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

Coming up on the program this evening...

Chinese Premier Li Keqiang calling for objectivity as part of an economic speech delivered today to the OECD in Paris.

Doctors are warning of the possibility of additional deaths from this past weekend's deadly Water Park fire in Taiwan.

Greek pensioners have been queuing to try to gain access to their money ahead of Sunday's referendum on its latest bailout offer.

Business.... another down day on the mainland markets, despite new policy measures to ease concerns.

In Sports.... the final of this year's Women's World Cup will be a repeat of the last one.

In Entertainment.... the 'governator' is in east Asia to promote the latest installment in his Terminator franchise.

All of that coming up in just a moment, but first, just a reminder there are several ways to reach out to us here on the Beijing Hour.

You can follow us on our weibo account at weibo.com/beijinghour, find us on WeChat by searching "beijinghour", or email us directly at [email protected]. You can also visit crienglish.com for the latest news and information from China Radio International.

topDevelopment Remains China's Top Priority: Premier LiAnchor:

Chinese Premier Li Keqiang has made a stop at the offices of the Organisation for Economic Co-operation and Development in France as part of his current European tour.

The details from CRI's Xiao Yi.

Reporter:

Premier Li Keqiang has delivered a speech to OECD officials, suggesting that while China's economic situation remains sound, it should also be put into context.

"China remains the world's biggest developing country. In terms of aggregate the economy, it is true that China ranks as the world's second. But in terms of per capita GDP, China's per capita GDP is only 7,589 US dollars -- 65 percent of the world's average level, one seventh of the US, one fifth of the European Union, ranking as the 80th in the world."At the same time, Li Keqiang says stabilizing the global economic situation, increasing employment and promoting sustainable development remain challenges for every country.

The Premier says a series of measures are being implemented in China to try to face these challenges.

He says they include the broader reform of China's overall economic structure, easing market access and encouraging mass entrepreneurship.

"Through our hard work, we have the ability and the confidence to achieve the target of around 7 percent of GDP growth for this year. If the Chinese economy indeed grows by 7 percent this year, the increased volume will be bigger than the 7.4 percent GDP growth last year, so if the Chinese economy continues to maintain such a medium to high level growth rate, in 10 years or even 10 plus years and by the middle of the century, the dream of the people to make the country a mid-level developed country will be achieved and realized."Mario Pezzini, director of the OECD Development Centre, says they believe the path of "new normal," the adjustment of the economy toward more sustained growth, is the right direction for China.

"The most important right now is innovation, rather than expanding the scale. We should develop the value and effect of what we do. I think innovation is crucial for many countries, such as OECD and China. I admire China's vision that the country focuses on mid and long term development rather than short-term interests, and also takes into account of the environmental burden. It is correct. So I'm not worried whether China's GDP growth can reach 7 percent or not. The quality of development is more important."Li Keqiang's time at the OECD headquarters in Paris is part of his 4-day visit to France, which has also seen him oversee the signing of a number of economic agreements connected to nuclear energy and air transport.

His time in France is the first by a Chinese premier in nearly a decade.

For CRI, I'm XYee.

Doctors warn of more deaths connected to Taiwan Water Park fireDoctors treating those injured in this past weekend's massive fire at a water park in Taiwan are warning of the possibility of more victims succumbing to their injuries.

A 2nd person has now died from their burns following Saturday's fire.

Around 500 people were hurt after flammable theatrical dust blown into the crowd caught fire during a concert at a water park on Saturday night in New Taipei City, which is a suburb of Taipei.

Authorities say around half of those injured are suffering from serious burns.

Doctor Yao Ching-tai with Cathay General in Taipei says those in intensive care are going to have to fight to survive.

"The death rate for them is more than 50 percent. If you try to uncover their wounds, many won't feel a thing. Those who cried the loudest usually had minor injuries, while those with third degree burns had no sense of pain because the heat fried their nerve endings."Mainland authorities have offered to send help to Taiwan to assist the hospitals treating the injured.

Those discussions are still underway.

So far no arrests have been made in connection with the fire, though the mayor of New Taipei City is promising heavy repercussions for anyone found culpable.

Mistaken Operation of Captain Possibly Lead to TransAsia CrashNewly-released analysis of a dramatic plane crash in Taiwan earlier this year has revealed the captain of the TransAsia flight mistakenly switched off the plane's only working engine just before it crashed.

Thomas Wang, head of Taiwan's Aviation Safety Council, says their analysis has confirmed earlier suggestions that pilot error is the likely culprit behind February's crash.

He says they believe the pilot turned off the only working engine while trying to compensate for a flame-out in the other engine.

"Number one engine was cut off manually. Number two was put on auto feather by the system. In the end, there was a period of time that both engines had no output. So engine one was totally cut off. The other was still running but there was no output."The release of the preliminary findings has also revealed the captain had failed simulator training connected to the flame-out of an engine after takeoff.

The report does say the pilot did eventually pass simulator training for that scenario.

The pilot is among 43 people killed after the aircraft lost power shortly after take-off on a flight from Taipei to Kinmen Island.

It narrowly missed a bridge while on its way down, and eventually slammed into the Keelung River.

14 did manage to survive the crash in early February.

A final draft on the accident is due out in November.

36 dead, 26missing after banca capsized in C. PhilippinesAt least 36 people are dead and 26 others are listed as missing following a boat capsizing in the central Philippines.

The passenger ship, with more than 189 people onboard, capsized in rough conditions shortly after leaving port in the city of Ormoc around noon this Thursday.

Philippine Coast Guard officials say the boat was only around 200-meters from shore when it overturned.

Search and rescue are still scowering the area in the search for those still missing.

Indonesian crashed military plane may suffer engine failureInvestigators are looking at engine failure as the likely cause of this week's deadly plane crash in Indonesia.

Indonesian Airforce vice-Marshall Agus Dwi Putranto says witnesses have reported seeing black smoke pouring from the plane shortly before it slammed into a residential area in the city of Medan in northern Sumatra.

"Probably after take-off the plane didn't gain enough speed, so that it experienced trouble. Regarding one of the four engines, there's a likelihood that a propeller had stalled. The plane then swerved to the right, hitting an antenna tower."The military aircraft, a C-130 cargo plane, was carrying 122 people onboard at the time.

They, along with 20 others on the ground, were killed in Tuesday's crash, leaving the official death toll at 142.

There have been reports circulating in Indonesia suggesting the plane may have been overloaded with passengers who paid to get on the flight, leading to the crash.

However, investigators have not suggested this as a possible factor, as C-130 cargo planes are designed to carry massive loads.

While not allowed under Indonesian Airforce rules, it’s known to be quite common for civilians to find passage on Indonesian military aircraft for flights to remote parts of the island-nation.

However, the Indonesian Airforce claims those onboard are all members of the military or their family members.

US, Cuba Agree to Restore Diplomatic Ties, Reopen EmbassiesAnchor:

The United States and Cuba have re-established diplomatic ties, with both sides officially announcing they will be opening embassies in one-another’s' countries.

From Washington, here's reporter Kevin McAleese.

Reporter:

"This is what change looks like"Change that took 50 years as The US president made his announcement from a sun-drenched rose garden at the White House.

"Today, I can announce that the United States has formally agreed to reestablish the diplomatic relationship with the Republic of Cuba, and reopen embassies in our respective countries. This is a historic step forward in our efforts to normalize relations with the Cuban government and people, and begin a new chapter with our neighbours in the Americas."According to the Cuban Foreign ministry the flags will be raised over the respective embassies later this month, with US secretary of state John Kerry expected in the Cuban capital.

"I look forward to taking part in the reopening of our United States embassy and in the raising of the stars and stripes over that embassy."Warming in ties came to light last December when secret talks between the sides began, progress was quick, with the US removing Cuba from the their list of State Sponsors of Terrorism earlier this year - plans to restart ferry and air travel between the US and Cuba, another development.

While the embassy flags will fly, nominations for the US ambassador still need to clear a Senate vote, while the Obama administration will now look for to congress to bring an end to the Cuban trade embargo, imposed over 5 decades ago.

For CRI, I'm Kevin McAleese in Washington.

Australia's Great Barrier Reef Not on Listing of 'in Danger' despite Facing ThreatsUNESCO's World Heritage Committee has determined Australia's Great Barrier Reef is under threat from pollution and climate change.

But in making the determination, the committee has opted not to declare the reef in danger, despite calls from environmentalists to do so.

Australian Environment Minister Greg Hunt, lauding the decision by UNESCO, says the work they've been doing with the UN to help protect the reef is starting to pay off.

"There are real challenges. And there are real matters such as climate change and water quality and the crown-of-thorns [coral-eating starfish] which we do have to deal with. But through this process, through the leadership of the World Heritage committee, we have been able to achieve in 18 months what would otherwise have taken a decade."A decision by UNESCO to add the reef to its protected list would have required it to come under more strict codes of protection, which would severely limit the number of tourists who could make dives through it.

Tourism to the reef generates billions of dollars a year in tourism revenues for Australia.

Meanwhile, environmental groups are expressing cautious optimism about a new plan by the Australian government to spend an additional 6-million US dollars to help monitor the Great Barrier Reef.

Dermot O'Gorman, head of the World Wide Fund for Nature in Australia, says the additional spending on monitoring the reef is a good start.

"It firmly put the Australian government on probation and it was a strong decision because plans are plans but the real work has to start now."The Great Barrier Reef, which stretches around 2-thousand kilometers off Australia's northeast coast, is the world's largest living ecosystem.

Greek PM Urging Voters to Say No to the ReferendumGreek pensioners have been lining up for hours this Thursday at some of the select banks still open for business across the country, hoping to gain access to the small amount of money they can withdraw ahead of Sunday's national referendum.

Greek authorities have allowed a small number of banks to open today to allow pensioners without debit cards to withdraw their daily maximum of 120-euros.

This comes as voters across the country prepare to decide whether to accept the terms of the current bailout program being offered by the country's European creditors.

Greek Prime Minister Alexis Tsipras is urging voters to reject the current proposal, suggesting Greece can hold-out for a better deal.

"Wages and pensions will not be lost; the deposits of those citizens who chose not to move their money abroad will not be lost on the sacrificial altar of blackmail. I personally take full responsibility for finding a solution right after the referendum."Eurogroup chair Jeroen Dijsselbloem says no new offers are going to be tabled until after Greeks go to the polls.

"The main decision was that, given the political situation, the rejection of the previous proposals, the referendum which will take place on Sunday and the 'no' advice of the Greek government, we see no ground for further talks at this point."Athens has already missed a June 30th deadline to repay a 1.6 billion euro loan installment to the International Monetary Fund.

Much of the country's banking system has been shut down this week to prevent a run on capital withdrawals.

A rejection of the current bailout offer is likely to initiate the process to have Greece removed from the eurozone.

"Free landing" of Taiwanese on the mainland BeginsAnchor:

Preparations are underway in Fujian to start issuing new electronic passes to visitors from Taiwan.

The passes, set to replace the existing paper documents, are part of the eased requirements for people from the island to visit the mainland.

CRI's Wang Wei has more.

Reporter:

The new electronic pass cards will be issued in Fujian as of this coming Monday.

Zhang Dongli, head of the province's Entry and Exit Bureau, says the new cards will eventually replace the current travel passes still required for people from Taiwan to enter the mainland.

"There are obviously two differences: first, an electronic pass card is easier to carry around; second, those pages designed for entry permit stamps will no longer exist. And one more thing which is important is that we will add an intelligence chip into the pass card. "Current travel pass booklets held by travellers from Taiwan will remain valid until the booklet's expiration date.

The new electronic cards are part of a broader move by mainland authorities to make travel from Taiwan much more convenient.

As of this Wednesday, people from Taiwan no longer have to go through the application process for the visa-like entry permit to enter the mainland.

The first flight from Taipei to Beijing under the relaxed procedures arrived on Wednesday morning.

Reporter Wang Mingyi with the Taiwan-based "China Times" newspaper was on that flight.

"Before landing entry permits were issued, we usually applied to travel agencies for a visa-like entry permit two weeks ahead of our visits. Then ports like Beijing and Shanghai opened landing entry permits services. All we need to do was to fill in a form of application upon arrival and submit a photo. It cost 50 yuan and only took 5 to ten minutes. After the removal of the visa-like entry permit, so we don't need to queue up at the permit counter. And it takes 20 seconds to pass the border quarantine counter. Thus this brings great convenience to people who often travel across the straits."Wang Mingyi says the relaxed procedures are definitely going to help increase cross-strait exchanges.

"I think in terms of the procedural convenience, either media or ordinary people, they are welcoming this policy and are expecting good results. Nearly 8 to 9 million people from Taiwan travel to the mainland annually. Each person can save an entry permit fee of 50 yuan. Meanwhile, a lot of time, man powers and resources can also been saved. So this can to a larger degree contribute to cross-straits exchanges."Last year, people from Taiwan made 5.4 million trips to the mainland.

Conversely, some 4-million trips were made from the mainland to Taiwan last year, up dramatically from the 280-thousand trips made in 2008 when authorities in Taiwan first began allowing direct flights.

Under the previous rules, people from the mainland hoping to travel to Taiwan had to sign up for group tours, and had to fly through a non-mainland connection, normally Hong Kong, before being allowed to enter Taiwan.

For CRI, I'm Wang Wei.

Australia opens 5000 work and holiday visas to young Chinese peopleAnchor:

Australian authorities have unveiled a new visa policy, specifically targeting young Chinese nationals.

Under the new changes, young Chinese people will be able to work and travel in Australia for up to a year under the new visa scheme.

CRI's Sophie Williams has more.

Reporter:

Assistant Minister for Australia's Immigration and Border Protection Michaelia Cash says it is Australia's largest short-term Work and Holiday visa program so far.

"As of September 2015, the first 1,500 places in the Working and Holiday Visa program are going to be open for application. We will then release more places, up to 2,500 sustained, until we reach our annual cap of 5,000 places."Cash says any Chinese national aged between 18 and 30 with at least two years of higher education is eligible to apply for the new visa online. Applicants also need to score at least 4.5 in the IELTS English test and prove they have at least 5000 Australian dollars in the bank.

People who hold this kind of Visa can stay in Australia for up to 12 months. Visa holders can spend up to four months in school and six months working.

The new measures were signed alongside the China-Australia Free Trade Agreement approved last month.

Cash says the new visa policy will bring great opportunities to people from both sides.

"It is a very exciting time for the relationship between Australia and China. China is Australia's largest and fastest growing source of tourism and business visitor's visas, and China is also the largest source of our International students, and is the second largest source of permanent migrants to Australia. So it's just absolutely fantastic today, we can now wait the Work and Holiday arrangement to the numerous options available to people from China to come to Australia."Tim Jones, General Manager of Asia and Strategic Partnerships with Tourism Australia, says the new policy will significantly benefit the people-to-people communications between China and Australia.

"I think it is a fantastic opportunity for young Chinese people to travel to Australia and to experience Australia, to meet and share their life experiences with Australian people. We are a very welcoming country. We welcome people from around the world."Meantime, the Australian government has announced several other changes to its visa policies in China which will take effect next year, including issuing 10-year visitor's visa. Applicants can also request for doing the visa interview in Mandarin and a 48-hour urgent service.

Assistant Minister for Australia's Immigration and Border Protection Cash says these polices will further simplify the visa application procedure and bring great economic benefits to Australia.

For CRI, I'm Sophie Williams .

Changji Hui Autonomous Prefecuture finds new way to boost cultural diversityAnchor:

Authorities in the Changji Hui Autonomous prefecture in Xinjiang are hoping to bank off the opportunities provided by the Chinese government’s "Belt and Road" initiative through the creation of a new culture and art center.

CRI's Wang Mengzhen has more.

Reporter:

Operating since January, the over 16-hundred-square-meter Culture and Art center in Changji is the second of its kind in Xinjiang after the establishment of "Qifang street" in the capital, Urumqi.

Around 20 workshops have already been set up by local artists covering different artistic genres, including oil painting, folk music and embroidery.

Local singer Kou Hong from the Hui, or Muslim, ethnic group in Xinjiang is running a 20 square-meter workshop in the cultural center.

She says she wants to use the new cultural center to promote the Hui singing style known as "Hua'er," or "flower."""The government has separated the center from the local library in an attempt to provide local artists a platform. This is indeed encouraging. Personally speaking, the center really offers me a big stage where I can not only promote Hua'er folk music, but also embroidery. We have signed a 5-year contract with the center. During the period, all rentals are free and we only need to pay utility costs and maintenance fees. All others costs are picked up by the government."Each artist only needs to pay around 20-yuan per square meter a year in running their own workshop.

Cui Jicheng is a renowned Han oil painter.

His work mostly displays the mountain landscapes of Xinjiang.

Cui Jicheng was the first to establish a workshop at the cultural center at the start of this year.

He says by setting up shop at the center, it allows him to concentrate on painting and leave other issues to the management team at the center.

"In the center, we have a supporting group named 'Houtian International', which is responsible for helping painters promote their work and find buyers for us. The art center offers us a variety of services ranging from production to sales. Several days ago, many pieces from 14 local painters, including some of mine, were sold out at an art auction held by the center."Meanwhile, an Internet startup has also been established at the arts and cultural center.

Cui Fangyi is the manager of e-commerce firm "Teng Yun."Her team is currently setting up an online store for the art center.

"Right now, we are still in the process of doing our background maintenance. But we will eventually display all the pieces of work from the artists in our center. This will include Hua'er CDs, paintings and embroidery work. Our staff members are all university graduates hoping to work in the e-marketing field. This office and our equipment are fully provided by the local government."Cui Fangyi's team is also working on the design of a mobile app to promote local culture in Changji.

For CRI, I am Wang MengzhenNumber of graduates starting business doublesA new survey is suggesting an increasing number of the roughly 7-million Chinese college grads set to hit the job market this month are looking at creating their own jobs.

Analysis by Chinese job-finding website Zhaopin.com shows that while the number of new graduates looking for jobs this year has fallen by around 5 percent, the number of new graduates looking to start their own businesses has doubled.

Would-be entrepreneurs surveyed by Zhaopin now account for over 6-percent of the roughly 60-thousand college grads surveyed.

Gao Yudong, human resources specialist with Zhaopin.com, says those looking to create a start-up need to know the market they're getting into.

"Sometimes what they learn in school is far from society's real needs. It has something to do with China's education system. In the end, whether they can succeed depends on whether their knowledge is socially relevant, no matter whether they are looking for a job themselves, or hoping to start their own business."The analysis by Zhaopin suggests most of those hoping to create start-ups are looking toward the internet.

The Chinese government has been actively attempting to steer Chinese college grads toward start-ups.

This includes easier access to lines of credit to get their operations going.

China to Expand Legal AssistanceChinese authorities have announced plans to expand the coverage of free legal aid services.

Under the expanded program, people who are appealing both criminal and civil judgments will be eligible for free legal assistance, provided they meet the criteria for the free services.

Professor Chen Weidong with Renmin University says this will go a long way toward helping migrant workers, people who have been laid-off, seniors and the disabled.

"Increasing legal assistance to appeals can very effectively help citizens exercise their rights and safeguard their legitimate rights and interests. For example, the investigation and collection of evidence can done more smoothly if those involved can have access to the legal materials related to the case. I think a series of problems can be steadily solved through the increase in legal assistance."On top of expanding the legal assistance program, the State Council also says a hotline, a website and more legal aid offices are also going to be set up.

Disputes between migrant workers and their employers in China through the years have led to serious cases of protests.

Migrant workers often can't afford the legal fees required to fight payment disputes through legal channels.

weatherBeijing will be clear tonight with a low of 18 degrees Celsius; tomorrow sunny to cloudy with a high of 33.

Shanghai will be cloudy tonight with a low of 21, continue to be cloudy tomorrow with a high of 28.

Chongqing will see moderate rain tonight with a low of 23, and the rain continues tomorrow with a high of 25.

Lhasa will be overcast tonight with a low of 13, tomorrow cloudy with a high of 26.

Elsewhere in Asia,Islamabad, cloudy tomorrow, 36.

Kabul, cloudy, 33.

Down in the Southern Hemisphere.

Sydney, cloudy with a high of 14.

Brisbane, cloudy with a high of 16.

Perth, light rain, 20.

And finally Auckland, New Zealand will see light rain with a high of 15 degrees Celsius.

Headline newsPremier Li welcomes OECD's role in China's modernizationChinese Premier Li Keqiang has made a stop at the offices of the OECD in France, promising more policy support from the Chinese side.

In delivering a speech to the Organization for Economic Development and Cooperation, Li Keqiang also says the Chinese government stands behind the OECD's mandate to promote international economic cooperation and increase global economic development.

Officials with the OECD say they remain committed to helping China develop its socio-economic structure.

A number of collaborative agreements have also been signed between the two sides.

Mainland ready to help injured of Taiwan water park blazeMainland authorities are offering to provide medical assistance to those injured in this past weekend's water park fire in Taiwan.

A leading official with the State Council Taiwan Affairs office says talks are underway about sending over assistance.

Theatrical powder blown into a crowd at a concert in New Taipei City, a suburb of Taipei, caught fire on Saturday night, leaving 2 dead and around 500 others hurt.

Mainland authorities are recommending safety officials monitor similar events more closely to ensure the same thing doesn't take place again.

36 dead, 26missing after banca capsized in C. PhilippinesAt least 36 people are dead and 26 others are listed as missing following a boat capsizing in the central Philippines.

The passenger ship, with more than 189 people onboard, capsized in rough conditions shortly after leaving port in the city of Ormoc around noon this Thursday.

Philippine Coast Guard officials say the boat was only around 200-meters from shore when it overturned.

Search and rescue are still scouring the area in the search for those still missing.

Tunisia police arrest 12 suspects over deadly hotel attackTunisian security forces have arrested 12 suspects in connection with last Friday's deadly terrorist attack.

2 more suspects are still said to be on the loose.

Tunisian authorities say they believe the two received training in Libya.

The attack at a beach resort hotel last week left 38 people dead, most of them foreigners.

5 killed, 100 injured as train falls into canal in E. PakistanAt least 5 people are dead and 100 others injured after a train derailment in Pakistan.

A bridge on the tracks collapsed, sending four cars of the train plunging into a ravine in eastern Pakistan.

There have been suggestions it could be a terrorist attack.

Details remain sketchy at this point, though a number of people are said to still be missing.

biz reportsstocksAnchor:

China's A-share market has seen another day of sell-offs, despite the government's attempt to shore up market confidence.

The Shanghai Composite Index has closed the day down 3.5-percent.

Nearly 15-hundred issues in Shanghai ended the day down the daily 10-percent limit, with sectors such as shipping, utilities, real estate and sports leading decliners.

The Shenzhen Component Index has seen an even bigger sell-off this Thursday, finishing down 5.3-percent.

The ChiNext Index, which is China's version of Nasdaq, dipped just below 4-percent.

The sell-off today comes despite China's securities regulator announcing a string of policies last night to try to ease market jitters, including a 30 percent cut in transaction fees and the relaxation of regulations connected to margin trading.

Market analyist 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 stabilize 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."The Shanghai Composite Index has lost close to 25-percent of its value over the past 2-weeks.

It nosedived 7.4 percent this past Friday, the sharpest daily drop since the start of the global financial crisis in 2008.

Meanwhile, led by casino shares, Hong Kong has seen its second straight day of gains, despite what's happening on the mainland.

The Hang Seng edged up 0.1 percent.

Elsewhere in Asia,Shares in Tokyo ended higher as investors bought in on a weaker yen.

The Nikkei finished up 1 percent.

South Korea's KOSPI gained 0.5 percent.

Singapore's Straits Times Index edged down 0.1 percent.

Finally, Australia's ASX 200 had a solid session, up 1.5 percent on the day.

China's first online oil, gas trading platform enters test stageTrial operations are underway for China's newest commodities exchange.

The Shanghai Petroleum and Natural Gas Exchange is a joint collaboration among 10 state-owned energy giants, including the China National Petroleum Corporation and China National Offshore Oil Corporation.

The exchange, with the acronym SHPGX, is expected to handle futures contracts covering around 10-billion cubic meters of natural gas per year by next year.

Guo Xu, director of the platform, says it will allow companies to avoid government interference in pricing and sales.

"The SHPGX aims to be an excellent natural gas distribution hub like the Henry Hub in the U.S. and the National Balancing Point in the UK. It will be built as a platform of information, finance and trade which allows the spot exchange of petroleum and natural gas."During the current testing period, the exchange will only handle natural gas transactions for pipeline natural gas and liquefied natural gas.

Its establishment comes on the heels of Chinese regulators announcing plans for oil futures trading in Shanghai.

Authorities are suggesting oil trading on the Shanghai Futures Exchange might be up and running by the end of the 3rd quarter.

China, France set up a joint fund, targeting developing worldAnchor:

Observers are suggesting the developing world is likely to be the main beneficiary of a new collaboration agreement signed this week between China and France.

Chinese Premier Li Keqiang has signed an agreement to create a joint fund with France.

The fund will be used to help finance joint collaboration projects in 3rd-party countries.

For more on this fund, CRI's Zhao Yang spoke earlier with Einar Tangen, former chair of the US State of Wisconsin's International Trade Council.

Back Anchor:

Einar Tangen, former chair of the US State of Wisconsin's International Trade Council, speaking with CRI's Zhao Yang.

World Bank Expects China's Economic Growth Rate to be Slightly UpA new report from the World Bank is suggesting China's economic growth is likely to come in at 7.1 percent this year.

The revised figure is up slightly up from the World Bank's April estimate of around 7-percent.

New analysis from the World Bank is also predicting Chinese economic growth will likely remain around the 7-percent range in the next couple of years.

It suggests by then, the Chinese economy is likely to be more balanced and sustainable.

SW China starts to transport coffee to Europe by trainA new cargo train service has been launched out of Yunnan to help facilitate the province's coffee trade with Europe.

The first train carrying over 2 thousand tons of Yunnan coffee is now on its way to the Dutch port city of Rotterdam.

Two return trips of the train will take place every month.

The trips themselves will take 15-days, and will pass over the Chinese border from Xinjiang into Kazakhstan before travelling through Russia, Belarus, Poland and Germany to finally arrive in the Netherlands.

It's expected the new cargo service will ship around 24-thousand tonnes of Yunnan coffee to Europe this year.

Virtually all of the coffee grown in China comes from Yunnan.

Around 70-thousand tonnes of coffee was exported from Yunnan last year.

Cost of China scandal for OSI nearing $1 blnMedia reports are suggesting U.S.-based meat supplier OSI Group has lost close to 1 billion US dollars since its food safety scandal in China last summer.

Operations of its Chinese subsidiary, Shanghai Husi, were suspended last July after it was found supplying expired meat to McDonald's and other fast-food outlets.

In an attept to rebuild its brand in China, OSI has announced its renaming its Chinese subsidiary as "Ousi" rather than "Husi."The US meat supplier has invested over 500 million US dollars in China over the past 5 years.

6 overseas offices of Shanghai FTZ launched worldwideSix new offices connected to the Shanghai Free Trade Zone are being established in cities around the world.

The offices are being set-up in the cities of Los Angeles, London, Frankfurt, Goteborg, Osaka and Tokyo.

Their main tasks will be to promote and facilitate trade through the FTZ.

Officials in Shanghai says the offices will be helpful in guiding traders through the policy requirements in their own language.

SportsTennis: Wimbledon UpdateStarting things off with tennis action at Wimbledon:

On the men's side of things:

(UPDATE)And in women's action:

(UPDATE)Coming up later tonight in women's singles:

China's Duan Ying-ying, the woman who downed Eugenie Bouchard in the first round, will face Germany's Tatjiana Maria;Second-seed Petra Kvitova will face Japan's Kurumi Nara;Fifth-seed Caroline Wozniacki will take on Czech Denisa Allertova;No. 8 Ekaterina Makarova will face Slovakia's Magdalena Rybarikova;And tenth-seed German Angelique Kerber will battle Russia's Anastasia Pavlyuchenkova.

Still to come in men's singles:

Second-seed Roger Federer will take on American Sam Querrey;Tenth-seed Rafael Nadal will battle German Dustin Brown;And No. 6 Tomas Berdych will face France's Nicolas Mahut;WWC: Japan Beats England 2-1, Will Face U.S. in FinalIn football action from the Women's World Cup:

It looks like the final of this year's tournament will be a rematch of the 2011 World Cup final showdown between defending champions Japan and runners up, the United States.

Japan entered the finals after beating England 2-1 earlier today.

The match was tied at 1-1 and seemed headed into overtime; then England let their chance at a finals birth slip away in the worst way possible.

English defender Laura Bassett charged the ball to clear it away from Japan's advance, but the ball popped up off Bassett's foot to score on her own goal, putting Japan up 2-1.

Japan would hold on to win.

England head coach Mark Sampson says that, while the team is devastated at crashing out on an own-goal, they are not piling the guilt on Bassett:

"Of course every single member of my group is devastated. When that ball went over the line we were devastated, but our first port of call is look after your own. Laura is one of us, she is one of the team. We get around her, we console her, we let her cry and we tell her how proud we are of her because without her we wouldn't be in the semi-final."Japan now prepare to face the U.S., the team they upset to hoist the 2011 title.

Japanese head coach, Norio Sasaki, says that they had a hard time sticking to their game plan against England, but that will not happen against the U.S. in the final:

"Today we couldn't really stick to our plan compared to the way we'd been playing in the previous games. In the final against the United States we can go into the game with refreshed thinking. In 2011 both teams had a wonderful game in the final. For women's football around the world I hope we have a wonderful game like back in 2011 and then I will be very happy."England will take on Germany for third-place in the tournament, a day before the final.

Golf: Tiger Woods Optimistic Ahead of Greenbrier ClassicIn golf:

Tiger Woods is trying to recover at the Greenbrier Classic this week from another major disappointment, his recent performance at the U.S. Open.

On the eve of the tournament in West Virginia, Woods says he's looking forward to this competition:

"Made little bit of progress since last time I played, obviously it's not really saying much, but I'm looking forward to tomorrow, I'm really looking forward to competing again and getting out here and playing."Woods is making his first appearance since missing the U.S. Open cut by 11 strokes two weeks ago after posting an opening 10-over-par 80.

But Woods says that he's gone through rough patches in his career before, and expects to bounce back.

Boxing: Miguel Cotto and Canelo Alvarez to Clash in AutumnIn boxing:

The details are being hashed out on one of the year's biggest fights, but the anticipated fight between middleweight champ Miguel Cotto and former unified junior middleweight titleholder, Canelo Alvarez, will commene this coming autumn.

The likely fight date is either Novemer 7 or November 21. Cotto's promoter, Roc Nation, and Alvarez's Golden Boy, are working to finalize the details.

The fight will be at a catch-weight of 155 pounds--a size that gives neither fighter an advantage over the other.

Cotto is 40-4 and is coming off knockout wins against Sergio Martinez and Daniel Geale--the former of which got him the middleweight title.

Canelo has only one loss on his 47-fight record and finished two of his last three fights via knockout.

NBA: Draymond Green Re-Signs with GS, Kevin Love Stays with CavsIn news from the National Basketball Association:

Draymond Green revealed on Wednesday that he is re-signing with the 2015 NBA champion Golden State Warriors for a five-year deal worth about 85 million U.S. dollars.

Green finished runner up as defensive player of the year, despite getting more votes. He was key in the Warriors' banner season, which saw them win the NBA title for the first time in 40 years.

In other news:

Kevin Love has re-signed with the Cleveland Cavaliers for a five-year, 110-million-dollar contract.

Love made the announcement in a personal essay he wrote for the Player's Tribune website.

After finishing runners-up in the NBA finals, Love says he and Cleveland have "unfinished business and now it’s time to get back to work."NHL: Phil Kessel Heading to join Pittsburgh PenguinsAnd finally, some trade news from the National Hockey League:

The Toronto Maple Leafs are sending star winger Phil Kessel to the Pittsburgh Penguins.

The Penguins traded forwards Kasperi Kapanen and Nik Spaling, defenseman Scott Harrington and a 2016 third-round pick in exchange for Kessel, defenseman Tim Erixon and forward Tyler Biggs.

In other NHL trade news:

Defenseman Mike Green has signed to Detroit for a three-year, 18-million-dollar contract.

Green's addition to the Red Wings roster gives Detroit a much-needed right-handed defenseman that will be key in power plays.

Veteran winger and three-time Stanley cup winner Justin Williams signed to the Washington Capitals for two years for 6.5 million.

Williams spent the last six-and-a-half years with the Los Angeles Kings, where he won two of his three championship rings. His first came in 2006, with Carolina.

EntertainmentArnold Schwarzenegger, Emilia Clarke promote new "Terminator" film in SeoulArnold Schwarzenegger and "Game of Thrones" actress Emilia Clarke have arrived in Seoul to help promote the latest installment in the "Terminator" franchise.

"Terminator Genisys" sees Schwarzenegger jump back into the cyborg role that helped launch him into superstar status some 3-decades ago.

The 67-year-old says getting back into the character has been easy.

"It wasn't as hard to then do the stunts and do the action the way I've done it 30 years ago and 20 years ago and 10 years ago, because I always stay in shape."The new new "Terminator" film is said to pay homage to the original two movies which were directed by James Camron.

Emilia Clarke takes on the role of 'Sarah Connor' this time.

"The Terminator went back to try and kill her parents at such a young age that it changed her characteristically for... away from how Linda Hamilton created her in the first two, but while still maintaining the essence of who she was. So that was something that I really wanted to get grips with and something that allowed me to really delve into the gorgeous relationship that Sarah has with pops.""Terminator Genisys" also stars Jason Clarke and South Korean actor Lee Byung-hun.

The film has already opened in US theatres.

It's still unclear at this point if and when the new Terminator film may hit theatres on the mainland.

Michael Keaton, J.K. Simmons Quit "Kong: Skull Island"New reports are suggesting actors Michael Keaton and J.K. Simmons have walked away from the new King Kong movie.

Scheduling conflicts are being cited as the main reason, though neither actor has made any official comments.

Production of "Kong: Skull Island" has been scheduled to get underway later this year.

It's unclear at this point if that schedule will be maintained.

A tentative release date of March 10th had already been set.

The film itself is supposed to be based on the island home of legendary giant ape King Kong.

However, the actual plot of the movie hasn't been revealed.

King Kong was originally released in 1933, and is considered one of the films which helped put Hollywood on the map.

Ant-man Actor Paul Rudd Gets a Star on Hollywood Walk of Fame"I hereby declare this Paul Rudd Day in Hollywood!"Actor Paul Rudd has become the latest edition to the "Hollywood Walk of Fame" in Los Angeles.

The 46-year-old, who is starring in the new Marvel feature "Ant Man," has risen to fame mostly through comedic roles.

"And I remember being a kid and walking this boulevard and reading the names and thinking about what so many millions of people thought about, which is 'like who is that?' And the fact that of millions of people are going to be able to now see me and ask that same question for time immemorial is humbling beyond belief.""Ant Man" also stars veteran actor Michael Douglas, who was also on-hand to help Rudd receive his star on the "Walk of Fame.""When Marvel films reached out to me for 'Ant-Man,' of course I was very excited to be in this family. And then they told me that Paul Rudd was going to be the action star of this new movie and I had to go back to IMDB. Yeah Paul Rudd, 'Anchorman,' 'Knocked Up.' Paul Rudd the action star? So I went in a little wary and said 'let's see what this guy's got.'""Ant Man" has already premiered in LA.

It's slated to be released in North American theatres on July 17th.

"Sesame Street"'s Maria Departs after More than 40 YearsVeteran actress Sonia Manzano, who is best known for playing "Maria" on the US children’s television program "Sesame Street" is leaving the program.

Manzano joined "Sesame Street" way back in 1971 playing a then-teenaged Maria.

As she grew up, she later played the role of a wife, mother and Fix-It Shop owner on the program.

Manzano has won 15 Emmys for writing on the series.

Manzano has broken the news through social media, but has been telling her fans she may return for a guest appearance on "Sesame Street" to help mark the show's 50th anniversary in 2019.

weatherBeijing will be clear tonight with a low of 18 degrees Celsius; tomorrow sunny to cloudy with a high of 33.

Shanghai will be cloudy tonight with a low of 21, continue to be cloudy tomorrow with a high of 28.

Chongqing will see moderate rain tonight with a low of 23, and the rain continues tomorrow with a high of 25.

Lhasa will be overcast tonight with a low of 13, tomorrow cloudy with a high of 26.

Elsewhere in Asia,Islamabad, cloudy tomorrow, 36.

Kabul, cloudy, 33.

Down in the Southern Hemisphere.

Sydney, cloudy with a high of 14.

Brisbane, cloudy with a high of 16.

Perth, light rain, 20.

And finally Auckland, New Zealand will see light rain with a high of 15 degrees Celsius.

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

A quick look at the headlines before we go...

Chinese Premier Li Keqiang calling for objectivity as part of an economic speech delivered today to the OECD in Paris.

On behalf of the Beijing Hour staffers, I'm Paul James in Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together...