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

Coming up on the program this evening...

The UN Secretary General talks about China's role in the world, as he speaks of his visit to the country next month...

Chinese lawmakers have approved an amnesty for prisoners to mark the 70th anniversary of the end of world war II...

And the American president will soon depart for Alaska, where he is to attend a two-day conference on climate change...

In the 2nd half of the hour, we'll bring you some of the business stories that have made headlines over the past week.

In Sports...China's 4x100m relay team will race in the final in Beijing tonight...

And in Entertainment...the minions have now earned a billion dollars at the box office...

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.

We're also on WeChat. Type in "Beijing Hour" to find us.

Email us directly at [email protected].

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

Top NewsBan Ki-moon: China will play "very important role" in transformative ageAnchorUN Secretary General Ban Ki-moon is set to pay an official visit to China early next month. During his visit, Ban is scheduled to attend celebrations on September 3rd to commemorate the 70th anniversary of victory in the war against Japanese Aggression.

Ahead of his visit to China, Ban sat down with several Chinese media outlets outlining his agenda and sharing his thoughts regarding a wide range of issues.

CRI's UN correspondent Su Yi reports from New York.

ReporterAs one of the guests to attend the V-Day celebrations, Ban spoke highly of China's contributions and sacrifices made during the war.

The UN chief says this year provides an important opportunity for the international community to review that part of history and to build a better world.

"China's contributions and sacrifices during the Second World War are very much recognized and appreciated for all such sufferings and sympathized by the world's people. And on the brighter future, China has a very important role to play. As the second largest economy and a peace-loving country, there are a lot that China can contribute to this rapidly changing and transformative age."China's foreign ministry has announced that thirty heads of state are confirmed to attend the V-Day celebrations, as well as ten leaders of international organizations, including UN chief Ban Ki-moon.

During his visit to China, Ban is also set to meet with Chinese leaders, discussing a wide range of issues, including the 70th anniversary of the founding of the UN, climate change, and the upcoming key UN sustainable development summit this September.

Ban Ki-moon says China has contributed a lot to the realization of the Millennium Development Goals that were set by world leaders in 2000.

The eight-point development agenda which covered several key issues like eradicating poverty and fighting against HIV/AIDS is set to expire at the end of this year. The international community will adopt a more ambitious post-2015 sustainable development agenda at the UN development summit next month.

The UN chief is calling on member states to include these goals into their own development strategies.

"I am convinced that China can play a hugely important role in helping this sustainable development goals implemented."On the planned speech to be made by Chinese President Xi Jinping at the 2015 general debate next month, Ban Ki-moon says he hopes the Chinese president can send a stronger message on international security issues, peacekeeping operations, and South-South cooperation.

Looking back at the seven decades since the founding of the UN, Ban summarizes the achievement of the world body as the end of colonialization and the success of development issues.

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

President Xi Meets US National Security Advisor ahead of VisitAnchor:

Chinese President Xi Jinping held talks with U.S. National Security Adviser Susan Rice in Beijing on Friday. Topics of discussion included bilateral relations and President Xi's state visit to the United States, set for September.

CRI's Xie Cheng reports.

Reporter:

Susan Rice, as the top foreign policy adviser to US president Barack Obama, is paying a two-day visit in China to meet with Chinese officials in preparation for President Xi Jinping's upcoming visit.

"It's my honor to be back in Beijing on behalf of President Barack Obama to prepare for your very important state visit next month to Washington. President Obama looks forward to welcoming you and Madam Peng. It will be a great opportunity following President Obama's successful visit to Beijing last year to strengthen and deepen the cooperation."For his part, Chinese President Xi Jinping says he is willing to hold discussions with his US counterpart on promoting cooperation in various sectors during the visit.

"At the invitation of President Barack Obama, I will visit the United States next month and am willing to exchange views on major issues of common concern, in order to further promote bilateral development."The Chinese president says a stable and growing China-U.S. relationship will not only benefit the people in both countries, but also go a long way to promoting peace and development in the Asia-Pacific region and beyond.

Xi Jinping notes that China is willing to work with the U.S. to make sure the relationship can enjoy sustainable and steady growth.

"China highly values the development of China-US relations. China is ready to work with the United States to further boost the practical cooperation bilaterally, regionally and globally, and effectively manage the sensitive issues between us in a constructive way, so as to make the relationship benefit more people in the world."The Chinese president adds that China is committed to building a new model of major-country relations with the US, featuring no-conflict and no-confrontation, mutual respect and win-win cooperation.

For her part, the U.S. National Security Adviser says the US hopes to exchange ideas with China on hot button issues.

"We obviously have issues of differences and some difficulties that we need to work through. I look forward your visit in Washington will be a milestone in deepening our cooperation and strengthening our relationship."During her visit, Rice is expected to discuss bilateral, regional and global issues with the Chinese side, especially the Renminbi exchange rate, the South China Seas, cyber security, UN peacekeeping and wildlife protection.

She has also met with Chinese State Councilor Yang Jiechi, Foreign Minister Wang Yi and Vice Chairman of China's Central Military Commission Fan Changlong.

Rice's visit is scheduled to last until Saturday.

For CRI, I'm Xie Cheng.

China Passes Amnesty to Pardon WWII Veteran InmatesAnchor:

China passed a prisoner amnesty deal on Saturday to mark the 70th anniversary of the end of WWII. Thousands of war veterans, along with several other categories of prisoners, will be granted official pardons. CRI's Victor Ning has more.

Reporter:

The National People's Congress Standing Committee approved the resolution during its most recent bi-monthly session. President Xi Jinping signed off on the deal on Saturday.

China first granted pardons to non-war criminals in 1959, while the first amnesty deal for war criminals came in 1975. The resolution passed on Saturday is China's 8th amnesty since its founding in 1949.

Chu Huaizhi, a professor of law at Peking University, speaks to the significance of the latest measure.

"Besides celebrating the victory in World War II and the war against Japanese aggression, this amnesty also shows the government's confidence in its politics. What's more, it also conforms to the basic policy of our Criminal Law - severity tempered with gentleness."Four categories of prisoners who are not deemed a threat to society and who were sentenced before Jan. 1, 2015, will be considered:

1) Criminals who fought in the War of Resistance against Japanese Aggression and the civil war against the Kuomintang.

2) Criminals who participated in wars to safeguard national sovereignty, security and territorial integrity after 1949, with the exception of those found guilty of serious crimes including embezzlement and bribe-taking, terrorism and organized crime, and repeat offenders.

3) Criminals who are 75 or above, and those with physical disabilities who are unable to care for themselves.

4) Those who committed crimes while under the age of 18 and received a maximum sentence of three years in prison, or who have less than a year of their prison term to serve, with the exception of those convicted of homicide, rape, terrorism or narcotics offences.

Li Shishi, director of the committee's legislative affairs commission, emphasizes several restrictions of the new measure.

"Anyone in prison through the anti-corruption campaign or for national security, as well as those convicted of graft, bribery, terrorism and sabotage will not be eligible for the amnesty."Judicial authorities say there are "several thousand qualified prisoners" under the latest legislation. They are expected to be released by the end of 2015. The exact number of pardoned prisoners will remain unknown until local courts complete all amnesty rulings.

Wang Ping, professor of law at China University of Political Science and Law, says the latest amnesty's connection to China's war against the Japanese invasion sets it apart from previous pardons.

"For the past pardons, we considered them as forgiveness to those who launched and participated in unjust wars. While for those who participated in just wars, for world peace and for the rejuvenation of the Chinese nation, we should show our respect and gratitude."Professor Chu from Peking University also says this amnesty reflects China's tradition of respecting the elderly and caring for the young, and it is in line with the Criminal Law, which was amended in 2011 to allow leniency in the punishment of the aged.

For CRI, I'm Victor Ning.

Historian: China's Contribution to Victory in WWII ImportantA British historian says China's contribution to victory in World War II should be remembered.

Rana Mitter, Director of the China Center at the University of Oxford, says China's contribution to the war was immensely important.

"Because China resisted, it held on long enough to join the global war after [the] Pearl Harbor [incident] in 1941, and that means that it played, I think, an important role in the ultimate allied victory,"Mitter has finished his book, "Forgotten Ally: China's World War II", after traveling internationally to collect documents over the course of ten years.

Mitter believes China was one of the important allies in World War II along with the Soviet Union, Britain and the US.

Envoy: Exhibition Shows China-US Wartime CooperationA "Photo Exhibition on China-US Cooperation in World War II" has been sponsored by the Chinese Embassy in the United States.

Wu Xi with the Embassy says the nearly-completed 70 day exhibition shows people the cooperation between China and the US during World War II.

"The exhibition has attracted thousands of people from all walks of life in the US. I believe they must have been deeply moved by the cooperation between China and US in those hard days."China and the US fought together during World War II. They also jointly built roads and airlines and set up the "Flying Tigers" pilot team.

Part I – WWII's China TheatreAnchor:

As China marks the 70th anniversary of its victory over Japan, and the end of World War II, CRI brings you a five-part series, to look back at the tenacious battles in the Chinese theater of war.

Our first report features an overview of the Chinese theater.

Xiao Yi finds out what it really meant to the global war and what makes the Chinese theater so important.

Reporter:

August 15th, 1945, three months after Nazi Germany's final defeat, the world heard the then Emperor Hirohito conceding defeat, and announcing that Japan would surrender to allied countries unconditionally.

"We have ordered our government to communicate to the governments of the United States, Great Britain, China, and the Soviet Union that our Empire accepts the provisions of their joint declaration."A surrender ceremony was held on USS Missouri at Tokyo Bay on September 2nd.

As a main battlefield in World War Two, China's resistance war lasted longer, suffered one-third of the world's total casualty and paved the way for a quicker defeat of Nazi-Germany and Italy in Europe.

For Europe, it was a war of almost 6 years since the occupation and partition of Poland in September 1939. But for China, the war dragged on for 14 years, starting with the occupation of its northeast in September 1931, and then turning to a full-out war after the Marco Polo Bridge Incident in Beijing on July 7th, 1937.

Rana Mitter, Professor of History and Politics of Modern China at University of Oxford, also the author of "Forgotten Ally: China's World War II, 1937-1945", believes China played an important and substantial role during the war through its lengthy resistance to Japanese aggression.

"Because China did continue to resist Japan, it made it possible eventually for the allies to join it after Pearl Harbor, and eventually win the victory in Asia."Hu Dekun, President of the Chinese Association for the History of World War Two, says China was the first country to fight against the fascists, and it fought alone against Japan until 1941, when the Pacific War broke out.

"The Marco Polo Bridge Incident marks the whole nation's resistance against Japanese invasion. China is the first battlefield against fascism in the world. The Communist Party of China and Kuomintang both fight against the Japanese invaders. In the following 4 years, China fought alone. That was incredible."As incredible indeed, as Britain once did in Europe, fighting alone, in the early years against the German military machine after the fall of France, till Adolf Hitler opened a second battlefront against Josef Stalin's Red Army.

Japan struck Pearl Harbor in 1941, and attacked British and US troops in Southeast Asian nations at the same time.

Even then, China was still the main battlefield against the Axis powers in the east. Among Japan's 51 ground corps, nearly 70% were located in China.

Rana Mitter says China's resistance is of great strategic significance to World War II.

"They made sure that very large numbers of Japanese troops……were held down in China rather than being redeployed, sent away instead to the Pacific or elsewhere. And that means that by making that contribution, China played a significant role in the overall ally's victory."Sugiyama Hajime, Japan's then Chief of Army General Staff once admitted "It is actually impossible to move northward since massive troops have been deployed in China."Then U.S. President Franklin Roosevelt praised Chinese people's efforts against Japanese aggression.

"We are fighting on the same side as the brave people of China—those millions who for four and a half long years have withstood bombs and starvation and have whipped the invaders time and again in spite of the superior Japanese equipment and arms."Former British Prime Minister Winston Churchill said: "If the Japanese attack the West Indian Ocean, all our positions in the Middle East will be lost. Only China can help us to prevent that from happening."Former Soviet leader Joseph Stalin said: "Only when the Japanese invaders' hands and feet are tied up, can we avoid fighting on two fronts simultaneously when the German invaders attack us."Pinning down the majority of Japanese divisions in China -- that helped ensure a quicker victory in Europe, as China effectively delayed or prevented Japanese troops from advancing elsewhere as planned. This made it impossible for the three Axis countries from joining hands in Euro-Asia, relieving Russia of fighting on two battlefronts, while allied nations could fight side by side on both theatres.

Besides fighting at home, China also sent expedition troops to Burma, today's Myanmar in 1942, to fight alongside British forces, helping secure vital supply lines in Southeast Asia.

But the cost of war, which involved four million troops from both sides, was bitter pains and heavy losses. Approximately 35 million Chinese people were killed or wounded, that's about one-third of the world's total casualty.

Back Anchor: Xiaoyi with Part One of our special series on the 70th anniversary of VJ Day, focusing on the Chinese Theatre. Tomorrow, our second report reviews the difficult battles, featuring two Chinese individuals, a guerrilla soldier and an oxherd boy.

Chinese team delivers relief materials to Myanmar victims of floodA team of over 60 scholars and representatives from Chinese companies has delivered aid to people affected by severe flooding in Myanmar.

The worst flooding in Myanmar in the past decade has poured across 12 states and regions since July, claiming 117 lives so far.

The flooding has affected 1.6 million people and economic losses to date have been estimated at over 100 million US dollars.

This woman says the disaster in her country has affected every part of her life.

"The flood disaster has brought us huge difficulties. We rely on the donated materials to live. We cannot find jobs in the forests around the village. Instead, we have to wait for food such as rice, to be donated by others."The donated materials brought by the team from China includes 10,000 bottles of drinking water and 500 relief kits, which contain daily necessities such as rice, salt and cooking oil, as well as some clothes and medicine.

Canada Opens New Trade Office in HangzhouCanada has opened a trade office in the city of Hangzhou, capital of Zhejiang province in eastern China.

Guy Saint-Jacques, the Canadian ambassador to China, says the new office will help facilitate Canada's trade and investment in China.

Hangzhou hosts many successful private companies, including Alibaba.

China is Canada's second largest trading partner. Canada already has nine other trade offices in China, in cities including Chengdu, Nanjing, Shenzhen and Shenyang.

12th China Automobile Marketing Summit opensThe 12th China Automobile Marketing Summit has opened in Qingdao in east China's Shandong Province.

The summit has invited experts to talk about the current situation of automobile marketing and to forecast trends.

Yang Dayong, head of public relations, Chang'an Automobiles, explains what he believes the future holds for the Chinese automobile industry.

"We think new energy vehicles and smart vehicles are the main trend in the future. If our companies could seize the opportunity and work on new energy and smart vehicles, they will better fit into the future. Then, in 2020 or even in 2025, our Chinese brands can have more confidence in competition with joint-venture brands in the international market."The summit also aims to focus on China's innovative automobile marketing strategies and share successful experiences.

China's first onboard satellite TV broadcasting system starts opertion on airlinesAirlines are now testing China's first onboard satellite TV broadcasting system.

This new technology enables passengers to watch live broadcasts from 24 stations.

Zhang Yun, the manager of network office from Air China, says this new system can be further improved.

"It may broadcast more stations because it has large data flow with low cost. Passengers in the future may even enjoy over 100 live-stations once we improve our technology."The new technology is expected to be applied in high-speed trains and long-distance buses in the near future.

China's largest onshore wind turbines starts operationChina's largest set of onshore wind turbines has started operation in a demonstration area for renewable energy in north China's Zhangjiakou City, Hebei Province.

The unit is capable of generating up to 120,000 kilowatt hours of electricity daily, enough for 10s of thousands of households.

The capacity of the new generator unit is 3.3 times greater than that of the previous units deployed across China.

The generator unit is also equipped with an intelligent electricity admission control system to deal with the instability brought about by the larger capability.

All venues in Zhangjiakou to be used during the 2020 Winter Olympic Games will completely rely on renewable energy.

China's largest salt lake approaches record sizeChina's largest salt lake, Qinghai Lake, has expanded by nearly 50 square km in recent years, approaching its record size.

Satellite image show the area of the lake has exceeded 4,432 square km.

The number is about 45 square kilometers short of the record, set in 1974.

The lake is located in Qinghai province in the northwest of the country.

Qinghai Meteorological Bureau says the lake has been expanding since 2011, due to abundant precipitation in surrounding areas and more snow melting because of warmer weather.

Grassland restoration and reforestation projects in the last decade also have helped, preventing the desert around the lake from expanding.

Obama to Visit Alaska for International Climate Change ConferenceThe US State Department will host a 2-day conference on climate change in Anchorage, Alaska beginning on Monday.

President Barack Obama is set to address the conference. He will then begin a tour of Alaska to witness first-hand how global warming is affecting the state.

Obama's 3-day itinerary in Alaska will include a visit to Kotzebue, a community above the Arctic Circle. This will make him the first US president to visit the American Arctic.

Ethan Berkowitz, Mayor of Anchorage, says his city is looking forward to the event.

"This is really a terrific opportunity for Anchorage and for Alaska to show the rest of the world that we can do development in the right way. And it's also an opportunity for the world to get to know us as Alaskans, as the residents of Anchorage, and to see that we're a population that has the idea that we have to be wise, have to have wise use of our resources."At the conference, Obama is expected to press northern nations for stronger curbs on carbon emissions.

Foreign ministers from Denmark, Finland, Iceland, Norway and Sweden will attend the conference, along with senior officials from Canada and Russia.

US Secretary of State John Kerry will also be present at the conference.

Migrants continue to head to EuropeAccording to European authorities, the continent is facing the largest influx of migrants since World War II.

Thousands of migrants and refugees have arrived in Macedonia as they continue their journey north to the European Union.

Many people walked along railway lines and crossed the border from Serbia into Hungary.

Meanwhile, a coast guard ship has also arrived at the Italian port of Messina with 680 migrants and refugees on board.

More than 300,000 people have sought to cross the Mediterranean Sea so far in 2015, up from 219,000 in all of last year.

Brazil's economy in worse-than-expected recessionBrazil has reported that its economy shrunk by 1.9 percent in the second quarter of this year, signaling a recession.

The quarterly contraction turns out to be worse than earlier forecasts of 1.7 percent.

Investment has fallen by 8.1 percent, the eighth straight quarter of decline.

Household consumption slipped 2.1 percent, the worst drop since 2001.

National coordinator of government statistics at IBGE Rebecca De La Rocque gives her thoughts on the negative growth.

"The sectors which suffered the greatest impact are those related to industry, such as commerce influenced by retail and even more so commerce influenced by wholesale. Transport and freight was also negatively affected."The recent recession is said to be driven by lower commodity prices and slower global growth.

This also marks a failure of President Dilma Rousseff's efforts to cut spending, raise taxes and control inflation.

WeatherBeijing will have thunderstorm tonight with a low of 20, tomorrow will also have thunderstorm with a high of 26.

Shanghai will be cloudy tonight with a low of 23, tomorrow will also be cloudy, high of 30.

Chongqing will be cloudy with a low of 23, cloudy tomorrow with a high of 32.

Lhasa will have slight rain tonight with a low of 11, tomorrow will have shower with a high of 21.

Elsewhere in Asia,Islamabad will be sunny with a high of 36.

Kabul, cloudy, 26.

Down in the Southern Hemisphere.

Sydney, slight rain, high of 17,Brisbane,overcast,22,Perth, slight rain, 16,And finally Auckland, New Zealand will have slight rain with a high of 16 degrees Celsius.

Headline newsChina confirms prisoner amnesty for WWII anniversaryChina's top legislature has approved a prisoner amnesty deal, the 8th one since the founding of the People's Republic in 1949.

The move is being made to mark the 70th anniversary of the end of World War II and will affect thousands of war veterans and seniors, as well as convicts who are young or infirm.

Four categories of prisoners who are deemed not to be a threat to society, and who were sentenced before January 1st of this year, will be considered for the amnesty.

This includes criminals who fought in the war against Japan, or in the civil war against the KuomintangCriminals who fought in wars after 1949 are to be considered also, unless they are serving sentences for convictions on bribery, embezzlement, terrorism, organized crime, or if the person is a repeat offender.

Prisoners over the age of 75 and those with disabilities may be eligible for the amnesty.

And finally, those who were under the age of 18 when they committed a crime, and were sentenced to no more than three years in prison, can also be considered. Serious crimes involving homicide, rape, terrorism, or drugs will not be eligible.

China's largest onshore wind turbines starts operationChina's largest set of onshore wind turbines has started operation in a demonstration area for renewable energy in north China's Zhangjiakou City, Hebei Province.

The unit is capable of generating up to 120,000 kilowatt hours of electricity daily, enough for 10s of thousands of households.

The capacity of the new generator unit is 3.3 times greater than that of the previous units deployed across China.

The generator unit is also equipped with an intelligent electricity admission control system to deal with the instability brought about by the larger capability.

All venues in Zhangjiakou to be used during the 2020 Winter Olympic Games will completely rely on renewable energy.

Canada Opens New Trade Office in HangzhouCanada has opened a trade office in the city of Hangzhou, capital of Zhejiang province in eastern China.

Guy Saint-Jacques, the Canadian ambassador to China, says the new office will help facilitate Canada's trade and investment in China.

Hangzhou hosts many successful private companies, including Alibaba.

China is Canada's second largest trading partner. Canada already has nine other trade offices in China, in cities including Chengdu, Nanjing, Shenzhen and Shenyang.

72 militants killed in Afghanistan with two daysAuthorities in Afghanistan say 72 militants have been killed during army operations and air strikes over the past 48 hours.

The defense ministry further confirms that 29 other militants have been wounded and one other has been detained after a number of operations in several provinces.

Twelve soldiers have been killed.

Weapons have been seized and bombs have been defused.

Weekly Biz Roundup(Saturday)Anchor:

It's time to take a look back at some business headlines from this past week in our Weekly Business Review.

China has cut its benchmark one-year interest rates and the requirement reserve ratio.

The State Council has published its final guideline on investment for the country's massive pension fund.

Chinese industrial profits fell faster in July.

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

Reporter:

Chinese stocks recovered more than 10 percent in two days after a five-day losing streak that wiped out a fifth of the market value.

The rebound came after the sharpest stock market decline in eight years on Monday, followed by another 7.63-percent dive the next day.

Thursday's turnaround trailed an overnight rally in the United States on hints from the Federal Reserve that a rate hike is not likely next month.

China's central bank has announced cuts to its benchmark one-year interest rates and to the requirement reserve ratio, or the amount of reserves that banks are required to hold.

The interest rates have been shaved by 25 bps to 4.6 percent and 1.75 percent respectively.

The central bank also cut the requirement reserve ratio by 50 basis points, starting from September 6.

Lu Lei, Head of the Central Bank's Research Bureau, says there are mainly two targets for this round of monetary policy.

"Interest rates for one-year lending and deposits have been cut by 25 basis points. This will definitely help to reduce corporate borrowing costs. The central bank also takes adequate liquidity in financial areas into consideration, which is necessary for the development of real economy. "The reserve ratio for county-level rural financial institutions has been further cut by an additional half-a-percent and the ratio for financial leasing and auto financing firms by an additional 3 percent.

China Financial Futures Exchange (CFFEX) launched a string of measures on Tuesday evening to ease excessive speculation of stock index futures trading.

These measures include raising guarantee deposits for non-hedging-purposed transactions, tightening restrictions on an investor's intraday position-opening amounts for a single product, and raising commission fees for intraday position-closing transactions.

These measures took effect starting from Wednesday.

China's State Council published its final guideline on investment for the country's massive pension fund on Sunday.

New rules will allow authorities to press for larger returns, including allowing pension money to be invested into the domestic stock market.

The country's combined pension fund value hit 3.5 trillion yuan, or 500 billion US dollars, late last year.

Around 2 trillion yuan could be invested.

You Jun, vice minister of human resources and social security said on Friday that safety is the priority of this investment.

"We will realize the protection and expansion of the fund's value on the basis of ensuring its safety. Safety comes first, and safety is our top priority. This is a principle we will always stick to."You added the new rules are not designed to act as support for the volatile stock market.

China's pension fund was previously only deposited in banks or invested in treasury bonds. An estimate from Chinese Academy of Social Sciences says the fund depreciated by nearly 100 billion yuan in the past 20 years.

Authorities in China have launched a nationwide 3-month crackdown targeting money laundering and the illegal transfer of funds that take place outside the formal banking sector.

Tan Yaling, head of the China Forex Investment Reserch Institute, says it's important for the authorities to maintain order in the financial and capital markets.

"A crackdown on underground banking is meant to stop illegal or non-compliant moves which go against market rules. Offenders will be sanctioned. This is very important to maintain order and stability in the Chinese economy, as many speculators have been able to shift money out of the financial and capital markets."This isn't the first crackdown on underground banks in China.

In April, 66 banks were caught illegally transferring 430-billion yuan, or 67.5 billion U.S. dollars, out of China illegally.

The decline in Chinese industrial firms' profits accelerated in July.

Profits of China's major industrial firms fell 2.9 percent year on year, down sharply from the 0.3-percent decline posted in June.

The National Bureau of Statistics attributes the poor performance to weak domestic demand and a continuous fall in factory gate prices, which have suffered 41 consecutive months of declines.

During the first seven months, industrial profits dropped one percent from a year earlier, compared with a fall of 0.7 percent registered in the first half of the year.

Despite overall weakness, the high-tech manufacturing and consumer goods sectors posted strong profit gains. They rose 8.4 percent and 7.5 percent year on year respectively.

China has eased property investment rules for foreign individuals and institutions across the country.

The Ministry of Commerce says foreign institutional investors are exempt from registration fees when taking out domestic and foreign loans for property and settling foreign exchange transactions.

Foreign individuals and companies are now allowed to buy as many properties as they wish, but they are still subject to local housing purchase limits.

Previously, foreign residents were allowed to buy no more than one property on the mainland and had to first have worked in China for a year.

Yang Hongxu, E-House China R&D Institute, believes the adjustment is unlikely to have a major impact on the overall real estate market.

"The Chinese currency appreciated quickly ten years ago and the property price had a big increase at that time. But things are different now. The value of RMB has stopped rising, or may even be on a trend of depreciation. At the same time, the housing price is not increasing so sharp as ten years ago. So the foreign capital has less driving force now."Research by Centaline Property shows the average profits of 60 Chinese property developers rose 8.4 percent in the first half of this year, down from the 10 percent posted last year.

Of the 60 property developers, 36 posted a profit margin below 10 percent and 28 reported a decline in net profit.

Dalian Wanda has purchased US-based World Triathlon Corporation in a deal worth 650-million US dollars.

The Florida-based World Triathlon organizes virtually all of the triathlon competitions around the world.

Wanda chair Wang Jianlin says the acquisition has turned Dalian Wanda into the world's largest sports operations company.

He says it will also promote triathlon's in China through training programs.

"What we want to do now is teach those who ride to run marathons and teach runners how to swim. Those who register will be given training and coaching. But I think it will take time to have 100-thousand people take part in the event in China. But our overall target is to have 200-thousand athletes participating in a decade."Wanda's acquisition of World Triathlon Corporation comes on the heels of the company's purchase of Infront Sports and Media, which is one of the world's largest sports advertising firms.

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

SportsIAAF Worlds recap, call-inStarting things off with action from the IAAF world championships,Su Bingtian has led China into the final of the men's 4x100 meter relay.

Su and the other three Chinese sprinters set a new Asian record of 37.92 seconds.

It is China's first appearance in the finals at the world championships in 28 years.

Mo Youxue, Xie Zhenye, Su Bingtian and Zhang Peimeng will hit the track at 9:10pm.

For more on this, we are joined live on the line with our reporter Luo Bin.

Back anchor: that was our reporter Luo Bin live at the Bird's Nest Stadium.

On the sidelines of the tracks, the Chinese cameraman who knocked over Usain Bolt with a segway has given Bolt a bracelet as an apology. Bolt was never mad at him and accepted the gift.

Li Jinyu joins national team as assistant coachIn football,China's national team has welcomed a new member as it prepares for a World Cup qualifier in Shenzhen.

Li Jinyu, at one time the best shooter in the Chinese Super League, has joined the national team as an assistant coach.

Li will work alongside his former teammate Li Tie to aid head coach Alain Perrin.

Li Jinyu is one of the best strikers China has ever seen in its domestic league and still holds the scoring record, with 120 goals.

The Thirty-eight-year-old has coached in the China League and women's football since his retirement in 2011. He has three Chinese Super League titles with Shandong Luneng.

Saturday football previewOver in the English Premier League,Chelsea takes on Crystal Palace at 10pm Beijing time.

Chelsea coach Jose Morinho declined to comment yesterday on the possible move of Zhang Linpeng. Morinho simply said Zhang "is Guangzhou's player".

In La Liga,Vallecano will play Celta tomorrow morning. Zhang Chengdong was left off of the squad.

Both Zhang and his coach say the player needs time to adapt and learn how to perform in La Liga.

In the Bundesliga,The game between Bayern Munich and Leverkusen will reshuffle the standings among the top teams.

The teams are tied at 6 points. Bayern sits one place higher on goal differential.

Bayern's Arturo Vidal will face his old team when the game begins shortly after midnight Beijing time.

Jordan Spieth misses cut, loses world number statusIn golf,Jordan Spieth lost his world number status when he missed the cut at the opening event of the FedEx playoffs.

Spieth entered the second round at 4-over 74. He needed to shoot two-under to make the cut.

Spieth eventually sealed the round at 3-over 73, letting Rory McIlroy overtake him as the world number one at a tournament he's not even playing.

Spieth says he is prepared to recapture the top spot.

Yeah, tough week. I'm definitely searching for answers. I don't know exactly what I'm going to do from here as far as how I get prepared for next week but I've got some time to figure it out, we don't start until Friday."Bubba Watson is the current leader, seven-under overall and clear by one shot.

Tennis updateVery quickly in tennis,Petra Kvitova and Lucie Safarova have set up an all-Czech Republic final at the Connecticut Open.

Over on the men's side,Kevin Anderson reached the final of the Winston-Salem Open. He will face French qualifier Pierre-Hugues Herbert.

EntertainmentPingjun Opera on Wartime Story StagedA Pingju opera titled "Mother" has been staged in Beijing, the fourth stop of its five-city tour.

This tour is to celebrate the 70th anniversary of China's victory in the War of Resistance against Japanese Aggression.

The show is based on the real life stories of Deng Yufen, who lost her sons and husband in the war in the 1930s.

It reveals the horrors of the war through the mother's struggles.

The opera has played in Shijiazhuang, capital of Hebei Province, Tianjin and Hohhot in the Inner Mongolia Autonomous Region.

The last stop will be Taiyuan, capital of Shanxi Province.

Box Office of 'Minions' Crosses 1 billion dollar milestoneAnimated film "Minions" has crossed the $1 billion mark at the global box office.

It becomes the third animated film in history to hit that mark.

The other two are Disney's "Frozen" and Pixar's "Toy Story 3".

This also makes Universal the first studio to boast three films cross the $1 billion mark at the worldwide box office in a given year.

"Furious 7" has earned $1.5 billion for Universal, while "Jurassic World" has earned $1.6 billion to date.

"Minions" is set to open in China on September 13.

President Obama Visits with Prison Inmates In Vice Documentary TrailerUS President Barack Obama has made a recent pit stop at a federal prison.

Media giants Vice and HBO have released a trailer for their upcoming special- VICE Special Report: Fixing The System. The special examines the U.S. criminal justice system.

In the trailer, the commander-in-chief is seen sitting down with inmates to listen to their stories.

Hosted by Vice founder Shane Smith, the documentary features the president's tour of the Federal Correctional Institution in El Reno, Oklahoma, where he met with inmates and prison officials in July.

The trip marks the first time a sitting president has visited a federal prison in the US.

Kenny Chesney and Shania Twain top touring artists this weekCountry superstars Kenny Chesney and Shania Twain are topping Billboard's list of Hot Tours this week.

They are nabbing multi-million dollar box office profits from their ongoing North American concert tours.

Chesney's top ranking is based on $12.7 million in revenues, from four shows during the homestretch of his "Big Revival" tour, which wraps today.

Twain earns her second-place with $5.2 million in revenues, from five shows during the summer leg of her "Rock This Country" tour.

Twain just celebrated her 50th birthday yesterday.

In honor of the occasion, select tickets for Twain's upcoming Allentown performance will be available for $50.

Steve Carell Replaces Bruce Willis in Woody Allen MovieSteve Carell will replace Bruce Willis in the new Woody Allen movie.

The new movie is shooting in Los Angeles with a starry lineup, including Jesse Eisenberg, Kristen Stewart, Blake Lively, and Parker Posey, among many others.

Bruce Willis was spotted on set and in costume with Eisenberg, but abruptly left the production this week.

The reasons for Willis' departure remain murky.

Carell was nominated for an Oscar in 2014 for his role in the film "Foxcatcher". He appeared in Woody's Allen's 2004 movie Melinda and Melinda.

Pop-up Exhibition on Kray Twins Kicks offPictures of the notorious Kray twins and their native London East End go on display in a pop-up exhibition in the British capital.

The exhibition, titled "Legend of the East End", comes ahead of Tom Hardy's new film-"Legend", which features the life of the two gangster brothers.

Zelda Cheattle, curator of the exhibition, says the display goes beyond the cliché images of the gangsters:

"The exhibition is kind of to contextualise who the Krays were, where they came from, and kind of what the east end means and what it meant and maybe putting a new light on maybe a rather cliched and romanticised view of what people have previously thought of the east end."The feared brothers Ronnie and Reggie Kray built up a crime empire in the 1950s and 1960s.

They died in 1995 and 2000 respectively,But to this day they hold an almost mythical status in Britain.

The exhibition runs until Sept. 11.

The film "Legend" opens in UK cinemas on Sept. 9.

WeatherBeijing will have thunderstorm tonight with a low of 20, tomorrow will also have thunderstorm with a high of 26.

Shanghai will be cloudy tonight with a low of 23, tomorrow will also be cloudy, high of 30.

Chongqing will be cloudy with a low of 23, cloudy tomorrow with a high of 32.

Lhasa will have slight rain tonight with a low of 11, tomorrow will have shower with a high of 21.

Elsewhere in Asia,Islamabad will be sunny with a high of 36.

Kabul, cloudy, 26.

Down in the Southern Hemisphere.

Sydney, slight rain, high of 17,Brisbane,overcast,22,Perth, slight rain, 16,And finally Auckland, New Zealand will have slight rain with a high of 16 degrees Celsius.

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

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

The UN Secretary General talks about China's role in the world, as he speaks of his visit to the country next month...

Chinese lawmakers have approved an amnesty for prisoners to mark the 70th anniversary of the end of world war II...

And the American president will soon depart for Alaska, where he is to attend a two-day conference on climate change...

In the 2nd half of the hour, we'll bring you some of the business stories that have made headlines over the past week.

In Sports...China's 4x100m relay team will race in the final in Beijing tonight...

And in Entertainment...the minions have now earned a billion dollars at the box office...

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