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

Coming up on the program this evening...

China's Ministry of Commerce predicting that the country's direct investment abroad will keep increasing at a high rate going forward...

The latest report from the Asian Development Bank showing significant growth in China's high tech exports...

And North Korean Leader Kim Jong-un announcing that his country has developed its first hydrogen bomb...

In business... China set to introduce a registration-based system for initial public offerings....

In sports... a recap of last night's action in the Chinese Basketball Association...

In entertainment.... upcoming Chinese film 'Till the End of the World' wrapping up filming in Antarctica...

Top NewsChina's Direct Investment Abroad to Keep Rising: OfficialAn official from China's Ministry of Commerce has predicted that the country's direct investment abroad will keep increasing at a high growth rate in the next 5 to 10 years, since China has now entered a stage of capital output.

CRI's Xie Cheng reports.

Statistics show that the volume of China's direct investment abroad in the first 10 months of this year has increased by 16.3% compared to last year, surpassing 95 billion U.S. dollars.

The volume last year was 45.6 times as much as in 2002.

Zhang Xiangchen, a deputy international trade representative from China's Ministry of Commerce, says the proportion of non state-owned enterprises' investment has risen significantly.

"Among the direct investment abroad in the first 10 months, the amount made by non-state-owned enterprises accounts for 72 percent of the total, rising by 30.5 percent. The proportion last year was only 46 percent. With the promotion of China's 'One Belt and One Road' Initiative and the International Production Capacity Cooperation, many of these enterprises have chosen to invest overseas."Currently there are nearly 30 thousand Chinese enterprises overseas earning over 3 trillion U.S. dollars of assets.

Zhang believed that promoting China's technology, standards and services with production capacity into the global market could be regarded as a sign that the country's global competitiveness is increasing.

"Products alone could not illustrate a strong global competitiveness; you have to think about whether the design, the patent and the standard are all yours, whether you are able to provide follow-up services. Over the past few years, China has made great progress on those issues."However, Chinese enterprises have also gone through a series of hardships during the process of going global.

Figures show that 345 accidents related to Chinese enterprises overseas have happened since 2010.

The most recent case happened in Bamako, Mali, where a terror attack and a hostage-taking at a local luxury hotel killed 3 executives of China Railway Construction Corporation Limited.

Zhang made the remarks while issuing this year's guideline assisting Chinese entrepreneurs' investment in 171 different countries and regions in the world.

The Ministry of Commerce has been compiling the guidelines for 7 years.

Zhou Liujun, Head of Department of Outward Investment and Economic Cooperation under the Ministry of Commerce, said a series of new highlights have been added in this year's version to better serve Chinese enterprises.

"We introduced meticulously the changes happening in different countries and regions, such as changes on political situation, social and macroeconomic environment, as well as their prospects and plans on economic development, so as to keep enterprises updated on the developing trend and risks on their destinations, thus ensure their investment's success. That is why we update the guidelines annually."He added that the changes on economic and trade relationship between China and those countries and regions have also been covered.

For CRI, I'm Xie Cheng.

Chinese High Tech Exports See Significant Increase: Asian Development BankThe latest report from the Asian Development Bank shows significant growth in China's high tech exports, surpassing the market shares of Japan and other Asian nations.

CRI's Victor Ning reports.

The Asian Development Bank has unveiled its Asian Economic Integration Report 2015.

The report says that in 2014, Chinese products accounted for 43.7% of Asia's high tech exports, such as spacecraft, telecommunication equipment, medical and precision instruments. The figure is a drastic increase from 9.4% in the year 2000.

Meanwhile, low tech products accounted for 41% of China's total exports in 2000. That figured dropped to 28% in 2014.

Analyst from the Chinese Academy of International Trade and Economic Cooperation Mei Xinyu says the trend is not beyond expectations.

"The change in the ratios should be considered normal. It is a reflection of the upgrades in China's industrial structure. China's equipment manufacturing output had already accounted for a third of the global total by 2013. The current trend is a combined result of China's industrial growth, improved human resources, and our market advantages.

The report also showed that in comparison, Japan's share in Asia's high tech exports dropped from over 25% in 2000 to 7.7% last year. Shares of southeast Asian countries also saw decreases.

However, Chen Fengying with the China Institutes of Contemporary International Relations says the growth does not necessarily mean China has become a global power in the high tech sector.

"Core technology is key, and China still relies on imports when it comes to core technologies. Another important factor is brand names. We do the R&D here, we export the products here, but many brand names are not homegrown. We need breakthroughs in homegrown core technologies."China's 13th Five-Year Plan, which starts next year, aims to further upgrade its industrial capacity by integrating information technology into its manufacturing sector.

Mei Xinyu forecasts a bright future for China's high tech production capacity.

"We have accumulated 10 years or even 20 years of experiences in the advanced manufacturing sector. China has also built the world's largest and most complete production chain. In this particular area, China may overtake some more developed countries in the future. "The Asian Economic Integration Report is an annual analysis of economic cooperation and integration in Asia. It studies 48 regional members of the Asian Development Bank. This year's report also includes a special chapter, focusing on the positive impact of Special Economic Zones in facilitating trade and economic development.

For CRI, I'm Victor Ning.

Chinese FM: China willing to see U.S. play positive role in Afghan peace processChinese Foreign Minister Wang Yi says China is willing to see the United States play a "positive and constructive" role in Afghanistan's peace process.

Wang made the remarks at a 2+2 meeting of Afghanistan, Pakistan, China and the United States in Islamabad.

Wang Yi says he hopes that all relavent countries can support Afghanistan's reconciliation process.

"We hope all sides can actively participate in the reconstruction of Afghanistan, and help Afghanistan boost its economy as soon as possible and improve the people's livelihood."He added China is ready to continue creating conditions for Afghanistan's reconciliation process and hoped that the United States could play a positive role.

"We hope the Afghan government can firmly stick to peace talks with the Taliban. China will continue to provide assistance for this. We also hope the United States, as an important party, can play a positive and constructive role in this process. Of course, all this should be carried out on the basis of respecting the sovereignty of Afghanistan and the aspirations of the parties concerned."Wang also called on parties concerned to strengthen counter-terror cooperation and make joint efforts to maintain regional peace and stability.

Afghanistan, Pakistan and the United States reiterated their willingness to promote the Afghan peace process and enhance counter-terror cooperation.

Official says China needs more innovative, down-to-earth researchers like Nobel laureate Tu YouyouA Chinese expert says that the country needs more innovative and down-to-earth researchers like Nobel laureate Tu Youyou.

President of the Chinese Academy of Medical Sciences, Cao Xuetao, said China has made a lot of breakthroughs in medical science in recent years.

Cao also says these could be the start of a new era for China's development in biotechnology and medical science.

However, Cao also admitted that China has neglected the area of teamwork in medical research.

"We need to figure out how we could combine individual capability with better teamwork. China has been trying to encourage individual creativeness, but how are we going to make better use of our country's institutional advantages and coordinate efforts to tackle major topics in science and technology? There are so many questions to think about, especially after Tu won the prize for her achievement."Cao also suggested the government encourage scientists and researchers to concentrate more on original findings.

Tu Youyou is most notably known for her work in the development of artemisinin, an anti-malaria drug extracted from a herb commonly used in traditional Chinese medicine.

She is the first Chinese national to win a Nobel Prize in the sciences.

Cao has been invited by the Nobel Assembly in Stockholm to attend an official award ceremony for Tu and two other winners of this year's Nobel Prize for Physiology and Medicine.

Beijing lifts red alert but heavy pollution will be back in two daysMunicipal authorities in Beijing lifted their first red alert for serious air pollution on Thursday at noon as planned.

Beijing imposed its first red-alert - the highest on a four-colour scale that has been in use for two years - from Tuesday following a forecast of high pollution for three consecutive days.

On Thursday, the air quality had improved to a moderate level from previously hazardous levels.

During the alert period, Beijing's authorities ordered limits on cars, factories and construction sites.

The Ministry of Environmental Protection said these emergency measures have helped to cut emissions in Beijing by 30 percent.

Schools are set to reopen on Friday in the city.

The municipal meteorological center says a north wind has dispersed the accumulated air pollutants, bringing the blue sky back to the capital.

However, the weak wind can only keep the blue sky till Friday.

The air pollution will come back to blanket the capital from Friday night, and remain on the weekend, but the coming spell of smog is expected to be light.

Climate financing demand in China to exceed 398 bln USD in 2020: studyA new study predicts climate financing demand in China will exceed 398 billion U.S. dollars in 2020, equivalent to 1.79 percent of China's GDP of the same year.

The study was published Wednesday at a side-event of the ongoing Paris Climate Conference by a Research Center of Beijing-based Central University of Finance and Economics.

The study says that to achieve the official goal of an emission at peak by 2030, the growth rate of climate financing demand for each year in China should exceed 4 percent before coming to the highest point in 2020.

The study also notes that benefiting from the unremitting investment in the early stage, financing demand will start to decrease after 2030 to stand at around 233 billion dollars by 2050.

New draft comes out ahead of climate deal deadline in ParisNegotiators at the climate talks in Paris have released a new, shorter draft of an international accord to fight global warming.

The draft removes many previous questions, but some leaders and analysts say it leaves several key issues unresolved.

CRI's Guo Yan reports.

French Foreign Minister Laurent Fabius, presiding over the conference, told delegates that some progress has been made, but there is still a lot of work to be done.

"The new text, including a core agreement and accompanying decisions, runs 29 pages, much shorter than the 43-page version that countries reached last Saturday. It's a clean version, with three quarters of the brackets having been removed from the text, though there are still too many brackets left."According to Fabius, the major issues that remain to be resolved include post-2020 climate finance, and how to reflect the principle of "common but differentiated responsibility" in all elements of the new agreement.

China's special envoy on climate change Xie Zhenhua says the Chinese delegation is analyzing the new text and will consult with its partners.

"There are three minister-level problems left to be resolved. They are the divergence, capital and working force. The solution to these three problems depends on the degree of the commitment of all the countries, and they can make different choices. We hope to see further communication. The conference will be a success if the three problems are solved."Jake Schmidt, the director of the International Program at the Natural Resources Defense Council, says the draft agreement removes many previous questions, but leaders are still faced with deciding whether it's going to be a foundational agreement.

"I think what they have done is sort of cut out a lot of the fat. This is getting much more down to what are the real critical issues. There are still a number of options that ministers have to make over the next 48 hours and they are on some of the really big issues that are going to determine whether or not this is a watered down agreement or if this is a foundational agreement the world should stand up and applaud."Tense negotiations are going on among leaders as the Climate change conference in Paris draws near its conclusion on Friday.

For CRI, I'm Guo Yan.

"Reactor Relevant" fusion, a potential game changer in energy productionAs world leaders meet in Paris to agree a legal framework aimed at limiting use of fossil fuels, a UK company says it could be as little as five years from making "reactor relevant" fusion, a potential game changer in energy production.

CRI's Xiao Yi reports.

Fusion is how stars produce energy. It occurs when the nuclei of light atoms, such as hydrogen, are fused together under extreme pressure and heat.

Tokamak Energy, from Oxfordshire, believes that the third version of their compact, spherical tokamak reactor will be able to reach temperatures of 100 million degrees Celsius by 2020. That's seven times hotter than the centre of the sun and the temperature necessary to achieve fusion, which fuses hydrogen atoms together, releasing huge energy. Such an achievement will potentially make an enormous contribution both to world energy supplies and reducing carbon emissions.

Senior Tokamak engineer Bill Huang says the key to their success is the spherical shape of its tokamak,"Here what we're developing is building these small tokamaks, like ST25, and then we've got other devices using key technologies which are high temperature superconductors and spherical tokamak shapes. So we've got a slightly different shape from traditional fusion and this allows us to get a higher plasma pressure for a given magnetic field."Tokamak Energy says its technology would be similar in costs to a nuclear fission plant, but without any fissile material and with no risk of meltdown.

The company is three stages into its five stage process - each involving a new reactor.

Tokamak CEO David Kingham believes it will be possible for his team to transfer energy to the grid by 2030.

"We want to get within five years to an energy gain, and from there we want to go on in ten years to get to first electricity, a device where we can demonstrate production of electricity from fusion, but it may be 15 years before we get energy to the grid in significant quantities,"Kingham adds Fusion will make a big difference to carbon emissions if it can be used.

"Fusion is one of those technologies which, if it could be harnessed, could be scaled up rapidly to be deployed world-wide by 2050 and could make a very big difference to carbon emissions and therefore to climate change from 2050 onwards."A number of high-profile investors have already showed their interest in various fusion projects.

For CRI, this is Xiao Yi.

North Korea Leader says the country has developed Hydrogen BombIt is being reported that North Korea leader Kim Jong-Un says his country has developed a hydrogen bomb and is ready to use it to defend sovereignty.

According to the North Korea's KCNA news agency on Thursday, Kim made the remarks during a recent inspection on a historical site.

The move is seen as a hint to North Korea's nuclear capabilities.

As of now, North Korea is believed to have tested three atom bombs, which rely on nuclear fission.

The latest test was in February, 2013 when the country officially claimed it as a success.

China FM issued a response to the North Korean announcementChina's Foreign Ministry has issued a response to the reported North Korean announcement.

Ministry spokesperson Hua Chunying has reieterated China's consistent stance of supporting peace, stability and denuclearization on the Korean Peninsula.

She notes parties concerned should resolve relevant issues through communication and consultation.

Two young Terror Suspects arrested in AustraliaAustralian police on Thursday said they had charged a 20-year-old man and a 15-year-old boy with conspiracy to conduct an act of terrorism.

They were arrested during Thursday raids in Sydney.

New South Wales State Police Deputy Commissioner, Catherine Burn, said the two were involved in an alleged plot to attack the Australian Federal Police building in Sydney.

"It's disturbing that we're continuing to see teenage children in this environment and there's absolutely no doubt that the fact we are charging a 15-year-old with a very, very serious offence, this is an offence that has a maximum of life imprisonment, this is concerning not only to us in law enforcement, but this should be concerning to everybody."Three other people who are already jailed on other terror charges will be charged with the same offense later Thursday.

Australia has been on heightened alert for attacks by home-grown radicals since last year.

Japanese PM's Website HackedThe official website of Japanese Prime Minister Shinzo Abe was hacked on Thursday. A hacker group named Anonymous later claimed responsibility for the crash, which was meant to protest Japan's plans to hunt whales.

Japanese Chief Cabinet Secretary Yoshihide Suga, however, says the case is still under investigation.

"We haven't confirmed at this point that it was an attack by the group Anonymous, although I received a report saying the group made such statement, claiming responsibility for hacking the site. Japanese police is currently investigating the case and I believe we will be dealing with the matter appropriately by analyzing logged data and such."The hacker group posted a Twitter message on Thursday, criticizing Japan's whaling plans and warning Abe's website site would be taken down.

Japan resumed its annual Antarctic whale hunt last week amid anti-whaling protests.

The hack is the latest of a string of cyber attacks in Japan.

Chicago Protesters Demand Mayor's ResignationProtesters in Chicago have called for more actions in response to the death of a black man in police custody last year.

Ja'mal Green, a local community organizer, urged that Rahm Emanuel, the mayor, to resign despite his apology for the incident.

"Rahm Emanuel is supposed to be apologizing but that's not enough for us. We want to replace the leadership that we have in Chicago because once you have committed to running the system of being a leader of this particular system, you have to go and we have to replace you so apologizing is not going to work so we're here to protest and make our voices heard."Emanuel made the apology following the release of a video of the police shooting of 17-year-old Laquan McDonald.

Meantime, other videos have also been made public including footage showing police officers using a stun gun and dragging Philip Coleman, detained for allegedly attacking his mother, from a jail cell in 2012.

Officials later announced that Coleman died in hospital after a reaction to an anti-psychotic drug.

For their part, Coleman's family argued that Coleman was mentally ill and therefore should have been taken to a hospital instead of jail.

Angela Merkel Named Time's Person of the YearGerman Chancellor Angela Merkel has been named Time's Person of the Year.

The leader was praised by the magazine for her leadership on everything from Syrian refugees to the Greek debt crisis.

Time Magazine Deputy Managing Editor Radhika Jones.

"She has steered Europe through serial debt crises. She has been a chief negotiator with Vladimir Putin over Ukraine, but this year, most prominently for us, she led the way on Europe's policy towards refugees and migrants from Syria and other troubled parts of the world and has set an example of moral leadership that we wanted to spotlight."The six other finalists for 2015 included US presidential hopeful Donald Trump, the Black Lives Matter protest movement, Caitlyn Jenner and Uber's CEO Travis Kalanick.

National Railway's Test Become Intellectual Challenge: Ticket BuyersTrain users in China are complaining about the online booking system, saying the newly-updated image Captcha system has turned the ticket-buying process into an intellectual challenge.

CRI's Niu Honglin has details.

With the Spring Festival Holiday right around the corner, huge numbers of people are already going online, booking train tickets for the most important vacation of the year. However, the recently updated image Captcha system on 12306.com, china's one and only official online ticket selling platform - seems to be giving everybody a hard time, as the questions are too difficult.

It's been reported that only 8 percent of users pass the test on their first try and 27 percent get it right on the second time.

The image recognition test is required both when logging in and when buying the tickets. Most users say they've lost their desired ticket after taking too long to pass the test while others complain it is annoying how difficult the questions are.

"I've got it wrong so many times. After I finally pass the test, the ticket I want is sold out.""The picture looks like neither turtle nor trionyx. It is a waste of time for me to try figuring out which pictures are what!"The test requests users to find certain item, sometimes more than one, from listed photos. What makes it difficult is that it usually requires users to distinguish between very similar items, such as oranges and tangerines or between a bus card and a credit card.

Also, some of the pictures contain objects that simply aren't common anymore - kerosene lamps, sewing machines, and typewriters - and many users, especially younger ones, are not at all familiar with these antiques.

While the website allows users to keep trying until they pass, if one fails too many times, the system will automatically upgrade into harder mode.

According to a customer service telephone operator of China Railway, the new system is designed to prevent auto logins or malicious purchasing by machines.

"We've been using a picture recognition system since early this year, as it is a very effective tool to stop ticket scalpers and software from purchasing large number of tickets and reselling them at a higher price to make a profit."He adds that some software can identify simple verification, which they used before, 1,000 times per second while the new system has no such problem so far.

It is estimated that people will make 2 billion or more trips during the Spring Festival period, and predicting that around 30 million of those trips will be made by train.

For CRI, I'm Niu Honglin.

China to Provide Registration Permits to Unregistered PopulationChina will provide household registration permits to its unregistered population of 13 million.

The decision was made on Wednesday at a meeting of China's senior leaders in charge of ongoing reforms. The group is led by President Xi Jinping, who also presided over the meeting.

A statement issued after the meeting called it a "basic legal right for Chinese citizens to lawfully register for Hukou."Headline NewsBeijing Subsidiary Admin Center to Complete in 2017A subsidiary administrative center due to be built in suburban Beijing is set to be completed in 2017.

The center, built in Tongzhou, is one of several moves to solve a series of problems in the capital such as overpopulation, traffic congestion and smog.

It's also part of the broader plan to integrate Beijing with neighboring Tianjin Municipality and Hebei Province.

Once the center is completed, the population in Tongzhou will be kept under 2 million.

Authorities are also planning hundreds of supporting projects in infrastructure, education, culture and healthcare, so as to complement the new facilities.

Kandahar airport death toll rises to 50The death toll of a day-long-siege by Taliban militants near an airport of Afghan city Kandahar has now reached 50.

Afghan Defense Ministry says the attack, which ended on Wednesday night, killed 38 civilians at a residential complex, 10 army soldiers and two policemen.

Another 35 people have been injured.

The authorities also say that 11 suspected Taliban militants have also been killed.

Argentina's Fernandez bids emotional farewellArgentina's outgoing President Cristina Fernandez de Kirchner has bid farewell in a speech to her supporters in Buenos Aires.

Fernandez has urged people to take to the streets if they feel betrayed by the new centre-right government.

This comes as Conservative party leader Mauricio Macri is due to be sworn in as president later.

Macri won a run-off election last month, promising a new era of change and reconciliation.

Mr. Macri will face domestic challenges such as high inflation and a low level of foreign currency reserves.

Three refugees expected to qualify for 2016 OlympicThe International Olympic Committee (IOC) has announced that three refugee athletes are expected to qualify for the 2016 Rio Olympic Games.

The three refugees are a swimmer from Syria now in Germany, a Congolese judoka in Brazil and an Iranian taekwando fighter in Belgium.

In September, the IOC set up a 2-million-U.S. dollar fund to help refugees with 17 national Olympic committees involved.

The IOC says it will also be ready to help the three refugees' prepare for the games.

110 Siberian tiger cubs bred in NE China parkA total of 110 tiger cubs were born this year at China largest Siberian tiger breeding center in its northeast Heilongjiang province.

Heilongjiang Siberian Tiger Park, where about 1,000 Siberian tigers live, handpicks certain tigers to breed the next generation every year.

The park says they select the tigers using a DNA database containing information on all of the tigers in the park.

Biz ReportsAsian StocksTime to check today's business news, starting with the closing numbers here in China.

Mainland markets closed mixed on Thursday, after touching the 3500 points mark during the midday, led by Internet security shares amid the ongoing World Internet Conference.

Both main bourses saw losses despite the China's cabinet announced on Wednesday to shift to a registration based system for initial public offerings within two years.

The real estate sector also slumped over profit-taking.

At the close, the benchmark Shanghai Composite Index lost 0.4 percent.

The smaller Shenzhen Component index gained 0.2 percent.

The small-cap ChiNext Index jumped 1.3 percent.

In Hong Kong, the Heng Seng moved down 0.5 percent.

Elsewhere in Asia,Tokyo stocks extended losses for a third day Thursday as a recent oil glut triggering concerns about the health of the global economy.

The benchmark Nikkei dipped 1.3 percent, at a five-week closing low.

South Korea's KOSPI gained 0.2 percent.

Singapore's Straits Times index fell 0.4 percent.

Finally, Australia's ASX/200 lost 0.8 percent.

China's cabinet pushes for registration-based stock listing reformsChina is introducing a registration-based system for initial public offerings.

China Securities Regulatory Commission will roll out details and solicit public opinions within two years.

The regulator plans to shift IPO approval powers to the two main bourses, the Shanghai Composite and Shenzhen component indexes.

The new IPO system will emphasize information disclosure rather than corporate profitability and will let the market play a bigger role in determining share prices.

Under the new system, the securities regulator will also focus on supervision.

The draft plan still needs to be authorized by the country's legislature, as it involves adjustment of the current securities law.

More than 600 companies here in China had sought regulatory approval for their IPOs as of this Tuesday.

For more on the new IPO system, the Beijing Hour's Shane Bigham spoke earlier with Cao Can, CRI's Financial Commentator.

China FX regulator says modest falls in foreign exchange reserves can be toleratedChina's foreign exchange regulator has said that recent declines on the country's foreign exchange reserves are the result of the depreciation of non-U.S. dollar currencies and the financing of a large number of economic projects in Eurasia.

Wang Yungui, a head at the State Administration of Foreign Exchange, made the remarks at a press conference held by the regulator in Beijing on Thursday.

Wang said that modest falls in foreign exchange reserves are something that can be tolerated.

He also added that there is no basis for a sharp drop of the Chinese currency given that the country's international balance of payment position remains sound.

China's foreign exchange reserves, the world's largest, fell 0.03 percent last month to $3.44 trillion U.S. dollars, the lowest level since February 2013 and the third-largest monthly drop on record.

At the same time, the regulator said targeted measures by policymakers have helped limit capital outflows and to curb speculation around the yuan.

The regulator has investigated numerous cases of illegal capital outflows and had cracked down on underground banking.

Last month, Chinese authorities uncovered the country's biggest underground banking case involving transactions over 63 billion U.S. dollars.

China Nov. vehicle sales post biggest growth in 2 yearsSales of vehicles in China have posted their biggest growth in two years last month, up 20 percent, thanks to the government's tax cuts.

The China Association of Automobile Manufacturers said that sales of cars with engines under 1.6 litres also grew some 30 percent year on year.

Vehicle sales grew 12 percent in October after a 2 percent increase in September.

Strong gains for two straight months confirm that the country's auto market, also the world's largest auto market, has rebounded amid risk of contracting.

China decided to halve the sales tax on cars with engines of 1.6 liters and below in October.

Chinese consumers get healthier and smarterChina's e-commerce giant Alibaba says that consumption behaviors in China have become healthier and smarter.

A report was drawn based on transactions made on Alibaba's online shopping platform Taobao.com over the past five years.

Xia Ji, marketing director of Taobao.com, said the study found five major consumption trends in China: healthy, intelligent, personalized, traditional, and young.

"Consumers eat healthier, such as non-genetically modified food and organic food. The consumption of these products has seen fast increases. The other is exercise. Running at night has been popular in China in recent two years, which has boosted the consumption of running equipment."The report also revealed that young people who were born in the 1980s and 90s have been the main force for online shopping in China.

Most of people under the age of 25 use mobile phones to shop online, especially in China's second- and third-tier cities.

Spending on traditional festivals has also surprisingly overtaken Western festivals, bolstered by young consumers.

Bank of Zhengzhou seeks IPO in Hong KongBank of Zhengzhou, along with an existing investor is seeking more than 700 million U.S. dollars from a Hong Kong initial public offering.

The lender in central China and the shareholder, China's National Council for Social Security Fund, are offering over 1 billion shares.

Cornerstone investors have agreed to buy more than 60 percent of the offering price.

According to its filing to the Hong Kong stock exchange, Bank of Zhengzhou has over 100 branches in central China's Henan province as of June.

The commercial bank aims to price the IPO next Wednesday and start trading on the 23rd of this month.

SportsCBA/NBA updateStarting things off with CBA action,The Beijing Ducks were trailing for the majority of the game but beat Guangdong 106-104 in overtime with their late surge.

Guangdong started with a strong 7-0 run and led by 8 points going into the last quarter.

Beijing took the lead for the first time shortly before full time. Guangdong's free throws equalized and forced the game into extra time.

Beijing's Sun Yue drew a foul at the final buzz. He converted both freethrows to put an end to Beijing's three-game losing streak.

In more action,Xinjiang also came from behind to bounce Sichuan in the last quarter. This season's frontrunners won 124-118.

Liaoning didn't have much trouble holding down Bayi, winning 106-96.

The Zhejiang Lions enjoyed an easy 115-99 victory over Tongxi. They are behind leaders Xinjiang with a 13-2 record.

Xinjiang top the table with only one defeat in 15 games.

Over in the NBA,James Harden's 42 points lifted Houston to 109-103 above Washington.

Minnesota edged the Los Angeles Lakers by one solitary point in overtime.

Jeremy Lin played for 20 minutes in Charlotte's game against Miami. He had five points and two assists in Charlotte's 99-81 win.

AFC Champions League draw resultsIn football,The four Chinese teams in next season's AFC Champions League have learned their opponents after the draw this afternoon.

Defending and Chinese Super League Champions Guangzhou Evergrande and CFA Cup winners Jiangsu Shuntian are directly drawn into groups.

Evergrande are clearly the strongest team in Group H which also has Sydney FC, a Japanese club not yet determined, and the winner of playoff 1.

Shuntian fell into Group E with South Korea's Jeonbuk Motors, Vietnam's Becamex Bihn Duonng and the winner of playoff 2.

Shanghai SIPG make their AFC Champions League debut in the third round of playoffs.

They will join Group F if they beat the winners between a Malaysian team and a Thai outfit.

Shandong Luneng which finished behind SIPG in the CSL last season will have to play one more game for a place in Group G.

The winners between India's Mohun Bagan and Singapore's Tampines Rovers will be in their way.

If Luneng break through they go on to meet Australia's Adelaide United.

Champion League resultsMore football action from the UEFA Champions League,Olivier Giroud's hat trick capped a turnaround for Arsenal which reached the last 16 despite losing their first two group games.

The Gunners narrowly escaped elimination as they leapfrogged Olympiakos to second place with a 3-0 win.

Manager Arsene Wenger says it will be a remarkable game to remember for the rest of the season.

"I think it will make us stronger, the strength and belief of the squad. It is a special night for us, because as we said before the game we were in an escape mode before the game and we needed something special. And when you can deliver something special it can create a positive memory for the rest of the season. Maybe it's a lucky year for us in the Champions League, you never know."The result of the other Group F game wouldn't have changed anything as top placed Bayern Munich take on bottom side Dinamo Zagreb.

Rober Lewandowski's second half double made sure the makeshift Bayern squad leave Zagreb with a 2-0 win in the bag.

In other action,Chelsea downed Porto 2-0 and finished as Group G winners.

Group E's Roma qualified after a blank sheet against Borisov. They are tied at 6 points with Leverkusen which drew 1-all against Barcelona. Leverkusen lost out due to head-on records against Roma.

Ghent in Group H ended Zenit St. Petersburg's 100 percent record in the group stages. They beat the leaders 2-1 to become only the second Belgian team to progress to the knock-outs.

Ukrainian champions Dynamo Kyev also progressed.

Badminton Super Series resultsIn badminton,The BWF Super Series is in full swing in Dubai.

China's World number one Chen Long beat compatriot Tian Houwei who substituted for Lin Dan in straight sets.

Chen says this is only preparation for the matches to come.

"Today I was playing against my compatriot (Tian Houwei) and I think both of us didn't play our best. And today was more like getting used to this place, this venue..and being prepared for the next match."In women's singles,Wang Yihan emerged as the better player in another Chinese derby, defeating Wang Shixian in three sets.

There were wins for both women's doubles pair. Tian Qing/Zhao Yunlei bounced a Danish duo; twins Luo Ying/Luo Yu sent off their South Korean opponents.

Mixed results for China in men's doubles,Chai Biao/Hong Wei defeated a South Korean pair in three sets; Fu Haifeng/Zhang Nan lost to world number one Lee Yong-dai/Yoo Yeong-seong.

Both China's mixed doubles pair went down.

Roy Jones Jr. to fight as Russian citizenIn boxing,Former heavyweight world champion Roy Jones Jr. is ready to get back in the ring for his first bout as a Russian citizen this weekend.

The Olympic silver medalist and multiple world champion says he will be proud fighting for his country now.

"Well now I am a Russian citizen, so there is all the difference in the world, now I am fighting for my countrymen, now I am Russian, the whole public is rooting for me."American Jones was granted citizenship by Russian President Vladimir Putin back in August.

Jones asked for it when he met Putin at a televised boxing show in disputed Crimea.

He received his Russian passport from Putin two months later.

46-year-old Jones' 71st fight of his career is against Welshman Enzo Maccareinelli who accepted the challenge at the invitation of Putin.

They will lock horns on Sunday Morning Beijing time in Jones' new backyard Moscow.

Rio Games not to be affected by turmoil: Sports MinisterBrazil's sports minister George Hilton says the Rio Olympic Games will not be affected by the country's current political and economic turmoil.

Hilton says at a Paralympic award ceremony that work is being carried out in a timely manner and there is nothing to worry about.

Brazil has slipped into its worst recession since the 1930s since the country was awarded the Olympic Games.

It is also dealing with impeachment proceedings against president Dilma Rousseff and corruption scandals involving state-run oil company Petrobras.

Entertainment'Till the End of the World' Concludes Filming in AntarcticaThe upcoming Chinese film 'Till the End of the World' has completed filming in Antarctica, marking the first homegrown drama shot on the continent.

Based on director Wu Youyin's namesake novel, the film's star-cast includes actor Mark Chao, and actress Yang Zishan.

The 31-year-old actor Chao says the he has suffered from eye problems while shooting in the world's coldest continent, due to the strong sunlight.

"After the first day of filming, I felt that my eye pressure was quite high. And my eyes became more sensitive to the light, along with the deterioration of my vision. My character does not wear protective sunglasses. So one day after prolonged exposure to the sun, I felt my eyes aching and vision blurring. It was scary."This romantic drama features a love story between an arrogant millionaire and a female scientist, who were stranded in the Antarctica in a snow storm for 75 days.

Filming on the continent took 28 days to complete.

'Till the End of the World' is scheduled to be released as early as 2017.

SAG Awards Holiday Auction to Kick off on December 14thThe SAG Awards holiday auction is ready to kick off this Sunday.

All-star goodies including a Matt Damon-autographed poster from 'The Martian', a set visit to National Public Radio headquarters or four front-row SAG Awards red-carpet bleacher seats can all be seen at the auction.

Organized by the Screen Actors Guild Foundation, the director Cyd Wilson explains its connection with the upcoming SAG Awards.

"We do this auction every year at the same time as the SAG Awards, because we have a lot of the cast members from films and TV shows coming through our facilities, participating in our programming. We collect all this memorabilia, and it gives us an opportunity to collect money for the actors and for the programs we have for the actors."The director also indicates the items that can fetch the highest bids, are usually the strangest thing at these auctions.

"The things that we thought would get nothing brought in the most money. Something that's always consistently a big seller for us is the tickets to the actual ceremony, the SAG Awards ceremony. So there are two tickets to the ceremony, two tickets from United Airlines flying them out. They stay at the Montage hotel. They get to walk the red carpet. They get to go into the show, see the show and then they get to go to the gala. That's usually one of our biggest."Previously, the SAG Awards have announced TV nominations, with 'House of Cards' taking the lead.

The political TV drama has won three nominations including best drama ensemble, best male performance in a drama for Kevin Spacey and best female performance for Robin Wright.

The SAG Awards auction will run through December 14th.

Actor Stephen Fry Honored at 54th Rose D'or Awards in LondonThe 54th Rose d'Or Awards, honoring the best TV and radio entertainment programmes throughout the year, have been held at the British Museum in London.

British actor Stephen Fry was crowned with a lifetime achievement award, for his outstanding contributions to the entertainment industry.

When receiving the award, the 58-year-old elaborates on the truth about making the very best programmes.

"The real truth about broadcasting which is that it hasn't changed one bit. It's still about making the very best programmes, which are about people, which are to do with character, about emotions. There are some truths which are important to remember. One of them is that in television there is s no such thing as a good idea."in 2006, Fry was named 'Best Game Show Host' at the awards, for his performance in the BBC series QI.

The trophies were presented in eleven categories including Comedy, Game Show, Arts and Talk Show following a record-breaking number of entries.

European Broadcasting Union indicates this year's nominees' are outstanding, in terms of "range, depth, and quality".

The Rose d'Or Awards have been regarded as one of the world's most prestigious awards for entertainment programming.

11th Dubai Film Festival Kicks offThe 11th Dubai Film Festival has raised its curtain, with a mix of stars from all over the world attending.

The 'Slumdog Millionaire' actor Dev Patel brings his latest film 'The Man Who Knew Infinity' to the festival.

He says the film features the real life story of Indian mathematician, Srinivasa Ramanujan.

"I want to breathe life into people that look like me, you know, and it's a big deal, there is not that much diversity on the screen right now so I think it's a big deal that the people out here are really going to respond this man because he did face a lot prejudice."Tunisian actress Hend Sabry also walked the red carpet. She says this annual event has finally found its identity in the film festival circuit.

"They have a big film market today, all producers of the region are really happy to be her, to discuss ways of co-production to discuss how to make films. Many films, many Arab films are being made today thanks to festivals like the Dubai Film Festival."The festival runs until December 16th.

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

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

China's Ministry of Commerce predicting that the country's direct investment abroad will keep increasing at a high rate going forward...

The latest report from the Asian Development Bank showing significant growth in China's high tech exports...

And North Korean Leader Kim Jong-un announcing that his country has developed its first hydrogen bomb...

On behalf of all of all of us on the Beijing Hour news team, Spencer Musick in Beijing. Join us for the next edition of the Beijing Hour, to open a window to the world together...