| The Beijing Hour
Morning Edition
It's Spencer Musick with you on this Saturday, April 11th 2015.
Welcome to the Beijing Hour, coming to you live from the Chinese capital.
Coming up on our program this morning...
US President Barack Obama set to meet Cuban leader Raul Castro as their countries move to restore ties...
China rebuffing comments made by the US President over the South China Sea...
And former US Secretary of State Hillary Clinton throwing her hat into the 2016 presidential ring...
The party chief of Kunming under investigation for corruption...
In our weekly biz review: Chinese authorities announcing measures to shore up the country's real economy..
In Sports... Lewis Hamilton dominating both practices sessions at the formula 1 Chinese Grand Prix in Shanghai
In Entertainment... Beijing international film festival moves some 2 million tickets in the first two hours of sales.
Top News
Obama, Castro set to meet amid bid to restore ties
US President Barack Obama and Cuban President Raul Castro plan to hold their first in-person discussion on Saturday, a historic encounter as they work to restore diplomatic ties after more than half a century of estrangement between their countries.
Obama foreign policy adviser Ben Rhodes says their meeting on the sidelines of the Summit of the Americas in Panama would come on the summit's second and final day.
"I would not anticipate an extended discussion between the two leaders tonight, if that happens it is going to happen tomorrow."
Rhodes says details of their meeting were still being worked out.
The two leaders spoke by phone on Wednesday for only the second time.
Obama and Castro also planned to be among the leaders attending opening events of the summit today.
They exchanged a brief handshake in 2013 during Nelson Mandela's funeral in South Africa, but haven't held any substantive in-person meetings.
Obama and Castro first spoke in a December phone call as both announced their intent to restore diplomatic relations between their countries.
One of the main hurdles on the road to re-establishing full diplomatic ties is close to being lifted.
The State Department has recommended Cuba be removed from the US list of countries which sponsor terrorism.
Obama said on Thursday that all he was waiting for now was a recommendation from his advisers, leaving many expecting an announcement at the summit.
China rebuffs Obama's comment over South China Sea
The Chinese government has reaffirmed its commitment to peace and stability in the South China Sea.
The Foreign Ministry released a statement on Friday, rejecting U.S. President Barack Obama's recent comments that Beijing was using its "sheer size and muscle" to intimidate its neighbors.
Foreign Ministry spokesperson Hua Chunying:
"You've said that the U.S. leader said that China is showing its size and muscle. I think everyone can see very clearly who has the biggest size and muscle in the world. But we have many times explained China's position on the South China Sea. China has always been a resolute proponent of peace and stability in the South China Sea. We have always proactively advocated using a dual track approach to resolve the South China Sea issue."
Hua also said China hopes the U.S. can respect the hard work of China and countries of the Association of Southeast Asian Nations and play a positive role in pushing for peace in the region.
The spokeswoman also stressed that construction and maintenance work on the Nansha Islands fall within China's rights under its own sovereignty.
China urges U.S. to stop irresponsible rhetoric on islands issues
China's Defense Ministry on Friday urged the United States to cease its "irresponsible rhetoric" on issues concerning the Diaoyu Islands and islands in the South China Sea.
The response came after a joint press conference on Wednesday where the U.S. Secretary of Defense Ashton Carter said the Diaoyu Islands "fall within the scope of the 1952 U.S.-Japan Treaty of Mutual Cooperation and Security".
The information office of China's defense ministry said that the Diaoyu Islands and affiliated islands have been part of China's indispensable territory since ancient times.
It added that the "the U.S.-Japan alliance is an arrangement made during the Cold War. It should not target a third party, or undermine regional peace and stability."
It also urged the U.S. side to speak and act cautiously to ensure favorable conditions for healthy and steady development of U.S.-China relations.
No consultation on THAAD during S. Korea, U.S. defense ministers' talks
Defense ministers of the United States and South Korea did not hold consultations on the deployment of a missile defense system in South Korea during their latest meeting.
The South's Han Min-koo and his American counterpart Ashton Carter met Friday in Seoul.
Carter confirmed that the two countries are not at a point where discussion regarding deployment is warranted.
"It wasn't on the agenda today and the reason for that is that we are not at a point yet in that program. This is a program that is in production in the United States. We are not at the point yet of determining where it might be suitably deployed in the future."
Earlier reports had speculated that the real intention of Carter's visit to Seoul is to discuss the deployment of the system on the Korean Peninsula.
This idea has ignited concern and opposition from neighboring countries including China and Russia.
The two ministers also talked about the triangle alliance among South Korea, the US and Japan.
Han Min-koo says there is need for better cooperation.
"Secretary Carter and I emphasized the importance of information sharing between the US, Japan and South Korea to deter North Korean provocations with its nuclear weapons and missiles. We share the view of a necessity for trilateral cooperation for the peace and stability of Southeast Asia and the world."
Territorial and historical disputes have led to years of tension between South Korea and Japan.
The row escalated earlier this week, particularly after Japan approved new textbooks for middle school students, which claim the disputed Dokdo islets are Japanese territory.
South Korea called the textbooks another "provocation."
South Korea is the second leg of Ashton Carter's first Asian tour since he took office in February.
Carter arrived in Seoul on Thursday after a three-day visit to Japan.
China, U.S. to work together on anti-terror, cybersecurity, hunt for corrupt officials
China and the United States have agreed to seek stronger cooperation in the fight against terrorism, cracking down on cybercrime and furthering China's international hunt for corrupt officials.
The agreement came after talks between Chinese public security minister Guo Shengkun and U.S. Homeland Security Secretary Jeh Johnson in Beijing.
Guo Shengkun has called for new breakthroughs in those areas including the hunt for corrupt officials who have fled to the United States and the recovery of their illegal monetary gains.
The Chinese public security minister will visit the United States within the year as a guest of Johnson.
Kunming Party chief under probe
The Communist Party chief of Kunming, capital of southwest China's Yunnan Province, has been put under investigation for corruption.
Gao Jinsong is being probed for alleged serious violations of Party discipline and law, according to China's top anti-graft body, the Central Commission for Discipline Inspection.
Gao was only promoted to the position in August, after his predecessor Zhang Tianxin was removed for "serious violations of Party discipline."
He is the latest official from Yunnan Province to be investigated for corruption.
Qiu He, the deputy Party Chief of Yunnan, was also put under investigation in March.
Qiu He was the Party chief of Kunming from 2007 to 2011.
China March CPI Grows 1.4 pct year on year, PPI Contraction Narrows
China's consumer price index, the main gauge of inflation, gained 1.4 percent year on year in March.
The increase in the CPI is the same as in February.
The 0.8-percent gain in January had been the lowest level in more than five years.
On a monthly basis, consumer prices in March edged down 0.5 percent from February.
Meanwhile, producer prices slid 4.6 percent year on year last month.
It is the 37th consecutive month of declines.
The drop in the producer price index, a measure of costs for goods at the factory gate, narrowed from February's 4.8-percent decline.
On a monthly basis, the PPI contracted 0.1 percent in March, narrowing from a 0.7-percent decline in February.
Experts say the risk of broad-based deflation in China has abated as prices for consumer products rose at the same pace as in February, while declines in costs at the factory gate stabilized.
Professor Huang Yiping is with the National School of Development at Peking University.
"The increase in CPI has dropped below 2 percent from the 5 percent level in China since 2011. I think that indicates the pressure from inflation is declining, but there have not been signs of deflation."
A string of economic indicators for this year, including manufacturing and trade data, have all suggested continued weakness in the Chinese economy.
The Chinese government has set this year's economic growth target at around 7 percent and its inflation control target at around 3 percent.
China's economy at reasonable level: Official
Anchor:
Chinese authorities say that although the country's economy is facing downward pressure, growth momentum remains intact.
The comment was made at a State Council news conference as the country released its latest consumer price index data.
CRI's Yin Xiuqi has more.
Reporter:
Yu Bin with the State Council says despite the downward pressure, the economy is running reasonably well.
"Based on the targets set during this year's NPC and CPPCC sessions, GDP growth is expected to reach 7% and the inflation control target is at around 3 percent. Based on the data from January and February, I think the economy is running at a reasonable level. "
According to the latest figure, this month's CPI, the main gauge of inflation, grew 1.4 percent year on year.
Since the middle of last year, due to slowed economic growth, demand and prices for staple goods have fallen, leading to increased downward pressure on the economy.
Despite the trend, China's stocks have made dramatic gains this week, with the main market climbing above 4,000 points for the first time since early 2008.
Yu says the performance of the stock market is a response to the structural reforms to the country's economy.
"I think the key reason is that after years of structural reform and upgrades, the quality of China's economy has improved. This is why the stock market has a good performance. Compared with the previous data, China's growth speed has slowed down. But from a global perspective, a 7% growth rate is relatively strong, and it has bolstered the gain in the market."
Regarding the latest policy changes for the property market, Yu says the new rules are not to lift up the property prices but to facilitate a soft landing for the industry.
"As we know, by the end of last year, the urbanization rate was 55%, it is still a long way to go to reach the target of 70%. It means in the next few years till 2030, the urbanization process will be running at a high speed and there will be a huge demand for housing. So China's property market will have a prospects."
Earlier, China's central bank lowered down payments for buyers of second homes from the previous 60 percent to 40 percent.
Years ago, sky-rocketing home prices forced the government to roll out restrictive measures including raising down payments and banning the purchase of a third home in order to cool the market.
For CRI, I'm Yin Xiuqi.
3rd HK, SH Economic and Trade Cooperation Conference held on Fri
The third session of Hong Kong, Shanghai Economic and Trade Cooperation Conference was held in Shanghai on Friday.
Hong Kong chief executive CY Leung and Shanghai mayor Yang Xiong attended the meeting.
The meeting launched 28 cooperative programs in ten fields including business, culture, education and healthcare.
Three agreements on business and finance cooperation and regulating the exchange activities of civil servants were also signed by the two sides.
At the event, Leung said that Hong Kong has benefited from China's policy of "one country, two systems" and will play an active role in China's opening up to the world and bringing in international expertise.
"Being widely and closely connected with the world, Hong Kong could act as a super link in the implementation of our country's development strategy featuring two-way exchanges between China and the rest of the world, providing in particular high-level services in finance, law and shipping sectors."
CY Leung also spoke highly of the Shanghai-Hong Kong Stock Connect, emphasizing its role in facilitating the connection of stock market between the mainland and the world.
Hong Kong's stock market has been boosted by a continued influx of funds from the mainland through the Stock Connect this week.
Daily trading quotas from Shanghai to Hong Kong had all been used up on Wednesday and Thursday.
The benchmark Hang Seng index jumped nearly 8 percent this week, marking its highest gains in seven years.
Chinese authority denies full implementation of "two-child policy" in May
Anchor:
Health authorities here in China are denying widespread rumors it would fully roll out the "two-child policy" in May to allow all couples to have a second child.
CRI's Yu Yang has more details.
Reporter:
Song Shuli is a National Health and Family Planning Commission spokesperson:
"This speculation is without foundation. The family planning strategy should be maintained, as the size of the population puts pressure on resources, the environment, as well as economic and social development. Authorities are still assessing the implementation of the new birth policy, to prepare changes to the family planning regulation. The initial relaxation is not the end, policy reform will continue."
The one child policy has been relaxed since late 2013, allowing couples to have a second child if at least one parent has no siblings.
The relaxation in part aims to address the issues of the strength of the labor force and the aging population.
Song Shuli adds that local authorities will make adjustments to their family planning policies based on their own demographic structure.
In the meantime, the National Health and Family Planning Commission says a special operation is set to be carried out nationwide to crack down on surrogate pregnancies, which is illegal in the country.
Song Shuli says a long-term mechanism is going to be established.
"According to our plan, the first phase of the operation will last from now until the end of this year. A long-term mechanism to crack down on surrogacy is also going to be established."
This move will focus its investigations on those medical institutes and medical staff, as well as social intermediary organizations that engage in surrogacy.
For CRI, I'm Yu Yang.
Clinton to Launch 2016 Presidential Campaign
Former US Secretary of State Hillary Clinton is set to launch her long-anticipated 2016 presidential campaign on Sunday.
Clinton is scheduled to make her second bid for the presidency after months of speculation about her political future.
If elected, Clinton would be the United States' first female president.
Leonard Steinhorn, Political Science Professor at American University, says the prospect of serving as the first female president of the US can be an advantage for Hillary's election.
"She has been through almost every version of what one can expect of somebody in public life. She's taken hits, she's had incredible successes, she's admired, she's feared and now is really that final act as to whether she can expand her voice, experience and the lessons she's learned to the larger American public."
But not everyone is optimistic for Clinton's presidential campaign.
Julie Pace, White House Correspondent for the Associated Press.
"She does come with a lot of liabilities. The first is that she is just someone who has been in the public eye for so long. Americans tend to want someone new and different and there is just no way can that she completely fulfill that for people. The other problem with the Clintons is that they just come with a lot of their own baggage, more so than most people who have been in political life. We saw this with the email controversy. It harkins back to questions about secrecy, transparency with the Clintons."
Clinton had earlier been criticized for the use of a personal email account and server in her tenure as US Secretary of State, and the Clinton Foundation's acceptance of donations from foreign governments.
Clinton will officially announce her bid for the Democratic Party's nomination through an online video to be published on social media this Sunday.
Turkey joins AIIB as founding member
Turkey has been approved as a prospective founding member of the Asian Infrastructure Investment Bank.
China's Ministry of Finance said on Friday that this brings the number of prospective founders to 38.
Membership will be finalized in the coming week.
Founding members have the right to weigh on on decisions about rules for the bank.
Economies that applied to join after March 31 will be ordinary members with voting rights only.
These will have a vote, but less say in the rule-making process.
The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia.
It is expected to be established by the end of this year.
France and India Sign a range of Agreements
France and India have signed a number of agreements on nuclear power, defence and transport.
Indian Prime Minister Naredra Modi announced the agreements after his meeting with French President Francois Hollande in Paris.
"I am happy that we have made progress with the installation of 6 nuclear plants in Jaitapur, with aims to cut the cost of electricity. And both parties have come to an understanding to conduct more studies and research. Today there have been agreements between French and Indian multinationals Areva and L&T to undertake new forgings in India."
According to signed agreements, India plans to purchase 36 Rafale fighter jets from France.
French President Francois Hollande:
"Mr. Prime Minister, I am very receptive to the announcements that you have been able to make this afternoon here in Paris in the fields of energy, space, sustainable development and defense. And notably to your desire to buy 36 Rafales in the shortest time possible, and to move forward the contract that had been reached, France's defense minister will travel to India as soon as possible."
Talks between France and India on the sale of Rafales have lasted for three years.
The terms and conditions of the contract still need to be settled.
Modi will travel to Germany and Canada after his two-day visit to France ends later on today.
No sign of progress in talks between Syrian government and the opposition
Talks between representatives of the Syrian government and some moderate opposition groups have ended in Moscow with no sign of progress towards ending that country's four-year-old conflict.
The conflict has killed more than two-hundred twenty thousand people.
Russian mediators, opposition officials and the head of the Syrian government delegation in Moscow are praising an accord which they say both sides have endorsed.
They say it calls for a political deal based on an agreement reached in Geneva in 2012, an end to outside meddling, and a halt to support of terrorism in Syria.
Qadri Jamil, former Syrian government official, now with the opposition:
"We had no illusions that this conference could bring a solution to the issue, but the important thing is that we reached an understanding on a number of issues between the opposition and the other side."
Samir Aita, of the Syria Democratic Forum group says that policy carried out by the authorities harms this process of negotiations.
But Bashar al-Jaafari, head of the Syrian government delegation in Moscow, disagreed.
"We've managed to adopt a very important document and applause which followed were the best proof of it. Therefore attempts to deny it - I think it was done on the orders of those forces who wanted to disrupt this conference."
Participants say they have discussed returning to talks in Geneva, which collapsed last year, but no decisions had been made.
The first round of talks in Moscow in January also ended inconclusively and the Russian mediator saying a pause in the process is now likely.
WHO: Risks of Ebola Spreading Internationally appear to be Diminishing
The World Health Organization says that West Africa's Ebola epidemic still poses a threat to other countries, but that the risk of it spreading internationally appears to be diminishing.
Dr. Bruce Aylward, WHO Special Representative for the international Ebola Response:
"Ebola is very much a local disease and a disease of people and individuals and it is only when you really get down to the level of the individual that you really are on track for getting this thing eventually stopped."
Thirty confirmed cases of Ebola have been reported in the past week, the smallest number in nearly a year.
Liberia reported no cases in the week to April 5, Sierra Leone reported nine and Guinea 21.
Dr.Aylward also says countries are very much on track in terms of operations and ability ahead of the rainy season, which is probably a month away.
But he also suggests that some inappropriate health measures are being implemented by some countries that go beyond the temporary recommendations.
"These include such things as quarantine of returning travellers, refusal of entry of travellers from such countries, cancellation of flights and border closures and there was a pretty strong call from the committee that countries do not put in place any measures, or remove any measures that go beyond the temporary recommendation."
The UN agency declared in last August that the world's worst Ebola outbreak, which began in December 2013, represented a public health emergency of international concern that forced all health officials to shore up defenses.
)Taiwan leads the charge for electric car revolution
Anchor:
The latest model electric cars at the Taiwan International Electric Vehicle Show in Taipei are getting lots of attention from the show's many visitors.
CRI's Sophie Williams has more.
Reporter:
One of the latest models, the "Achensa" from Pihsiang Electric Vehicle Company, has one-seater, two-seater and four-seater variants, all of which have passed rigorous European Union safety tests.
The Company is one of the leading producers of lithium iron phosphate batteries.
Achensa's two-seater version can be fully charged in less than two hours.
The car has a driving range up to 80 kilometres with a maximum speed of 50 kilometres per hour.
The performance and range make the car ideal for urban traffic.
Donald Pihsiang Wu is CEO of the Pihsiang Electric Vehicle Company.
"So far, this unit is being used mostly around the city, neighborhood driving, although we have to go through all kinds of testing, the European toughest testing and we have gone through every one of that testing (those tests)."
But Electric cars will only become widespread if they can be charged quickly and conveniently.
Phihong technology, a manufacturer of power supply products in Taiwan, is launching EV chargers that can be installed in public spaces.
The chargers have a high power output that will allow cars to be fully charged much more quickly than traditional charging units.
The stations are equipped with electronic card readers and touch screens to make it even easier to use.
Phihong's Vice President, Steve Chen, says the company has larger charging stations for public use and also smaller stations for home use.
"All of these models, DC chargers or these charging stations from the biggest models that provide 140 kilowatts to 80 kilowatts, to models for AC chargers, charging stations for electric tricycles, motorcycles, and bicycles, all of these are to help promote green energy and save the environment, to reduce pollutions, to save energy and reduce carbon emissions."
Insiders attending the exhibition also predict that although at the moment a wireless charging station is still under development but in the future the wireless charger will be the power solution of the future.
The Taiwan International Electric Vehicle Show will wrap up later today.
For CRI, I'm Sophie Williams.
Weather
Beijing will have some showers today with a high of 18 degrees Celsius.
Overnight still rainy and temperatures will drop to 6.
Headline news
Obama, Castro set to meet amid bid to restore ties
US President Barack Obama and Cuban President Raul Castro plan to hold their first in-person discussion on Saturday, a historic encounter as they work to restore diplomatic ties after more than half a century of estrangement between their countries.
Obama foreign policy adviser Ben Rhodes says their meeting on the sidelines of the Summit of the Americas in Panama would come on the summit's second and final day.
Rhodes says details of their meeting were still being worked out.
Obama said on Thursday that all he was waiting for now was a recommendation from his advisers, leaving many expecting an announcement that Cuba might be removed from the US list of countries which sponsor terrorism.
China rebuffs Obama's comment over South China Sea
The Chinese government has reaffirmed its commitment to peace and stability in the South China Sea.
The Foreign Ministry released a statement on Friday, rejecting U.S. President Barack Obama's recent comments that Beijing was using its "sheer size and muscle" to intimidate its neighbors.
Foreign Ministry spokesperson Hua Chunying said China hopes the U.S. can respect the hard work of China and countries of the Association of Southeast Asian Nations and play a positive role in pushing for peace in the region.
The spokeswoman also stressed that construction and maintenance work on the Nansha Islands fall within China's rights under its own sovereignty.
China, U.S. to work together on anti-terror, cybersecurity, hunt for corrupt officials
China and the United States have agreed to seek stronger cooperation in the fight against terrorism, cracking down on cybercrime and furthering China's international hunt for corrupt officials.
The agreement came after talks between Chinese public security minister Guo Shengkun and U.S. Homeland Security Secretary Jeh Johnson in Beijing.
Guo Shengkun has called for new breakthroughs in those areas including the hunt for corrupt officials who have fled to the United States and the recovery of their illegal monetary gains.
The Chinese public security minister will visit the United States within the year as a guest of Johnson.
Yemeni crisis worsening hourly: UN
The United Nations is calling for an immediate humanitarian pause in the conflict in Yemen.
The call was made as the first batch of UN medical supplies have been airlifted to Sana'a International Airport on Friday.
UN spokesman Stephane Dujarric also revealed that a group of health workers and volunteers have been aducted by conflicting parties in the seaport city of Aden, where heavy clashes have been continued for the past days.
The latest UN figures show that the conflicts in Yemen have resulted some 643 death and more than 2,200 injuries in the past two weeks.
Weekly Biz Roundup
Weekly Business Review
Anchor:
Now it's time for our Weekly Business Review.
Last week, China's cabinet unveiled a series of measures to stimulate the country's real economy. At the same time, stabilizing consumer inflation and narrowed producer deflation in March indicate that the world's second largest economy may need further loosening measures. Chinese smartphone maker Xiaomi promoted sales of its devices in India. And Preorders for the new Apple Watch kicked off.
CRI's Wenjie has more details.
Reporter:
On Wednesday, the Chinese government announced a package of relief measures to stimulate businesses and prop up the country's real economy.
The State Council decided to cut industrial electricity prices and resource taxes on iron ore as well as eliminate "capricious" official fees for firms.
The price of power consumption for industrial and commercial purposes is cut by about 1.8 yuan or around 30 cents per 100 kWh.
The State Council also agreed to launch a six-month campaign to eliminate unreasonable administrative fees that force enterprises to pay for approvals, guild memberships and market access.
At the same time, the resource tax on iron ore will be reduced from 80 percent of the tax payment base to 40 percent.
It aims to help iron ore smelters that have suffered from sluggish prices and production since last year.
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Also on Wednesday, the Chinese government launched a complaint with the WTO in a dispute with the European Union over poultry quotas.
At issue is a treaty the EU has with Brazil and Thailand.
The treaty gives those two countries some 96-percent of the quota for low-tariff imports of poultry meat.
China's argument with the WTO is the treaty discriminates against Chinese poultry products by imposing a higher tariff.
Chen Fuli is with the Chinese Ministry of Commerce legal department.
"In 2014 alone, Chinese poultry exports to the European Union hit 133-million US dollars. Nearly all of these failed to receive the EU's low tariffs, as Brazil and Thailand have the largest allocation under their existing treaty. I have been told by poultry exporters that the export value of their poultry products could double if we can undo the EU's quota assignments."
The EU's treaty with Brazil and Thailand has been in-place since March of 2013.
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Statistics released on Friday shows China's consumer price index (CPI), the main gauge of inflation, gained 1.4 percent year on year in March.
The increase in the CPI is the same as in February. The 0.8-percent gain in January had been the lowest level in more than five years.
Meanwhile, producer prices slid 4.6 percent year on year last month.
It is the 37th consecutive month of declines.
Experts say the risk of broad-based deflation in China has abated as prices for consumer products rose at the same pace as in February, while declines in costs at the factory gate stabilized.
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Official figures released by China's foreign exchange regulator on Tuesday shows the country's outstanding external debt came in at nearly 900-billion US dollars at the end of last year.
This is up 2.5-percent from a year earlier.
Of the total outstanding debt, short-term external debt, due within a year, makes up just over two-thirds of China's overall debt-load.
Medium- and long-term debt makes up the rest.
Despite the increase, China's forex regulator insists the country's external debt risk remains within control.
John Ross, Senior fellow of Chongyang Institute for Financial Studies at Renmin University says the assumption is based on two points:
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On Wednesday, China's foreign exchange regulator released new rules to relax foreign exchange controls for foreign-invested companies.
Starting in June, foreign-invested companies won't have to get pre-approval before settling their bills with foreign currency.
They will be also allowed to convert up to 100 percent of their registered foreign-currency capital into yuan based on their business needs.
But at the same time, regulators say foreign businesses won't be able to invest that money into the markets or use it to provide or pay-off loans.
CRI financial commentator, Cao Can, says the changes will help facilitate foreign-funded firms' business transaction by cutting the red tape.
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Chinese stocks advanced to fresh seven-year highs on Wednesday boosted by ample liquidity and confidence in the economy.
The Shanghai Composite Index climbed above 4-thousand points on the day, a key benchmark, for the first time since early 2008.
The market rally comes as the central bank has cut benchmark interest rates twice and banks' reserve requirement ratios (RRR) once since November.
The bullish market also stems from confidence in the Chinese economy as reforms to state-owned enterprises and the financial sector speed up.
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In corporate news,
The merger of China Power Investment and the State Nuclear Power Technology has begun this week.
The two companies are coming together to form a new company, to be dubbed "State Power Investment."
Mike Bastin, Director of The China Business Centre based in London, says the new company has great potential to become a more competitive player in the global nuclear power industry.
Details of the executive management structure have yet to be revealed.
It's being reported that the President of State Nuclear Power, Wang Binghua, is likely to chair the new company.
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Chinese smartphone maker Xiaomi on Wednesday announced that it has sealed deals with Snapdeal and Amazon to sell its products on their platforms.
The announcement came after Xiaomi ended its exclusive partnership with Flipkart, another leading e-commerce site in India.
Meanwhile, Xiaomi also decided to sell its products through 800 outlets of a leading electronics retail chain in India, the Mobile Store, and shops of an Indian carrier Airtel.
Since the company launched operations in India last year, its devices have enjoyed growing popularity, especially among the younger generations.
Manu Jain is the head of Xiaomi's India operation:
"If you look at the first set of consumers who bought these devices, they were all youngsters, people in the age group of 18, 20 till about 30. A lot of them were either students or first time jobbers and they were hugely online tech-savvy. We did not do any marketing, any brand campaign. But just by reading online blogs, they knew that these are really high-end, high-spec devices."
Xiaomi also voiced plans to start manufacturing in India to meet the huge demand.
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Chinese e-commerce giant Alibaba announced on Thursday that its affiliate Ant Financial will launch its online bank called MYbank in June.
Ant Financial will hold a 30 percent stake in MYbank.
Other shareholders of the bank include subsidiaries of Fosun International and Wanxiang Group, as well as Ningbo Jinrun Asset Management.
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Pre-orders for Apple's first smart watch began on Friday.
On the same day, Apple's new MacBook laptop went on sale in its online store.
The new Apple Watch is priced higher in the Chinese mainland market than in the US.
The Apple Watch sport will sell at a little below 3-thousand yuan or 479 US dollars.
The high-end "Edition" watch with 18-karat gold alloy is priced at 145-thousand yuan or over 23-thousand US dollars.
The new Apple Watch will officially go on sale on April 24.
And that's the weekly business review, I'm Chi Wenjie.
Sports
Hamilton fastest during practice at Chinese GP
World champion Lewis Hamilton dominated both practice sessions at the formula 1 Chinese Grand Prix in Shanghai.
Hamilton clocked the best lap of just over 1 minute 37 seconds with his Mercedes.
Ferrari's Kimi Raikkonon proved Mecedes' closest rival, coming in less than half a second later.
Daniel Ricciardo put his Red Bull in third place.
The sessions were punctuated by a high-speed incident for Felipe Massa and a brake failure for Daniil Kvyat. Both drivers pulled out of the session.
Fan invades circuit at F1 Chinese GP
And in other F1 happenings:
Friday's practice sessions were interrupted by a local spectator who invaded the circuit.
The man scaled a fence, ran across the track at the start-finish line, and clambered over the pitlane wall as cars were roaring by at around 260 kilometers per hour.
The man had been waving a grandstand ticket and making his way towards the Ferrari garage.
The man shouted he wanted a car and that he had got a ticket. He also demanded to have a go in one of the competitors' cars.
Security staff apprehended the man at the garage and handed him over to the police for arrest.
The FIA is currently looking into the matter.
Security has been redoubled after FIA race director Charlie Whiting requested it to be tightened.
NBA preview
Over to basketball,
The NBA has 12 games scheduled for this morning.
Right now, the Toronto Raptors are playing Orlando Magic
Orlando are on the verge of their first four-game win streak in more than two years, but they've had no luck against the Raptors lately.
Toronto is looking to stay in control of third place in the Eastern Conference with an 11th straight win.
And the Cleveland Cavaliers are playing the Boston Celtics.
Cleveland are going for a 19th consecutive home win as the Celtics cling to one of the East's last two playoff spots.
In just a few minutes, the Houston Rockets will take on the San Antonio Spurs.
San Antonio's recent surge of 10 straight wins has them on the verge of jumping 6th to 3rd in the Eastern Conference, also fatigue could be a factor with them playing a 3rd game in four days.
The Rockets will try to stop the Spurs' surge towards a 5th division title.
Later this morning, the Los Angeles Lakers are up against the Minisota Timberwolves.
Having gone 0-5 this month, the Lakers will try to send the Timberwolves to a ninth consecutive defeat.
Both teams are injury-plagued. The Lakers had six players out with injuries and only Jeremy Lin is close to returning. The Timberwolves has seven players hurting and the return of Kevin Garnett is still questionable.
Basketball: Stephen Curry beat record for 3-pointers
And in other NBA news:
Golden State's Stephen Curry beat his own record for 3-pointers in a season in a game against the Portland Trail Blazers.
Curry eclipsed his previous record with 276 3-pointers, four more than the previous one he set two years ago.
He hit six before halftime and 8 out of 13 overall, while managing to score 45 points to rally his team to a 116-105 victory over Portland,
Curry also added 10 assists.
With that performance, Curry seems to have ended the race for MVP for which he is already a frontrunner.
The Warrior's win ensured that they clinched the NBA's best record.
Golf: Spieth leads at Augusta
Turning over to Golf:
After an opening-round 64, Jordan Spieth followed with a 66 to finish 36 holes at 14-under 130 in Augusta. He leads Charley Hoffman, who shot 68, by five strokes, matching the largest halfway lead in Masters history.
Spieth also broke Raymond Floyd's 36-hole scoring record by a stroke and matched at 130 the major championship record held by Martin Kaymer, Brandt Snedeker and Nick Faldo.
Each of the previous three players to lead by five through 36 holes -- Herman Keiser (1937), Jack Nicklaus (1975) and Floyd (1976) -- went on to win. Tiger Woods led by nine through 54 holes in 1997.
Woods was 3 under on Friday. He is 2 under for the tournament, comfortably above the cut line but staring at a 12-shot deficit in his quest for a 15th major.
Tom Watson had hoped to set a Masters record by making the cut at age 65. But after opening with a promising 1-under 71, Watson ballooned to an 81 on Friday, one of the worst rounds of his long Augusta career. He finished up with a triple-bogey 7 at the final hole.
Also missing the cut was 55-year-old Fred Couples, who shares a Masters record of playing on the weekend in 23 consecutive appearances. He is heading home with a 9-over 153 total.
Spieth, 21, would be a senior at the University of Texas had he not elected to turn pro in the fall of 2012.
Football: Player gets fine, ban for injuring Conca
Tianjin Teda's defender Guo Hao has been fined 10,000 yuan and banned for two games for injuring rival player Dario Conca.
The Chinese Football Association ruled the incident a serious instance of foul play and issued an announcement on its official website.
Guo injured Shanghai SIPG's Conca just three minutes into the game during the fourth round of the Chinese Super League.
Guo left a wound on Conca's calf that forced the Argentine player to leave the pitch. Conca received stitches and will miss this weekend's game against Beijing Guo'an.
Guo had issued an apology on his Weibo account.
Tianjin Teda accepted the punishment for their player and asked clubs and players compete with good sportsmanship.
Maradonac criticises Sepp Blatter during Colombian visit
Football legend Diego Maradona lashed out against Sepp Blatter during the latter's bid for his fifth consecutive term as FIFA president.
While in Colombia to play an exhibition game, the former Argentine player said Blatter had done a lot of damage to football with corruption allegations.
Maradona is supporting FIFA vice president Prince Ali bin al-Hussein of Jordan. He believed the upcoming election will offer a chance to "kick Blatter in the rear end".
"I have more desire to support Prince Ali and fight for the FIFA presidency against a corrupt Blatter."
Dutch soccer association chairman Michael van Praag and former Portugal international Luis Figo are also running against Blatter.
The result will be announced in Zurich on May 29.
Entertainment
Beijing International Film Festival sells 2m tickets in 2 hours
The Beijing International Film Festival box office has hit two million ticket sales online within the first two hours.
Tickets for the festival went on sale on the official website.
According to the festival organizers, the ticket sales hit the one million mark within 15 minutes of its launch.
American movies such as Once Upon a Time in America and The Godfather trilogy are among the bestselling while tickets for the late Japanese animation master Kon Satoshi's work are already sold out.
The 5th Beijing International Film Festival will kick off on April 16 and end on the 23rd. Around 300 Chinese and foreign films will be played in cinemas, art institutions and colleges around the city.
Actors in Sylvia Chang's Murmur of the Hearts talk about the film
Three of Asia's most sought after actors have teamed up in Sylvia Chang's new film "Murmur of the Hearts."
Isabella Leong stars as a woman in love with a struggling boxer, portrayed by Joseph Chang, while Angelica Lee plays Leong's mother.
The film marks the first time the trio have collaborated, so Sylvia Chang, formerly an actress herself, made sure her actors bonded before shooting began.
She gave them an assignment: to follow each other with a camera and get to know each other through the lens.
Angelica Lee who has worked with Sylvia Chang before says she had an epiphany during filming granting her a new understanding of her craft.
"Actually, if you ask me what I think of my performance, I really don't know. I can only tell you that, in this film, I really wasn't acting. I feel like I combined my understanding of my mother and my experiences as a mom, and poured these emotions into this mother (character).”
"Murmur of the Hearts" is released in the mainland on April 17th.
Sequel to Independence Day in the works
A sequel to the hit sci-fi thriller film Independence Day is in the works.
Director Roland Emmerich is making a sequel to his 1996 sci-fi action blockbuster starring a mix of actors from the first movie along with some new faces.
Among the returning stars are Bill Pullman and Jeff Goldblum, while the newcomers so far include Liam Hemsworth and Charlotte Gainsbourg.
Independence Day 2 is set for release next summer with principal photography beginning within the next few months.
The full details about the plot haven't been released however Emmerich has said it will feature a second alien invasion.
Independence Day 2 is expected to be released in June 2016.
Argentine judge issues arrest warrant for Justin Bieber
An Argentine judge has issued an arrest warrant for Justin Bieber saying the singer failed to respond to summons related to a 2013 incident in Buenos Aires.
Judge Alberto Julio Banos ordered the immediate detention of Bieber and his bodyguards.
The singer is accused of sending his bodyguards to attack photographer Diego Pesoa outside a Buenos Aires nightclub. He never returned to Argentina to respond to questions about the incident.
Under Argentine law, Bieber would face between one month and six years in prison if convicted on a charge of causing injuries.
The warrant did not specify whether it extended beyond Argentina.
Keith Richards wants new Rolling Stones album
Keith Richards, the guitarist of the band Rolling Stones has revealed he wants to make a new Rolling Stones album.
In an interview with Rolling Stone magazine, Richards announced that the band have been in talks about recording a new album.
He told the magazine that they've been talking about making a record after finishing their world tour.
Mick Jagger recently said it would be great to record an album with The Rolling Stones, revealing he has new material.
In the meantime Richards is planning to release his third solo album in September while The Rolling Stones have announced a deluxe reissue of their album Sticky Fingers.
Simon Cowell opens up about Zayn and 1D
Simon Cowell has opened up for the first time about Zayn Malik's recent departure from One Direction.
In an interview with UK outlet Sugarscape he told the site that the former One Direction singer needed some time to be on his own.
One Direction signed with Cowell's record label Syco Records after forming and finishing third on the UK's The X Factor in 2010.
There have been recent rumours that Cowell might be signing Zayn as a solo artist but he has not confirmed this, telling members of the press that he couldn't give anything away.
Weather
Beijing will have some showers today with a high of 18 degrees Celsius.
Overnight still rainy and temperatures will drop to 6.
Shanghai will be sunny with a high of 18 and it will be cloudy tonight with a low of 12.
In Chongqing it will be cloudy in the daytime with a high of 24 and it will continue to be cloudy tonight with the lowest temperature of 14.
Elsewhere in the world, staying here in Asia,
Islamabad will have clouds today with a high of 38.
Kabul will see showers with a high of 21.
Over to North America,
New York will be partly cloudy with a high of 16 degrees.
Washington will also be cloudy with a high of 19 degrees.
Honolulu, showers, 28.
Toronto, Canada, will see some clouds with a high of 12 degrees.
Finally, on to South America,
Buenos Aires will see showers with a high of 25.
And Rio de Janeiro, will be cloudy with a high of 28 degrees Celsius.
That’s it for this weekend edition of the Beijing Hour.
A quick look at the headlines before we go...
US President Barack Obama set to meet Cuban leader Raul Castro as their countries move to restore ties...
China rebuffing comments made by the US President over the South China Sea...
And former US Secretary of State Hillary Clinton throwing her hat into the 2016 presidential ring...
On behalf of the Beijing Hour staffers, this is Spencer Musick in Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together. |