新闻纵贯线 The Beijing Hour updated 08:00 2016/02/04（在线收听）

The Beijing Hour

Morning Edition

Bob Jones with you this Thursday February 4th 2016.

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

Coming up on the program...

Beijing expresses concern over the latest North Korea missile launch, saying it would not allow the peninsula to descend into war or chaos.

China Ready and Able to deal with the economic challenges that lie ahead.

Scientists in China develop the first step towards creating a vaccine for the Zika virus.

In Business .... ChemChina mulling the country's biggest ever overseas takeover deal.

In Sports ....Liaoning claiming the CBA's regular-season crown.

Entertainment ......."The Assassin" tops the nomination list at the Asian Film Awards.

Top News

China Expresses Extreme Concern over NK Satellite Launch

Anchor

China has warned that it will not allow the Korean Peninsula to descend into war or chaos.

The remark follows the announcement by North Korea that it planned to launch an Earth Observation Satellite.

The plan has triggered concern across the region.

CRI's Luo Bin has more.

Reporter

Speaking at a news briefing on Wednesday, Foreign Ministry spokesman Lu Kang expressed China's extreme concern and called on Pyongyang to exercise restraint.

"We are extremely concerned about this. China believes that North Korea ought to have the right to the peaceful use of space but at present this right has been restricted by Security Council resolutions. In the present situation, we hope North Korea exercises restraint on the issue of launching satellites, acts cautiously and does not take any escalatory steps that may further raise tensions on the Korean Peninsula."

The North notified U.N. agencies on Tuesday of its plan to launch what it called an "earth observation satellite" some time between February 8 and 25.

Pyongyang has always said that its space programme is peaceful.

But the plan triggered worries that the launch could be used as a cover for a long-range missile test by the country, just weeks after its fourth nuclear test on January 6.

The UN Secretary-General Ban Ki-moon, via his spokesman, called on North Korea to refrain from using "ballistic missile technology.

Russia has also issued a statement, urging Pyongyang to seriously consider the consequences.

Japan has placed its military on alert, vowing to shoot down the rocket if it threatens the country, while South Korea warned the North will pay a "severe price" if it proceeds with a satellite launch that Seoul considers a missile test.

The White House has called for joint efforts to prevent the launch.

On Tuesday, U.S. Assistant Secretary of State Daniel Russell said the launch, by using ballistic missile technology, would be a serious violation of its international duties.

He added that the North's announcement of the plan was "an unmistakable slap" in the face to China.

Lashing out at that accusation, Lu Kang pointed back at the United States.

"It is only in the years when the six-party talks have stalled and certain countries' create an outcry for constant pressure and sanctions that the DPRK has done nuclear tests once and again. In this sense, the DPRK did slap some countries in the face. As for whose face the DPRK slaps, the country itself knows it well in its heart."

He added that while unable to restrain countries seen as exacerbating tensions, China would not allow the peninsula to descend into war.

"We don't hope to see any kind of situation appearing that increases tensions or increases conflict, but if the countries in question insist on doing so then we really can't hold them back. At this point I must emphasize, no matter what, there is one thing that China must declare, as a close neighbor of the peninsula we absolutely will not allow the peninsula to fall into chaos or war."

Lu Kang also confirmed Chinese chief nuclear envoy Wu Dawei's ongoing visit to Pyongyang, but declined to give any details.

For CRI, this is Luo Bin.

China Can Deal With Economic Challenges: Official

Anchor

The head of China's top economic regulator has dismissed concerns that the world's second largest economy is facing a 'hard landing' and said China is capable of dealing with economic challenges.

CRI's Luo Wen has more.

Reporter

U.S. billionaire investor George Soros recently said China's economy was heading for a hard landing as last year's economic growth registered the slowest annual expansion in a quarter of a century.

Commenting on the concern, Xu Shaoshi, head of the National Development and Reform Commission, says a hard landing is unlikely.

"The hard landing forecast has been repeatedly mentioned following the 2008 global financial crisis. This is unlikely to happen for China's economy. Just look at the positive factors - sound fundamentals, enormous market demand, rising production quality and more sophisticated government regulation. China's steady growth and bright economic outlook will show that opinion cannot hold water."

Xu Shaoshi also noted that although growth has slowed, it is still within a reasonable range.

"Last year, China's GDP growth rate was 6.9 percent, but it was in line with the official target of around 7 percent. Globally, China's economic growth is still at the top. According to data released by the International Monetary Fund, the Chinese economy contributed over 25 percent to the global economic growth and it is still an important driver for global economic growth."

The head of the NDRC also points out that the slowdown has not made China less attractive for foreign investors.

"Foreign investment has not decreased. Official data shows foreign direct investment into the Chinese mainland, which excludes investment in the financial sector, rose 6.4 percent year on year to over 126 billion U.S. dollars last year. The U.N. Conference on Trade and Development has listed China as a favored market by multinationals from 2015 to 2017."

As for the employment situation, Xu Shaoshi describes it as better than expected.

"During the past year, 13.12 million new jobs were created in cities and towns as against the goal of 10 million. The unemployment rates either got by survey or shown by registration were not high, so it can be said the employment situation is quite stable."

At the same time, Xu Shaoshi admits the job condition in provinces such as Shanxi, Heilongjiang and Hebei will be hurt by the country's attempts to reduce industrial overcapacity.

But he says that central and local governments will have policies to deal with increased unemployment.

For CRI, this is Luo Wen.

Xi Wraps up Trip to Jiangxi

Chinese President Xi Jinping has wrapped up a visit to revolutionary base areas in eastern Jiangxi province just ahead of the Spring Festival.

The three-day tour has seen him make stops in the cities of Ji'an, Jinggangshan and Nanchang.

As part his trip to Shenshan Village in Jinggangshan, Xi JInping highlighted poverty relief through "precision" measures.

"Old revolutionary base areas must keep pace with other parts of the country when it comes to building a well-off society. Not a single family living in poverty is to be left behind on our path to combating poverty. Endeavors of poverty alleviation must be carried out in a precise manner, with different measures rolled out targeting different characteristics of different people and households."

During the tour of a national LED research center under Nanchang University, the president stressed the key role of technological innovation in China's further development.

"Innovation is important. It's at the top of our new concepts in development and is what China's future development will totally depend on. The road to mastering core technology is surely full of hardship, but we can never give up."

Before wrapping up the tour, Xi Jinping visited a residential compound in Nanchang and extended holiday greetings to all Chinese citizens.

"I'm pleased to see such a festive atmosphere here. People's wellbeing is what we are striving for. The Year of Monkey is just around the corner, I hereby wish all Chinese citizens a happy New Year."

It's been a tradition for Chinese leaders to visit ordinary people in both urban and rural areas ahead of the Lunar New Year.

During his time in Jiangxi, Xi Jinping also urged local governments to protect the environment and strike a balance between economic growth and conservation.

He also met with senior military officers stationed in the province, two days after Chinese military was regrouped into five theater commands.

Premier Underscores Innovation in Ningxia

Chinese Premier Li Keqiang has made an inspection tour to northwest China's Ningxia.

Industrial transition and upgrade through technological innovation was high on his agenda.

As part of his trip to the region's capital of Yinchuan, Li Keqiang visited a foundry and a 3-D printing workshop.

He underscored the role of "revolutionary new technologies" in transforming traditional industries.

"We have seen that the old casting parts just look like ugly men, while these new products are good looking like fairy ladies. Enterprises must try the best to meet the taste of the market that prefers exquisite and practical products."

During his trip, Li also called for more supports to enterprises and scientific research institutions when it comes to innovation.

He also demanded more effort to promote poverty reduction, improve people's livelihood and strengthen ethic unity in the region.

China Develops Detection Method for Zika Virus

China says it's has developed the reagent for the detection of the Zika virus. The move paves the way for the development of a vaccine.

The Chinese Center for Disease Control and Prevention says regulations for the clinical diagnosis and treatment of the Zika virus has also been drawn up.

The Chinese authorities are coordinating their action with the WHO which is informing relevant ministries of the risks associated with the virus.

Ni Daxin, a researcher from the Chinese Center for Disease Control and Prevention, says further study on the virus is underway.

"Cases of microcephaly do increase sharply during an epidemic of the Zika virus disease. And some evidence shows there is a correlation between them. However, whether the Zika virus results in the massive increase of clustering cases or there is an causal relationship between them still requires further research. Therefore, the WHO encourages the need to strengthen research into the causes of microcephaly and other nervous system diseases, to identify the relation between them,"

So far Chinese mainland has not reported any Zika virus cases, but experts warn people should make themselves aware of the dangers, especially with rising temperatures in southern provinces.

Zika is mainly transmitted by mosquitoes. It's normally non-fatal, and only leaves people with minor symptoms. As yet there is no cure or vaccine.

However, its impact on pregnant women is a major concern.

Book Reveals China's Retired Coach in Doping Scandal

A newly re-published book suggests China's controversial track coach Ma Junren employed performance-enhancing drugs as part of his training regime.

The book "Investigation into Majiajun" was first published in 1998, but a chapter about doping was deleted for fear of causing bad publicity at the height of the coach's popularity.

He and his pupils were sometimes described as the Ma family army for their stunning performances in domestic and international events.

Ma has always strongly denied any allegations of doping, although 6 of his athletes were dropped from China's team for the Sydney Olympic games after failing blood tests. As a result, he was dropped as a coach.

The book was written by Zhao Yu and was based on interviews with the team in the spring of 1995.

Ma retired as deputy director of the Liaoning Provincial Sports Bureau on December 1, 2004.

He has always denied accusations of doping.

Shanghai Disney Tickets on Sale from March 28

Tickets for Shanghai Disneyland, Disney's first theme park on the Chinese mainland, will go on sale to the public on March 28.

The Shanghai Disney Resort said the tickets in the mainland will be the lowest of all 12 Disney parks and six resorts in the world.

Regular price of admission is 370 yuan or around 56 U.S. dollars.

Peak pricing for holidays and weekends is set at 499 yuan.

The Shanghai Disney Resort will be Disney's sixth resort destination worldwide.

Its construction began in 2011 in the Pudong New District.

China Releases First-Batch Images Captured By Gaofen-4 Satellite

Anchor

China has released the first batch of images captured by the nation's most sophisticated observation satellite Gaofen-4.

This achievement has opened up and broadened the country's efforts in earth observation.

For more on this, CRI's Huang Shan reports.

Reporter

The State Administration of Science, Technology and Industry for National Defense released 17 pictures captured by Gaofen-4 on Wednesday, covering an area of at least 400 kilometers.

The project's chief designer, Tong Xudong, said Gaofen-4 is in good condition and capturing stable images.

"All these images have demonstrated different geomorphologic features in certain regions, which show Gaofen-4's potential in surveying ecological environment and bush fire."

One image taken on January 21st shows Beijing and neighboring areas amid heavy smog, while another clear image of the same region was taken on Jan. 25, when the smog dispersed.

Other images feature Nam Co in the Tibet Autonomous Region, the world's highest saltwater lake, and the Yellow River delta and a forest fire in South Australia.

By using a huge CMOS digital camera, the Gaofen-4 can still find objects as small as an oil tanker on ocean, even though it's orbiting 36-thousand kilometers away from earth.

Fan Yida, an official with Ministry of Civil Affairs, says the satellite can make a valuable contribution to disaster mitigation in China.

"Gaofen-4 provides quick, reliable and stable remote sensing data, which will benefit forest surveying, fire prevention, disaster reduction, and earthquake forecasting across China. It also offer advanced technological means in terms of extracting seismic structure information and predicting meteorological changes."

Before China launched the Gaofen-1 observation satellite in April 2013, almost all of these kinds of pictures and data had to be bought from foreign companies.

Tong Xudong adds that the introduction of high definition data produced by domestic made satellite, has reduced the country's financial burden, and improve the data's quality.

"Recently, the price of foreign satellite data has dropped sharply and the foreign data with a resolution ratio of less than two meters has already been withdrawn from China's market."

The Gaofen project aims to launch seven high-definition observation satellites before 2020.

The Gaofen-4 satellite was launched on December 29th, as China's first geosynchronous orbit HD optical imaging satellite.

For CRI, this Huang Shan.

China, Mozambique Vow to Strengthen Cooperation

Chinese Foreign Minister Wang Yi has held talks with the Mozambican President Filipe Nyusi during his visit to the country.

Wang Yi said China is willing to strengthen the bilateral cooperation in various fields.

"Generally speaking, we hope to improve Mozambique's ability of independent development, accelerate its industrialization process, and help it realize its dream of prosperity."

For his part, Nyusi said his country was ready to cooperate with China in fields like energy, manufacturing, infrastructure construction, agriculture, and security.

Nyusi also spoke highly of China's role in helping with Africa's development.

Earlier, Wang Yi also held talks with his Mozambican counterpart Oldemiro Baloi.

Mozambique is the third leg of Wang Yi's ongoing African tour.

He will head to London for a Syria donors conference after making a stop in Namibia.

The trip has taken him to Malawi and Mauritius.

Commerce Ministry: China Still Evaluates TPP Content

Ahead of the impending signing this Thursday of the Trans-Pacific Partnership, the Chinese Ministry of Commerce says its still reviewing its potential effects.

Officials from a dozen countries throughout the region are gathering in New Zealand this Thursday to ink the TPP.

Chinese Commerce Ministry spokesperson Shen Danyang says the signing of the deal will not impact Chinese plans for its own trade agreements.

"China is still comprehensively evaluating the content of TPP, and will continue to push forward with the negotiations on the Regional Comprehensive Economic Partnership and China-Japan-South Korea Free Trade Agreement."

TPP is a trade agreement among 12 different Pacific Rim countries.

China is not a signatory to the agreement.

This Thursday's signing in New Zealand is somewhat symbolic, as member-countries still have to approve the agreement within their own legislatures.

It's expected this could take as long as 2-years to complete.

Former Israeli President Peres Dedicates Friendship Melody to Chinese People

Anchor:

Former Israeli President Shimon Peres has sent New Year greetings to the Chinese people, by dedicating a song he wrote eulogising the friendship of the two peoples.

CRI's Li Jianhua has more.

Reporter:

The song "Chinese Melody" was sung by a Chinese boy and an Israeli girl at a reception in Tel Aviv attended by Shimon Peres and the Chinese ambassador to Israeli.

It was based on a poem written some six years ago by Perez who was Israeli President at the time.

Twelve-year-old Meilee Tal was the Israeli singer of the song. Her mother says the idea of the song came during a recent chat with the composer.

"We were talking about China and about Israel, and we were talking about Meilee. Then he told me about this song. And I was thinking that it can be a very good idea to record Meilee in Chinese singing this song together with a Chinese singer and to give it as a gift for Mr. Shimon Peres. So we recorded the song in Chinese and we went to his office. And he was really excited to hear this."

At the reception Peres spoke highly of China's achievements in the past decades and the friendship between China and Israel.

"China is all the time innovating new things. Every year you are making progress, and you are offering the world a good example how to escape poverty and ignorance, and become one of the two major pillars of our time. I'm very glad the relations between China and Israel are all the time growing in the content and in future."

The Chinese Ambassador to Israel Zhan Yongxin expressed appreciation for the efforts and contributions to promoting the relationship between China and Israel made by Shimon Peres.

"Through this beautiful song, every Chinese could sense Your Excellency's profound friendship towards China and savor Your Excellency's extra caring about the China-Israel relations. And I strongly believe that this song will be popular in China and mark a special episode in the exchange history between the Chinese people and the Jewish people."

The song has also become popular with the younger generations like Chinese student Feng Xiao who is now studying in Israel.

"The content of this song is to eulogize the ancient friendship between China and Israel, which started a long time ago. However, the melody is very young. It means that this friendship will continue among the new generations of our two countries."

The dedication of the song was timed to coincide with the upcoming Chinese New Year.

At the end of the reception, Peres extended his greetings to all Chinese people.

"Music speaks better than words. Everybody can sing it and you feel that all of us sing together. I wish each of you, and all of you, to enjoy a happy year, a happy future, for a great and a promising China. Xinnian Kuaile! (Happy New Year!) "

For CRI, I'm Li Jianhua.

Syria peace talks in Geneva pause temporarily

A "temporary pause" has been announced in the Syrian peace talks being held in Geneva.

The United Nations envoy Staffan de Mistura said the process will resume on February 25.

It comes just two days after the talks officially began amid intensified fighting.

De Mistura said it is not the failure of the talks.

"The UN cannot allow simply procedural matters to actually become more important than actually the results for the humanitarian situation of the Syrian people, who have been waiting for us to deliver this time - not (just) a conference, but something concrete for them. I, therefore, have taken this decision to bring a temporary pause, temporary pause - this is not the end, and it is not the failure of the talks."

The Geneva peace talks mark the first attempt in two years to hold negotiations over Syria, whose civil war has killed at least 250-thousand people and forced millions to flee the country.

At the same time in Syria, the government forces backed by Russian airstrikes have advanced in the country's northern part.

The government troops earlier blasted their way into two Shiite villages in northen Syria, breaking a long-running rebel siege.

The two villages located in the middle of opposition territory have been blockaded by rebel groups for about three years.

The capture marks a major victory for government forces, severing a key supply route for rebels in Aleppo city from the Turkish border.

British PM Defend EU Plan but Meets Criticism At Home

The British Prime Minister David Cameron has been defending his support for the latest reform plan, aimed at keeping the UK as a member of the EU, against harsh criticism from members of his own party.

Speaking in the House of Commons, Cameron said he backed the plan presented by the European Council President Donald Tusk.

But Some members of his own party said the reforms didn't go far enough.

The proposals include a four-year "emergency brake" on welfare payments for EU migrant workers; protection for countries that do not use the Euro; and a "red card" system giving national parliaments more power to reject policies initiated by the Commission.

The prime minister said he had secured a "legally binding" deal on Europe.

"We don't want our country to be bound up in an ever closer political union in Europe. We are a proud and independent nation. With proud independent democratic institutions that have served us well over the centuries."

Members of the European Parliament have also discussed the issue as part of a debate on the agenda for the upcoming EU summit on February 18 to 19. If they are approved, the way will then be clear for Britain to hold an 'in-out' referendum later in the year.

Weather

Beijing will be cloudy with a high of 4 degrees Celsius.

Overnight temperatures should drop down to minus 5.

Shanghai will be overcast with a high of 7 and a low of 1.

In Chongqing, it will see slight rain with a high of 9 and lows of 6.

Elsewhere in the world, staying here in Asia,

Islamabad will be cloudy with a high of 21.

Kabul will be overcast with a high of 5.

Over to North America,

New York will be overcast with a high of 13 degrees.

Washington, cloudy with a high of 10 degrees.

Honolulu, slight rain, 27.

Toronto will see sleet with a high of 1 degrees.

Finally, on to South America,

Buenos Aires will be cloudy with a high of 35.

And Rio de Janeiro will see slight rain with a high of 30 degrees Celsius.

Headline News

China "Seriously Concerned" About DPRK Satellite Launch Plan

The Chinese government is expressing "serious concern" over North Korea's plan to launch a satellite sometime this month.

A Foreign Ministry statement says the Chinese side hopes Pyongyang will "exercise restraint" to avoid escalating tensions.

The statement also says the Chinese side is communicating with all parties concerned to ensure stability on the Korean Peninsula.

North Korea has informed the United Nations of its plan to launch an earth-observation satellite sometime this month.

An exact date has not been set.

Previous launches by North Korea have led to additional international sanctions, as satellite launches from North Korea are considered as covert tests of the country's ballistic missiles.

The planned launch comes on the heels of the DPRK's latest nuclear test this past month.

14 Jailed For Factory Explosion Killing 146 In China

Fourteen people have been sentenced to prison terms for connected to a deadly explosion at a factory in Jiangsu in 2014.

Among those jailed are the owner and top managers of Kunshan Zhongrong Metal Products, as well as local firefighters and officials in charge of work safety in the city of Kunshan.

The prison sentences range from 3 to 7.5-years.

Metal dust exploded at at workshop in Kunshan in early August in 2014, killing 146 people.

China's Macao SAR, Armenia Ink Visa-Exemption Agreement

Authorities in Macao have reached an agreement with Armenia on mutual visa exemption program.

Under the deal, people holding a passport from Macao, or a Macao travel permit, will be able to travel to Armenia for 90 days without a visa.

A date for the agreement's implementation has not been set.

A total of 120 countries now allow Macao passport or travel permit holders either visa-free or visa-on-arrival services.

Trade Representatives Meet in New Zealand for Signing Of Trans-Pacific Partnership

Representatives from a dozen Pacific Rim countries are gathered in Auckland, New Zealand this Thursday to officially ink the Trans-Pacific Partnership.

In noting the signing, the Chinese Ministry of Commerce says its still reviewing the potential impact of the deal.

It also says its signing will not impact Chinese plans for the creation of other free-trade agreements, including a long-anticipated agreement among China, Japan and South Korea.

The TPP, to which China is not a signatory, will cut tariffs among the 12 different countries along the Pacific rim which have signed-on.

This Thursday's signing is mostly symbolic, as member-countries still need to ratify the deals within their respective parliaments.

Five Stakeholders along Western Balkans Route to Establish Standardized Migrant Registration

Countries along the Western Balkans have agreed to establish a standardized registration program for migrants.

Authorities from Macedonia, Austria, Slovenia, Croatia and Serbia are taking the step to better keep-track of the migrants making their way through their countries.

Under the agreement, standardized documents will be issued.

Migrants without the proper travel documents, or fake ones, will not allowed to move from one country to another.

The western Balkans have become a popular route for migrants who enter Europe from Greece making their way north toward Germany.

Biz Reports

US and Europe Stocks

Anchor:

Turning to business news, starting with the closing numbers across North America and Europe.

U.S. stocks staged a late-day rally on Wednesday, reversing sharp losses in the morning.

Oil prices spiked on Wednesday, with both the U.S. oil and Brent crude surging more than 7 percent.

On the economic front, U.S. private sector companies added over 200 thousand jobs in January, beating market expectations.

The figure is seen as a pre-indicator for the non-farm payrolls report due out on Friday.

However, U.S. the service sector grew in January at the slowest pace in almost two years.

On the corporate front, shares of Yahoo shed 4.8 percent, as the firm's newly revealed restructuring plan disappointed investors.

At the closing bell,

The Dow added 1.1 percent

The S&P 500 gained 0.5 percent.

And the Nasdaq fell 0.3 percent.

In Europe, stocks ended lower for the third session in a row.

The UK's FTSE 100 dropped 1.4 percent.

Germany's DAX lost 1.5 percent.

And France's CAC tumbled 1.3 percent.

Takeover Deal Underway between ChemChina and Syngenta, worth over $43 billion

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

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

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

Syngenta responded in an statement, saying ChemChina would be an ideal partner to accelerate the next phase of its development in China and in other emerging markets.

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

Ren Jianxin, chairman of the state-owned ChemChina said it would maintain Syngenta's operations and retain its headquarters in Basel, in Switzerland.

Meanwhile, a new board of directors would be formed with Ren Jianxin the chairman.

China is now the world's fastest developing market for agricultural chemicals as it is seeking to boost farming productivity and cut reliance on food imports.

Following the news, shares of ChemChina ended the trading day with a 5.7 percent increase, while Syngenta shares jumped more than 6 percent early on Wednesday.

China's Foreign Service Trade Hits Record High

New official data suggests the value of China's foreign services trade hit an all-time high of 713 billion U.S. dollars in 2015.

This was up nearly a quarter of a percent year on year.

Meanwhile, the deficit in foreign service trade came in at 137 billion U.S. dollars last year.

An official from the Ministry of Commerce says a better foreign trade structure was driven by growth in exports of electronics, professional management and consultation as well as advertising.

The Chinese government has vowed to boost the country's trade in services by gradually opening up sectors including finance and education.

Mainland Attributes HK Trade Data Discrepancy to Different Calculation

The Ministry of Commerce is refuting suggestions that its inflating its trade data, suggesting contrasting trade data between the mainland and Hong Kong is due to different calculation methods.

Stats from the General Administration of Customs released this week have suggested value of mainland exports to Hong Kong came in at 46 billion U.S. dollars as of December.

This is almost double the figure provided by Hong Kong.

The Commerce Ministry says the discreption is because Hong Kong authorities don't measure products assembled in the mainland but originating elsewhere, as well as the transshipment goods to Hong Kong.

Mainland Commerce authorities also suggest interest rate variations are also a contributing factor to the sharp discrepancy.

China's Central Bank Expected To Further Cut Reserve Ratio

Anchor

Long-term analysis by the Chinese Academy of Social Sciences is suggesting the Chinese government should be prepared to make additional cuts to the reserve requirement ratio over in the next few years.

It's being suggested that cutting the minimum portion of deposits that banks are required to set aside is to become a "a new normal" as the central bank frees up more liquidity to spur growth.

Reserve requirements are a way to ensure that a bank doesn't become insolvent should the financial system be hit by a shock.

The analysis by the Chinese Academy of Social Sciences suggests that by lowering the amount banks have to hold in reserve, it will offset a lack of liquidity caused by foreign currency purchases.

The People's Bank of China cut the reserve requirement ratio 4 different times this past year, cutting the amount banks have to hold in reserve by an average of 2.5-percent.

Right now, large-scale lenders in China have to set aside 17.5 percent of their deposits as a reserve.

For more on this topic, we are now joined live on line with Cao Can, CRI's Financial Commentator.

Talking Points

Q1: Since October 2015, when the last cut occurred, the central bank held off further cuts over fear of the yuan's devaluation. What is the possible impact on the value of the yuan, if the bank further cut reserve ratio in the next few years?

Q2: Do you think the move will influence the operations of commercial banks here in China?

Q3: If cutting reserve ratio becomes "a new normal", what signals will be brought to both domestic and overseas investors? Do you think this will influence the development of interest rate liberalization?

Back Anchor:

That was Cao Can, CRI's Financial Commentator.

Taiwan Semiconductor Giant to Build Factory in Nanjing

Taiwan Semiconductor Manufacturing has announced its application to set up a wafer plant on the mainland had been approved by authorities in Taiwan.

With the approval, TSM is set to invest 3 billion U.S. dollars in setting up its factory in Nanjing.

The new plant is expected to be operational in the latter half of 2018.

Taiwan Semiconductor saw its profits increase by some 16-percent last year, earning over 9-billion US dollars.

Global Mobile Payments Set To Jump 38% In 2016

A new industry report suggests that global mobile payment transactions are expected to surge 38 percent this year, hitting some 620 billion US dollars.

The Taiwan-based research firm TrendForce says the growth will be driven by industry giants like Apple and Alibaba as they expand services in China.

Both Apple and Samsung signed deals with China Unionpay at the start of 2016, allowing consumers to use their payment systems with a software update.

Meanwhile, Alibaba and Tencent have also upgraded fingerprint recognition and security tools to boost mobile payment for consumers.

China is the world's biggest mobile phone market, with the number of users reaching over 1.3 billion by the end of last year.

Sports

Basketball: Liaoning Captures First Crown Regular Season

In basketball action here in China,

With a combined 73 points and 21 rebounds from Lester Hudson and Shavlik Randolph, Liaoning has claimed the CBA's regular-season crown, hammering Tianjin 150-122 last night.

With the win, Liaoning has a record of 30-7, putting them as the top-ranked team heading into the playoffs.

In other action,

Xinjiang has maintained its hold on second place with a 139-104 win over Qingdao.

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After getting past Tongxi 120-115, Sichuan has also kept pace with a 29-8 record.

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Guangdong has moved to 27-10 with a 121-105 win over Foshan.

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Shandong has slipped to the same record after going down to Guangsha 138-134 last night.

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The Beijing Ducks have maintained their hold on 7th with a 106-96 win over Shanxi.

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Chouzhou also won, but stay in 8th after a 111-93 win over Jiangsu.

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In the NBA later this morning,

The Golden State Warriors will go for their 8th straight in Washington.

The Warriors, at 44-4, have already matched the best mark in NBA history through 48 games.

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Cleveland is set to take on Charlotte.

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San Antonio entertains New Orleans.

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Oklahoma City is at home to Orlando.

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Detroit is in Boston.

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Philadelphia is at home to Atlanta.

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Brooklyn entertains Indiana.

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The Miami Heat is on the road in Dallas.

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Utah welcomes Denver.

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The Chicago Bulls are in Sacramento.

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And it's the Los Angeles Clippers taking on the Minnesota Timberwolves.

Feng Simin opens with solid start at Coates in Florida

In golf,

Young Chinese golfer Feng Simin has set herself up for another solid week on the LPGA tour.

The Beijing native, who came out of this year's Q-school as one of the top prospects on the tour, has fired a 2-under-70 at the Coates Open in Florida.

The 20-year old comes into the tournament after making the cut at last week's season-opening event in the Bahamas.

South Korea's Jang Ha-na leads after round one with a blistering minus-7 to start the tournament.

Guangzhou's Lin Xiyu is also in contention, finishing her first round at minus-1.

On the Men's side,

Northern Ireland's Rory McIlroy is set to defend his title at this week's Dubai Desert Classic, which gets underway later on this Thursday.

McIlroy is shooting for his third title in Dubai.

"I mean obviously I want to come here and try to win and I have been able to do that a couple of times and I would love to make that three this time around, but I mean the only thing I can expect of myself is to go out there and give it one hundred per cent and play as well as I can and hopefully at the end of the week that hopefully adds up to a victory. But yeah, all I can do is go out and try to play the best that I can and see what happens."

In other action,

After out golfing world number one Jordan Spieth this past weekend, South Korean Song Young-han is looking to add the Myanmar Open to his trophy case after winning the Singapore Open.

The 24-year-old says he believes he can keep his momentum going in Myanmar.

"Of course, Jordan Spieth is the world number one. But I wasn't thinking so much about that. I just wanted to win, so I'm glad I was able to win the Singapore Open. That is more important than beating a single competitor. Of course, I'm a bit tired from Monday, but my game is in form right now and I'm looking to forward to continuing to do well here."

This week's PGA stop is in Phoenix for the Waste Management Open.

Tennis: Martin Klizan Through to Quarterfinals in Sofia

In tennis,

Roger Federer is going to be sidelined for around a month.

The world number-3 has undergone arthroscopic knee surgery after hurting himself a day after going down in the semi-finals of the Australian Open to Novak Djokovic.

As a result, Federer is likely to miss the next two ATP World Tour 500 events.

However, its unlikely to push him down in the world rankings, as compatriot Stan Wawrinka is still well back of him in 4th in ranking points.

On the court,

7th seeded Russian Martin Klizan has become the first player to reach the Sofia Open quarter-finals in Bulgaria after knocking out Lukas Rosol in a three-set battle.

The 26-year-old will next take on the winner of the match between 4th seed Andreas Seppi and Thiemo de Bakker.

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The Quito ATP event in Ecuador will see Brazil's Joao Sousa taking on Spain's Feliciano Lopez in the round-of-16.

Football: Everton Beat Newcastle United 3-0

In football,

Chinese Super League side Jiangsu Suning has earned another victory as part of its training in Spain, this time downing Russian opponents FK Anzhi Makhachkala 2-0 last night.

Suning's new comer Ramires with a goal in the victory.

This gives Jiangsu a 2-2 record so far in its international friendlies ahead of the start of the Chinese Super League later this month.

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In English Premiership,

Struggling Chelsea has been held to a goalless draw with Watford.

The nil-nil draw leaves Watford in 9th in the standings, while Chelsea remains at 13th.

Despite this, the defending Premiership champions can take-heart in the fact they haven't lost in 9-straight.

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The other match-up on the night had Everton spank Newcastle 3-0.

NHL: League Suspends Wideman for 20 Games

A light schedule this morning in the National Hockey League, with only 3-games on-tap.

It's Montreal hoping to snap a 3-game losing skid at home to Buffalo.

Detroit is in Florida to take on Tampa Bay.

And the Calgary Flames play host to the Carolina Hurricanes.

The Flames come into the game on the heels of the league handing down a major suspension to one of their key players.

Defenseman Dennis Wideman has been hit with a 20-game suspension for bowling over an official in a game last week before the All-Star break.

Wideman, one of Calgary's top defenseman, is likely to appeal.

The 32-year old ran into the linesman while attempting to get off the ice after taking a hard hit.

While he claims the hit was unintentional, the NHL has decided to parse out strict punishment, costing Wideman over half-a-million dollars in sallary.

It's expected he will appeal.

Entertainment

'The Assassin' Tops Nomination List at the 10th Asian Film Awards

The nominees for the 10th annual Asian Film Awards have been unveiled.

Hou Hsiao-Hsien's kung fu masterpiece "The Assassin" tops the nomination list with 9 nods, including Best Film, Best Director, Best Cinematography, and Best Actress for Shu Qi.

Police thriller "Port of Call," which received 13 nominations at the recently announced Hong Kong Film Awards, is tied for second place with Indian period drama,"Bajirao Mastani".

They both have five nominations.

For Best Actor, the nominees include Donnie Yen, Nagase Masatoshi, Feng Xiaogang, Lee Byung-hun and John Arcilla from the Philippines.

And in Best Actress category, Shu Qi will face competition from Zhao Tao, Haruka Ayase, Kim Hye-soo, and Karena Lam.

Established in 2007, this year's ceremony marks the 10th year anniversary for the Asian Film Awards.

36 films from nine Asian countries are competing for the top honors.

The AFAs are due to be handed out in Macau on March 17th.

"Games of Thrones", "Star Wars" Rule VES Awards

"Star Wars: The Force Awakens" has topped the feature competition of the 14th annual Visual Effects Society Awards, winning four trophies, including the top category of outstanding Visual FX in a photoreal feature.

It beat fellow VFX Oscar nominees Mad Max: Fury Road and The Martian as well as Furious 7 and San Andreas.

This increases its chance of getting an Oscar as in nine of the 13 previous years, the winners of VES' top film award have gone on to clinch the Visual Effects Oscar.

Meanwhile, "The Revenant" took home three statuettes.

"The Good Dinosaur" won the most awards in the animated feature competition, with three awards including outstanding VFX.

In the television competition, "Game of Thrones" won four awards.

Ridley Scott, the director behind such films as Blade Runner, Alien, and The Martian, received the VES Lifetime Achievement Award.

VES presented awards in 23 categories, including features, television, animation, video games and other forms of content.

The trophies were handed out at the Beverly Hilton, in Beverly Hills.

Shakespeare's 'Hamlet' Staged In Calais Camp

Shakespeare's Globe theatre company has staged "Hamlet" in a migrant camp in the northern French town of Calais.

An outline of the story, translated into languages including Arabic and Farsi, was handed out, along with bags of popcorn.

Thomas Bird, executive producer of Shakespeare's Globe said it was quite meaningful to reach displaced people:

"Of course the main need in places like this is food and warmth and comfort and for people to be where they want to be, and the charities are doing an incredible job at that as far as I can see, but we are entertainers and I think there's a lot of boredom here as well as a lot of need, and so if we can give two hours of entertainment, diversion, then that's worth doing."

The show was part of a world tour which aims to perform Hamlet to as many countries as possible.

The tour began nearly two years ago on the 450th anniversary of Shakespeare's birth and will end back in Britain this April - in time for the 400th anniversary of his great playwright's death.

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

Recapping our top stories this morning...

Beijing expresses concern over the latest North Korea missile launch, saying it would not allow the peninsula to descend into war or chaos.

China Ready and Able to deal with the economic challenges that lie ahead.

Scientists in China develop the first step towards creating a vaccine for the Zika virus.

On behalf of the rest of the Beijing Hour team, this is Bob Jones in Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together.