's successful bid to host the 2022 Winter Olympics is going to help fuel regional integration among Beijing, Tianjin and Hebei.

Wang Anshun says the IOC's decision to give Beijing the 2022 Games will compliment plans already in-place to integrate the region.

He notes a high-speed rail link is going to be built to help transport people between Beijing and Zhangjiakou.

A report by Hebei's Academy of Social Sciences, a provincial-level government think tank, says the preparations for the Games over the next 7-years is likely to create over 400-thousand jobs in the region.

Chongli County, which is going to play host to most of the alpine events in 2022, has already seen employment in its local tourism industry increase by 20-thousand this past year.

South China sea fishing ban liftedThis year's annual fishing ban in the South China Sea has come to an end.

Around 9-thousand fishing boats and some 40-thousand fishermen are now set to leave Hainan for the fishing grounds in the South China Sea.

Chinese authorities have been imposing a moratorium on fishing between mid-May and the end of July since 1999.

It's been established to try to conserve fishery resources in the South China Sea.

Xinjiang eyes tourist boom with new airportA new airport has been officially opened in Altay Prefecture in Xinjiang.

The Airport in Fuyun County has seen its first flight land this Saturday with around 100 people onboard from Xinjiang's capital, Urumqi.

In opening the new airport, travel time from Urumqi to Fuyun has been cut from around 7-hours by vehicle down to just under an hour for the 400-kilometer trip.

China Southern is servicing the route.

Fuyun County is said to be home to abundant mineral resources, and has become a popular destination for tourists.

There are now 17 airports in Xinjiang.

India, Bangladesh kick off land swapIndia and Bangladesh have begun the process of swapping control of around 160 small pockets of land in one-another's territory.

The enclaves, home to around 50-thousand people, were originally principalities established in the 18th century, and never became demarcated when Bangladesh became its own country after splitting from Pakistan in 1971.

New national flags have been hoisted in the areas where the new changes have come into effect.

People living in these areas were given a choice of where they wanted to live and what nationality they wanted.

Most of the people living in the enclaves - 111 in Bangladesh and 51 in India - will stay where they are, but will see their nationality change.

Weekly Biz Roundup(Saturday)Anchor:

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.

This week, China's top leadership has pledged targeted policies to combat the downward pressure on the economy.

Chinese authorities are now moving to try to attract more private investment into the railway sector.

And on Monday, the Chinese A share market suffered an over 8 percent loss, the worst one-day hit since 2007.

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

Reporter:

On Thursday, a statement released after a Political Bureau of CPC Central Committee meeting chaired by President Xi Jinping, revealed more targeted policies to deal with the downward pressure on the economy which they describe as "relatively big".

The statement says promoting reforms will be crucial to restructuring the economy.

The reforms will focus on state-owned enterprises, taxation, as well as finance industries.

It also says China will maintain its proactive fiscal policy by continuing to expand public spending, reduce companies' burdens and encourage private investment, while keeping its prudent monetary policy elastic.

China's growth held steady at 7 percent in the first half of the year, with nascent signs of recovery fueling hopes of growth picking up in the latter half of the year.

///////As part of the latest reform measures, private investors are now being allowed to bid for railway contracts and manage the projects through different investment channels.

This was included by a new set of guidelines of China's top economic planner released this week.

At the same time, the government says it's also looking for more private investment in the construction and operation of inter-city and intra-city rail links, as well as in mining projects.

Private investment is also being courted for overseas railway contracts.

Wang Jun, researcher with China Centre for Economic Exchanges, says getting more private investment will help economic growth.

"On the one hand, these measures push forward reforms in sectors that have been highly monopolized by the state. It helps to broaden market access in these industries. On the other hand, investment in infrastructure construction, especially the rail sector, can guarantee relatively good returns for investors facing economic pressure."China's government has put a priority on railway spending in recent years.

Changing the way it finances these projects is high on the government's agenda.

////////Chinese shares extended losses this Friday, ending what has been a gloomy month for investors.

The benchmark Shanghai Composite Index shrank 1.1 percent.

On Monday, the over 8 percent stock-market plunge ended a six-day rally. This is believed to be the worst hit in a single day since 2007.

Analysts struggled to explain the severity of the sell-off, which accelerated sharply in the afternoon session.

Gao Shang is an analyst with Guantong Futures.

"During the past two weeks, the benchmark index has rebounded 30 percent. So for some investors, they choose to take profits and sell the shares which they sell at the previous bottom price. Another important factor is the market confidence. The market sentiment is now still extremely fragile. So once the trend turned a little bit downward, most investors no longer have patience to hold the shares."Shortly after the closing bell, China's securities regulator urged its financial arm, China Securities Finance Corporation, to continue to buy stocks and stabilize the market.

China Securities Regulatory Commission said it has also started probes on the possible irregularities and illegal margin trading activities.

On Friday, the Commission also said it would keep a closer eye on programmed, electronic trading by institutional investment firms.

/////////The creation of a China-ASEAN e-commerce network is expected to be finalized at this year's event.

Chinese vice-Commerce minister Gao Yan notes the 10 countries which make up ASEAN account for a significant amount of trade with China.

"The trade between China and ASEAN reached 480.1 billion U.S. dollars in 2014, with the year-on-year growth rate being 8.23 percent, which is 5 percent higher than the growth rate of China's total foreign trade last year. The trade between China and ASEAN reached 224.38 billion U.S. dollars in the first half of this year, up 1.6 percent year on year. The trade with ASEAN accounts for 12 percent of China's total foreign trade."Economic and trade cooperation between China and ASEAN countries is continuing to rise, despite the current economic slowdown.

Trade spiked more than 8-percent last year, and is also up 1.6-percent through the first half of this year.

////////China's central bank is moving to make it easier for other central banks, financial institutions and sovereign-wealth funds into the country's bond market.

Investors now only need to register with the People's Bank of China in order to trade bonds in the spot and forwards markets, conduct interest rate swaps and trade forward rate agreements.

They are also free to decide on the size of their respective investments.

Yin Zhongli with the Chinese Academy of Social Sciences says the move will help the domestic bond market.

"China's long-term national bond yield remains at around 3.5%. For foreign institutions, China's national bonds, especially long-term ones, are quite attractive since it has an over 100 basis points higher rate. In the short run, it will bring benefits for secondary bond market in China as it will bring a lot of capital into the country."Chinese regulators this month have also made it easier for international investors to get into China's interbank bond market.

//////The London Metal Exchange is now accepting the overseas renminbi as use as cash collateral.

LME clearing has added the renminbi to its collateral currency list, which already includes the US dollar, the UK pound, the euro and the Japanese yen.

Professor Liu Baocheng at the University of International Business and Economics says it will be beneficial for both Chinese companies and financial agencies.

"China is among the largest consumers of metals. So for the Chinese companies, it is really a reduction of transaction cost and it is easy to call RMB in and out for transactions and settlements. Also for Chinese financial organizations, they save the conversion cost and they will be able to help more players in the futures market."Chinese currency, which has been processed outside the mainland, is freely tradable.

//////The China Insurance Regulatory Commission, the country's insurance watchdog, has issued a guideline to regulate the internet insurance business over the week.

The new guideline clearly defines the qualification and regulations of the internet insurance businesses.

Dean of School of Insurance with Central University of Fiance and Economics Hao Yansu says rules need to be set up to regulate the new business.

"Currently, there are over 80 insurance companies in China. Most of them have their own online platforms to sell products. There are also a few independent online insurance companies. As more and more insurance companies launch their websites, more social capital will enter the internet insurance business. Thus rules need to be set up to ensure the effective operation of this business."According to the guideline, only legally registered insurance companies and professional insurance agencies can sell products online.

The regulation is set to come into effect this October.

/////////Lastly on the Corporate front,A new international arm of China's sovereign wealth fund has started its operation from Monday.

China Investment Corporation Overseas has reportedly been given 5-bilion US dollars in initial seed money.

However, that figure is expected to expand to around 100-billion US dollars in the future.

CIC Overseas will focus on managing the profits made from Foreign Direct Investment into China, as well as revenues generated through the Belt and Road Initiative.

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

SportsFINA World Championships UpdateStarting things off with the FINA World Championships:

Coming up tonight in diving action:

The women's three-meter springboard finals plash into action. All eyes will be on China's Shi Tingmao and He Zi, who led the pack at the end of the semi-finals. Also in contention is Canada's Jennifer Abel and Italy's Tania Cagnotto.

Also going on are the men's 10-meter platform prelims and semis.

In the men's 25k open water swim:

Italy's Simone Ruffini took gold. Behind him is U.S. competitor Alex Mayer with the silver. Another Italian will join Ruffini on the podium; Matteo Furlan came in third for the bronze.

In the women's 25k:

Brazilian Ana Marcela Cunha got the gold. Hungarian Anna Olasz came in second, while Germany's Angela Maurer rounded off the top three finishes.

In action from yesterday:

On men's side, 23-year-old He Chao has claimed the victory in the 3m springboard final with 555 points, adding one more gold for the Chinese team.

And Russia's Ilya Zakharov is 7 points behind him in the second.

Jack Laugher of Great Britain took the bronze.

It is Laugher's second medal of the Championships after he and partner Chris Mears took the bronze in the 3m synchro event.

CSL: Changchun Yatai vs. ShijiazhuangIn football action from the Chinese Super League:

Going on right now--Changchun Yatai is taking on Shijiazhuang.

(UPDATE)Argentina Businessman Caught in FIFA Probe Pleads Not GuiltyIn more football news:

The former chairman of an Argentina-based sports marketing business, one of 14 people indicted in a corruption case that has roiled the soccer world's governing body FIFA, pleaded not guilty in a U.S. court on Friday.

Alejandro Burzaco, an Argentine businessman who was the former general manager and chairman of Torneos y Competencias SA, appeared in federal court in Brooklyn, New York, after being extradited to the United States from Italy.

Burzaco faces charges including conspiracy to commit racketeering and conspiracy to commit wire fraud. He turned himself in to police in Italy on June 9 and is the third defendant to date to be arraigned on the indictment.

Burzaco was one of nine soccer officials and five marketing executives accused by the U.S. Justice Department of exploiting the sport for their own gain through bribes of more than $150 million over 24 years.

Olympic News: Triatheltes Downplay Water Concerns in RioIn olympic news from Rio, as the city gets ready to host the 2016 summer games:

Triathletes competing in the Olympic test events for their sport this weekend are downplaying the quality of water in Copacabana, after the Associated Press released a report showing the hazardous levels of pollution in the seawaters.

Thursday's Associated Press report revealed that virus levels in Guanabara bay, where Olympic outdoor water events will be held, are 1.7 million times the levels considered hazardous in California.

But triathletes downplayed concerns about the pollution.

British Olympic gold medalist, Alistair Brownlee, explains:

"I think as an athlete you can do what you can to limit problems, if you actually get ill from swallowing water during the race it is not an issue at all, you just get ill after the race. What you are trying to minimize is illness during the race, so not spending too much time in it beforehand if you're worried about it, and talking precautions like making sure you are clean and that kind of thing. I think I am certainly no stranger to dirty water I think I swim in a lot worse that this to be honest."Rio 2016 Director of Spots, Rodrigo Garcia, echoed remarks made by the International Olympic Committee on Thursday, stressing the health and welfare of athletes as a top priority for the event's organisers.

Tennis: Rafael Nadal Advances to Semis in HamburgIn tennis:

Top-seeded Rafael Nadal advanced to the semi final of the Hamburg Open by beating fifth-seeded Pablo Cuevas 6-3, 6-2.

Nadal's will face Andreas Seppi, who reached the last four without having to play. His opponent, Simone Bolleli, withdrew with a stomach ailment.

"Happy to be in the semi-finals. It's great news for me. Never easy to come back to clay after a period of time playing on grass. Arriving here without the best feelings possible, but I was able to play with the right mentality and able to find solutions for every moment. Today was a consistent match and I'm happy with that."The former top-ranked player has dropped to No. 10 in the world.

Over in women's action at the Baku Cup:

(UPDATE)Golf RecapIn golf:

On the PGA Tour:

Ryo Ishikawa owns a one-stroke lead at 11-under, just above Rickie Fowler and Kevin Chappell after two rounds of the Quicken Loans Nationals near Washington, DC.

And Tiger Woods carded a five-under 66, which put the former world-no. 1 in contention for his first victory in nearly two years.

Woods is among nine players at eight-under.

On the European tour:

Michael Hoey and David Howell among those through to the last 16 in Aberdeen, while tournament host Paul Lawrie crashes out.

At the Madeira Islands Open:

England's Sam Walker and Sweden's Pontus Widegren share the lead at 11 under at the end of round 2.

And in the LPGA:

Suzann Pettersen took the second-round lead at the Women's British Open on Friday with a score of 7 under. Trailing her two strokes behind in a four-way tie are New Zealand golf star Lydia Ko, Taiwan golfer Teresa Lu, along with So Yeon Ryu and Jin Young Ko of South Korea.

Pro-Wrestling Legend "Rowdy" Roddy Piper Dies at 61Sad news from the world of professional wrestling:

Roderick Toombs, better known by his pro wrestling moniker, "Rowdy" Roddy Piper, has died at the age of 61.

Entertainment trade publication Variety confirmed that Piper suffered a heart attack at his home in Hollywood, California.

The Canadian-born wrestler helped blow up the World Wrestling Federation, now the WWE, to global fame.

He also headlined the first Wrestlemania event in 1985 at Madison Square Garden in New York.

Aside from his storied wrestling career, Piper starred in the now cult-classic sci-fi movie, They Live. Most recently, he worked with anti-bullying charity Stand For the Silent.

EntertainmentWu Yifan Fights back S.M. Company LawsuitRepresentatives of Chinese singer/actor Kris Wu Yifan are speaking out for the first time following a lawsuit being filed against him by his former South Korean talent agency.

SM Entertainment is seeking damages from the courts in Beijing for his appearances in Chinese films and advertisements.

Kris Wu is the former Chinese member of popular K-pop boy band EXO.

His official representative has issued a statement, accusing SM Entertainment of attempting to hinder the entertainer's career development.

The 24-year-old bailed out of EXO last year, filing his own lawsuit against SM Entertainment to have his contract with the company nullified.

Tom Cruise's 'Mission Impossible' Aims for 50 Mln USD WeekendInitial estimates are suggesting the latest "Mission Impossible" film may be on-track to take in some 50-million US dollars this opening weekend.

"Rogue Nation" has dominated Friday's box office in North America, taking in at least 20-million dollars.

The film is getting good reviews.

It has a 93-percent rating on Rotten Tomatoes, which ranks films based on numerous reviews.

"Mission Impossible: Rogue Nation" stars Tom Cruise, Jeremy Renner, Simon Pegg and Rebecca Ferguson.

It's due to open in Chinese theaters on September 8th.

Meantime, Chinese box office has seen its biggest monthly haul on-record, raking in just short of 5.5-billion yuan through July.

That figure is larger than the whole of 2008.

Chinese films "Monster Hunt," "Jianbing Man," and "Monkey King: Hero Is Back" have been driving the revenues.

The three films themselves generated more than 3.3 billion yuan last month.

First Trailer of 'Deadpool' to Be Unveiled Next WeekThe first trailer for the highly-anticipated film "Deadpool" is set to be released next week.

Lead actor Ryan Reynolds is due to premier the trailer on the Conan O'Brien show on Tuesday.

A teaser was put out at last month's Comic-Con in San Diego.

However, it has not been made available on the internet.

"Deadpool" is the latest installment in the "X-men: Origins" series.

Reynolds first played the character Wade Wilson, aka Deadpool, in the 2009 film "X-Men Origins: Wolverine.""Deadpool" has been in the works since 2010.

It's due to open in North America on February 12th.

One Direction New Single Tops iTunes Charts in 82 CountriesBritish band 'One Direction's' new single is topping iTunes charts in 82 different countries, just hours after its release.

"Drag Me Down" has been released without any radio airplay or promotion.

It's the band's 15th single.

It comes on the heels of former band member Zayn Malik announcing solo record deal with RCA.

"Drag Me Down" will be on 'One Direction's' upcoming new album without Malik, which is due out later this year.

One Direction celebrated its 5th year anniversary last week.

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

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

Delegates to China's successful bid for the 2022 Winter Olympics are promising to put on a special event in Beijing.

A multi-national task force has been put together to fight Nigerian militant group Boko Haram.

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