新闻纵贯线 The Beijing Hour updated 08:00 2016/02/06（在线收听）

The Beijing Hour

Morning Edition

Spencer Musick with you on this Saturday Febuary 6th 2016.

Welcome to the Beijing Hour, live from the Chinese capital. Coming up on the program this morning...

Chinese President Xi Jinping pledging to enhance bilateral ties during a telephone conversation with his US counterpart Barack Obama.

Some 123 people have been held accountable for the deadly warehouse explosions in Tianjin last August.

And Turkey's Prime Minister says that 15-thousand people fleeing the northern Syrian city of Aleppo have arrived at the Turkish border...

Coming up in the 2nd half of the hour- its our weekly buisness review...

In sports... CBA standings and fixtures for the play-offs have been decided...

In Entertainment.... its a star-studded line up for the 58th Grammy Awards...

Top News

Xi and Obama Commit to Continued Sino-US Cooperation

Chinese President Xi Jinping on Friday held a telephone conversation with his US counterpart Barack Obama.

Xi Jinping acknowledged joint efforts from both sides and achievements in enhancing bilateral ties.

The Chinese president also said that China is willing to join hands with the US to continue deepening practical cooperation in all fields.

Xi Jinping said China is also committed to strengthening communication and coordination on regional and global issues.

Obama said he was glad to hold the conversation as the Chinese Lunar New Year is approaching.

He expressed hope that bilateral ties will make new progress and that the two sides will continue to promote peace, security and prosperity for the two countries, as well as for the wider international community.

Over the North Korean nuclear issue, Obama said the US hopes the international community will strengthen coordination and propel the UN Security Council to take effective measures to curtail North Korea's nuclear ambitions.

He added the US is willing to cooperate with China on the issue.

Xi Jinping said China is committed to the denuclearization on the Korean Peninsula, and insists on a solution through dialogue and consultation.

Xi Jinping says the Chinese side supports safeguarding the relevant UN Security Council resolutions and the international nonproliferation system.

He notes that China is willing to maintain communication and coordination with each and every party involved, including the United States.

Xi and Park Commit to Enhancing China-South Korean Tie

Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye held a telephone conversation on Friday.

The two leaders exchanged Lunar New Year greetings and agreed to jointly promote China-South Korea ties.

Xi acknowledged achievements in bi-lateral relations, such as deepened mutual political trust and increasing bilateral exchanges.

Xi added that recently launched China-South Korea Free Trade Agreement has generated tangible benefits for the two peoples.

Park said that South Korea attaches great importance to its relations with China.

The South Korean side also expressed grave concerns about a recent nuclear test by North Korea, as well as the North's announcement of a new ballistic-missle launching activity.

Xi said China is firmly committed to the de-nuclearization of the Korean Peninsula and insists on a solution through dialogue and consultation.

Chinese Premier Vows to Deepen Reforms

Chinese Premier Li Keqiang says that China is committed to continually deepening reforms.

Li Keqiang says this will be carried out by streamlining administration, delegating powers, improving regulations and providing better services.

Li made the statement while holding discussions with foreign experts working in China on Friday.

During the meeting, experts gave their advice for boosting China's economic competitiveness and its industrial transformation.

Li said China's medium-high level of growth last year shows the tenacity of its economy.

"Last year, the world economy witnessed its lowest growth in six years and falling commodity prices are worse than our expectation. Domestically, we are also faced with prominent structural problems. In this context, we still realized a 6.9 percent growth rate on the basis of 10 trillion U.S. dollars. This is hard-earned."

Li Keqiang noted the Chinese economy is growing in a more balanced fashion, driven by domestic demand, innovation, the service sector and the green economy.

He added although China is facing some difficulties and challenges, China's new type of industrialization will unleash enormous development potential.

"We are now under reform and transformation. New driving forces are growing which support employment. Traditional industries are experiencing upgrades, including the 'Made in China 2025' strategy. The transformation will be difficult but we believe we are able to overcome it."

Li Keqiang promised that China will bring in more talents and will provide them with more convenient services up to international standards.

Li also hoped that foreign experts working in China will continue to share their ideas and insights for the benefit of China's economic development.

123 Held Accountable for Fatal Tianjin Blast

Anchor

123 people have been held accountable for the deadly warehouse explosions in Tianjin last August.

Previously 49 others have also been put under coercive measures which may include summons by force, residential surveillance or detention.

CRI's Xie Cheng has more.

Reporter

According to a report released on Friday by an investigatory team from the State Council, China's Cabinet, the disaster was identified as "an extraordinarily serious production safety accident".

The team has concluded after 5 months of investigation that the blast was caused by ignition of hazardous materials which were improperly or illegally stored at the site.

It said that the fire started in a container through auto-ignition of nitro-cotton due to vaporization of a wetting agent during hot weather.

The fire then spread and ignited other hazardous chemicals and eventually resulted in the serious explosion.

Du Lanping, head of the investigatory team's technical group, believes that the 800-ton of illegally-stored ammonium nitrate could be regarded as the tragedy's culprit.

"Such a hazardous chemical is banned from being stored at the depot. The fire fighters were not aware of the ammonium nitrate excessively stored at the site, since the staff at the scene did not inform them. The commander of the fire fighters was not able to evaluate the dangerous situation accurately."

Li Wanchun, head of the team's management group, said that some appraisal firms resorted to deception while making safety and environmental evaluations.

"Although the site is not qualified enough for safety manufacturing, the safety assessment reached a conclusion approving the enterprises' manufacturing. The site's firefighting equipment also passed the acceptance test without any scrutinization."

The report has suggested that 74 officials be subject to Communist Party of China disciplinary procedures, and that 48 be admonished by their local discipline inspection commissions.

It also recommends that the license of the warehouse's owner, Tianjin Ruihai International Logistics, should be revoked and company executives be banned from any other executive posts in the sector.

Meantime, authorities are still dealing with underground water and soil pollution in the blast's core zone since many of the chemicals are toxic.

Yan Jingjun, head of the team's environmental group, explained what steps the Tianjin municipal government will carry out.

"The municipal government will continue to carry out environmental evaluations, and it has also started tracking health conditions of the residents sheltering in the affected areas, workers engaged in the rescue effort, as well as those who have received treatment in hospitals."

Two explosions ripped through the Ruihai Logistics' warehouse in Tianjin Port on August 12, killing 165 people including 99 fire fighters.

Another eight people are still unaccounted for.

Over 300 buildings, 12 thousand cars, and some 75-hundered containers were also damaged.

For CRI, I'm Xie Cheng.

6.7-Magnitude Quake Jolts Taiwan

A powerful earthquake struck southern Taiwan around 04:00 am on Saturday near the city of Tainan.

The island's weather and earthquake monitoring agency says the quake is 6.4 on the Richter scale and with a depth of 16.7 kilometers.

There have been reports of building collapses, some of them residential buildings.

People were reportedly to have been trapped under the collpased buildings.

TV footage shows resucers searching for the trapped.

There have been no immediate reports on damage and casualties.

China Opposes Unilateral Sanctions to N Korea

China's Ministry of Foreign Affairs says the country opposes unilateral sanctions against North Korea.

Spokesman Lu Kang called on all the parties involved in the ongoing UN Security Council discussions to meet each other halfway.

"It's China's principle that China opposes unilateral sanctions, which is our position that has never changed. As for the issues triggered by the 4th nuclear test carried out by North Korea, they are now under discussion among the relevant members of the UN Security Council. We hope that the countries involved can meet each other halfway and not complicate the issues."

North Korea has informed international organisations that it will launch an earth-observation satellite between February 8 and 25.

South Korea, the United States and others say such a move would be a cover for a banned test of a missile which could strike the US mainland.

Diplomats at the UN Security Council have already pledged to pursue fresh sanctions on North Korea over its recent nuclear test.

Tensions on the peninsula have escalated since North Korea claimed it conducted a hydrogen bomb test on Jan. 6.

AIIB Appoints Senior Leadership Team

The Asian Infrastructure Investment Bank has appointed five new vice presidents.

The new officers boast experience in both developed and emerging economies as well as multilateral institutions.

The bank appoionted Danny Alexander, former chief secretary to the UK Treasury, as vice president and corporate secretary.

Kyttack Hong, chairman and CEO of the Korea Development Bank, will serve as vice president and chief risk officer.

D.J. Pandian, another vice president who had an extensive career spanning 30 years with the Indian Administrative Services, will also be the bank's chief investment officer.

The bank also appointed Luky Eko Wuryanto and Joachim von Amsberg, as vice presidents.

AIIB President Jin Liqun says the leadership team is "an exceptionally strong and committed group."

Zhou Qiangwu with Chinese Ministry of Finance said the appointment of vice presidents means the AIIB has entered a new stage and the selection of other significant positions will start soon.

"The AIIB should be efficient and simply administrated. All the senior executives are selected through open competition. We chose these five vice presidents based on their working experience, education and professional ability."

Proposed by China, the AIIB aims to support infrastructure projects in Asia and has 57 founding members.

The bank was formally established in Beijing in December 2015 and started operation in January.

China Pledges to Cut Coal and Steel Overcapacity

Anchor

The State Council, China's cabinet, has announced plans to cut steel production capacity by 100 million tons over the next five years.

The country will also not approve any new coal mines before the end of 2019.

This move is part of supply-side reform measures that are aimed at curbing overcapacity in the two sectors.

CRI's Victor Ning has more.

Reporter

As the world's largest coal producer and consumer, massive coal production has powered China's economic advance over the past few decades.

But shrinking domestic demand amid an economic slowdown has made much of this capacity redundant.

Wang Xianzheng, Chairman of the China's China Coal Industry Association, says China is facing its highest-ever coal inventories.

"Due to declining market demand, inventories keep rising. China now has more than 300-million tons of coal inventories. This has reached a historically high level. Meanwhile, the drop in coal prices has led to a significant amount of defaulted payments to coal companies, which has brought difficulties to their business."

Ninety percent of the companies in the coal industry are now suffering loses.

The same glut has also been felt in China's steel industry, especially in the past two years, as world steel demand contracted.

According to China Iron and Steel Association, China's crude steel production capacity is about 1.2 billion tons with output falling 2.3 percent last year.

Li Xinchuang, head of China Metallurgical Industry Planning and Research Institute, says that steel prices are much lower than that 20 years ago.

"The decline of consumption will lead to an oversupply and disordered competition in the market. The steel price has sunk to its lowest point in history, nearly 40 percent lower than the price index in 1994. Nearly half of the member companies of the China Iron and Steel Association now face losses. The total deficit hit 72-billion yuan in the first ten months of last year."

Li Xinchuang says if the situation continues to worsen, some companies face production halts or even closures, which will lead to huge financial losses as these firms default on loans.

To address the problem, Yang Weimin, vice director of the Office of the Central Leading Group on Finance and Economic Affairs, says these "zombie" companies, those which have ceased operations but have not formally gone bankrupt, must be shut down.

"If the "zombie" companies are not eradicated, demand stimulation and investment expansion cannot play their proper role in boosting the economy. And high quality companies will be dragged down in the future. We need to firmly shut down those "zombie" companies to balance the demand and supply in the industry and inject confidence in the high quality companies."

To slash the overcapacity, no new steel projects have been given the go ahead since May of 2013.

The country will also shut down 500 million tons of coal capacity and consolidate another 500 million tons into the hands of fewer but more efficient mine operators in the next three to five years.

Resettlement of workers will be a top priority with coal and steel producers set to offer compensation to redundant workers and to pay their unpaid wages.

Relevant authorities have pledged to provide training and employment services to help the unemployed find work and make plans to pay unemployment benefits to those who may lose their jobs.

For CRI, I am Victor Ning.

Tens of Thousands of Syrians Flee Russian Assaulted City

Turkish Prime Minister Ahmet Davutoglu said on Friday that 15-thousand people fleeing the northern Syrian city of Aleppo had arrived at the Turkish border.

The migrants fled an intensifying Russian assault around Aleppo on Friday, and aid workers said they feared the major city could soon fall under a full government siege.

Syrian government troops and their Lebanese and Iranian allies have fully encircled the countryside north of Aleppo and cut off the main supply route linking the city to Turkey in the past 24 hours.

The assault around Aleppo torpedoed Geneva peace talks this week.

Conflicts between Syrian government and rebles have killed at least 250-thousand people and driven 11 million from their homes since 2011.

Zika Found in Patients' Saliva and Urine

Brazil has identified Zika in the saliva and urine of two patients infected by the virus.

The Oswaldo Cruz Foundation made the announcement on Friday, adding further studies are needed to determine if those fluids could transmit the infection.

Scientists at the foundation said it is the first time the virus has been detected in saliva and urine.

There has already been concern that Zika could be transmitted by sexual contact. Scientists are researching reports earlier this week that an American had transmitted the virus to a sexual partner in Texas.

Brazilian health officials also said on Thursday they had confirmed two cases of transmission through blood transfusions.

Crane Collapses in New York City, Kills One

A construction crane collapsed on Friday in New York City's Lower Manhattan, killing one person and injuring three others.

New York City Mayor Bill de Blasio gave an update on the accident.

"We want to give everyone an update on this incident. We had a very serious incident this morning in Lower Manhattan. A crane collapsed along Worth St. between West Broadway and Church. We have one fatality, an individual happened to be sitting in a parked car not associated with the work being done with the crane. We have three individuals with injuries, two serious, one minor, none life-threatening as far as we know at this point."

De Blasio says the accident has caused concern related to potential gas leaks.

"The immediate concern relates to the fact that there's been gas leaks as a result of this incident. FDNY and ConEd have been sweeping all the related buildings along Worth Street constantly. So far, they have not detected the type of gas levels that give them additional fear of any further problems, but they are literally sweeping them every 15 minutes to check gas levels."

The crane was being lowered due to high winds when it collapsed.

The boom of the crane was more than 150 meters. New York City has ordered all cranes to be lowered following the accident.

Zimbabwe Declares State of Disaster amid Severe Drought

The World Food Programme has acknowledged the timeliness of a state of disaster in Zimbabwe, in the wake of a severe drought in the country.

The programme's Zimbabwe Country Director Eddie Rower made the statement on Friday.

"We very much welcome the government's declaration of emergency. As you know, we have been doing preparedness and contingency planning for the last three months and we started seeing all indications of a deterioration in the food security status of the rural areas."

Zimbabwe's President Robert Mugabe declared a state of disaster in the country's rural areas on Thursday.

Rower said the declaration will speed up the implementation of a response plan by the World Food Programme.

About a quarter of Zimbabwe's 13 million people are in need of urgent food aid.

An El-Nino related drought has ravaged the country.

Building Collapses at South African Mine, Three Remain Missing

A building collapsed above a gold mine in South Africa on Friday, trapping dozens before they were rescued. Three people remain missing.

The accident happened at the Vantage Goldfields Lily Mine in eastern South Africa's Barberton.

Operational Director for the mine Mike Begg gives an update on the accident.

"A crown pillar collapsed into the open part of the mine into the shallow part of the mine. At that time a lot of our miners were underground. Obviously I can report at this time that everybody that was underground has been removed, there is nobody underground in the mine, everybody came out safely during the day. "

Begg says three people who were in the building at the time of the collapse remain unaccounted for.

More than 70 people were brought to the ground, with no serious injuries reported. The rescued were taken to a hospital for treatment.

A sinkhole is believed to have caused the collapse.

David Cameron Visits Denmark over British Membership in EU

British Prime Minister David Cameron visited Denmark on Friday to seek support for keeping Britain in the European Union.

EU members will discuss British membership later in February, while a referendum regarding the matter will take place this June.

Cameron says several conditions need to be met to secure a vote in a favor of keeping Britain in the EU.

Among them are more powers for national parliaments and a pact to allow Britain to delay paying benefits to foreign EU citizens.

"The things that I've said that are absolutely crucial are that we end the idea of something for nothing, that people can come to Britain and get instant access to our in work welfare system. That's got to change and that will change. I've also said there should be a four year period and that is very important. "

Danish Prime Minister Lars Lokke Rasmussen says he hopes Britain will stay in the EU.

David Cameron's visit to Denmark followed an earlier meeting in Poland, where he reiterated his support for British membership in the EU.

Younger Chinese visitors to South Korea Purses Local Bands over Luxury Ones

Anchor

Chinese visitors to South Korea are buying less from global luxury mainstays like Louis Vuitton and Chanel in favour of cheaper home-grown brands.

This comes as young, independent travelers are making up a bigger share of the tourist market.

CRI's Liu Xiangwei reports.

Reporter

Statistics show that Chinese tourists visiting South Korea are getting younger.

The share of those in their 20s and 30s rose to 46 percent last year, from 41 percent in 2013, according to the government-run Korea Culture and Tourism Institute.

While older Chinese tourists typically travel in groups where they are ferried between shops catering to them, Chinese millennials tend to be better-informed about what they want, travel independently and spend less on shopping.

20-year-old Chinese tourist Liu Yuting is one of them.

"I use my mobile phone to research what products to buy in South Korea, it is very convenient. Many Chinese girls like South Korean products, because most of them are cheap and cute."

This new trend is reflected in data which shows that Korean cosmetics like LG Household & Healthcare's Whoo and Amorepacific's Sulwhasoo were the top-selling brands in 2015, overtaking Louis Vuitton, Chanel and Cartier.

Average prices on best-selling items from global luxury brands in South Korea are cheaper than they are in mainland China, but still cost more than in Europe.

This has also driven more Chinese tourists in Korea, like 21-year-old Zhu Xin, to local bands.

"You can buy those big brands everywhere, and it is actually cheaper to buy those brands in other countries compared to the prices in South Korea. I think now that we are here, we should buy local brands. Many local brands are of great quality."

In analyzing the latest trend, KB Investment & Securities analyst Yang Ji-hye believes Chinese consumers have become more rational.

"Young people are taking the lead in Chinese tourists' spending. Whereas past generations blindly purchased luxury goods, the younger generations have a reasonable consumption pattern. They have increased their preference for Korean cosmetics and fashion brands which have a fresh and refined image."

The number of Chinese tourists to South Korea dipped 2.3 percent in 2015 to about 6 million due to the deadly Middle East Respiratory Syndrome outbreak.

However, brokerage CLSA says Chinese inbound traffic growth rebounded from September and should jump by 28 percent in 2016. The South Korean government expects a record 8 million Chinese visitors this year.

For CRI, this is Liu Xiangwei.

Headline News

25 Tianjin Blast Officials Face Prosecution

China's top procuratorial authority says 25 officials will face prosecution for their roles in the deadly Tianjin warehouse explosions last year.

The 25 are suspected of dereliction of duty, abuse of power and bribery.

They include two departmental-level officials and seven at vice departmental level.

Report from an official investigation has found the accident exposed corruption, mismanagement and slack government supervision surrounding the warehouse where the explosions occurred.

On Aug. 12, two explosions ripped through a logistics warehouse in Tianjin Port, killing 165 people, including 99 firefighters. Another eight people are still unaccounted for.

Fireworks Explosion Kills 8 in SW China

A blast at a fireworks plant in southwest China's Guizhou has left 8 people dead and 9 others injured.

The explosion happened Friday afternoon in Machang Township near the provincial capital Guiyang.

Workers from local work safety authorities were demolishing the leftover raw material at the plant when the blast occurred.

The injured workers are being treated at a local hospital and an investigation has been launched.

At Least 36 Killed When Bus Plunges into River in W. India

A bus plunged into a river in the western Indian state of Gujarat on Friday, leaving 36 people dead and many others severely injured.

The bus carrying 65 passengers fell in the Purna river when the driver apparently lost control of the speeding vehicle.

The passengers included students and employees working in the private sector and government offices.

Authorities were carrying out rescue operations and the injured have been rushed to hospitals for emergency treatment.

Nepalese Tourism Industry Hopeful of Revival through New Consulate in China

The Nepali government is set to begin the process of opening a new consulate general office in China.

The new consulate general office in Chengdu in China's southwestern Sichuan province is expected to restore Nepal's tourism.

Nepal has now only two consulate general offices in China - Lhasa in Southwest China's Tibet and in the Hong Kong Special Administrative Region.

Sichuan Airlines currently operates flights from Chengdu to Kathmandu.

Arrivals from China have dropped to a four-year low of around 67-thousand individuals in 2015, largely due to the devastating disaster and ensuing fuel crisis in the country.

Weekly Biz Roundup

Biz Weekly Review

Anchor

Time now to take a look at the major stories which have been making business headlines in China.

In our Weekly Business Review, we will have a look at China's reaction to the signing of the 12-nation Trans-Pacific Partnership.

This week has also seen ChemChina acquiring a controlling stake in the Swiss agricultural chemistry giant Syngenta.

Here is CRI's Wenjie.

Reporter

China's Ministry of Commerce says the Trans-Pacific Partnership or TPP is an extensive agreement.

China is not one of the 12 nations to have signed the deal in Auckland, New Zealand on Thursday, but officials here are now studying the document and evaluation work is under way.

The United States and Japan are among the nations to sign the agreement.

Trade representatives say the deal will set trade standards that could be expanded to other nations including China.

Malaysian Minister of International Trade and Industry Mustapa Mohamed says signing the TPP will not jeopardize the trading relationship between his country and China.

"For many of our TPP countries, China is the biggest if not one of the biggest trading partners. There is a concern expressed in my country, Malaysia. And to that, our response has been China is now our biggest trading partner and we don't see that to change in the next few years. China being a big economy, indeed China is a very important economic player in the region."

The Chinese Ministry of Commerce also issued a statement following the signing ceremony, saying Beijing hopes the various free trade arrangements in the Asia-Pacific region will complement each other and jointly contribute to trade, investment, and economic growth.

The International Monetary Fund says it does not expect a hard landing for the Chinese economy.

IMF chief Christine Lagarde says China's economy is going through a transition to slower, more sustainable growth.

Lagarde says despite difficulties and volatility, China can manage its growth transition.

Her comments come amid concern from some in the financial community that China's economy is slowing down too quickly amid the current transition.

The latest figures show that China's service sector shrunk in January, while factory activity continued to contract.

The official purchasing managers' index or PMI for the non-manufacturing sector came in at 53.3, down from 54.4 in December.

Readings above 50 indicates expansion.

Cai Jin, deputy director of the China Federation of Logistics and Purchasing, says the figure was affected by the recent volatility in the stock market.

"Recently, in the capital market, especially in the securities market, the short-term volatility of the stock market affected the index of the financial industries. As a result, non-manufacturing purchasing manager's index fell in January."

The National Bureau of Statistics says businesses in the retail, travel, catering, and transport sectors remain strong, thanks to the upcoming Spring Festival.

At the same time, manufacturing PMI was posted at 49.4 percent in January, a contraction for the sixth straight month, signaling persistent weakness.

The index was also at its lowest level in three and a half years.

Zhao Qinghe, an expert from the NBS, attributed the decline to the holiday season.

"As shown by past data, the manufacturing PMI in January usually drops due to seasonal factors such as New Year's Day and the Chinese Lunar New Year, when market demand slows down."

Zhao added that the retreat is being caused by China's efforts to seek new growth engines and trim industrial overcapacity.

China has eased curbs on investment for Qualified Foreign Institutional Investors in an effort to further open capital markets and improve convertibility of the Chinese currency.

Under the new rules, participants in the QFII program will be allowed to invest a base amount which is decided by a formula linked to their assets under management.

Previously, China's Foreign Exchange regulator only granted quota approvals to QFIIs on a case-by-case basis.

Meanwhile, the capital lock-up period for QFII redemptions has been cut to three months, from one year.

The new rules took immediate effect on Wednesday.

China's central bank is moving to stimulate the housing market in certain parts of the country.

Under new regulations, minimum down payments for people buying their first home will be reduced.

The People's Bank of China has announced that down payments for those buyers, financed by loans from commercial banks, will stay at a minimum of 25 percent "in principle."

However, in some cases, the minimum down payment can be lowered to as little as 5-percent.

Zhao Xijun, professor at Renmin University of China, says the new policy will benefit both the home buyers and local governments.

"For the general public, they will have easier access to new homes and better living conditions. As for the government, the policy will help to relieve the burden of property inventory in many areas and cities."

Beijing, Shanghai, Guangzhou, Shenzhen and Sanya are currently the 5 cities in China which have restrictions on home purchases.

New home prices are beginning to rebound again after months of declines, mostly in southern China.

China's National Chemical Corporation - ChemChina - has offered to acquire a controlling stake in the Swiss agricultural chemistry giant Syngenta.

The total value of the purchase is estimated at over 43 billion US dollars.

If the deal goes ahead, it would be China's biggest ever outbound takeover deal.

Syngenta's chairman Michel Demare says ChemChina would be an ideal partner to accelerate the next phase of Syngenta's development in China and in other emerging markets.

"This is a deal for growth, growth in sense of a long-term commitment to innovation and market position, and a deal that will at the same time open for Syngenta much better access to China, which is in great need of technology upgrades which we will be able to provide."

Syngenta remains the largest European producer of hybrid seeds and crop protection products.

ChemChina would maintain Syngenta's operations and retain its headquarters in Basel, Switzerland.

Chinese smartphone maker Xiaomi has denied reports that its products will debut in the US.

Earlier, media reports suggested that US Mobile would import a range of Xiaomi handsets and would be selling them online from this week.

However, the imported products will not include Xiaomi's latest devices, such as the Mi Note.

Later, a Xiaomi spokesperson went on-record saying that the company had no plans to sell smartphones through any authorized distributors in the US, and US Mobile had not been authorized to sell Xiaomi products.

The spokesperson added that Xiaomi only offers a small selection of accessories for sale in the US through Mi.com at this moment.

Xiaomi is the world's fourth biggest smartphone maker, and launched an online store for US customers last year.

It has also been reported that US Mobile will sell a handset from another giant Chinese manufacturer, Meizu.

Shanghai Disney Resort has released its ticket prices, and the cost of admission will be the lowest among all of Disney's parks and resorts globally.

Tickets for Shanghai Disneyland are set at 499 yuan or 75 US dollars for the grand opening period which is from June 16th to 30th. That will also be the price for weekends and holidays.

The regular price during off-peak periods will be 370 yuan.

Shanghai Disneyland tickets will go on sale starting on March 28th.

And that wraps up this edition of the weekly business review. Thank you for listening. I'm Wenjie. See you next week.

Sports

CBA/NBA Results

Beginning with CBA action.

The teams' standings and fixtures for the play-offs have been decided.

Regular season winners Liaoning are taking on eighth-placed Zhejiang.

Liaoning are the favorites but it remains to be seen whether they can make a clean sweep.

Xinjiang and the Beijing Ducks carry their rivalry into the play-offs in replays of the season opener.

Xinjiang are the only team that have remained unbeaten in all 19 of their home games this season.

Michael Beasley's Shandong are up against Yi Jianlian and Guangdong.

Sichuan are set up with halfway leaders Zhejiang Lions.

Teams begin their first best-of-five play-off games in the first round on February 15.

In some of the NBA action that's coming up this morning,

Taiwan player Jeremy Lin and Charlotte are hosting Miami.

The Clippers are visiting Orlando.

The 76ers are traveling to Washington.

The Mavericks are at home to the Spurs.

And the Hawks are entertaining the Pacers.

Gao Hongbo Names New World Cup Qualifiers Squad

In football,

New manager of China's national team Gao Hongbo has picked his 25-strong squad for the training session in preparation for the last two World Cup qualifiers in Asia's round of 40.

Familiar names including Gao Lin, Zhang Xizhe, Wang Dalei, Sun Ke are all on the list.

Young blood from the Olympic team Zhang Yuning and Xu Xin are among the new additions.

Huang Bowen, Feng Xiaoting and old captain Zheng Zhi have been dropped.

The team will give up their Chinese New Year holiday for the training session which begins next Wednesday and lasts for a week in Xiamen.

China are playing the Maldives and Qatar in their World Cup qualifiers at the end of March.

Teixeira Joins Jiangsu Suning on Record Deal

In transfer news in China,

Chinese Super League's big-spending Jiangsu Suning have set a new national record in picking up Alex Teixeira (te.shay.ra) from Ukraine's Shakhtar Donetsk for 50 million euros.

The 26-year-old midfielder signed a four-year contract with Suning.

It is the third time a new record has been set during this winter transfer window in China.

Suning have just acquired Ramires from Chelsea for 28 million euros last week.

Double Champions Guangzhou Evergrande paid 42 million euros for Atletico Madrid's striker Jackson Martinez.

The Chinese Super League is the world's biggest spender with 258.9 million euros dropped so far this winter.

China is pumping money into football in an attempt to develop its football culture after President Xi Jinping set qualifying for, hosting, and winning a World Cup as national goals.

Leicester, City Meet in Premier League Top-of-the-Table Clash

In the Premier League this weekend,

The top two teams Leicester and Manchester City are clashing in a game that is worth six points.

City have the chance to close the three-point gap with Leicester with 13 more games remaining after this weekend.

Manager Manuel Pellegrini says that victory is important but defeat will not be the end of the world for them.

"We can win this game or we can lose this game and we will not finish the Premier League here. After that you have to play 13 or 14 more games. so you have 13 games, 39 points, you have a lot of points so you cannot think that because you win you are the champion and if you lose that game you have a lot of things, you have a lot of points more to fight from now to the end of the season. It's a good game, we have the option to close that gap, but nothing more."

Pellegrini is focused on leading City to a third Premier League title in five seasons.

The Chilean says he was not kept in the dark as Pep Guardiola was ushered in to take his place next season.

In more premiership action,

Third-placed Tottenham could take advantage of the Leicester- Man. City result and close in on the lead after playing Watford.

Underdogs Aston Villa are at home to Norwich.

Liverpool are looking for a rebound from struggling Sunderland.

Qi, Yang Claim Top Honors for China at Ski World Cup

In winter sports:

Chinese skiers Qi Guangpu and Yang Yu claimed top honors in the Aerials at the FIS Freestyle World Cup in Deer Valley, Utah.

Qi won the men's event in the unforgiving single-jump final with a double full-full-full that scored 127.5 points.

It is Qi's second title of the season after winning the home event in Beijing.

He is also on top of the overall aerial standings with 213 points.

Women's winner Yang bagged her first World Cup victory in over three years with a back full-full that earned her 88.51 points.

It moved Yang up to second place in the overall standings, behind Ashley Caldwell who finished 11th.

Cabrera-Bello Takes Halfway Lead at Dubai Classic

In golf,

Rafael Cabrera-Bello has taken the halfway lead by one shot at the Dubai Desert Classic.

The Spaniard says it wasn't as easy as it seemed under clear blue skies.

"Oh, very satisfied. It was hard out there with the wind. I wasn't as sharp today with the long game, but still not bad. I mean, just not giving myself lots of birdie chances, just not so close, but the putter today was really hot. It made up for everything."

Sharing second place are Danny Willett, Trevor Fisher and three-time winner Ernie Els.

Rory McIlroy produced some quality shots but couldn't seem to find his pace.

He had five bogeys that left him four-over after 11 holes and in real danger of missing the cut.

He then hauled himself back to even-par with four birdies.

He will need to step up his game in order to win a third title in Dubai.

Chinese golfer Wu Ashun started from the back nine and birdied his first hole.

He went on to have two bogeys to close out the round at one-over 73.

He narrowly made the cut at one-under overall.

Juan Jose Lobato Wins Stage 3 of Dubai Tour

Turning over to cycling,

Movistar rider Juan Jose Lobato has won stage three of the Dubai Tour at Hatta Dam.

Mark Cavendish suffered a late puncture to surrender his challenge for stage victory.

Trek-Segafredo's Giacomo Nizzolo finished the stage second to snatch the overall leader's blue jersey.

The Tour culminates at the world's tallest building Burj Khalifa after stage four today.

Entertainment

Lemmy, David Bowie to Be Honored with Tribute Performances at 58th Grammy

Supergroup the Hollywood Vampires has been confirmed to salute Lemmy Kilmister at this year's Grammy Awards.

This all-star band are composed of Alice Cooper, actor Johnny Depp, Guns N' Roses' Duff McKagan and Aerosmith's Joe Perry.

Lady Gaga will perform a tribute with a solo performance to the legendary singer David Bowie who passed away last month.

Moreover, Justin Bieber is set to perform his Grammy-nominated song Where Are U Now.

In addition to these performances, the previously announced performers include Adele and Carrie Underwood.

Kendrick Lamar leads the 2016 Grammy nominations with 11 total nods, including best album and best song, while Talor Swift, a country-pop crossover sensation, was nominated in 7 categories.

The Grammy Awards this year will fall on February 15 at the Staples Center in Los Angeles and air live on the American TV network CBS.

"Batman V Superman" to Open in China on Mar. 25

Film "Batman v Superman: Dawn of Justice" is schedule to hit Chinese screens on Mar. 25, which means that fans in China can see the two American superheroes at the same time with audiences in North America and the UK.

Directed by Zack Snyder, the upcoming "Batman v Superman: Dawn of Justice" will be the first live-action film featuring both Batman and Superman.

Since the news that Batman is to versus Superman was issued, it soon aroused heated discussions on who will get the final victory among fans, such as "Superman weakness analysis" and "how to beat batman" among others.

In addition to the two heroes, so many major characters from the DC Comics will also appear in the film, including Wonder Woman, Aquaman, the Flash and Cyborg.

Baby Monster "Huba" to take Stage for Spring Festival Gala

The cute Baby monster "Huba" from the movie "Monster Hunt" has been confirmed to make its debut at this year's Spring Festival Gala.

Earlier, CCTV Spring Festival gala producing group conducted a public vote through its official microblog on "whom you want the most to show up in the Spring Festival gala" and the little "Huba" got overwhelming support.

A recent video clip featuring "Huba" soon went viral on internet.

In the clip, baby "Huba" also uses its only word "Wuba, Wuba" to send best wishes to Chinese audiences.

"……Wuba, Wuba"

Moreover, baby "Huba" will also intimately interact with the boy band TFboys to present a show on the gala stage.

Released in July last year, "Monster Hunt" earned a whopping 380.9 million U.S. dollars in China, overtaking "Furious 7" as the highest-grossing movie in Chinese box office history.

Season 2 of Sisters over Flowers to Debut in March

Chinese travel-reality show "Sisters over Flowers" will return to audiences and air on Shanghai's Dragon TV on March 5.

The two sisters from season 1, Chinese actresses Lin Chi-ling and Wang Lin, will continue their travels in this season by heading to South America, along with 2 porters and three new sisters.

The three new sisters are confirmed to be Chinese comedian Song Dandan alongside actresses Jin Chen and Jiang Yan.

The two porters still remain a mystery.

The show follows the format of a South Korean travel-reality show, "Sisters over Flowers" that hit TV screens on March 15 last year and soon went viral around the country.

In the first season, the sisters went on a 19-day backpacking trip through Turkey and Italy.

In this season, 5 sisters and 2 porters will tour beaches and jungles as well as the Iguazu Falls in South America.

BigBang to launch China Tour in March

Som great news for Big Bang Fans:

South Korean K-pop band BigBang will embark its 2016 BigBang MADE [V.I.P] Tour in China next month.

The tour will launch in Shanghai from March 11-12 at the Mercedes-Benz Arena.

The five-member band will hold concerts in eight cities, including Shanghai, Shenzhen, Zhengzhou, Hefei, Hangzhou, Nanchang, Changsha and Nanjing.

Besides promoting the latest album "MADE", this year's BigBang China tour is also a reward for Chinese fans who have their given love and supports for the group during their recent 2015 world tour.

Last year, BigBang kicked off its 2015 world tour in 11 cities in China, and drew over 180,000 people.

In addition to singing, the five boys will prepare talk shows and games to interact with their Chinese fans.

Before jetting off to China, the group will continue their world tour in Japan, with dates in Yafuoku Dome on Feb. 6-7 and Tokyo on Feb 23-24.

That’s it for this weekend edition of the Beijing Hour. Our main headlines before we go.

Chinese President Xi Jinping pledging to enhance bilateral ties during a telephone conversation with his US counterpart Barack Obama.

Some 123 people have been held accountable for the deadly warehouse explosions in Tianjin last August.

And Turkey's Prime Minister says that 15-thousand people fleeing the northern Syrian city of Aleppo have arrived at the Turkish border...

On behalf of the Beijing Hour staffers, I'm Spencer Musick. Join us for our next edition of the Beijing Hour, to open a window to the world together.