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

Coming up on our program this morning...

Experts saying that the recent quake in China's Xinjiang Autonomous region not likely to trigger a heavy death toll....

The EU's Ambassador to China lauding the progress made at the recent China-EU summit...

And Greek Prime Minister Alexis Tsipras defiantly calling on voters to reject austerity ahead of a referendum on the terms of a potential EU bailout..

In our weekly buisness review... Premier Li Keqiang's European tour seeing a wide range of deals signed between China and FranceIn Sports... the latest tennis action from Wembledon...

In Entertainment...New wave band Duran Duran being honered at this year's Silver Clef awards...

Top NewsExperts: Xinjiang Quake Won't Trigger Heavy Death TollAnchor:

Rescuers are busy treating the injured in a county of northwestern China's Xinjiang after a 6.5 magnitude earthquake struck on Friday morning.

Meanwhile, experts say the quake is not likely to trigger a heavy death toll.

CRI's Luo Wen reports.

Reporter:

Late on Friday, the Ministry of Civil Affairs revised the death toll of the 6.5 magnitude quake from previously announced six to three.

According to the ministry, the quake has also left 71 people injured and affected more than 78,000 locals so far.

Pan Huaiwen, Director of the China Earthquake Networks Center estimated the death toll won't be extremely high, given the local population density.

"The quake struck near a road leading to Khashi, but villages in the affected area are not populous. The population density in a 50-square-kilometer scope of the epicenter is four persons per square kilometer, a relatively low density."The quake hit Pishan County of Hotan Prefecture at 9:07 a.m. Friday, with the epicenter 7.5 kilometers from the county seat.

The China Earthquake Networks Center says it struck at a depth of 10 kilometers.

After the quake, several minor aftershocks have been detected, measuring between 3.0 and 4.6 magnitude.

Jiang Haikun, director of the forecast department of the CENC, says the likelihood of a massive earthquake in Xinjiang is minimal.

"We have analyzed the records of earthquakes in that region and found there were only two earthquakes measured at a 6.0 magnitude or more. One was in 1902, at 6.8 magnitude, and the other was in 1998, at 6.2 magnitude. So our preliminary estimate is that the chances for a major earthquake are quite small."He adds that the earthquake has no connections with the one that devastated Nepal in April.

"From our analysis, the Nepal Earthquake has no effect on Xinjiang, no matter from its scale, from the crust activities or from our forecast calculation. There is no connection."Over 66,000 people have been relocated. The direct economic losses of the quake have been preliminarily estimated as 190 million yuan, or about 30 million U.S. dollars.

Train services in the quake zone have also been suspended.

Chinese authorities have initiated a grade-IV emergency response to the quake.

The Ministry of Civil Affairs and the China National Commission for Disaster Reduction have sent teams to assist relief work in the quake-hit area.

The Xinjiang government has rolled out 20 million yuan for disaster relief. About 1,500 tents, 2,000 quilts and 2,000 coats have been transported to the quake zone.

More than 500 soldiers and militia members from Lanzhou military area command are searching for victims.

A unit of armed Police officers are rushing to a village that could be the worst hit area.

Located in southernmost Xinjiang, Pishan is about 1,800 km from the regional capital of Urumqi and covers nearly 40,000 square kilometers.

With a population of about 260,000, the county is mainly inhabited by people of Uygur ethnicity.

For CRI, I'm Luo Wen.

EU Ambassador to China speaks highly of the EU-China SummitThe European Union's Ambassador to China is lauding the results of this week's China-EU summit in Brussels.

Hans Dietmar Schweisgut says even though no new major documents emerged from Monday's meetings, the session was still helpful.

"All in all a very good very productive summit which enabled leaders to establish a very sound working relationship where I think a number of very specific agreements were reached but at the same time it was the starting point for more concrete work on a number of issues."The Ambassador notes both sides have been focusing on the implementation as well as a review of the China-EU 2020 Strategic Agenda for Cooperation, which was released in 2013.

The summit, involving Chinese Premier Li Keqiang, did touch on a number of areas including climate change, security policies and immigration.

The annual China-EU summit this week is also the first since the launch of the "Belt and Road" initiative by the Chinese government.

French Speak Highly of Li's VisitAnchor:

French scholars, entrepreneurs and politicians are speaking highly of Chinese Premier Li Keqiang's recent visit to the country.

CRI's Yu Yang reports.

Reporter:

Francois Kessler, President of the Charles de Gaulle Foundation, says the mutual visits by the heads of the Chinese and French governments show that the two sides are willing to enhance bilateral ties.

Kessler says Premier Li's visit will especially help boost economic cooperation between China and France.

"The visit by Premier Li to France and the visit by French Prime Minister Manuel Valls to China indicate the two countries are pursuing pragmatic cooperation. Just as predicted by General de Gaulle more than 50 years ago, the two sides are seeking to enhance not only diplomatic relationship, but also economic ties."On July 2, Premier Li addressed the closing ceremony of a China-France business summit in Toulouse.

André Chieng, Vice President of France-China Committee, says Li's visit can promote bilateral cooperation in a broad range of areas.

"The premier's visit is of great significance. Some viewpoints he put forward this year have attracted massive interest in France, such as the Internet Plus and China's pursuit of high-quality growth. As China's development has entered a mature stage, it needs to expand its business into third-party markets. In such a circumstance, Li suggests China and France join hands to tap into third-party markets. China has enough technologies and funds, while France has better understanding of Africa. So the Sino-French cooperation may benefit China, France and also Africa."On the first day of Li's visit, China Aviation Supplies Holding Company signed a contract to acquire 75 A330 aircrafts from Airbus.

Marc Hamy from Airbus' public relation department says the cooperation between the civil aviation sectors of the two countries have developed rapidly and soundly and Airbus will strengthen cooperation with its Chinese partners.

"Premier Li's visit is a big event. It proves the close ties between the two countries. The cooperation between the two countries' civil aviation industries plays an important part in the bilateral relationship. Airbus' plant in Tianjin has produced 220 aircrafts over the past decade and our cooperation will focus on jumbo planes in the future."While meeting with French President Francois Hollande, Premier Li announced China submitted its Intended Nationally Determined Contributions, which include its goals to mitigate and adjust to climate change.

Marie-Ange Debon with SUEZ Environment says as this year's global climate change conference will take place in Paris, Li's announcement is of some symbolic importance.

"When he was in Paris, Premier Li announced China's future goals in terms of cutting emissions and vows to join in the preparation for the conference. The speeches given by the leaders of states will play a guiding role in the environment protection moves of the two countries."Li's visit is the first by a Chinese premier to France in nearly a decade.

It comes after Chinese President Xi Jinping paid a historic visit to France last year on the 50th anniversary of bilateral diplomatic ties.

EU statistics show that China-France trade volume hit 55 billion U.S. dollars in 2014, a 5.3-percent growth year on year.

China now stands as France's eighth largest export market and sixth largest source of imports.

For CRI, I'm Yu Yang.

China, Singapore pledge to further lift up relationshipChinese President Xi Jinping has held talks with visiting Singaporean President Tony Tan Keng Yam in Beijing on Friday.

Tan's six-day state visit to China comes as China and Singapore celebrate their 25th anniversary of diplomatic relations this year.

Xi Jinping proposed the two sides further strengthen their strategic communication and maintain high-level interactions to enhance political trust in one another.

He also said that China is willing to cooperate with Singapore and the other Association of Southeast Asian Nations (ASEAN) countries to advance their relationship in a sustainable way.

Meanwhile, Tan said the two sides can give more play to the bilateral free-trade agreement and promote the economic ties between Singapore and China as well as the wider ASEAN region and China.

He also said that Singapore will play an active role in boosting the relationship between the ASEAN and China when acting as a liaison country between the two sides.

China Opposes US Playing Up 'China Threat'

China has expressed strong objections to the Pentagon's latest report on China's military forces.

Foreign Ministry spokesperson Hua Chunying urges the United States to give up old, outdated cold-war attitudes.

"The U.S. should abandon its Cold War mentality, have a correct perception of Chinese strategic intent and go in the same direction with China. They should continue to make efforts to build the new type of major power relationship between China and the U.S., act truly in line with the important consensus reached by the leaders of the two countries, based on the principles of No Conflict, No Confrontation, Mutual Respect, and Win-Win Cooperation."The report was released by U.S. Joint Chiefs of Staff Martin Dempsey on Wednesday.

It says the U.S. welcomes China's rise and will continue dedicating to promoting its military relationship with China.

But it claims China's extension of its sovereign islands on the South China Sea has inflamed tensions in Asia-Pacific.

In addition, the report warns of a "low but growing" probability of the U.S. fighting a war with a major power.

China Urges Japan to Stop Provoking Tensions in South China SeaChina is urging Japan to immediately stop stoking tensions in the South China sea and refrain from making groundless accusations against China.

Foreign Ministry spokesperson Hua Chunying again notes that Japan is not a party to the disputes in the South China Sea.

"Japan is not the party involved in issues over the South China Sea at all, yet as we all have seen, Japan has scrambled around recently, tarnishing China and playing up or creating regional tensions. The true aim of such moves is actually obvious - seeking or making a pretext for its domestic push with the unprecedented changes in its security policies since the Second World War."Hua made the remarks when commenting on a forthcoming Japanese defense report.

The outline of Japan's defense white paper portrays China's land reclamation in the South China Sea as "high-handed".

Hua also made a response to Japan's new guideline that aims to increase its surveillance and guard over the Diaoyu Islands in the East China Sea.

She says China is concerned about Japan's enhanced surveillance over the Diaoyu Islands.

"China's position on Diaoyu islands is consistent and clear. We will continue to take necessary measures to firmly safeguard China's territorial sovereignty over Diaoyu islands."According to the guideline, Japan will deploy coastal observation personnel around Yonaguni Island, in Okinawa prefecture.

Hua urges Japan to face up to history and reality, stop any provocative remarks and actions about China's territorial sovereignty, and create conditions for properly resolving the Diaoyu Islands issue.

Beijing Air Quality ImprovesAuthorities in Beijing have said that the city has seen more clear days in the first half of this year than in previous years.

The city's environmental protection bureau says the average concentration of airborne particles, measured by PM2.5 dropped to less than 78 micrograms per cubic meter, down about 15 percent year on year.

It says the density of sulfur dioxide, nitrogen dioxide and PM10 have also dropped significantly.

Li Yunting from the city's environmental monitoring center attributes the improvement to emission limits and clean production methods in Beijing and its surrounding areas.

"In the first half of this year, the emission of sulfur dioxide dropped more than 40 percent on a yearly basis. It's a direct result of the efforts to cut coal use in and around Beijing. The reduced emissions also contributes to the improve air quality in the whole region."Beijing reduced coal consumption by 2.8 million tons last year. It's planning to phase out 200,000 vehicles and more than 300 polluting factories within this year.

As part of its bid for the 2022 Winter Olympic Games, Beijing has vowed to cut PM2.5 density by 20 percent in 2017, backed by an investment of 130 billion US dollars.

In the latest step, the city is planning to implement the odd-even restriction on vehicle use if air pollution levels hit their 2nd highest alert level.

Huge Job Losses: the Cost of Linyi for Cleaner AirAnchor:

Linyi, an industrial city in East China's Shandong province, makes headlines for its controversial "environmental measures" which reportedly caused over 60,000 people lost their jobs.

CRI's Liu Yuanhui has more.

Reporter:

Over 60,000 people reportedly lost their jobs; more than 150,000 are affected by the unemployment; a large number of enterprises are burned by overwhelming debts due to long-term shut-off.

These shocking figures reported by domestic media almost covered the improvement made by Linyi on air quality, after it being warned by the national environmental watchdog in February of this year for its notorious air.

Ling Ling, the spokesperson of the city's environmental protection department, clarifies that the job data is incorrect because some companies were ordered to suspend operations for rectification, not to shut down permanently.

"We could not confirm whether or not over 60,000 persons have lost their jobs, since some companies were ordered to suspend operations for rectification temporarily, not so called 'shut down'."She adds that there are enterprises which have resumed production after proving they had met the environmental protection standards.

However, Ling also admits the possibility of unemployment, saying the local government will take effective measures to solve it.

In fact, things happened in Linyi is not a single case, especially after China releasing a new environmental protection law last year.

The local governments in China are trapped in the dilemma between economy development and environmental protection.

In respond to this, Chai Fahe, the vice president of China Research Academy of Environmental Sciences, says the environment should be listed as a priority and meanwhile, governments should take measures to protect the rights of workers who are affected by this issue.

"Firstly, the government should fulfill the need of the public, ensuring a good air quality. Secondly, the authorities should establish a social security system for workers who lost their jobs due to environmental protection."Chai says the government should make a long-term plan on combating pollution and determine which issue must be resolved first.

For CRI, I'm Liu Yuanhui.

Greece deeply divided as vote on a further bailout loomsAnchor:

Greek Prime Minister Alexis Tsipras is urging voters to reject a financial bailout package that comes with strict austerity conditions at a Referendum on Sunday.

But exit polls says the vote is too close to call. Tens of thousands took to the streets in Athens on Friday in rival rallies that showed the deep divide heading into a referendum that may also decide the country's future in the Euro zone.

CRI's Poornima Weerasekara reports.

Reporter:

On Sunday, Greek voters will head to the polls to decide whether to endorse or reject an austerity program demanded by its creditors in exchange for continued financial assistance.

Greek Prime Minister Alexis Tsipras is urging Greeks to say NO to what he calls "blackmail from the creditor." He wants a bigger bailout with less painful terms, and a chunk of debt canceled, while staying in the Euro.

Tsipras says a resounding "no" from the Greek people would strengthen his hand in talks with creditors.

"We are sending again a message of hope to the people, because on Sunday we are not only deciding simply to stay in Europe, we are deciding to live with dignity in Europe, to work, and to thrive in Europe, to be equals among equals in Europe."On Sunday, voters are being asked to give their verdict on a draft financial rescue proposed by international creditors, which the Greek government has rejected.

But, if Greek voters say "yes," Europe would inject a further 7.2 billion Euros into their economy. But then Greece's ruling party, Syriza, that strongly opposes the current terms for extending the bailout, is likely to step down from power.

If voters say "no," creditors will scrap the bailout and this would put Greece on the fast track to leaving the euro zone.

It's a tough choice, and one that has split Greece down the middle.

Exhausted by years of austerity, with cuts in wages and pensions, many Greeks say they've had enough. Some say would rather reclaim control by leaving the Eurozone and returning to their own currency, the Drachma.

"We are hoping for something better. I hope the 'No' of the people is so powerful that we can see better days, because if people say yes, they will be condemned."But others say a rupture with Europe could spell disaster.

They want Greece to keep the euro, and stay firmly rooted in the European Union, even if it means greater sacrifices.

"Abroad, people view this as a vote to stay in or out of Europe and I want to answer this in a positive way. If there is even the slightest possibility that it will be viewed abroad as being for or against the EU, I want to give a positive answer."Both sides held big protests in Athens on Friday evening, with an estimated 20,000 people at the "yes" demonstration and slightly more at a nearby rally for a "no" vote.

The Greek economy is slowly grinding to a halt with banks closed until Tuesday to avoid a possible run on deposits. People have been stocking up on essentials like food and medicines ahead of the referendum.

Sunday's vote will be watched closely around the world. The prospect of a failing state in south Europe is already sending shockwaves across the global economy.

For CRI I'm Poornima WeerasekaraUS Secretary of State and Iranian FM meet in ViennaUS Secretary of State John Kerry and Iranian Foreign Minister Mohammad Javad Zarif have met in Vienna as high-level negotiations over Iran's nuclear programme are still underway.

Kerry says both sides are working hard and progress is being made.

"And I think it's fair to say that both sides are working extremely hard with great sense of purpose and a good effort to make progress and we are making progress. We have a lot of work to do, and some tough issues but there is genuine effort by everybody to be serious about this and to understand the time constraints that we are working under."Zarif also says that "some progress" has been made to forge a comprehensive deal curbing Iran's atomic programme in exchange for sanctions relief.

Diplomats have missed a June 30 deadline and extended an interim accord by a week.

Negotiators have given themselves until at least July 7 to reach agreement.

A deal, if agreed to, would require Iran to severely curtail uranium enrichment work for more than a decade.

Russia Preparing for BRICS SummitAnchor:

Russia is preparing to host this year's summit of the BRICS emerging economies.

With the host country facing an economic downturn from fallen oil prices and sanctions over the Ukraine crisis, Moscow is keen to show its colleagues from Brazil, India, China and South Africa that both its and the economic groups futures are still bright.

CRI's Tom Barton reports from Moscow.

Reporter:

Contact Groups on economic and trade issues, Ministers of Youth Affairs meetings, finance ministers, trade ministers and central bank governors meetings, meetings of the board of governors of the BRICS New Development Bank, financial forums, business council meetings, the list goes on.

Moscow has been buzzing with such sessions in recent weeks as the BRICS governments prepare to gather in the central Russian city of Ufa on the 9th of July.

The BRICS economies have not escaped the global economic turmoil of recent years.

But as political analyst Dmitry Burikh says, they are keen to demonstrate that coordination from their banks, to their governments, is now closer that ever before.

"The BRICS business council demonstrates to us that the level of political cooperation that exists in the organisation, it's pretty high. And business cooperation is also gathering momentum."China has ratified an agreement with the other BRICS members to create the New Development Bank, known as the BRICS bank.

Beijing is promoting that bank as an alternative to western institutions such as the World Bank. That's a message Moscow supports with its worsened relations with the West over the Ukraine crisis.

Russia sees BRICS not just as a convenient economic grouping, but a way to fundamentally change the global financial system, which it says is unfairly dominated by a Washington that wants the status quo to remain.

As Pavel Zakharov, from the Centre for Economic Research says, Moscow sees that Washington has failed on its promises of reform of the global financial system.

"Obama's administration declared from their side that they would support reform. But in practice they've made very little effort to bring this reform through the US Congress."Russia's economy has been weakened by its confrontation with the west, but it will be keen to show its guests and the world that what it says are the Wests attempts to isolate it have failed.

For CRI I'm Tom Barton in Moscow.

WeatherBeijing will have thundershowers with a high of 29 degrees Celsius. Overcast tonight with a low of 20.

Shanghai will have showers with a high of 25, overcast tonight with a low of 21.

In Chongqing, it will have moderate rain during the day with a high of 24 and a low of 21.

Elsewhere in the world, staying here in Asia,Kathmandu, light rain, 28.

Islamabad will be cloudy with a high of 37.

Kabul will be cloudy with a high of 33.

Over to North America,New York will have moderate rain with a high of 24 degrees.

Washington, light rain with a high of 30 degrees.

Honolulu, cloudy, 27.

Toronto will be cloudy with a high of 24 degrees.

Finally, on to South America,Buenos Aires will be sunny with a high of 10.

And Rio de Janeiro will have light rain with a high of 27 degrees Celsius.

Headline newsXinjiang earthquake kills 3, injures 71Three people were killed and 71 others injured in a 6.5-magnitude earthquake that struck northwest China's Xinjiang Uygur Autonomous Region on Friday morning.

After the quake, several minor aftershocks were detected in the quake-hit Pishan County of Hotan Prefecture measuring between 3.0 and 4.6 magnitude.

About 66-thousand people were evacuated.

Train services in the quake zone were also suspended.

The Xinjiang regional government has rolled out 20 million yuan or 3.2 million U.S. dollars for disaster relief.

More than 5-hundred soldiers and militia members from the Lanzhou military area command are searching for victims.

Dialogue remains only way to resolve Ukraine crisis: Chinese diplomatChina has voted against a technical cooperation and assistance to Ukraine in the field of human rights during the 29th session of UN Human Rights Council.

The Chinese representative said that China respects the territorial integrity and sovereignty of all countries, including Ukraine, and any actions by the Council should contribute to the peaceful political settlement in Ukraine.

The representative also said that dialogue was the only way to resolve the crisis.

The Human Rights Council then adopted the resolution on cooperation and assistance to Ukraine in the field of human rights, by a vote of 21 in favour, 6 against with 20 abstentions.

U.S. drone attack kills senior jihadist Abu Iyadh in LibyaA U.S. drone strike in Libya has reportedly killed leading jihadist Abu Iyadh this Friday.

He's the man US authorities say masterminded of a series of terrorist attacks in Tunisia, including an attack on the US embassy.

It's believed Iyadh had been based in Libya since 2013.

He rose to prominence as a leading figure in Ansar al-Sharia, and is said to have been one of the lead organizers of terrorist training camps.

10 slightly injured exiting plane after Hainan emergency landingA China Southern flight had to make an emergency landing at an airport in Hainan this Friday afternoon.

The plane was enroute to Bangkok from Guangzhou when an engine-fire warning went off in the cockpit.

This prompted the captain to declare an emergency.

Around 10 people suffered minor injuries while clearing the plane through the emergency slides.

Authorities haven't said whether or not there was an actual engine fire.

Weekly Biz RoundupAnchor:

It's time to take a look back at some of the headlines from the business world this past week in our Weekly Business Review.

Premier Li Keqiang's just-concluded European tour seen a basket of deals signed between China and France.

A key legal framework for China-proposed AIIB was signed among 50 founding members in Beijing.

The Chinese A share market has suffered another week of major sell-off despite a string of support policies released by China's securities regulator.

And a Mainland- Hong Kong mutual fund recognition scheme has started operation from Wednesday.

Let's catch up on all of that and more with CRI's Wenjie.

Reporter:

During this week, economic ties between China and France have been upgraded to a higher level as Chinese Premier Li Keqiang just concluded his official visit to France.

Li Keqiang says China and France can work well together in a number of areas.

"We are ready to join hands with France to explore third party markets by combining China's medium-level equipment and France's advanced technology and high-end products. In this way we can maintain the relatively high standards of the products while at the same keep the price at a reasonable level acceptable to most developing countries. This will be win-win cooperation."Among them, French nuclear power giant Areva has entered into a memorandum of understanding with the China National Nuclear Corporation for the creation of a used nuclear fuel processing and recycling facility.

Meanwhile, Chinese Premier Li Keqiang has also overseen the purchase of 45 Airbus A330's, as well as a deal for a provisional order for 30 more planes in the future.

A plan to set up a joint fund has also been finalized during Premier Li keqiang and French President Francois Hollande's meeting.

The fund will be used to help finance joint collaboration projects in 3rd-party countries, targeting the developing world.

/////Delegates from 50 out of the 57 countries set to become the founding members of Asian Infrastructure Investment Bank signed the Articles of Agreement in Beijing this Monday.

The China proposed bank aims to fund energy, transport and infrastructure projects across Asia.

The bank will have an initial share capital of 100 billion US dollars and China will contribute 29.7 billion US Dollars out of that.

This makes China the largest shareholder in the bank with a 30 percent stake. This will also give China 26 percent of the total vote.

Neighboring Asian heavyweight India is the second-biggest shareholder, but with just over an 8 percent stake.

Chinese Finance Minister Lou Jiwei says he was confident that the AIIB could start functioning before the end of this year.

"I'm confident that through our united cooperation and unremitting effort, we will successfully accomplish the next stage of preparation work as scheduled, so that the AIIB will be formally established by the end of this year and be put into operation at an earlier date than initially thought."Australia was the first country to sign the formal charter, while seven other founding members, including Denmark, Malaysia, Philippines and South Africa are still waiting for domestic approval.

/////New stats from this week suggest China's foreign exchange reserves continued to drop in the first quarter of 2015 due to rising overseas investment and relaxed government controls.

Data from the State Administration of Foreign Exchange shows China's forex reserves fell to 3.7 trillion U.S. dollars at the end of March, 100 billion less that at the end of last year.

Boosted by exports, forex reserves had grown for over a decade but started to decline in the third quarter of 2014.

Analysts attribute the decline to the globalization of China's forex assets and the halt of compulsory forex settlement for Chinese enterprises.

/////On the Chinese A share market,This week, China's securities regulatory authority has announced a string of fresh measures in an attempt to shore up the stock market confidence.

In its Friday media briefing, the China Securities Regulatory Commission says it is going to reduce both the number of initial public offerings and the size of the offerings themselves.

It's believed the influx of companies going public in China over the past few weeks is one of the factors which prompted the market downturn.

At the same time, the securities regulator has also launched an investigation of possible market manipulation.

The investigation will focus on activities occurring simultaneously in multiple markets.

Earlier on Wednesday, the securities regulator says it will cut transaction fees by 30 percent and relax regulations connected to margin trading.

Despite a raft of supportive policies, the mainland markets have seen another heavy sell-off on Friday to close out the trading week.

However, Market analyst Zhang Qi with Haitong Securities says the relaxed policies should eventually help.

"I think the government measures will have a positive effect. I say this because we feel this recent slump is just due to a lack of confidence. Everybody feels that there is a lot of pressure to stabilise the market. On the other hand, we had more stable trading this morning, but in the afternoon we saw another drop, it's a vicious circle."////Meanwhile,China's Ministry of Human Resources and Social Security (MHRSS) has released a draft guideline that allows pension funds to be invested in the stock market earlier this week.

Besides the stock market, the fund may be invested in government and corporate bonds, major national construction projects and leading state-owned enterprises.

Li Zhong, spokesman for the Ministry of Human Resources and Social Security, says there are certain restrictions on the fund's investment in stocks and equities.

"The guideline restricts the maximum proportion of investment in stocks and equities to 30 percent of total net assets. The proportion is set to help manage risks in such investments. In practice, the actual proportion and timing are not managed by the government but rather by authorized market institutions. Such investments may not reach the maximum proportion very quickly."Currently, the pension funds can only invest in bank deposits and treasuries.

The national outstanding pension fund stood at over three trillion yuan or around 500 billion U.S. dollars at the end of last year.

////////A piece of good news for fund investors,From this Wednesday, a new mutual fund program was launched connecting the mainland and Hong Kong.

The new scheme allows eligible Hong Kong or mainland registered funds to be sold to retail investors on each other's market.

An initial investment volume of 300-billion yuan has been set for fund buying and selling.

Chan Ching, director of a Hong Kong-based fund company, says the scheme should be lucrative for Hong Kong investors.

"It is the first chance for international investment institutes to come to the mainland to sell funds from Hong Kong with their own brands, which will be helpful for brand building and saving long-term investment. It is open to the global market. The funds in Hong Kong can be divided into 54 types, all of which can be shared with mainland investors"Right now, around 100 funds in Hong Kong are qualified to apply for the scheme. 850 funds from the mainland currently meet the requirements.

Bank of China's Hong Kong arm is among the first batch of firms to apply for involvement in the new program.

//////On the Corporate Front,Media reports now suggest Chinese Super League club Guangzhou Evergrande might go public.

Reports on Friday were saying Alibaba and Evergrande Real Estate Group, the club's owners, have applied to list the club on the so-called New Third Board in China.

The New Third Board is a national share transfer system focused mostly on small and medium-sized companies.

Listing requirements for that board are looser than other Chinese exchanges.

If it gets the green light, Guangzhou Evergrande would become the first club in Asia to be listed on a stock exchange.

Alibaba paid around 190-million US dollars last year for a stake in Guangzhou Evergrande.

The real estate firm Evergrande remains the clubs principle owner, controlling 60-percent.

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

SportsDjokovic through to fourth round of WimbledonIn tennis action:

Reigning Wimbledon champion Novak Djokovic made it through to the fourth round on Friday with a 6-3, 6-3, 6-3 victory over Australia's Bernard Tomic.

It is Djokovic's fourth win over Tomic in five meetings, and the Serb will go on to face South African 14th seed Kevin Anderson in round four.

He says it was not easy to break players like Bernard but he had played quite well.

"Well, I just I guess try to get extra concentrated in those moments when I'm down Love-30 or a breakpoint. Obviously I know the importance of holding your serve on the grass court. It's not easy to break players like Bernard, who have a good serve. I managed to get a lot of returns back in play. I think I executed tactically everything I intended before the match to move him around the court, mix up the pace, not really give him the same look. I think overall I played a really, really good match."Djokovic narrowly missed out on a first French Open title earlier this year, losing to Stan Wawrinka in his third final appearance.

Meanwhile Maria Sharapova and Lucie Safarova both advanced to the fourth round of Wimbledon on Friday as well.

The fourth seed Sharapova defeated her Romanian opponent Irina-Camelia Begu 6-4, 6-3.

She says everything goes well according to her plan.

"I feel like, considering I didn't play a tournament before, with each match I've had a different type of opponent on different courts, I've been handling it quite well. Today was another match against a big server and a big hitter. On grass that can be quite dangerous. I was quite happy that I was able to win in a solid two sets."Also on Court Two, sixth seed Lucie Safarova overturned a first-set loss to defeat unseeded American opponent Sloane Stephens 3-6, 6-3, 6-1.

Safarova was a semi-finalist in 2014 and lost to Serena Williams in the 2015 French Open final.

---In other action,Serena Williams of USA beat England's Heather Watson 6-2, 4-6, 7-5.

16th seed Venus Williams took out Aleksandra Krunic of Serbia 6-3, 6-2.

And it was the French Open winner Stan Wawrinka beat Spain's Fernando Verdasco 6-4, 6-3, 6-4.

And in doubles:

The Georgian-Chinese pair of Teymuraz Gabashvilli and Taiwan player Lu Yen-hsun have had their match with Daniel Nestor and Leander Paes postponed due to weather.

Rousseff and Rio 2016 head unveil Olympic torchRio de Janeiro organizers unveiled the Olympic torch for the 2016 Games on Friday.

Brazil's President Dilma Rousseff joined with Rio Games President Carlos Nuzman and other officials in the event.

Rousseff says they feel more responsibility for hosting the games when they see the torch.

"When we see the Rio 2016 Olympic Games torch, we feel the responsibility and emotion grow. The day is approaching when we will be the first country in Latin American to have the honour of hosting the largest sporting event on earth."The ceremony also revealed the torch's journey, which will visit 300 cities and towns before reaching Rio de Janeiro's Maracana stadium for the opening ceremony of the Games.

Organizers say about 12,000 people will be chosen to carry the Olympic torch.

Chile prepare to face Argentina in final of the Copa AmericaIn soccer,Chile midfielder Gary Medel says he and his teammates are going to play to accomplish their dream as they get ready to face Argentina in the Copa America final on Saturday.

"Yes the opportunity is for both teams, but as we said before, I think this is our possibility to win something, with this generation, that I believe is the best, as many other team-mates have said, and I think that we have done the right things to accomplished it."Manager Jorge Sampaoli is also confident in his team and says Argentina's individual talents make them to be better organized.

In the Egyptian Premier League,Al Ahly of Egypt defeated visitors Wadi Degla 3-1.

Ramadan Sobhi scored the opener for Al Ahly in the 13th minute and Amre Gamal added the second just before the break.

Nigerian striker Stanley Ohawuchi scored for the visitors in the 77th minute, but Emad Moteab secured the win for Al Ahly with a third goal in the last minute.

The Egyptian champions are now second on Egyptian Premier League table with 71 points from 34 games, six points behind leaders Zamalek, who've played 33 games.

Iran beat Russia 3-0 in World LeagueIn volleyball,Iran beat Russia 3-0 in the first leg of their FIVB Volleyball World League double header in Tehran on Friday.

It was the first game of a double header between the sides in Tehran.

Shahram Mahmoudi top scored for the home side with 16 points.

The Iranians are third in Pool B, two points behind second-placed Poland.

Russia remain firmly rooted to the bottom of Pool B without a victory to their name from eleven matches.

In women's World Grand Prix,USA had a sluggish start but eventually recovered to record a 3-1 victory over Italy in Pool C at the Baskent Volleyball Hall in Ankara.

Italy's Indre Sorokaite top scored with 17 points, while Kelsey Robinson of USA made 16 markers.

Rosberg fastest in practice sessions ahead of British Grand PrixIn Formula 1,Mercedes driver Nico Rosberg continued his good form by posting the fastest times in both British Grand Prix practice sessions on Friday ahead of Sunday's race at Silverstone.

Rosberg spent some time off the track in first practice with hydraulic problems, but managed to top the time-sheets.

The German was fastest in the afternoon session to lay down a marker ahead of Saturday's qualifying.

Rosberg, who has won three of the last four F1 races, is 10 points behind his Mercedes teammate Lewis Hamilton in the Drivers' Championship.

Hamilton was second fastest in the morning session, but fourth fastest in the second session behind Ferrari duo Kimi Raikkonen and Sebastian Vettel.

EntertainmentArctic Monkeys, Duran Duran honoured at Silver Clef AwardsMusicians of all kinds have been honored at the O2 Silver Clef Awards on Friday.

Heavy metal rockers Iron Maiden were one of the big winners at the event.

They collected the Silver Clef Award - which honored their contribution to music.

The awards, which are celebrating their 40th anniversary this year, were also dished out to other music stars like Duran Duran, Mark Ronson, Rita Ora and Gladys Knight.

Ronson had something else to celebrate as his hit "Uptown Funk" has been named the best-selling single of 2015 so far.

"It's pretty insane you know, the kind of accolades that have come with the song. It's kind of mind blowing. I mean Bruno's a little more used to it than I am maybe but neither of us could have expected this and we're both so proud of the song it's great."British rock band Arctic Monkeys scooped the "Best Live Act" awardRita Ora has collected the Best Female trophy.

Duran Duran have been awarded the Lifetime Achievement Award.

The ceremony, established in 1976, raises money for the British charity Nordoff Robbins, which uses music therapy to help children and adults.

Cast of South Korean television show 'Running Man' prepare for tour of AsiaCast members of the hugely popular South Korean variety show "Running Man" have convened in Hong Kong, kicking off "Race Start! Season 3: RM Special Tour".

The tour has been launched to celebrate the fifth anniversary of "Running Man"Song Ji Hyo, the only fixed female guest of the show said it is the first time the cast members have been together on tour.

"Some of the members couldn't attend previously. I'm so honored to be able to experience it together and I'm so glad to begin in Hong Kong. We will kick off our "Race Start! Season 3: RM Special Tour in Hong Kong" with great energy. Please give us a lot of support."Hong Kong is the first stop of the "Race Start! Season 3: RM Special Tour,"The tour's next stop is Wuhan at the end of July.

Running Man first aired on South Korea's SBS TV Station in 2010, and it has become a smash across Asia.

Meghan Trainor postpones 2 concerts due to hemorrhage on vocal chordsAmerican singer Meghan Trainor is postponing two shows because of a hemorrhage to her vocal cords.

The 21-year-old pop singer made the announcement on Instagram late Thursday. She said "doctors want me on complete vocal rest until they are healed."The singer had been scheduled to perform in Atlantic City, New Jersey, on Friday and Uncasville, Connecticut, on Saturday.

Trainor wrote that she's never missed a live show and that she's "truly sorry to everyone who has bought tickets and made travel plans."Her next show will be on Tuesday in Lansing, Michigan.

The Grammy-nominated performer's hits include "Lips Are Movin'" and "Dear Future Husband."Law specialist weighs in on Affleck and Garner's divorceLos Angeles-based family law attorney Lynn Soodik is weighing in on actors Ben Affleck and Jennifer Garner's plans to divorce.

Affleck and Garner made their announcement Tuesday, just one day after their tenth anniversary.

Soodik said that the timing of the divorce could be significant.

"In California, if you've been married more than 10 years, a person can get spousal support until their death or remarriage. If they're married under 10 years, the rule of thumb is they get spousal support for half the length of the marriage. So, we're talking about spousal support for five years or maybe 30, 40 years."　In the joint statement, Garner and Affleck said they will co-parenting their children.

Soodik said to that end, they'll be mediating the divorce, which means they're both sitting in a room with two attorneys to resolve all their issues.

Affleck and Garner met while making 2003's "Daredevil," in which they both played superheroes.

They wed in 2005.

Florida Georgia Line's Tyler Hubbard weds in IdahoTyler Hubbard of the country duo Florida Georgia Line has tied the knot.

A representative for the band confirmed the Wednesday nuptials to Idaho native Hayley Stommel.

The Georgia-born singer and his wife, both 28, were married in an outdoor ceremony in Sun Valley that also included Hubbard's bandmate, Brian Kelley, as the best man.

Florida Georgia Line broke into stardom with their multiplatinum hit "Cruise," a remix with rapper Nelly.

They are currently touring on their latest album, "Anything Goes," and opening up for country star Luke Bryan.

Singer Diddy Will Not Face Felony ChargesProsecutors in Los Angeles have decided not to file felony charges against Sean "Diddy" Combs connected to a fight he got in last month at the University of California.

The 45-year-old was arrested a couple of weeks ago after getting into an altercation at a gym at UCLA.

"Diddy" claims he was trying to defend himself and his son from an attack.

He still faces charges of assault with a deadly weapon, battery and making terrorist threats.

The case is now being handed over to the Los Angeles city attorney's office, which is likely to file misdemeanor charges.

WeatherBeijing will have thundershowers with a high of 29 degrees Celsius. Overcast tonight with a low of 20.

Shanghai will have showers with a high of 25, overcast tonight with a low of 21.

In Chongqing, it will have moderate rain during the day with a high of 24 and a low of 21.

Elsewhere in the world, staying here in Asia,Kathmandu, light rain, 28.

Islamabad will be cloudy with a high of 37.

Kabul will be cloudy with a high of 33.

Over to North America,New York will have moderate rain with a high of 24 degrees.

Washington, light rain with a high of 30 degrees.

Honolulu, cloudy, 27.

Toronto will be cloudy with a high of 24 degrees.

Finally, on to South America,Buenos Aires will be sunny with a high of 10.

And Rio de Janeiro will have light rain with a high of 27 degrees Celsius.

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

A recap of your headlines:

Experts saying that the recent quake in China's Xinjiang Autonomous region not likely to trigger a heavy death toll....

The EU's Ambassador to China lauding the progress made at the recent China-EU summit...

And Greek Prime Minister Alexis Tsipras defiantly calling on voters to reject austerity ahead of a referendum on the terms of a potential EU bailout.