新闻纵贯线 The Beijing Hour updated 20:00 2016/02/17（在线收听）

The Beijing Hour

Evening Edition

Shane Bigham with you on this Wednesday Febuary 17th, 2016.

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

Coming up on the program this evening...

Chinese authorities call for the demilitarization of the South China Sea following what they call a "necessary" defensive move in the region...

China's top economic regulator says the country is fully capable of maintaining the stability of the RMB's exchange rate...

and a wide range of UN aid for besieged towns in Syria is ready for deployment today...

In business...Chinese authorities deny the country's steel sector is dumping surplus product in Europe...

In sports...the top seeded players at the Rio open advance...

In entertainment...the sequel to Crouching Tiger, Hidden Dragon has premiered in select Chinese theaters...

All of that is coming up in the next hour, but first, a reminder, there are several ways you can reach us at the Beijing Hour.

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

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Email us at [email protected].

Visit ChinaPlusnews.com for the latest news and information from China Radio International.

Top

China calls for joint effort to promote demilitarization in South China Sea

China has called for joint effort to promote demilitarization in the South China Sea.

Chinese Foreign Minister Wang Yi made the remark after meeting with Australian Foreign Minister Julie Bishop in Beijing.

The sit-down comes amid wide media coverage of Chinese missile deployment in the South China Sea.

The Chinese diplomat says the self-defense facilities that China has built on the islands and reefs in that sea are limited and necessary, and are consistent with self-protection provisions that China is entitled to under international law.

"I hope that media everywhere will turn your attention more to the lighthouses that we have built, which are in operation now and they have been very useful in ensuring the safety of the passing ships in those waters. And the meteorological forecast facilities and the facilities that we are planning to build for providing shelter for providing assistance and rescue and emergency response to the fishing boats in those waters, because I think all of those are actions China, as the biggest state in the South China Sea, has undertaken to provide more public goods and services to the international community and play its positive role there."

Wang Yi says joint effort is needed to promote peace and stability in the South China Sea.

"The demilitarization benefits all, but it cannot be applied to only one country, or with double or even multiple standards. The demilitarization in the South China Sea needs joint effort from both countries in and outside the region. We also noticed that during the just concluded meetings between the US and ASEAN, the two pledged to achieve the demilitarization in the region, we hope they can keep their words."

For her part, Julie Bishop also reiterated that Australia does not take sides on the issue of sovereignty and urged all sides to maintain peace and stability.

"We had a very forthright and candid discussion about South China Sea. Australia's position both privately and publicly is consistent. We do not take sides on the competing maritime territorial claim in the South China Sea. We have an interest in maintaining peace and stability in the South China Sea. As does China and other claimants we urge restraints."

The two also discussed the situation on the Korean Peninsula.

Wang Yi says the UN Security Council is discussing a new resolution to prevent North Korea from advancing its nuclear program and its missile program.

However he notes that measures to resume the stalled Six-Party talks should be pursued at the same time.

"The dual approach is to address all parties' concern in a balanced way, and to make it clear that what should be achieved through the talks, to finally resume the Six-Party talks. We think this is a reasonable and practical approach, and can help to solve the nuclear issue fundamentally. China is willing to keep in contact with all parties concerned over this."

On Wednesday, four U.S. F-22 stealth fighters flew over South Korea's airspace in a show of force toward North Korea's recent nuclear test and rocket launch.

The nuclear-capable U.S. fighter jets flew low over Osan Air Base near Seoul at around noon.

The fly-over came in the wake of North Korea's launch of a long-range rocket on Feb. 7, which Pyongyang claimed was a peaceful space program but which Seoul and Washington denounced as a prohibited test of ballistic missile technology.

NDRC defies speculation of RMB exchange rate volatility and unemployment

Anchor:

China's top economic regulator says the country has the ability to ensure the basic stability of the RMB exchange rate, and defies speculation on the upsurge of unemployment.

CRI reporter Guo Yan has details.

Reporter:

A senior official with the National Development and Reform commission stresses that cross-border capital flow is changing within a reasonable range.

Zhao Chenxin says the RMB exchange rate against a basket of currencies generally remained stable and has appreciated in some ways.

The official explains that the authority is capable of keeping the basic stability of the RMB exchange rate.

"First, China still holds the world's largest foreign exchange reserves. Second, we keep a large yearly trade surplus. Third, the internationalization of the yuan is developing at a stable pace. And the two-way fluctuation of the RMB exchange rate has entered a new normal."

The official also says large-scale layoffs are not an expected byproduct of China's economic restructuring thanks to sound economic fundamentals and new growth engines.

He says even though growth has slowed, China's GDP growth is still comparatively stronger than other major economies in the world. during the period of the twelfth "five-year plan," employment in China increased over 11 percent compared to the previous "five-year plan" period.

China created more than 13 million new jobs for urban residents last year, exceeding the official target.

The government aims to create at least 10 million new jobs and hold unemployment below 4.5 percent in 2015.

The latest official data showed the registered unemployment rate in China's cities was just over 4 percent at the end of 2015, unchanged from three months earlier.

The official points out that China's economy will maintain a medium-to-high growth rate this year, providing a solid basis for a steady job market.

"We have made every effort to make up for shortfalls in the economy. We will continue to foster new growth points by boosting consumption and promoting investment. The economy will grow at a medium to high pace, which will help to boost employment."

Zhao points out that the government has already issued various favorable policies to encourage entrepreneurship and innovation.

And he says he believes that these measures have performed well in creating jobs.

"The growth of market participants has been keeping a strong momentum in the past year. Over 4.4 million enterprises were newly registered with a growth rate of 21.6 percent. Around 12,000 new companies are registered daily. We will further promote entrepreneurship and innovation this year and expand employment by encouraging business startups."

The economy recorded its slowest growth in 25 years in 2015, expanding 6.9 percent year on year, fueling concerns over job losses, especially in industries with excessive capacity.

Zhao acknowledged there would be redundancies in some industries but said the government would distribute funds to help workers reestablish themselves should they lose their jobs.

For CRI, this is Guo Yan.

MOC: China not witness any signs of capital flight

China's Ministry of Commerce says the country is not witnessing any signs of capital flight.

This follows concerns about China's economic slowdown, including declining foreign exchange reserves and capital outflows putting pressure on the Chinese yuan.

Ministry spokesman Shen Danyang says there is no basis for the continued depreciation of the yuan.

"The data of the State Administration of Foreign Exchange indicates that at present China's balance of international payments is still prudent. China's economy and domestic market fundamentals are good. There is no basis for continued depreciation of the yuan. Therefore, there is no so-called intensified capital flight."

Central bank governor Zhou Xiaochuan said on Saturday that the country will not allow speculators to dominate market sentiment regarding its foreign exchange reserves.

China to Host G20 Trade Ministers Meetings

China's Ministry of Commerce said the country will host the G20 trade ministers meetings in Shanghai this summer.

Shen Danyang, spokesman for the Ministry, made the remarks at a news conference in Beijing.

"China took over the rotating G20 presidency on December 1, 2015, and a series of meetings have been started successively through various channels. As a department which coordinates trade and investment cooperation, the Ministry of Commerce will host the G20 trade ministers meetings from July 9 to 10 this year in Shanghai, before which three trade and investment work team meetings will be held."

Shen says G20 member states have strong desire to enhance trade and investment cooperation amid the slowdown of global trade and economy.

In such a background, through China's proposal, leaders of the G20 demanded in 2015 that trade ministers meetings be held periodically and agreed to establish a supportive work team.

"China hopes member nations, through trade ministers' meetings and a series of work team meetings, will carry out in-depth discussions over issues including constructing a trade and investment platform among G20 countries, promoting global trade growth, supporting a multilateral trade system, enhancing coordination and cooperation of investment policies, and advancing an inclusive and coordinated global value chain."

The next annual G20 summit is also to be held in China, in Hangzhou in September.

In the months running up to the summit, China will host Sherpa meetings in Guangzhou, Xiamen, Hangzhou and Wuhan, finance ministers' and central bank governors' meetings in Shanghai and Chengdu, and meetings of ministers covering trade, employment, energy and agriculture in Shanghai, Beijing and Xi'an.

China's Unveils "Taiji" Gravitational Wave Plan

Anchor:

The confirmed discovery of gravitational waves by researchers in the United States is prompting scientists around the world, including here in China, to begin drawing up plans to conduct their own studies on the scientific breakthrough.

CRI's Luo Bin explains.

Reporter:

Chinese scientists have announced a gravitational wave research plan they're dubbing "Taiji."

The Chinese Academy of Sciences says their research plans will be finalized later this year.

Academy member Wu Yueliang says their research will focus on low and medium-frequency gravitational wave signals, which would be different from those which US researchers confirmed they'd found last week using their Laser Interferometer Gravitational-wave Observatory, or LIGO.

"Gravitational waves can be categorized into three types according to their frequency bands. Low-frequency gravitational waves come from a larger variety of sources than the other two types, like the merger of binary galaxies or supermassive binary black holes and celestial body explosions. But these sources are yet to be found and this is what we are striving for."

The latest Chinese draft includes two sets of alternative plans.

One would include teaming up with the European Space Agency's eLISA project.

The other would be to launch a group of Chinese satellites to authenticate any data that the eLISA project comes up with.

eLISA, or "Laser Interferometer Space Antenna," is going to be designed to detect and observe gravitational waves with three satellites arranged in a triangle that sends a laser beam between each other.

It's tentatively scheduled to take shape in 2035.

Chinese Physicist Hu Wenrui says compared with the LIGO's ground-based observatory, eLISA will be able to do more in gravitational wave research, given that it will do the research in space.

"It's more significant, of course more challenging as well, to study low-frequency gravitational waves than high-frequency waves. LISA's project can even deserve more than a Nobel Prize if it succeeds. LIGO's discovery proves the existence of gravitational wave, but there are more secrets in the space waiting to be disclosed."

The new "Taiji" project would be similar to the so-called "Tianqin" plan being launched by Sun Yat-sen University.

"Tianqin" will is due to be carried out in four stages over the next 15 to 20 years, ultimately launching three high-orbit satellites to detect gravitational waves.

However, Wu Yueliang with the Chinese Academy of Sciences says said Taiji and Tianqin would have different objectives.

"Tianqin project is aimed at something different from ours. The two projects target gravitational waves of different frequencies. The satellites for Tianqin project will orbit the earth and try to observe the waves, while ours fly around sun and help with study the theories behind the waves as well as the evolution of the universe."

US researchers confirmed last week that they discovered gravitational waves for the first time through the collision of two black holes some 1.3-billion years ago.

The waves from that collision were first detected back in September after making their journey through the cosmos.

While obviously beyond most people's understanding, the discovery is being hailed as a breakthrough in astronomic research, as it appears to prove theories put forward by both Einstein and Stephen Hawking about how the universe works.

By studying the discovery, astronomers may eventually be able to see the universe beyond what can currently be detected through the spectrum.

For CRI, this is Luo Bin.

Attendees of the Singapore Airshow express confidence in the Asian market

Anchor:

The Singapore Airshow has kicked off with over 1000 airliners from 50 countries attending the event, showing off the latest models and technologies.

All of the carriers at the event - including those from China - are expressing confidence in the future of the airline market in Asia.

CRI's Niu Honglin has the details.

Reporter:

Boeing, Airbus, and Honeywell are among the dozens of major international airline companies at this year's Singapore Air Show.

The Commercial Aircraft Corporation of China - also known as COMAC - considered a bellwether of the country's commercial airline industry - is also among the attendees.

COMAC's C919 airliner has become a major competitor in the Asia Pacific region. The company has also received hundreds of orders from regional carriers for its new ARJ21-700, the first of which were delivered last year.

The company's director, Zhao Bin, says there is room for significant growth in the Asian airline market.

"According to our prediction, Asia will lead the world in terms of the speed of yearly development in the airline industry. We have made contacts with Indonesia and lots of countries in the Asia-Pacific region. As their economies keep developing, these markets will keep thriving."

China and the wider Asia Pacific region have increasingly been attracting the attention of major airline companies all over the world.

Honeywell has seen a huge increase in the volume of business it conducts in the region since moving its Asia-Pacific headquarters from Singapore to Shanghai in 2007.

Paul Nef is Honeywell's Director of Business Development.

"China has vast lands and a huge population, and two thirds of them have never traveled by plane which makes the room for growth quite big. I predict that the growth speed will not stop nor slow down but increase. All the big cities in China all have airliners and airports, but that is not the case in most medium sized cities. However these medium sized cities in China are actually quite large compared to cities in other countries. As a result, there is still a need for development and also potential room for growth."

During this year's airshow, China's Okay Airways signed a commitment for 12 Boeing 737 jets with the total deal worth 1.3 billion U.S. dollars at list prices.

In the meantime, the Chinese market for plane maintenance is also seen as having huge prospects.

A repair network has been established with over 160 stations in and outside of China. It's a joint venture between Air China and Lufthansa, called Ameco Beijing.

Ameco Beijing COO Andreas Meisel explains what's driving the expansion of the company.

"You'll still have to see that China is a little bit different form the rest of Asia. Of all that China's very fast growing, we have a middle class growing in China and you are a Chinese, you should have known better than I do. You have a middle class growing, people are getting wealthy and the people really like to fly. So they are flying around the world, within China and they want to fly to Europe, to the US and to the rest of Asia. You have a growing economy and growing passenger numbers in China so we need a growing number of aircraft in China. So with more aircraft in China, you need more Ameco and this specific in China is that we are building up also inside China more Ameco capabilities."

On the first day of the event, Airbus delivered a forecast on the development of the Asian market.

It predicts that air passenger transportation will maintain a yearly increase of over 5 percent in the next 20 years, and around 12,800 new planes will be needed - representing 40 percent of demand for new planes globally during the same years.

For CRI, this is Niu Honglin.

UN Humanitarian Aid Convoys Set to Depart to Syria

A wide range of humanitarian aid to the besieged Syrian areas is due to begin later on today.

The access was agreed on as the U.N. Syria envoy, Staffan de Mistura, held talks with Syria's foreign minister on Tuesday.

Farhan Haq, Deputy Spokesman for the UN Secretary?General, said after the meeting that the aid convoys are ready to depart.

"The Syrian government has approved access to seven besieged areas. And those include Deir al-Zor, Foua and Kfarya in Idlib, and Madaya, Zabadani, Kfar Batna and Mouadamiya al-Sham in rural Damascus. Humanitarian agencies and partners are preparing convoys for these areas to depart as soon as possible in the coming days. And as the special envoy pointed out, he said in his remarks to the press in Damascus, that the test will be tomorrow."

The UN envoy is set to have another talk with Syrian politician to secure a ceasefire agreed on by world powers last week.

The years-long Syria conflict is on the verge of turning into a regional conflict, as Turkey and Saudi Arabia recently announced willingness to launch ground operations in the war-torn country.

The ground operation, if takes place, could lead in to direct confrontation between NATO and Russia, which is backing government forces in Syria.

There has been no consensus reached between Turkey and its Western allies.

Italy, UNESCO to Form Protective Task Force

Italy signed an agreement with UNESCO on Tuesday to establish a task force to keep ancient artworks, monuments, artifacts and archaeological sites in conflict areas out of the hands of extremists.

Heritage sites in Iraq and Syria have been destroyed by the Islamic State group, which has blown up or torn down entire ancient cities in its bid to eradicate all signs of previous cultures in the Middle East.

Speaking after an event to present the Italian-led task force, Denfense Minister Roberta Pinotti was asked if Italy would send that task force to Libya.

Pinotti says help will be sent if it's requested.

"Italy is coordinating with a series of countries which are willing. Italy is available to be the nation that somehow gathers availability from other countries. Italy never thought of intervening in Libya. It has always contemplated lending a hand to the Libyan government on the basis of requests that the Libya government will make.''

Officials say no country has been chosen yet for the first mission.

The task force draws on Italy's Carabinieri paramilitary police force, which has long been in the vanguard in fighting trafficking in looted artworks and artifacts.

U.S. to boost economic engagement with ASEAN

U.S. President Barack Obama has unveiled a new initiative to promote economic ties with members of the ASEAN countries.

The initiative, called US-ASEAN Connect, is designed to set up a network of hubs across the region to connect more entrepreneurs, investors and businesses.

Obama says the two sides agreed to encourage the entrepreneurship and innovation that are at the heart of modern competitive economies.

Former UN chief Boutros-Ghali passes away

Anchor:

Former U.N. Secretary-General Boutros Boutros-Ghali has passed away at the age of 94.

The organizations current chief, Ban Ki-moon, has described him as a "memorable leader who rendered invaluable services to world peace and international order."

Only last month, he met Chinese President Xi Jinping and was honored for his outstanding contribution to China-Egypt friendship.

CRI's UN correspondent Su Yi has more.

Reporter

The President of the UN Security Council for this month, Venezuela's UN Ambassador Rafael Dario made the announcement ahead of a Security Council meeting on Tuesday morning.

"Dear colleagues, we have been informed that Secretary General Boutrous Boutros Ghali has passed away. We want to ask members of the Security Council to hold a minute's silence in his memory."

Boutros-Ghali served as U.N. chief from 1992 to 1996. His term was marked by brutal conflicts in Haiti, Somalia, Rwanda and the the former Yugoslavia.

Present UN Secretary-General Ban Ki-moon, says Boutros-Ghali headed the United Nations at the time when the world body was redefining itself after the Cold War.

"The late Secretary General Boutros Boutros-Ghali was a respected statesman in the service of his country Egypt. He was a well-known scholar of international law and brought formidable experience and intellectual power to the task of piloting the United Nations through one of the most tumultuous and challenging periods in its history, and guiding the Organization of the Francophonie in subsequent years."

Ban Ki-moon also praised Boutros-Ghali's role in the strengthening of the UN's peacekeeping system.

"As Secretary-General, he presided over a dramatic rise in UN peacekeeping. He also presided over a time when the world increasingly turned to the United Nations for solutions to its problems, in the immediate aftermath of the cold war."

Boutros-Ghali was the author of a report called 'An Agenda for Peace,' an analysis on ways to strengthen UN capacity for preventive diplomacy, peacemaking and peacekeeping.

Born on Nov 14, 1922 Boutros-Ghali came from a Coptic Christian family in Cairo. He was educated at Cairo University and then later in Paris.

He went on to study international relations at Columbia University in New York and became Egypt's foreign minister in 1977.

Boutros-Ghali accompanied Egyptian President Anwar al-Sadat on the historic visit to Jerusalem in 1977 and played a prominent role in the Camp David accords aiming to being peace to the Middle East.

He visited China several times and only last month met with Chinese President Xi Jinping along with nine other people to be awarded for their outstanding contribution to China-Egypt friendship.

Boutros-Ghali died at Al Salam Hospital in Cairo on Tuesday. He was 94 years old.

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

Weather

Beijing will be clear tonight with a low of -1; sunny tomorrow with a high of 9.

Shanghai will be cloudy tonight with a low of 6; sunny tomorrow with a high of 15.

Chongqing will be cloudy with a low of 5; more clouds tomorrow with a high of 14.

Lhasa, clear tonight with a low of 1; sunny tomorrow with a high of 17.

Elsewhere in Asia,

Islamabad, sunny tomorrow with a high of 23.

Kabul, cloudy, 3.

Down in the Southern Hemisphere.

Sydney will be cloudy, highs of 27.

Brisbane, slight rain, 29.

Perth, overcast, 33.

And finally Auckland will have slight rain with a high of 26 degrees Celsius.

Headline News

China calls for joint effort to promote demilitarization in South China Sea

China has called for joint effort to promote demilitarization in the South China Sea.

Chinese Foreign Minister Wang Yi made the remark after meeting with Australian Foreign Minister Julie Bishop in Beijing.

Wang Yi said the self-defense facilities that China has built on the islands and reefs in that sea are limited and necessary, and are consistent with self-protection provisions that China is entitled to under international law.

For her part, Julie Bishop also reiterated that Australia does not take sides on the issue of sovereignty and urged all sides to maintain peace and stability.

The two also discussed the situation on the Korean Peninsula.

The Chinese diplomat said the UN Security Council is discussing a new resolution to prevent North Korea from advancing its nuclear program and its missile program.

Two more persons charged with rioting in Mong Kok appear in court

Two more people have been brought to court over involvement in Mong Kok riot.

The two young men, both air conditioner repairmen, were charged with one count each of rioting.

They were involved in throwing bricks at police officers on Feb. 8 in Mong Kok.

Currently, they have been released on bail, but they are barred from parts of Mong Kok.

The case will be brought to court again on April 7.

So far, 67 people accused of involvement in the riot have been arrested.

S. Korea urges Japan on WWII comfort women issue

South Korea's Foreign Ministry has called on Japan to refrain from making comments that could undermine a deal made last year on the "comfort women" issue.

The comments from the ministry spokesperson came after Japan's deputy foreign minister said on Tuesday the "forceful taking away" of the women during WWII could not be confirmed by Japanese authorities.

South Korea and Japan reached a deal in December to resolve the "comfort women" issue after 25 years of negotiations.

The deal included an apology from Japanese Prime Minister Shinzo Abe and a one billion yen aid fund for the elderly former comfort women.

EU referendum: Final day of UK deal talks ahead of summit

British officials have entered the final phase of negotiations to change the country's relationship with the European Union.

British Prime Minister David Cameron says he hopes to agree a deal at the Brussels summit, enabling a referendum on the UK's EU membership to take place in June.

Downing Street said leaders of the three largest groups in the European parliament had made clear their support for the UK's proposed EU deal.

However, European parliament president Martin Schulz warned that parliament members' backing for any deal cannot be guaranteed.

Biz Reports

Anchor:

Time to check today's business news, starting with the closing market numbers in Asia.

Here is CRI's Min Rui.

Reporter:

Mainland stocks opened lower but rebounded immediately after the midday break.

Total turnover on the two bourses continued to swell, with nearly 100 stocks rising by the daily limit of 10 percent, and over 2,000 stocks closing higher.

All sectors except the wine sub-index gained.

Sub-indexes related to manufacturing, such as aviation, ship-building, and machinery, led the gains.

China Gezhouba Group, China's leading state-owned construction firm, surged 3.6 percent.

At close, the benchmark Shanghai Composite Index was up 1.1 percent.

The smaller Shenzhen index closed up 1.2 percent. The ChiNext Index of growth enterprises, gained 0.6 percent.

Over in Hong Kong, the Hang Seng Index dipped 1 percent.

Elsewhere in Asia,

Tokyo stocks ended lower on Wednesday as a stronger yen and falling oil prices dented investor sentiment and saw early gains reversed. The Nikkei dropped 1.4 percent.

South Korea's KOSPI shed 0.2 percent.

Singapore's Straits Times was down 1.2 percent.

And finally, Australia's ASX/200 lost half a percent.

Apple Pay to Launch in China Tomorrow

Apple will debut its electronic-payment system Apple Pay on the Chinese mainland tomorrow.

With the launch, Apple will be entering a market where electronic payments are already widely used.

According to 2015 official figures more than 400 million Chinese made payments online.

Many Chinese banks will launch Apple Pay support on the same day, such as the Bank of China, and China Construction Bank.

Over a dozen other lenders are expected to join the effort in the coming days.

The launch is made possible by Apple's deal with UnionPay which dominates bank-card payments in China.

China will be the fifth Apple Pay market and follows the US, Canada, the UK, and Australia.

Chinese steelmakers not dumping: Commerce Ministry

China's Ministry of Commerce has denied allegations that steel makers in the country are dumping surplus product in the European marketplace.

The comment is in response to an anti-dumping probe launched by officials in the European Union.

A statement from the Chinese Foreign Ministry says overcapacity in the steel sector is a worldwide problem and efforts to restructure China's steel industry have made headway.

It also says China hopes to work with the EU to mitigate problems related to overcapacity, and that protectionism will exacerbate the situation.

The EU has imposed preliminary duties on imports of Chinese steel used to reinforce concrete.

In a separate case, the EU is expected to rescind anti-dumping measures on Chinese made fasteners after the World Trade Organization issued a ruling that the measures broke international trade rules.

China's holding of US Treasury falls to a 10-month low

China, the biggest buyer of US Treasury securities, cut its holding in December to a 10-month low.

The latest data from the U.S. Treasury Department was released on Tuesday and shows China reduced its holding by 18.4 billion U.S. dollars to 1.25 trillion U.S. dollars in December, coinciding with the country's sharpest monthly fall in foreign reserves.

According to official data, China's forex reserves dropped to 3.33 trillion U.S. dollars in December, the lowest levels since 2012.

Japan, the second largest foreign holder of US Treasury securities, also cut its holding in December.

It's also been reported the net selling by foreign governments of US securities mark the biggest monthly outflow on record for official holders.

China to adjust deposit rates for housing provident fund

China will adjust deposit rates for its housing provident fund to ensure reasonable gains for depositors.

The adjustment will take effect from Feb. 21.

The central bank will use the one-year deposit rate of 1.5 percent to replace the lower rates for deposits of less than one year.

The housing provident fund is a government-designed saving plan that allows Chinese workers and their employers to pay a part of their monthly wages into the fund to finance future home purchases.

Record year expected for China's outbound M&As

Anchor:

A new report is suggesting outbound mergers and acquisitions by Chinese companies are going to set another record this year, as well as be more diversified.

A Chinese government-backed think tank based in Beijing is suggesting the current global economic slowdown is offering a significant opportunity for Chinese companies to purchase overseas assets.

The analysis is suggesting virtually any industry could be a target for Chinese companies.

Government figures are already pointing to a sharp increase in outbound Chinese investment, with around 55-billion US dollars worth of Chinese investment already made overseas so far this year.

For more on this, CRI's Spencer Musick spoke earlier with John Ross, senior fellow with the Chongyang Institue for Financial Studies at Renmin University.

Chinese, U.S. firms to jointly build large auto theme park in Northeast China

A Chinese company has signed a deal with a US company to build a 500-acre automobile theme park at Dongdaihe, a few miles from Shan Hai Guan, the eastern start of the Great Wall.

Huaqi Investment Company and Ima Design Group of California signed the intention agreement in Los Angeles on Tuesday local time.

Ima Design has decades of experience in designing theme parks, and its customers include Disney.

The project in development will be called Huaqi Automotive Cultural City and the total investment is seven billion Yuan, or just over a billion US dollars.

Huaqi President and CEO Tongwei Wei says the plan is to try to get international racing organizations involved and hold events at the park, as well as open an automotive museum, host exhibitions, and create a kids' fun zone.

It will open in three years and the goal is to attract about 30 million visitors annually.

Sports

Spaniard's Nadal, Ferrer & Almagro advance in Rio Open

in some tennis news:

Spaniards Rafa Nadal, David Ferrer and Nicolas Almagro had a chance on Tuesday to talk about their wins in the ATP World Tour 500 Rio Open.

Top seed in the tournament, Nadal beat out fellow countryman Pablo Busta in straight sets 6-1, 6-4

and Number 2 seed David Ferrer won his match against Nicholas Jarry of Chile 6-3, 7-6

Almagro took a 6-1, 3-6, 6-4 win over Daniel Nava.

Following these events, Nadal spoke to the public about his successin Rio thus far.

"The conditions were so heavy, so difficult to serve. (We had) a lot of breaks but I was able to survive there and the important thing is to not get frustrated in that moment when you have the advantage and then he breaks me back. I stayed calm, I had every time the chance to break again, it was very important that. A very good victory for me and I am very happy."

Ferrer and Almagro would give similar statements about their matches.

In some sad news for Brazil, the country's top tennis player was eliminated recently by Ukraine's Alexander Dolgopolov, 7-6, 5-7, 2-6.

Currently, no Brazilian man has ever reached the second round of the Rio Open

LA unveils its Olympic Logo

in some Olympic news:

The committee responsible for the bid of the 2024 Los Angeles Summer Olympics unveiled their official candidate logo for the games on Tuesday.

Around 100 Olympians and Paralympians joined LA's 2024 chairman Casey Wasserman and city mayor Eric Garcetti in downtown LA to celebrate the launch of the logo.

The unveiling process took place at the USC Skyscraper, which boasts one of the best panoramic views for the games venues.

During the ceremony, Mayor Garcetti spoke a few words to guests in attendance.

"The Olympic Games don't require a leap of faith. The Olympic require a leap of imagination. And I believe that no city on earth does imagination the way we do here in Los Angeles."

The logo has ties to the city's Spanish name and shows a soaring figure, symbolizing athletes, reaching for their dreams.

Currently LA is competing against Paris, Rome, Hamburg and Budapest.

The winner will be decided by the International Olympic Committee in 2017

Jordan Spieth talks ahead of upcoming Northern Trust Open

and in golf news:

World number 1, Jordan Spieth held a press conference on Tuesday, ahead of this week's Northern Trust Open in California.

Spieth has been preparing for the tournament after his disappointing finish of 21st place in the AT&T Pebble Beach tournament.

During his press conference, Spieth spoke about the positive changes he has made to his game within the past year.

"I wouldn't necessarily call one part. I think I've gotten a lot better putting under pressure. But really, to be able to stand up and really focus in on a specific target and work either ball flight onto that target - whether it's driving it or striking an iron shot - that's definitely improved. When the pressure's on I'm not thinking as much about boards and positioning as much as I am at shot."

The top golfer in the world has competed in two PGA tournaments for this season.

In the WGC-HSCB Champions tournament, he tied for 7th place

and in the Hyundai Tournament, Spieth beat out the competition to win it all.

As the 22-year-old heads into the N.T. Open tournament, let's see if he can keep up his pace.

Nigel De Jong joins football club LA Galaxy

and in some football news:

The club team, LA Galaxy has introduced another new signing, Nigel De Jong on Tuesday following a training session with their new teammate.

De Jong's actual signing took place on February 3rd but Tuesday marked his official debut.

The 31-year-old has played in two FIFA World Cups for the Netherlands.

The Dutchman's career started when he played for club team Ajax in 2002.

Since then he has played in the Bundesliga and the English Premier League.

During his introduction ceremony, De Jong spoke about his motivation to come play in America.

"I think it's the total package (that drew me to America). If you see what America, the United States can offer you apart from playing football as well. I mean, it's the lifestyle, it's the way, it's the sport culture, it's the way people think about sport in general - it's not only soccer, I mean you got so many sports out here and the sports culture is so big and I always wanted to experience that, sooner than later. And I played in four different countries already so my next step was always been America."

De Jong will start alongside new players Robbie Keane and Ashley Cole when Galaxy plays their first competitive match for 2016 on February 24th.

Chicago announces hosting of All Blacks vs Ireland rugby match

and in some Rugby news:

A conference on Tuesday in Chicago has announced a friendly match to be played against the 2015 Rugby World Cup champions the All Blacks and the Irish National team.

The game will be played on November 5th at Chicago's very own Soldier Field.

The last time the All Blacks played in the US, they sold out of tickets.

This game is the center piece of the "Rugby Weekend" event, which was created to promote the sport in the US.

Nigel Melville of US Rugby spoke during the game's announcement, stating that this will be a great opportunity for all involved.

"It's very important to us to showcase the world's best, but also an opportunity for our players to play and to participate within the week. I think this will be a great opportunity for rugby at all levels to benefit. And to showcase the game once more. And also to showcase to the rest of the word the progress that we're making at USA Rugby as we grow the game."

This could be an important match for the Irish team, as they will be playing for their first win against the All Blacks in their past 28 games.

And for the New Zealand Champions, All Black player Ryan Crotty stated that they are excited to be returning to Chicago.

Entertainment

"Now You See Me 2" Release Character Posters

The upcoming movie "Now You See Me: The Second Act" has released its full character posters.

The sequel pick up soon after the events of the last story.

The new film takes place one year after the events in New York City, and the Four Horsemen are facing a new enemy who forces them to pull off a dangerous heist, which will have them entangled with law enforcement once again.

The posters showcase many main cast members including Mark Ruffalo, Jesse Eisenberg, Woody Harrelson and Dave Franco who will reprise their original characters.

Chinese singer/actor Jay Chou has joined the cast as a rival magician named Li, while actor Daniel Radcliffe, who's famous for playing the boy wizard Harry Potter, is also set to join the film.

Production on the project began earlier this month and according to mtime.com, some of the scenes have been shot in Macau.

The film is scheduled to arrive in theaters on June 10 this year, with a third film already in the planning stages at the studio.

Crouching Tiger Hidden Dragon II: The Green Destiny Premiers in China Tuesday

"Crouching Tiger Hidden Dragon II: The Green Destiny" held it premiere in select theaters in China yesterday. Director Yuen Wo-Ping, leading stars including Michelle Yeoh and Donnie Yen, was at the ceremony in Beijing.

The Crouching Tiger, Hidden Dragon sequel tells an epic story of lost love, young love, a legendary sword, and one last opportunity at redemption, set in a martial arts battle between good and evil that will decide the fate of the Martial World.

Audiences in almost 60 cities have been enjoying the sneak previews.

As the follow up movie to its much-loved predecessor, it is inevitable that there are some comparisons between these two films. To that matter, director Yuen has his own point of view.

"Different films require different shooting skills according to different scripts and different characters. From my point of view, we should not make a new project under the shadow of the previous one. Without the influence of the first episode, I put new thoughts in this movie, tried new designs and shaped new characters. This way, I can have my own creation in my work without that much pressure."

The original "Crouching Tiger, Hidden Dragon" debuted 16 years ago and was a big international success, grossing 210 million US dollars.

It has also won over 40 awards including the Oscar for Best Foreign Language Film and was also nominated for six other Academy Awards including Best Picture that year.

"Crouching Tiger Hidden Dragon II: The Green Destiny" will be available across China on Friday. And on the 26th of this month, it will open in US theaters and on Netflix worldwide.

"Full House" Casts Reunite for "Fuller House"

The beloved '80s and '90s American TV sitcom "Full House" is back.

The new show, a spin-off titled "Fuller House," picks up 20 years after the original show and it focuses on the lives of the Tanner girls, who are now grownups.

In the sequel, the focus is on the recently widowed D.J. Tanner-Fuller, a mother of three sons. Her sister Stephanie moves back home to help her raise the kids along with her best friend Kimmy.

Comedian Dave Coulier remembered how emotional he got when he first revisited the old sets.

"It was surreal and I went to Warner Brothers. By myself one day just to go and take a look at all the sets and when I walked on the set I started to cry. It was an emotional moment because you never think you can go back home and we were all able to go back home."

All of the original cast, except for Mary-Kate and Ashley Olsen, who played youngest daughter Michelle, returned to the show.

The show is set to premiere on Netflix next Friday.

Weather

Beijing will be clear tonight with a low of -1; sunny tomorrow with a high of 9.

Shanghai will be cloudy tonight with a low of 6; sunny tomorrow with a high of 15.

Chongqing will be cloudy with a low of 5; more clouds tomorrow with a high of 14.

Lhasa, clear tonight with a low of 1; sunny tomorrow with a high of 17.

Elsewhere in Asia,

Islamabad, sunny tomorrow with a high of 23.

Kabul, cloudy, 3.

Down in the Southern Hemisphere.

Sydney will be cloudy, highs of 27.

Brisbane, slight rain, 29.

Perth, overcast, 33.

And finally Auckland will have slight rain with a high of 26 degrees Celsius.

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

Recapping our top stories...

Chinese authorities call for the demilitarization of the South China Sea following what they call a "necessary" defensive move in the region...

On behalf of the Beijing Hour team, it’s Shane Bigham in Beijing. Join us for the next edition of the Beijing Hour, to open a window to the world together...