In This Edition

 

China's Shenzhou-9 successfully completes manned space mission.

Hong Kong marks 15th Anniversary of Its Return to China.

European leaders agree to a plan to funnel money directly to struggling banks.

And the China unveils a new set of plans for an experimental business zone in Shenzhen.

 

Hot Issue Reports

 

China's Shenzhou-9 Mission Successful

China's Shenzhou-9 made a safe return to earth Friday morning, landing safely in Inner Mongolia.

 

CRI's Shen Chengcheng on the plans for future space missions.

 

Shenzhou 9 parachuted safely to its intended landing area in the grasslands of Inner Mongolia around 10am this Friday.

 

Officials are touting the success of the Shenzhou 9 mission as proof China is ready to start the process of constructing its own space station, which is scheduled to be complete by 2020.

 

Moments after the capsule landed, the ground crew conducted medical checks on the 3 astronauts.

 

An hour later, mission commander Jing Haipeng smiled and waved as he emerged from the capsule.

 

Fellow astronauts Liu Wang and Liu Yang, China's first female astronaut, followed behind him.

 

"We have successfully completed the first manned space docking mission for our country. We thank our country and our people for the support."　

"It feels so good to stand on earth and it feels even better to be home."

 

"The Tiangong 1 space module is our second home in outer space, it is very cosy and comfortable. We are very proud of our motherland."

 

The three astronauts successfully completed a manual docking between Shenzhou-9 and Tiangong-1 on Sunday.

 

They also conducted a series of scientific tests during their 13-day space flight.

 

Premier Wen Jiabao oversaw the landing at the Beijing Aerospace Control Center.

 

"The successful rendezvous and docking between the target orbiter Tiangong-1 and the Shenzhou-9 spacecraft marks a significant breakthrough in China's space docking technology, and it also marks decisive progress in fulfilling the second strategic target of China's manned space program."

 

Engineers are now evaluating the Shenzhou 9 mission and the condition of Tiangong 1.

 

If all goes to plan, another manned mission will be carried out as early as years end.

 

Space mission officials say the next mission may also include female astronauts.

 

The Tiangong-1 space lab is due to be retired in a few years.

 

The replacement, permanent station, is expected to play host to 3 astronauts and weigh about 60 tons, which is about one-sixth the size of the 16-nation International Space Station.

 

For CRI, I'm Shen Chengcheng.

 

Hong Kong on the Eve of the 15th Anniversary of Its Return to China

Sunday marks the 15th anniversary of Hong Kong's return to China. CRI's Ding Lulu finds out what some residents of the city have to say about the changes that have taken place there over the past 15 years.

 

Taking the subway in Hong Kong is quite easy for mainlanders nowadays. All announcements are made in Cantonese, Mandarin and English.

 

Even if you get lost, kindhearted Hong Kong people are happy to help you, and most of them speak Mandarin. When I asked a 55-year-old Hong Kong woman how to get to the Bank of China's headquarters, she happily escorted me there.

 

"You can often hear people speaking Mandarin. Many mainlanders now work in Hong Kong, and Hong Kong students' level of Mandarin is improving very fast."

 

Hong Kong students are required to take Mandarin lessons in school. Seventeen-year-old Leung Wenxuan attends Kwun Tong Government Secondary School.

 

"We have learned it since primary school. We have two lessons per week. Each lesson is 45 minutes, and we practice speaking, listening and interpreting."

Leung has been able to put his Mandarin skills to good use whenever he visits the mainland.

 

"I sometimes travel to the mainland. I have been to Guangdong many times, but I've only been to Beijing once. I like Tian'anmen Square and the Forbidden City."

 

All around Hong Kong are posters and signs advertising events celebrating the 15th anniversary of Hong Kong's return to the motherland, including horse races and performances by opera troupes from the mainland.

 

Apart from the celebratory atmosphere, the most often seen mainland-related signs are advertisements for financial institutions. Nearly all the big banks in Hong Kong have ads offering RMB sovereign bonds, RMB Qualified Institutional Investors funds and other RMB-related services. An employee at the Bank of China said the reason yuan-denominated bonds are popular here is because investors not only earn interest on them, but also gain from the currency's appreciation.

 

The mainland and Hong Kong have integrated more than ever over the past 15 years. Sun Yu, who has worked in Hong Kong for seven years after moving here from the U.S., says Hong Kong's fast and steady economic growth has been supported by the mainland.

 

"Relative to other developed markets-developed economies in Europe and the U.S.- Hong Kong is enjoying a much higher economic growth rate, and this has a lot to do with the mainland Chinese government which has been helping Hong Kong. A higher economic growth rate obviously translates into higher employment."

 

In 2011, Hong Kong's unemployment rate hit a historical low of 3.4 percent.

 

But Sun also points out that the central government and Hong Kong's new government must do more in the future to benefit common citizens in the city.

 

"We are seeing that income inequality and the wealth gap have widened further. The property tycoons and those with financial hegemony-those interest groups are enjoying most of the benefits transferred from mainland China to Hong Kong. That's why I think going forward the focus should be to improve the livelihoods of ordinary people in Hong Kong."

 

For CRI, I'm Ding Lulu in Hong Kong.

 

HK Leaders Seek Inspiration from London

During the past 15 years, Hong Kong has been strengthening its position as a financial hub.

 

As CRI's Yao Yongmei reports, Hong Kong leaders are now hoping to make the region's financial sector even stronger by boosting other service industries.

 

Qin Yan, a senior at the business school of Hong Kong University of Science and Technology, has just landed a job as a junior financial analyst at HSBC, a leading multinational banking group.

 

"I applied at several different banks, and HSBC was the best choice. Four years ago when I chose finance as my major, I was not so sure about my career prospects. But now I find it an amazing profession, with so much new knowledge to absorb each day and so many exciting business happenings that are shaping the world we live in."

 

Business and financial services are popular career options for many young people in Hong Kong. KC Chan, Hong Kong's Secretary for Financial Services and Treasury, is proud of the city's status as a global financial center.

 

"The fast development of HK's financial sector during the past 15 years has been based on Hong Kong's unique advantages and the strong support of the central government. If you look at various global rankings in recent years, Hong Kong has always been tied with New York and London as one of the top three world financial centers."

 

Hong Kong returned to China from British colonial rule on July 1st, 1997. Under the principle of "one country, two systems," Hong Kong's capitalist system, way of life and basic laws have remained unchanged.

 

In recent years, the central government has also taken actions to solidify Hong Kong's status as a world financial center by encouraging mainland enterprises to list on the Hong Kong Stock Exchange, and supporting Hong Kong's efforts to develop offshore yuan-denominated business.

 

Thanks to all these supportive policies, Hong Kong's per capita GDP is expected to reach 35-thousand U.S. dollars by the end of this year. Standard and Poor's has raised Hong Kong's credit rating to its highest level of triple-A. 　

 

Hong Kong's Chief Executive-elect Leung Chun-Ying is expecting more changes and progress to take place in Hong Kong.

 

"London, instead of shipping freight in and out of ports, offers services, including ship sales and rentals, registrations, financing, management and insurance. These services offer greater economic value. If Hong Kong simply tries to double cargo throughput, it will expand its scale, but it will not take it to a higher level. We can do better than just expanding scale. For that end, more financial services have to be explored."

 

Leung says with the backing of the central government and more economic integration with the mainland, he is highly confident about Hong Kong's future economic well-being.

 

For CRI, this is Yao Yongmei.

 

EU Leaders Agree to Recapitalise Struggling Banks

European leaders have agreed to a plan to funnel money directly to struggling banks.

 

European Council President Herman Van Rompuy is describing the move as a 'breakthrough.'

 

"We agreed on something new, which is a breakthrough, that banks can be recapitalised directly in certain circumstances, and the biggest most important condition that we have to put in place is a single supervisory mechanism.'

 

EU leaders have also agreed to devote 120 billion euros toward encouraging growth and jobs in struggling European economies.

 

German Chancellor Angela Merkel.

 

"Today we made a good decision especially regarding growth and fighting unemployment. Furthermore we have an agreement on the future work of the EFSF and ESM. Now we have to discuss long term measures for deeper integration."

 

Under the previous agreements, bailouts had to be given to governments, who would then shift the money toward their respective banking sectors.

 

China Unveils Measures to Create Biz Zone in Shenzhen

The Chinese central government have unveiled a new set of plans for an experimental business zone in Shenzhen.

 

The central authorities say the plan involves a 15 percent corporate tax rate for select firms in the Qianhai zone.

 

The authorities are also considering allowing cross-border loans from neighboring Hong Kong.

 

Zhang Xiaoqiang is the vice chief of the National Development and Reform Commission.

 

"In terms of financial policy, the priority is to support Qianhai's trial-and-experiment on the front of financial reform and innovation in order to establish our country's financial services experimental model and present it to the world."

 

Zhang says the plan also includes offering support to companies from Hong Kong and Macau that want to set up telecommunication operations in the Qianhai zone.

 

"In terms of telecom, the main thing is to strengthen telecom industrial cooperation, including encouraging Hong Kong and Macau telecom companies to establish joint-venture firms in Qianhai to operate telecom businesses," Zhang said.

 

The new plans are part of the larger attempts by the authorities on the mainland, and in Hong Kong and Macau, to increase economic cooperation and turn the region into a hub for the Renminbi's internationaliztion.

 

Chinese Wine Market Huge but Price-cautious

An International Wine Expo is taking place in the city of Yantai in Shandong.

 

As CRI's Liu Yan reports, around 450 exhibitors from around the world are gathered there to try to attract the attention of Chinese consumers.

 

According to the International Wine and Spirit Research firm, the Chinese wine market is growing at around 20-percent a year.

 

Last year, China overtook the UK to become the world's 5th largest wine market by volume.

 

If the trend continues, China will become the world's largest consumer of wine in the next 20-years.

 

Patrick Ilardi is the Vice President of Union Des Grands Vins.

 

'You are in the top 10 consumers in the world. If you drink one glass one year by person, imagine the expansion in perhaps two years. If every Chinese person drink 2 or 3 of glasses, you become the number 1."

 

However the swelling demand is also pushing up prices dramatically.

 

A bottle of Carruades de Lafite is going for as much as 5-thousand yuan in China.

 

Zhu Linong is the Chair of the Shangde import and export company.

 

'The real cost of Lafite including its bottle and grapes won't surpass 20 euro. It is the so called 'fame' accounting the line share of its inflating price. In Europe, a bottle of wine priced at 9 or 10 euros is good and refined.'

 

Aside from demand pushing up prices, the cost of delivery and taxes are also contributing to the price hikes.

 

Li Xianmin is the General Manager of Boli Trade.

 

'For instance, a bottle of wine sold at 100 yuan in Europe will be priced at 180 yuan here in China. Customs tariff, VAT and delivery fees pile up 51% of the costs. Add on 20-percent for our profit margins, and that's how you get 180 yuan.'

 

Liu Jun, CEO of YesMyWine.com says costs are also determined by who is actually buying the wines.

 

'The extra fees added on the price tag has to match up with where the wine flows to. If it is for distributors like a supermarket, a 1 or 2-fold of increase is reasonable. If it is for places like a 5-star hotel or night clubs, a 5-fold increase is normal.'

 

The internet is also playing an increasingly important role for consumers when it comes to choice options.

 

Data compiled by a group called Wine Intelligence suggests that around 40% of imported wine bought here in China is purchased on-line.

 

For CRI, I'm Liu Yan.

 

Painted Skin 2 Takes Record for Highest First Round Viewing for Domestic Film

Chinese fantasy film sequel Painted Skin 2: The Resurrection has grossed 6 million yuan and taken record for the most watched domestic film in it's first day of screening.

 

At a press event for the film yesterday, the CEO of the film's production company Huayi Brothers, Wang Zhonglei, says over 200,000 people across the country had watched the movie by midnight of the opening night.

 

Painted Skin producer Chen Kuo-fu and lead actress Zhou Xun were also at the event.

 

But the revenue still came in third for it's first day on screen well behind Hollywood blockbusters Transformers 3 taking 12 million yuan and Titanic 3D taking 10 million.

 

Audiences have been praising the film's special effects, costume designs and cinematography.

 

BBC News

 

A new once-a-day pill which combines four HIV drugs into a single daily treatment is safe and effective, according to a US study.

 

It is hoped the four-in-one "quad pill" will make it easier for patients to stick to their medication, improving the effects of their treatment.

 

A study in the Lancet said it could be an "important new treatment option".

 

HIV is incurable, but managing the infection requires combination therapy - multiple drugs used to control the virus.

 

This can mean taking several pills at different times of the day - and missing them means the body can lose the fight against the virus.

 

Researchers and drug companies have combined some drugs into single pills so that taking the correct medication at the right time of day is easier.

 

The quad pill is the first to include a type of anti-HIV drug known as an integrate inhibitor, which stops the virus replicating.

 

China Daily

 

When a man dies, his daughter has the right to inherit his property under current laws in China. But if the father is a monk, things do not seem to be as simple.

 

Xin Yingheng, whose monastic name is Shi Yong-xiu, became a monk after his divorce in 1979 and was later elected abbot of Lingzhao Temple in Yuxi city, Yunnan province.

 

In 2010, two young men killed him during a robbery. He was 63. After his death, it was discovered that he had more than 3 million yuan ($476,000) in his bank account.

 

His daughter, Zhang Yiyun, 36, came forward to claim the funds as the monk's only heir. But the temple declined her request, saying that monks' possessions come from the temple and therefore should return to it.

 

According to principles and usual practice in the Buddhist religious tradition, a monk has no relationship with his former family, including economic rights and duties, said Zhang Heyun, the temple's management committee director.

 

"He was in charge of all the public donations to our temple when he was abbot," Zhang said. "He didn't know how to save or transfer money in banks, so all donations were saved in his personal bank account.

 

"This money cannot be called an inheritance because it doesn't belong to him as an individual. It belongs to the temple."

 

The case has sparked heated discussion on the inheritance rights of religious people, because there are no specific articles to regulate such rights under the current laws in China.

 

China Daily

 

Residents of the capital might soon enjoy life in the shade as the city heads toward completing a large-scale greenbelt program ahead of time, according to forestry authorities.

 

Though the planting season ended in May, with 136 square kilometers covered with green in an afforestation project the government launched in March, planting continues as the city takes advantage of the rainy weather lately.

 

"It's likely the capital will be covered with more green earlier this year," said Fang Hao, an official with the Beijing Landscape and Forestry Bureau.

 

The 166-sq-km afforestation project, is concentrated mainly around the Sixth Ring Road. Its purpose is to help clean pollution from the city air and provide a more pleasant living environment.

 

By May 8, more than 13 million trees were planted, covering 137 sq km of the city's plain region, amounting to 83 percent of the project, according to the statistics from the bureau.

 

The mild, moist weather as summer begins has allowed the government to continue planting.

 

The city now has 348 parks, compared with fewer than 200 in 2005. The area has increased from 63 sq km in 2005 to 100 sq km.

 

ABC News

 

Many men are happiest when making an equal contribution to household chores, according to a University of Cambridge study that concludes what many women might have considered unimaginable.

 

"Contrary to expectations, they found that men, not women, benefited from a less traditional gender role divide in household chores," the introduction to the study reads.

 

And women weren't the only ones left scratching their heads. The researchers themselves were surprised with the findings.

 

The study was conducted across seven European countries and tens of thousands of participants were asked how much time they spent on tasks such as cooking, washing, cleaning, shopping and property maintenance. They then weighed work-life conflict with other measures of their well-being, which provided the surprising results.

 

Researchers attributed their findings to two factors: They believe more men support gender equality and women are more assertive than in the past.

 

The researchers said men are actually uncomfortable when they are not taking equal responsibility for housework. And history and habit might also contribute to such guilt.

 

Women's attitudes are also evolving, allowing them to voice their concerns. "Women are becoming more assertive and making their dissatisfaction with lazy partners plain," the news release states.

 

Market Update

 

U.S. stocks surged on Friday, with three major indexes posing best gains since June 6, after European Union leaders agreed to take more concrete actions to solve European debt crisis.

 

The Dow Jones industrial average rallied 2.2 percent to 12,880. The Standard & Poor's 500 surged 2.5 percent to 1,362. The Nasdaq Composite Index soared 3 percent to 2,935.

 

European markets also traded higher. London's FTSE 100 added 1.4 percent to 5,571. Frankfurt's DAX gained 4.3 percent to 6,416. CAC 40 in Paris rose 4.5 percent to 3,197