Welcome to this half-hour version of the Beijing Hour, live from the Chinese capital.

Coming up on the program this morning...

Chinese premier Li Keqiang kicks off a 3-day visit to South Korea - joining a summit gathering leaders from China, Japan and South Korea.

China and Germany vow to enhance economic and educational cooperation as the German Chancellor winds up her two day visit.

Diplomats have ended hours of talks on the Syria crisis in Vienna with some agreement but substantial differences remaining.

We'll also be taking a look back at the business stories that have made headlines over the past week...

In Sports... Steve Johnson claimed a place in the last four at the ATP 250 Valencia OpenIn Entertainment... plans to cut red tape for China's film makersTop NewsChina, Japan, South Korea Summit marks a new start: ExpertsChinese premier Li Keqiang is kicking off a 3-day visit to South Korea today.

As part of his time there, he will also join a summit which gathers leaders from China, Japan and South Korea.

Observers from the three countries are suggesting that the forthcoming summit, the first of its kind in 3-years, could be a new starting point to help get uncertain relations in East Asia back on a more even path.

CRI's Wang Mengzhen has more.

Reporter:

Chinese Premier Li Keqiang, South Korean President Park Geun-Hye and Japanese Prime Minister Shinzo Abe will sit down together on Sunday for their first trilateral meeting since May of 2012.

Historical and territorial issues among the three countries have kept them from coming together until this weekend.

While those issues are still there, Jeff Kingston, director of Asian studies at Temple University in Japan, says the resumption of the trilateral summit could be a signal those tensions may be easing somewhat.

"I think we've had this really long hiatus in regional dialogue and communication principally because of differences over history and also to some extent over overlapping territorial claims. But I think it's a recognition by the leaders of all three countries that the relationship is far too important to hold hostage to history, to some rocky islets in the middle of the ocean."As leading players in Asia, China, Japan and South Korea make up around 70-percent of all economic output in Asia, and represent 20-percent in the world economy.

Professor Lv Yaodong with the Japanese Studies Institute at the Chinese Academy of Social Sciences says its this regional clout that should be the focus of this weekend's sessions.

"The purpose of this summit should be to find more common ground among the three nations rather than sorting out their disputes. They can collaborate with each other on issues such as environmental protection and reducing greenhouse gas emissions. The three also need to prioritize regional peace and stability ahead of bilateral relations."Although this is a trilateral session, one of the big political events will take place when South Korean President Park Geun-hye sits down for a one-on-one meeting with Shinzo Abe.

It will be their first bilateral talks since Park took over as President.

She's refused to sit down with him directly since she took office in early 2013 because of comment's he's previously made connected to the contentious issue of "comfort women."These were sexual slaves used by Japanese troops during World War II.

Professor Park Ihn-hwi with Ewha Woman's University in South Korea says that sit-down will be important for both sides.

"The historical issues have to be worked from a long-term perspective. There seems to be a basic premises for an improvement of South Korea-Japan relations. The the two countries should continue to maintain ties under the theory they cooperate best economically in profitable areas, including trade."The meetings this weekend will are expected to discuss the potential creation of a trilateral Free Trade Agreement.

Those talks were first launched in early 2013.

However, they've so far made little headway, with concerns among China, South Korea and Japan said to be high in areas such as agricultural and technological imports.

For CRI, I am Wang Mengzhen.

China and Germany call for strengthening bilateral tiesChina and German have vowed to enhance economic and educational cooperation as the German Chancellor Angela Merkle wrapped up a 2-days visit to China.

Our reporter Guo Yan has the details.

Reporter:

During her last day of stay her in China, the German Chancellor, accompanied by Chinese premier Li Keqiang, has visited the central Chinese province of Anhui.

The two leaders attended a seminar with business leaders from both countries.

Premier Li assured participants that China still has huge market potential for investment.

"Despite the slowdown of China's economic growth, the country still boasts great potential in domestic demand, especially in central and western regions. The visit of the China-Germany economic advisory committee to central China's Anhui province has a special meaning. We welcome major enterprises like Siemens and Volkswagen from Germany to invest here."The German Chancellor also stressed her country want to maintain a strong partner with China in the field of economy and trade.

"We want to participate into the readjustment of China's economic structure and we want to be a good investment partner for China. We welcome companies from China to invest in Germany. And we will also make a contribution to the process. We will support China by our experience in the economic structural readjustment, specially in the areas of the development of western regions and technical expertise."The two leaders have already witnessed the signing of 13 deals in Beijing.

One of them will see China buying 130 jets from Airbus Group SE.

China and Germany also pledged to set up a Sino-European stock exchange joint venture to promote the internationalization of the renminbi.

Apart from trade and investment, the two leaders also called for more exchanges in education.

They made the pledge while attending a ceremony marking the 30th anniversary of the founding of Hefei University, which was jointly built by China and Germany.

Premier Li Keqiang said there is a great potential for the two countries to cooperate in vocational education.

"The chancellor and I choose to come here, and we hope the cooperation between the two countries in the next thirty years would be more successful. Chinese government will set up a Sino-German education cooperation demonstration base and a fund as well at Hefei University."Chancellor Merkel said the German government would encourage more local educational departments build collaborations here in China.

She said she also expected there would be more student exchanges in the future.

"When I see the many motivated young people here, the ones we can see inside here, who are experiencing learning, and the ones who were standing outside and greeting us, then Mr Premier I have no concerns as to whether it was a good idea to promote the Germany-China youth exchange, student exchange."Chancellor Merkel left Hefei on Friday night, concluding her two-day official visit.

For CRI, I'm Guo Yan.

China Dismisses Arbitral Tribunal's ruling on South China SeaThe Chinese government is dismissing a decision by an international tribunal connected to the South China Sea.

The Hague-based Arbitral Tribunal has determined it will hear part of the case the Philippine government put forward in its dispute with China over who holds jurisdiction over the Nansha Islands.

Foreign Minsitry Spokesman Lu Kang said the court ruling is null and void.

"China has indisputable sovereignty over the South China Sea Islands and the adjacent waters. As a sovereign state and State Party to the United Nations Convention on the Law of the Sea, China is entitled to choose the means and procedures of dispute settlement of its own will. China has been committed all along to resolving disputes with its neighbours over territory and maritime jurisdiction through negotiations and consultations. "The spokesman said the Philippines' decision to seek arbitration was "a political provocation under the cloak of law.""As a State Party to the UNCLOS, China firmly opposes the acts of abusing the compulsory procedures for dispute settlement under the UNCLOS, and urge all parties concerned to work together to safeguard the integrity and authority of the UNCLOS. China urges the Philippines to honour its own commitments, respect China's rights under international law, change its course and return to the right track of resolving relevant disputes in the South China Sea through negotiations and consultations."The Philippines decided to challenge China's sovereignty over the Nansha Islands through the international tribunal in 2013, rather than by direct negotiations which the Chinese government has been asking for.

Eased Child Policy Welcomed, But Effect in DoubtWhile it appears the easing of the one-child policy to allow all couples in China to have two children is being widely-welcomed, some experts are suggesting that the government will need to take extra steps to make it effective.

CRI's Luo Wen reports.

Reporter:

A communique issued on Thursday following a Party Plenum this week states the long-anticipated relaxation of the policy is aimed at alleviating demographic strains on the country's economy.

Yuan Xin with Tianjin-based Nankai University says the authorities have been left with little options at this point.

"In the 13th Five-year period, China is likely to face growing pressure from a slowing economy, along with worsening problems such as the aging population, a continued gender imbalance and labor shortages. The only solution available to fix these problems is to stimulate population growth."Official figures show 15 percent of China's 1.34-billion people were above the age of 60 as of the end of last year.

It's forecast that one in every three people in China will be over 60 by the middle of this century.

The same demographic analysis also shows the available labor force dropped to 930-million by last year from its peak at 940-million in 2012.

This number is expected to further decrease by close to 30-million more in the next 5-years.

But beyond the needs of the country, many are looking at the decision to allow 2-children per-household as a positive move on the social front.

"I was born in the 1980s. I'm the only child of my parents. Sometimes, I feel lonely. If I had a sister or brother, I think it would be better. And it would also be easier to look after my parents when they become old.""The new policy can also be seen as progress in our country when it comes to improving human rights. People should have the right to decide how many children they have."Chinese authorities last move to loosen the family planning policy was in late 2013.

Under that decision, couples where only parent was the product of the one-child policy were allowed to have a 2nd child.

The previous restrictions would only allow for a 2nd child if both parents were from a one-child family.

But as of this June, only 1.5 million of the 11 million eligible couples applied to expand their family.

Yuan Xin with Nankai University says the new national policy changes are unlikely to bring a baby boom, either.

"Families willing to have a second child always far outnumber those who choose to have a second one. It's a normal. Since the previous reform failed to function as expected, I'm assuming the new one is also unlikely to bring a significant change."Financial pressures are a major obstacle keeping many Chinese parents from having a second child.

Kong Linde is among them.

"Firstly there's the financial pressure. We haven't paid off our mortgage. The other thing is the expense of raising a child is already really high, so we're worried about how to bring up a second child. We want a second one, but we figure its almost impossible at this point."At the same time, Joseph Cheng, a retired professor with City University in Hong Kong, suggests the government should also take steps to address the urban-rural balance when implementing the new policy.

"Relatively well-educated and prosperous urban families are quite reluctant to have more children. Population growth tends to take place more in the rural areas. So how are you going to provide incentives to encourage young, well-educated, relatively prosperous urban families to have more children?"There are no immediate details on when the new policy will be implemented.

The so-called one-child policy was first introduced in the late 1970s to prevent China's population growth from spiraling out of control.

It's estimated that policy kept China's population from growing by some 400-million since then.

For CRI, I'm Luo Wen.

17 dead in central China building collapseA building has collapsed in central China's Henan Province, leaving 17 workers dead and 23 injured.

The two-story house, which was built in the 1990s collapsed suddenly on Friday afternoon.

CCTV correspondent Wang Tao explains the possible cause of the collapse at the site.

"The owner of the building wants to lift its foundation and hired a construction team. They attempted to lift the house by 1.2 meters, but it collapsed after being lift by 1.1 meters. Many workers were inside the building when the accident happened."By about 11pm rescuers had pulled 40 workers out of the debris.

ConocoPhillips ordered to pay 1.7 mln yuan over damages in oil spillA court in north China's Tianjin has ordered the American oil giant ConocoPhillips to pay 1.68 million yuan - about 265 million US dollars - to 21 fishermen.

The fishermen claim their fishing interests and livelihoods were severely damaged by the 2011 Bohai Bay oil spill.

ConocoPhillips along with the Chinese state-owned oil giant, the China National Offshore Oil Corporation are held responsible for the contamination of more than 6,200 square kilometers of water in the Bohai Bay.

The verdict temporarily ends nearly four years of haggling.

In 2012, the Chinese authorities reached a settlement with the two companies, granting affected fishermen one billion yuan in total. The State Oceanic Administration also levied a 1.68 billion yuan penalty for the damage caused to the maritime eco-system.

Most of the fishermen accepted the compensation.

The 21 fishermen in the most recent case did not join the settlement process and filed their litigation in 2011.

Soon-to-open Shanghai Disney Resort Features Chinese CultureThe Walt Disney Corporation has said that its going to be adding a number of exclusively-Chinese elements to its new theme park - soon to be opening in Shanghai.

CRI's Chi Huiguang has more.

Reporter:

Among the latest series of offerings to be available exclusively at the soon-to-open Disney Resort in Shanghai, Chinese kungfu shoes are most eye-catching, which are designed for the iconic Disney cartoon characters Mickey and Minnie Mouse, and Chinese-style tea sets featuring the magical duo are not far behind.

Allen Au Yeung is Disney's creative vice president in the Greater China Region.

"This is one of the most, kind of, interesting product we have done: kungfu shoes. As you see, how we marry our Disney creatives with a local product. This is a very good example of what we're trying to do for The Walt Disney Company in China."The company also plans to work with China Post, the country's official postal service, to issue stamps and first-day covers that incorporate both Disney characters and traditional Chinese patterns.

Other additions to its merchandise lineup will include Chinese calligraphy and ink painting works, China-themed gold jewelry, and Disney character-inspired moon cakes and Chinese snacks.

"We have a local artist here working with us in the team and he's quite enjoying Mickey and Minnie. So he really has a full understanding about the art and culture in China. And it's something that to him, kind of do some study, and that's how we come up with the scene, hopefully Mickey and Minnie."Robert A Iger, the chairman and CEO of The Walt Disney Company says that Disney has been delighting people at these parks and resorts around the world for 60 years.

"And here in Shanghai, we apply everything that we've learnt from 6 decades of relentless innovation and creativity to deliver a world-class destination. When we began this project, our goal was that to create something that was authentically Disney and distinctly Chinese."Robert explains that they have hired some culture analysts, in order to research the consumption customs of Chinese people.

They even went to visit some Shanghai people's homes to try a typical Shanghai dinner.

Every name of the product Shanghai Disney Resort offers has been given consideration to both the original English meaning and Chinese ideas.

The Shanghai Disney Resort is an under-construction theme park by Walt Disney Parks and Resorts.

It is the first Disney Park in the China mainland.

The Resort is to open in the spring of 2016.

For CRI,I am Chi Huiguang.

World Diplomats Calls Stronger Effort to End Syrian WarAnchor:

Dozens of diplomats have ended hours of talks on the Syria crisis in Vienna, with agreements reached on several points but substantial differences, especially concerning the future of the Syrian President Bashar al-Assad, remaining.

CRI's Niu Honglin has the details.

Reporter:

A joint statement issued after the meeting says the ministers have agreed to ask the United Nations to initiate a political process that hopefully could lead to a ceasefire and elections in Syria.

After the lengthy meeting in Vienna, the Russian Foreign Minister Sergey Lavrov said participants in the talks were not trying to mask problems and issues.

"That is not so, we are honestly talking to you about these disagreements. The principles that have been created here today in the joint statement will be the basis for serious work which will be hard, I have no doubt. It will not be a fast process, but this work will make it possible to create trust, especially among the countries of the region. They have some serious issues, but today they sat down round the negotiating table and they held talks. With that kind of trust we can make sure the Syrian people will have the chance to decide their future."However a sticking point at the meeting is the position of the Syrian President Bashar al-Assad, with the United States insisting that he could neither unite nor govern his country.

Acknowledging its position, US Secretary of State John Kerry also pledged a stronger diplomatic effort to solve the Syrian civil war.

"But we can't allow that difference to get in the way of the possibility of diplomacy and the beginning of　a final solution. And that is the significance of the decision that was earlier made here today was that even though we acknowledge the difference, we know it is urgent to get to the table and to begin the process of real negotiations."As the Chinese representative to the meeting, vice Foreign Minister Liu Baodong said the Chinese side had put forward its own proposals.

"And strongly we believe that the future of Syria must be determined by the people in Syria and we should start a political process as soon as possible. And the political process must be inclusive and widely participated by all the parties in Syria. And also we believe that we should start reconstruction process."The international talks gathered diplomats from key players including the United States, Britain and Russia, as well as other regional stakeholders.

They included Iran for the first time, making it the broadest gathering of nations yet to discuss Syria's future.

Tehran signaled it would back a six-month political "transition" period in Syria followed by elections to decide Assad's fate, although his foes rejected the proposal as a trick to keep the president in power.

The Vienna talks also see agreement on improving access to humanitarian aid into Syria, where 250,000 people are believed dead since the civil war began four years ago.

Diplomats also agreed to meet again in two weeks.

For CRI, this is Niu Honglin.

US to send special forces into SyriaMeanwhile the US says it is going to deploy a group of Special Forces to Syria to fight the Islamic State militants.

White House Press Secretary Josh Earnest said on Friday that the move did not signify a major shift in policy but is an "intensification" of existing policy designed to bolster local opposition forces.

"And the president did make a decision to intensify that support by offering a small number of U.S. special operations military personnel to offer them some advice and assistance on the ground as they take the fight to ISIL. So this is an intensification of a strategy that the president announced more than a year ago."An administration official put the number of special operations troops at fewer than 50, but the White House said it expected those troops to have - what it called - an outsized impact.

The decision by President Obama, who in the past has been deeply averse to committing troops to unpopular wars in the Middle East, would mark the first sustained U.S. troop presence in Syria and raise the risk of American casualties, although U.S. officials stressed the forces were not meant to engage in front-line combat.

The Obama administration is under pressure to ramp up America's effort against Islamic State, particularly after the fall of the Iraqi city of Ramadi in May and the failure of a U.S. military program to train and arm thousands of Syrian rebels.

Greek Authorities say 22 migrant drowned in the Aegean in the past 24 hoursBodies were brought to shore on the Greek island of Kalymnos on Friday, after one of the worst accidents in its territorial waters since the refugee and migrant crisis began.

Greece's Merchant Marine Ministry said 19 people had died and 138 were rescued near the eastern island.

Several of the victims were children, including babies.

Another three also died as they tried to reach Rhodes and three were still missing.

Speaking in parliament on Friday, Greece's prime minister Alexis Tsipras said Europe had not been able to respond to the drama and instead had focused on shifting blame.

"As a member of this European leadership, I feel shame, shame at Europe's inability to effectively address this human drama, and of the level of debate underway at the summit level where everyone tries to shift the blame onto someone else. The tears for the dead children on the shores of the Aegean are hypocritical crocodile tears."The drowning death toll has mounted recently as weather in the Aegean has taken a turn for the worse.

Meanwhile in Spain rescuers found the bodies of four migrants and are searching for 35 missing from a boat that ran into trouble trying to reach Spain from Morocco.

Greece has been a transit point for more than 570,000 refugees and migrants fleeing conflict in the Middle East and beyond this year, triggering arguments among European nations who are still undecided on how best to deal with the influx.

WeatherBeijing is sunny today with a high of 15 degrees Celsius, cloudy tonight with a low of 4.

Shanghai is overcast with a high of 17, clight rain tonight with a low of 13.

In Chongqing, it has showers today with a high of 19, overcast tonight with a low of 15.

Elsewhere in the world, staying here in Asia,Islamabad, cloudy on Saturday with a high of 25.

Kabul, cloudy with a high of 18.

Over to North America,New York will be overcast with a high of 12 degrees.

Washington, overcast with a high of 15 degrees.

Honolulu, cloudy, 28.

Toronto will be overcast with a high of 10 degrees.

Finally, on to South America,Buenos Aires will be overcast with a high of 20.

And Rio de Janeiro will be overcast with a high of 30 degrees Celsius.

Headline NewsChina, Japan, South Korea Summit marks a new start: ExpertsChinese premier Li Keqiang is kicking off a 3-day visit to South Korea today.

As part of his time there, he will also join a summit which gathers leaders from China, Japan and South Korea on Sunday.

The meetings this weekend will are expected to discuss the potential creation of a trilateral Free Trade Agreement.

As leading players in Asia, China, Japan and South Korea make up around 70-percent of all economic output in Asia, and represent 20-percent in the world economy.

Navy chief "deeply concerned" over U.S. ship S.China Sea patrollingChina's top naval commander has told his US counterpart he is "deeply concerned" about the tensions created by the U.S. side in the South China Sea this week.

Admiral Wu Shengli has expressed his frustration as part of a video conference with US Naval chief John Richardson overnight.

Wu Shengli has told Richardson the decision to sail a US naval vessel within 12-nautical miles of Chinese controlled territory in the Nansha Islands is a threat to Chinese sovereignty and security.

He also says the move has set-back regional peace and stability, and has warned the Chinese side will take "all necessary measures" to protect its sovereignty and security.

World Diplomats Calls Stronger Effort to End Syrian WarDozens of diplomats have ended hours of talks on the Syria crisis in Vienna, with agreements reached on several points but substantial differences, especially concerning the future of the Syrian President Bashar al-Assad, remaining.

A joint statement issued after the meeting says the ministers have agreed to ask the United Nations to initiate a political process that hopefully could lead to a ceasefire and elections in Syria.

The international talks gathered diplomats from key players including the United States, Britain and Russia, as well as other regional stakeholders.

They included Iran for the first time, making it the broadest gathering of nations yet to discuss Syria's future.

Diplomats also agreed to meet again in two weeks.

Germany, Austria agree to limit border crossing points for refugeesGermany and Austria have agreed to limit the number of border crossing points for refugees to five in order to deal more effectively with the flow of refugees.

According to German media reports, the two governments are to set up transfer and control points to create what they called "an orderly process."The government of Bavaria, which borders Austria, has accused Vienna of endangering Germany's security by bringing large numbers of refugees to its border in recent days without any prior consultation.

Weekly Biz ReviewIt's time to take a look back at some of the headlines from business over the past week in our Weekly Business Review.

In this edition, we will take you through the economic targets China has set for the next five-year plan and tell you about the partnership formed by China's two largest online travel agents.

CRI's Chi Wenjie has more.

Reporter:

China will target "medium-high economic growth" in the five years from 2016, according to a communiqué released on Thursday following a key meeting of the Communist Party of China.

Leaders decided at the four-day Fifth Plenary Session of the 18th CPC Central Committee that China will aim to double its 2010 GDP and per-capita income of both urban and rural residents by 2020 by ensuring more balanced, inclusive and sustainable development.

Cao Can, CEO of Shengya Capital, believes the target is not unrealistic.

The country will also promote greater sophistication in its industrial sector and significantly raise the contribution of consumption to economic growth.

The urbanization ratio calculated based on the number of registered residents will also rise at a faster pace.

///////////////////China is expected to attract more foreign investors by being clearer on the rules that apply to them.

The announcement has been included in the statement released on Thursday following the Fifth Plenary Session of the 18th Communist Party of China Central Committee.

Policy leaders have decided on nationwide adoption of the "negative list" model that outlines sectors and businesses that are off limits to foreign investment.

This can ensure protection of foreign investors' rights and better allocate their funding.

The committee has also encouraged coastal areas to get more involved in global trade, calling for more manufacturing bases and cross-border economic zones.

Meanwhile, the service sector in particular should be further opened to foreign investment.

During the first three quarters, the value added of the service industry accounted for over 50 percent of GDP.

////////////////China signed 13 trade agreements with Germany on Thursday after the bilateral talks between the Chinese Premier Li Keqiang and German Chancellor Angela Merkel in Beijing.

The deals cover youth communication, finance, transportation, telecommunication, industry and medicine.

Among them is a 17-billion-euro deal in which China will buy 30 airbuses and a framework.

In the economy sphere, Li Keqiang suggested the two sides could explore new growth points on sectors of investment, finance and entrepreneurship and innovation.

"China and Germany should enhance innovation, as well as coordinate our "Made in China 2025" strategy with Germany's "Industry 4.0" strategy. On the one hand, Germany's industrial growth and technological developments needs bigger markets, such as China. On the other hand, China can learn advanced concepts and technological innovations from Germany, as well as help German companies broaden their markets. Both countries can compliment one-another. I've also committed that the Chinese government will protect German companies' intellectual property rights."For her part, Merkel said it's her country's hope China's ongoing economic transition will provide new opportunities.

"I certainly have confidence in China's economic growth. Each nation has different stages of economic development, along with some fluctuations. At this particular moment, Chinese economy is in need of innovative development, especially a larger investment on green economy. Germany can be acted as a great partner in this respect. Both nations have great potential for collaborations in industrial strategies, small and medium-sized enterprises, as well as production of consumers' goods."At Li's invitation, Merkel is making an official visit to China from Thursday to Friday. It is her eighth visit to China since 2005 in the capacity of chancellor.

////////////////Over the last weekend, China's central bank once again cut the reserve requirement ratio (RRR) of banks and benchmark interest rates.

From last Saturday, People's Bank of China cut its benchmark one-year lending and deposit rates by 25 basis points each to 4.35 percent and 1.5 percent respectively.

The reserve requirement ratio for all financial institutions has also been slashed by half a percentage point, to further reduce the cost of financing.

At the same time, the central bank has decided to remove the 50 percent ceiling for banks' deposit rates.

PBoC says the moves are conventional monetary measures, and different from QE, which is often considered a last resort to stimulate the economy if a recession or depression continues.

PBoC notes that QE is usually adopted when a central bank has lowered interest rates to zero, and further lowering is no longer possible.

The bank notes that it has not considered a "zero-interest rate" policy.

Ma Jun, chief economist of the Research Bureau of PBoC, says two recent cuts on interest rates will not deviate from China's neutral and moderate monetary policy.

"One special reason to cut interests rate is to keep real interests rate basically stable, and keeping the real rate basically stable under the circumstance of rising inflation must be obtained by cutting back on the nominal rate."This is the fifth RRR reduction in nearly nine months and the sixth round of interest cuts in nearly 11 months.

//////////////China and the U.S. began negotiating a bilateral investment treaty on Wednesday.

China's Ministry of Commerce says both sides have agreed to speed up negotiations.

This is the 22nd round of talks, which are taking place in the city of Qingdao.

Talks this time follow the exchange of initial negative list offers during the previous session.

Negative lists detail which sectors of the economy will be closed to foreign investment.

Authorities have not said when they expect a new bilateral investment treaty will be completed.

Once finished, the BIT will give the two largest economies in the world greater access to one-another's markets.

//////////////////On Tuesday, the Ministry of Human Resources and Social Security announced China has drafted a province-level old-age pension plan.

Up to now, more than 30 provinces, autonomous regions, municipalities as well as Xinjiang Production and Construction Corps have introduced their own province-level pension plan.

Spokesman for the Ministry of Human Resources and Social Security Li Zhong says China is studying the cases in order to formulate a state-level plan.

"Currently, we have made calculations based on relevant pensions and formed a rough draft of the state-level old-age pension plan. We plan to make further discussions and report it to the State Council or the central government at a proper time."In addition, over 90 percent of Chinese cities have formed city-level unified medical insurance systems.

This has solved 60 percent of the nation's reimbursement problems resulted from receiving medical treatment in different places.

On the same day, the Ministry of Human Resources and Social Security also announced that China's pension funds will be ready for investment in stocks and equities next year after the government sets rules to regulate the change.

Around 2 trillion yuan or 315 billion U.S. dollars of the funds' total assets can be invested in various products.

///////////On the corporate front,China's two largest online travel agents, Ctrip.com and Baidu-backed Qunar, announced a deal on Monday to effectively form a partnership after a share swap.

Under the agreement, Baidu will own shares representing 25 percent of Ctrip's voting interests, while Ctrip will own nearly 45 percent of Qunar.

Meanwhile, four representatives from Ctrip will be appointed to Qunar's board of directors.

Baidu chairman Robin Li and vice president Tony Yip are expected to join Ctrip's board.

Ctrip has a market valuation of around 13 billion U.S. dollars, while Qunar was valued at some 6 billion U.S. dollars during Monday's trading.

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

SportsSteve Johnson advances in Valencia OpenIn tennis news:

Steve Johnson claimed a place in the last four at the ATP 250 Valencia Open on Friday by knocking out sixth seed Guillermo Garcia-Lopez 7-5, 6-4.

The unseeded American clinched the opening set by breaking Lopez's serve.

He then sealed his win with another timely break in the second - when the Spaniard was serving to stay in the match at 4-5.

Johnson will move on to play either seventh seed Roberto Bautista or Mischa Zverev.

Gasquet advances at Swiss Indoors tournamentand in more tennis news:

Richard Gasquet moved through to the semi-finals of the Swiss Indoors on Friday with a three-set win over Ivo Karlovic.

Frenchman Gasquet took the opener - breaking Karlovic's serve in their third game.

This would be the only break in the match.

Both the second and third sets went to tie-breaksKarlovic took the first tie break 7-2, but lost in the second 7-6.

Then end of the match saw Gasquet take victory with a 6-4, 6-7 , 7-6 .

Muguruza & Kvitova advance to semi-finals in Singaporeand in Singapore:

Garbine Muguruza and Petra Kvitova have claimed semi-final places alongside Maria Sharapova at the WTA Finals in Singapore on Friday.

Garbine Muguruza reached the semifinals after by beating former champion Petra Kvitova 6-4, 4-6, 7-5 on Friday.

Muguruza finished the round-robin stage 3-0 and only needed to win a set against Kvitova to earn a semi-final berth.

The other three players in the group all finished 1-2, but Kvitova advanced because of more sets won.

Kvitova will move on to play Maria Sharapova, while Muguruza will face Agnieszka Radwanska.

Thomas Bach recognized at ANOC award ceremonyAnd in the Olympic world:

The Association of National Olympic Committees presented IOC President Thomas Bach with an award for Contributing to the Olympic Movement on Thursday in Washington DC.

The award ceremony was held to honor the outstanding achievements and performances of athletes during the five continental Games held in 2014 and 2015.

IOC president Thomas Bach spoke a few words about what these awards mean to him.

"In this great Olympic movement you cannot achieve anything alone. You can only achieve something if you work together. If you work together with ANOC and the National Olympic Committees, with the international federations, if you have the assistance of a great administration in the IOC, if you have many friends and supporters who give you ideas"The winners were recognized during in the iconic DAR Constitution Hall of the American capital.

The judges for the awards were asked to consider athletes whose performances became an iconic part of the Games' success and not just those athletes who had won the most medals.

The ANOC Jury was then responsible for selecting the winners from their shortlist.

Jaco Van Zyl leads at Turkish AIrlines Openand in golf news:

South Africa's Jaco Van Zyl is holding a two-shot lead on day two of the Turkish Airlines Open in Turkey on Friday.

The par-72 course continued with Jaco Van zyl out in front of the competition.

Zyl stated that this tournament so far has been a challenge for him.

"Not really, like I said yesterday, it's a great golf course and I don't think it's all that easy but yes, the first nine holes I hit quality shots and made a couple of putts and I just went a little bit quiet in the back nine."Nevertheless, at 14-under at the halfway stage, Zyl has equaled the 36 hole record set by Ian Poulter in 2014.

As the tournament continues, Richard Bland and Chris Wood are tied for second at 12 under.

and following them is Tournament star Rory McIlroy, who is currently sitting at 6th place with 10 under.

F1 returns to Mexico after 23 year absenceIn some racing news:

Formula One will return to Mexico for the first time in 23 years this weekend.

Mexican president Enrique Pena Nieto took the opportunity to visit the grand prix track and speak with the press.

"This is a great opportunity, first for having again this event here in Mexico, an event with a great audience, and that will also allow Mexico to be promoted worldwide through this great sporting event."Formula One chief executive Bernie Ecclestone also hinted that there could be another race in Latin America.

Argentina hasn't hosted a race since 1998 but the F1 boss said it's on the agenda.

A crowd of 100,000 spectators are expected to watch the race on Sunday.

New Zealand holds final training session before RWC finalin rugby news:

New Zealand held their final public training session on Friday ahead of the 2015 Rugby World Cup final against Australia at Twickenham on Saturday.

Both sides are playing in their fourth finals and will be looking for their third Rugby World Cup titles.

All Black Outhalf Dan Carter described what Saturday's game will mean to him and his squad at a post-training press conference.

"Yeah in a final like this nothing is guaranteed and it's whoever can play the best tomorrow. So that's going to be a fantastic occasion, both teams will be prepared to die for their cause tomorrow and that's what makes it such a great contest, two quality sides going at it and yeah no matter what's happened in the past is irrelevant for what happens tomorrow."New Zealand have never won the William Webb Ellis trophy outside their own country.

The All Blacks triumphed when they hosted the tournament in 1987 and 2011.

Standings & Schedule for Chinese Super Leagueand lets take a look at the Chinese Super League:

Currently the standings for teams are:

1st is Guangzhou Evergrande2nd Shanghai SIPGIn 3rd, Shandong Lunengand 4th is Beijing Guan.

Now, today we will see some of these teams playing to maintain their rank:

Guangzhou Evergrande will face off against Beijing Guan.

and:

Shandong Luneng will play Shijiazhuang Ever Bright.

EntertainmentChina mulls film law cutting red tape, targeting piracyA new draft law aiming to strengthen the Chinese film industry by cutting red tape for filmmakers and cracking down on piracy, among other measures, was put before China's top legislature on Friday.

The law will revoke some filmmaking permits, simplify the process of regulatory reviews to which prospective scripts are subjected and make it easier to hold film festivals.

Under the draft law, Chinese filmmakers will get incentives in financing, taxation and land use.

The draft also addresses box office fraud, proposing that all Chinese cinemas should install standardized ticketing systems, and that those involved in skullduggery should be fined up to half a million yuan or see their business licenses revoked.

A latecomer to modern filmmaking, China has quickly caught up with other countries in terms of market share. In the first nine months of 2015, Chinese cinema box offices took some 4.7 billion U.S. dollars, more than the total for last year.

Industry insiders now have high hopes that the draft can help bridge gaps in quality between domestic and foreign movies.

Li Bingbing Partners with Stan Lee to Become First Chinese SuperheroineIt's been confirmed Chinese actress Li Bingbing is going to be Marvel's first Chinese super heroine.

Li Bingbing is set to star in Stan Lee's upcoming film entitled either "Realm" or "Realm of the Tiger."Though details remain mostly under wraps, its being suggested its going to be based on one of Stan Lee's original ideas.

Stan Lee is the man behind the Marvel Universe, which includes "The Avengers" and other movies connected to those characters.

The new film is going to be written by the same man who wrote the "Predator" films.

Li Bingbing, who is probably best known on the international stage for her work in "Transformers: Age of Extinction," has confirmed her role in the new film on social media.

She's also set to help produce the film, and has asked her fans who else they would like to see star in it.

"Realm" will be a joint production between Stan Lee Global Entertainment and Chinese production-distribution company Fundamental Films.

Adele back at top of the charts with record-breaking HelloAdele's comeback single "Hello" has become the highest-selling number one song in three years.

The track brought in combined sales of some 330 thousand in its opening week, the largest since X Factor winner James Arthur's track "Impossible" in December 2012.

This is not Adele's first time breaking some records. Her last album, 21, went on to become the biggest selling record of the 21st Century, shifting more than 30 million copies worldwide.

Her first two albums have also returned to the top 40 this week following the publicity surrounding her single.

This is only Adele's second number one single, after 2011's Someone Like You.

Meanwhile, Justin Bieber's latest single, "Sorry", entered the chart at number two, and Drake's "Hotline Bling" is at number three.

Andrea Bocelli releases new album 'Cinema'

Andrea Bocelli, fresh from a performance for Pope Francis in Philadelphia and ahead of a national tour in December, has just released a new album "Cinema", a collection of songs from movies.

The classical singer says when he was a child, he fell in love with lots of songs that he didn't know came from the movies.

Now, the childhood memories have inspired him to record some new songs including classics like "Moon River" and "cheek to cheek"Bocelli has found success in crossing genres as a musician, between opera and pop music. And he says there is a difference in approaching these varied forms of singing.

"There is a difference from the point of view of expression, basically. Because when you sing opera you are very far from the people, you are onstage, and between you and the people there is the orchestra. So you have to launch your emotions very, very far. When you sing pop, you are singing very close _ the microphone is very close to your mouth. And you can whisper your emotions into the microphone.""Cinema" is now in stores.

WeatherBeijing is sunny today with a high of 15 degrees Celsius, cloudy tonight with a low of 4.

Shanghai is overcast with a high of 17, clight rain tonight with a low of 13.

In Chongqing, it has showers today with a high of 19, overcast tonight with a low of 15.

Elsewhere in the world, staying here in Asia,Islamabad, cloudy on Saturday with a high of 25.

Kabul,cloudy with a high of 18.

Over to North America,New York will be overcast with a high of 12 degrees.

Washington, overcast with a high of 15 degrees.

Honolulu, cloudy, 28.

Toronto will be overcast with a high of 10 degrees.

Finally, on to South America,Buenos Aires will be overcast with a high of 20.

And Rio de Janeiro will be overcast with a high of 30 degrees Celsius.

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

A recap of your headlines:

Chinese premier Li Keqiang kicks off a 3-day visit to South Korea - joining a summit gathering leaders from China, Japan and South Korea.

China and Germany vow to enhance economic and educational cooperation as the German Chancellor winds up her two day visit.

Diplomats have ended hours of talks on the Syria crisis in Vienna with some agreement but substantial differences remaining.

In Sports... Steve Johnson claimed a place in the last four at the ATP 250 Valencia OpenIn Entertainment... plans to cut red tape for China's film makersOn behalf of the Beijing Hour staffers: I'm Bob Jones in Beijing hoping you'll join us for our next edition of the Beijing Hour, to open a window to the world together.