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

Coming up on the program this evening...

China's leading brokerage houses have announced a new plan to try to bring the 3-week sell-off on the A-share market to an end.

Emergency relief supplies are starting to arrive in southwestern Xinjiang following Friday morning's strong earthquake.

Supporters and opponents of the current Greek bailout proposal are rallying today ahead of Sunday's critical referendum.

In the 2nd half of the hour, we'll bring you some of the stories which caught headlines in the world of business this past week.

In Sports.... the Williams sisters heading for a head-to-head clash at Wimbledon.

In Entertainment.... a better-than-expected showing for a new Chinese film at the box office.

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

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Top NewsChina brokers vow to stabilize stock marketA group of 21 Chinese stock brokerages have announced plans to step in to -quote- "firmly stabilize" the country's stock market.

They're vowing to spend at least 120 billion yuan, or close to 20-billion U.S. dollars, on "blue chip" stocks in the A-share market this coming week.

The brokerages have promised not to sell-off their purchases until the Shanghai Stock Exchange gets back to 45-hundred points.

Guo Shuhua, securities analyst with First Capital, says the move is much-needed in China at the moment.

"The new move at this time is designed to stabilize the current fluctuations in the stock market and reverse a vicious cycle. But we know this won't happen within one or two trading. But with more policies coming out, the downward pressure should finally ease, allowing the stock market to rise once again."Shanghai closed out the trading week on Friday down nearly 5.8-percent to end at 3686.

This is well below the psychologically important 4-thousand mark where the market was around 3-months ago.

Shanghai spiked to a 7-year high 3-weeks ago at around 52-hundred before beginning a massive downturn, which has seen it lose around 30-percent of its value in less than a month.

The move by China's main brokerages is the latest move in an attempt to break the market's three-week losing skid.

The People's Bank of China has already lowered both the interest rate and reserve requirement ratio for banks to inject liquidity into the market.

Both the Shanghai and Shenzhen exchanges have cut their transaction fees by around 30-percent.

The number of IPO's is also going to be cut back.

Securities regulators have also relaxed rules on margin trading, which will allow retail investors more flexibility in making trades.

At the same time, the China Securities Regulatory Commission says its investigating possible market manipulation.

Chinese securities regulator warns news agencies that publish fake storiesThe China Securities Regulatory Commission is demanding more accurate media reporting connected to the downturn of the A-share market.

The call follows a series of online reports which have suggested a number of traders have killed themselves and their families.

The CRSC's Zhang Xiaojun says police have determined these reports are false.

"I want to remind the mass media and news staffers to adhere to the accuracy of news and abide by your professional ethics. Stop publishing and spreading groundless rumors and information. We would prefer you work to tell people about the right information when it comes to the markets, so that the markets themselves will continue in a healthy path."Meanwhile, the China Securities Finance Corporation, the exclusive government-run lender for margin trading in China, is being bolstered with more capital, going from 24-billion yuan to 100-billion.

People's Bank of China governor Zhou Xiaochuan has also issued a statement in an attempt to reassure the markets, saying the PBOC plans to "hold fast" so as not to allow any systemic risks to China's overall economy.

Donated relief supplies arrive in quake-hit XinjiangRelief supplies are starting to roll into Xinjiang following Friday morning's strong earthquake.

A 6.5-magnitude earthquake hit shortly after 9am on Friday on the southwestern edge of the Tarim Basin, around 150-kilometers west of the city of Hotan.

The quake, which has left 3 dead and 71 others injured, has also damaged around 12-thousand homes in the region.

66-thousand people have been moved out as a precaution.

Supplies including food, water and tents are beginning to make it into the area.

However, relief organizer Yang Rongkui says more help is still going to be needed.

"We still have a shortage of tents, folding beds and quilts. Weather forecasts suggest temperatures will be high in the coming days, which may hinder our relief operations. We are also in need of additional medical supplies in case of emergencies."Over 20 medical teams from the Lanzhou Military Area have also arrived on the scene to treat the injured.

Initial estimates from Friday morning's quake put the damage to the remote region at over 30-million US dollars.

French Speak Highly of Li's VisitAnchor:

In the wake of Chinese Premier Li Keqiang's time in Europe this week, a group of French observers are suggesting his trip to Europe is likely to reap long-term benefits for both sides.

CRI's Yu Yang has more.

Reporter:

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

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

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

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

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

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

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

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

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

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

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

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

For CRI, I'm Yu Yang.

China Urges Japan to Stop Provoking Tensions in South China SeaThe Chinese government is blasting the outline of a new Japanese report set to be officially released, suggesting the Japanese side is only trying to stoke tensions in the South China Sea.

An outline of Japan's forthcoming defense white paper has been released.

It is said to portray Chinese land reclamation projects in the South China Sea as "high-handed."Chinese Foreign Ministry spokesperson Hua Chunying notes Japan has no claims in the South China Sea.

"Japan is not the party involved in issues over the South China Sea at all, yet as we all have seen, Japan has scrambled around recently, tarnishing China and playing up or creating regional tensions. The true aim of such moves is actually obvious - seeking or making a pretext for its domestic push with the unprecedented changes in its security policies since the Second World War."At the same time, the new Japanese defense report is also expected to recommend guidelines to increase Japanese surveillance of the Diaoyu Islands in the East China Sea.

Hua has reiterated China's position in this issue.

"China's position on Diaoyu islands is consistent and clear. We will continue to take necessary measures to firmly safeguard China's territorial sovereignty over Diaoyu islands."The forthcoming Japanese Defense report comes on the heels of policy changes brought in by the Japanese government this year which allows for its military to take on roles beyond self-defense.

Shanghai exhibition draws attention to "comfort women" issueAn exhibition displaying the plight of "comfort women" during World War II is being held in Shanghai.

Among the pictures being shown are those of 20 former "comfort women" who are still alive in China.

Su Zhiliang, head of the Center for Chinese Comfort Women which has organized the exhibition, says they are hoping to remind people of the suffering "comfort women" endured.

"Based on a large amount of facts, including records of these wartime victims and their lifetime of suffering, everyone can understand that comfort women are victims of a kind of military slavery system, which was a crime against humanity."Research is suggesting around 400-thousand women were forced into sexual slavery during World War II by Japanese forces.

Around half of them were Chinese women.

Meanwhile, a photo exhibition detailing the stories of Japanese children orphaned in China has opened in Tokyo.

Sumie Ikeda, head of the China-Japan Friendship Association, is one of the Japanese children who was left behind in China after the war ended.

"I was ten months old then. If I had been killed or had starved to death during the war, I would not be here today. Because of my Chinese foster parents and the Chinese people, I am alive today. So I am grateful. I will never forget it."It's estimated around 4-thousand Japanese children were taken in by Chinese foster parents after the war ended.

The events in Shanghai and Tokyo are being held to commemorate the 70th anniversary of the end of the war in China.

Nine Rice-smuggling Gangs Busted in ChinaNearly 60 people are under arrest, accused of being involved in a wide-scale agricultural smuggling operation in China.

A total of 59 suspects, said to be involved in 9 separate groups, have been captured this week for trying to import rice from south Asia into China.

Around 32-million US dollars worth of smuggled rice has been seized.

Song Haizhi with the Kunming's Anti-Smuggling Bureau says much of the rice they've seized in Yunnan would be dangerous for people to eat.

"The smuggled rice was often stored improperly during transport. It went moldy when it soaked up the rains. We believe the smuggled rice was destined to be mixed with high-quality rice supplies, and then flow into the market."This week's bust is just the latest in a string of around 300 rice-smuggling cases Chinese authorities have busted this year.

China's 400,000-ton ore carrier berths at port in QingdaoThe port in Qingdao has become the first in China to accomodate ships with a capacity of 400-thousand tons.

"Yuan Zhuo Hai" has been taken to port in coastal city in Shandong.

Carrying 351-thousand tons of ore, Qingdao Port official An Dong says the so-called 'VLOC,' or Very Large Ore Carrier, has been pulled into port with the help of a number of tugboats.

"We have deployed one tugboat with 8-thousand horsepower, two tugboats with 7-thousand horsepower and three tugboats with 5-thousand horsepower to conduct the operation. Two of the tugboats were in charge of escort, while the other four provided help in berthing. We have been working on our preparations for this for the last 3-days."A total of 7 berths in 4 Chinese port-cities have been given the green-light to take-in ships with up to 400-thousand tonnes.

Beijing Air Quality ImprovesAuthorities in Beijing have confirmed the city has seen more clear-sky days through the first half of this year compared to last year.

Beijing's Environmental Protection Bureau is reporting the average concentration of PM2.5 has dropped to less than 78 micrograms per cubic meter.

This is down about 15 percent year on year.

At the same time, the density of sulfur dioxide, nitrogen dioxide and PM10 are also said to be down significantly.

Li Yunting with Beijing's Environmental Monitoring Center says the reduction in air pollution has been mainly a result of less coal use.

"In the first half of this year, the emission of sulfur dioxide dropped more than 40 percent on a yearly basis. It's a direct result of the efforts to cut coal use in and around Beijing. The reduced emissions also contributes to the improve air quality in the whole region."In an effort to keep the air clean, authorities in Beijing are planning to phase out 200-thousand vehicles and more than 300 polluting factories this year.

As part of its bid for the 2022 Winter Olympic Games, Beijing is promising to reduce PM2.5 density by 20 percent by 2017.

It's part of a 130-billion US dollar program.

At the same time, Beijing authorities say they will enact the odd-even restrictions on vehicle use if air pollution levels hit their 2nd highest alert level.

Russia Preparing for BRICS SummitAnchor:

Final preparations are underway for this coming week's BRICS summit in Russia.

The session is widely-expected to be a demonstration of solidarity among the 5 member-countries.

CRI's Tom Barton has more from Moscow.

Reporter:

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

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

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

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

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

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

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

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

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

For CRI I'm Tom Barton in Moscow.

Pilot of Solar-powered Plane Fulfills Childhood DreamAnchor:

Solar powered aircraft "Solar Impulse 2" has made its arrival in Honolulu, Hawaii after completing a 118-hour non-stop flight over the Pacific.

CRI's Wang Wei has more.

Reporter:

Pilot André Borschberg was the man at-the-helm to finish up the "Solar Impuse's" nearly-120-hour voyage.

118 hours in the air has smashed the previous record of 76-hours of non-stop flight by late-American adventurer Steve Fossett in 2006.

"The demonstration of technology works. That you can fly almost forever with the sun."Fellow "Solar Impulse" pilot Bertrand Piccard says they are hoping to capitalize on the record they've achieved.

"Because very often renewable energies are presented as a break, as an obstacle for development. And we want to show the opposite. We want to show that renewable energies, and clean technology can achieve the impossible. That it's a fantastic solution to grow, to create jobs, to make profit, but also to protect the environment. And if you can fly around the world, with an airplane that uses no fuel, just the power of the sun, of course this opens tremendous perspectives also for daily lives."The flight left Nagoya, Japan, on Monday for the 7th leg of the journey, landing in Hawaii on Friday after five days and nights in-the-air.

Andre Borschberg says he has the utmost respect for his co-pilot.

"But it was also something very personal. In some ways, you know, a dream from my childhood, which I could realize thanks to this gentleman I met 12 years ago. That's how we all started the project."Once rested, the next leg of the flight for the two adventurers will be from Honolulu to Phoenix, Arizona.

From there, "Solar Impulse 2" will then attempt to make a crossing over the Atlantic before setting-down in Abu Dhabi, where the months-long adventure began.

Ahead of its Pacific Ocean flight, the pilots say they hope "Solar Impulse 2" will be a motivator for countries and people to think about the potentials of clean technology.

Studies, design and construction of "Solar Impulse 2" has taken them 12-years to put together.

The first version of the airplane was launched in 2009.

It broke records for heights and distances traveled by a manned solar plane.

For CRI, I'm Wang Wei.

Greece deeply divided as vote on a further bailout loomsAnchor:

Greek Prime Minister Alexis Tsipras is once-again calling on voters to reject a financial bailout package from the country's EU creditors.

Tsipras has made the suggestion this Saturday as supporters and opponents of the Greek debt offer rally to try to draw support to their positions.

CRI's Poornima Weerasekara reports.

Reporter:

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

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

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

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

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

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

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

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

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

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

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

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

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

For CRI I'm Poornima WeerasekaraBlast kills 31 rebels in Syria's IdlibAn explosion targeted a rebels' meeting in Syria's northwestern province of Idlib, killing 31 of them, a monitor group reported Saturday.

The explosion targeted a mosque in the city of Ariha in the southern countryside of Idlib on Friday, while rebels of the al-Qaida-linked Nusra Front and allied jihadi group were having Iftar, or breakfast meal of the holy month of Ramadan, according to the Syrian Observatory for Human Rights.

The UK-based watchdog group said the death toll is expected to rise as many of the wounded are in grave conditions.

The group, which relies on a network of activists on ground, said the party behind the explosion is still unknown.

Separately, the Jaish al-Fatah group, a coalition of several jihadi groups mainly the Nusra Front, executed eight people in Idlib on charges of being snitches for the Syrian government forces.

The Nusra Front and likeminded groups captured the city of Idlib on March 28 and followed their assault with other offensives that made them control much of the province countryside near Turkey.

Faulty Breast Implant Victims Not Compensated by RulingA French court has ruled in-favor of a German company connected with faulty breast implants.

The ruling also says the women in the suit also have to pay back over 6-million US dollars in damages they received in a lower-court ruling.

Rita de Martino is one of the women involved in the class-action lawsuit.

"We feel cheated. We feel disappointed that the compensation was not approved by the French courts. It's a setback to hear the denial of the court who handles the case - to say that the German company that handled the certification of the implants was not responsible for the damages that occurred with these PIP implants."The suit targeted the German distribution firm which delivered the implants made by French company PIP.

Investigations have since found the breast implants contain industrial-grade silicone.

Leaks from the breast implants have also been reported.

PIP's owner has been sent to prison for fraud in-connection with the case.

But his company has not paid for damages, as it is currently in bankruptcy proceedings.

China's Tusi Remains Declared as World Heritage SitesAnother set of historic relics in China have been added to UNESCO's World Heritage list.

Tusi sites in Hunan, Hubei and Guizhou have been added to the list.

These are memorials created to honor the chieftains who governered non-Han ethnic groups.

Most of the memorials were set up during the Ming Dynasty.

In adding the Tusi sites to its list, UNESCO says they reflect "universal value."Tusi literally refers to the political system adopted by Chinese emperors to govern non-Han people.

With the new addition to the UNESCO World Heritage List, China now sits behind only Italy when it comes to countries with the most items registered with the World Heritage Commission.

weatherBeijing will see some showers tonight with a low of 19 degrees Celsius; tomorrow sunny to overcast with a high of 30.

Shanghai also has showers tonight with a low of 21; showers will continue tomorrow with a high of 25.

Chongqing will have showers tonight with a low of 19, and the rain continues tomorrow with a high of 26.

Lhasa will be cloudy tonight with a low of 9, tomorrow also see some clouds with a high of 25.

Headline newsChina brokers vow to stabilize stock marketA group of 21 Chinese stock brokerages have announced plans to step in to -quote- "firmly stabilize" the country's stock market.

They're vowing to spend at least 120 billion yuan, or close to 20-billion U.S. dollars, on "blue chip" stocks in the A-share market this coming week.

The brokerages have also promised not to sell-off their purchases until the Shanghai Stock Exchange gets back to 45-hundred points.

Shanghai closed out the trading week on Friday down nearly 5.8-percent to end at 3686.

This is well below the psychologically important 4-thousand mark where the market was around 3-months ago.

Shanghai spiked to a 7-year high 3-weeks ago at around 52-hundred before beginning a massive downturn, which has seen it lose around 30-percent of its value in less than a month.

China unveils "Internet Plus" action plan to fuel growthThe Chinese government has officially unveiled its "Internet Plus" plan.

Its designed to try to integrate traditional industries into the digital age.

Chinese authorities say they're hoping to integrate mobile Internet, cloud computing, big data and the Internet of Things through modern manufacturing.

Projects connected to "Internet Plus" are expected to be given more access to lending, as well as tax references from the government.

PLA holds military drill in HK, locals invited to observeThe Chinese military's Hong Kong garrison is taking part in a live-fire exercise, inviting locals to watch.

This is the first time the People's Liberation Army has conducted a drill of this kind since China re-took control of Hong Kong in 1997.

The excercise itself, involving soldiers with armored vehicles, is taking place in the New Territories.

As part of the drills, the Chinese Navy and Air Force are simulating the defense of downtown Hong Kong.

Solar Impulse lands in Hawaii after 118-hour non-stop flight over PacificThe "Solar Impulse 2" has made its arrival in Honolulu, Hawaii after completing a 118-hour non-stop flight over the Pacific.

The aircraft has been landed safely by Andre Borschberg.

He, along with fellow pilot Bertrand Piccard, have been making their way around the world through the use of only solar power.

The next leg of the flight will be from Honolulu to Phoenix, Arizona, and from there Borschberg and Piccard will fly together across the Atlantic on a return path to Abu Dhabi.

Hawaii is the eighth leg of the solar-powered plane's 35-thousand-kilometer journey around the world.

The trip began in Abu Dhabi on March 9th.

It's also made stops in China, spending time in Chongqing and Nanjing before making its way over the Pacific.

Weekly Biz RoundupAnchor:

It's time to take a look back at some of the headlines from the business world this past week in our Weekly Business Review, including a recap of some of the highlights of Premier Li Keqiang's trip to Europe, as well as some details about how Chinese authorities plan to bring the massive sell-off on the A-share market to an end.

Here's CRI's Wen Jie.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SportsTennis: Wimbledon UpdateTaking a look at tennis action from Wimbledon:

in the Men's singles:

Nikoloz Basilashvili of Georgia is facing 20th-seeded Spaniard Roberto Bautista Agut (UPDATE).

And 22nd seeded Serbian Viktor Troicki is battling Germany's Dustin Brown (UPDATE).

In women's singles action:

No. 10 German Angelique Kerber takes on no. 20 Garbine Muguruza of Spain (UPDATE).

and Czech Kristyna Pliskova is taking on Romania's Monica Niculescu (UPDATE).

Coming up later today:

On the men's side of things:

Second-seed Roger Federer will face Australia's Sam Groth;Third-seed Andy Murray will face 25th seeded Italian Andreas Seppi;and no. 6 Tomas Berdych will take on Spain's Pablo Andujar.

Over in women's singles coming up:

Second-seeded Czech, Petra Kvitova will take on no. 28 Jelena Jankovic;Fifth seed Caroline Wozniacki will take on no. 31 Italian Camila Girogi;And 13th seeded Agnieszka Radwanska of Poland will take on Aussie Casey Dellacqua.

Williams Sisters Set to Clash in Next Round at WimbledonIn more news from Wimbledon:

The battle of the Williams sisters will happen sooner than some hoped.

Serena overcame a supremely game Heather Watson in a super-close match to next face her sister.

Venus had an easier time advancing, handing Aleksandra Krunic an straight-set defeat on Friday.

Now, the former and current world no. 1 siblings will clash in the next round.

Venus says that facing her sister changes her approach in competition, because they both would otherwise have so much invested in the other's victory:

"I think we probably have the most respect for each other than anyone else on the tour. I think we're both invested in each other's -- uhm, we both want each other to win when we're not playing each other.　So there's a difference.　Whereas other players, I'm not watching whether they win or lose. I think that's the difference."When asked about her how she feels facing her sister, Serena says that, while they are competitors, they will also remain family.

"Well, you know, it's unfortunate that it's so soon.　But we're going to do the best that we can.　I mean, she's my sister today.　She's my sister next week.　She's my sister next year.　I think that's a little more important than a match. We'll leave everything out on the court.　When it's done, you know, we'll go back to regular life."Their last on-court encounter was in at the 2014 Rogers Cup in Canada. Venus beat Serena 6-7, 6-2, 6-3, ending the world no. 1's five-match win streak against her bigger sister. That match put their record against each other at 14-11 in Serena's favor.

Football RecapIn soccer,Tonight, action kicks off in the Chinese Super League:

Current league leaders Beijing Guo'an is hitting the pitch against Henan Jianye;Shijiazhuang is taking on Changchun Yatai;Guizhou is battling Jiangsu Guoxin;Shandong, now lingering in fourth place, is facing Lioaning;and Shanghai Shenhua is on pitch against Guangzhou R&F.

Some sad news here from Chinese football:

A member of the Chinese second division league has died from a heart-attack.

Serbian national Goran Gogic collapsed while taking part in a training session in Qingdao on Friday.

He was 29.

Qingdao Hainiu have issued a brief statement, saying its in "deep grief" following Gogic's death.

The defensive midfielder is the latest in a string of heart-attack-related deaths in professional football.

In football action from the Copa America:

Peru clinched third place in the tournament after beating 2011 runners up Paraguay 2-0.

It's Peru's second-striaght third-place victory at the Copa.

The Copa America's final takes place tomorrow.

Also hitting the pitch tomorrow,In the Women's World Cup:

The third-place clash will happen when Germany take on England.

NBA: DeAndre Jordan Signs Deal with Dallas MavericksIn news from the National Basketball Association:

Los Angeles Clippers center DeAndre Jordan is heading to Dallas.

ESPN is reporting that Jordan has agreed to a four-year maximum contract with the Dallas Mavericks worth more than 80 million U.S. dollars, with an option for free agency in three years.

The Texas native was a highly coveted free agent after this season, which saw Jordan average more than 14 points and 18 rebounds in 15 games.

He also had the highest three-point percentage at 71 percent.

In other NBA news:

Rajon Rondo signed a one-year deal with the Sacramento Kings worth 9.5 million U.S. dollars.

Rondo's addition to the Kings roster comes after Sacramento made a deal with shooting guard Marco Belinelli to a three-year, 19-million-dollar contract.

Golf RecapIn golf:

In the PGA's Greenbrier Classic:

Sitting atop the leaderboard were Jhonattan Vegas and Scott Langley. Vegas, who doesn't have a top 10 finish this season, birdied two of his final three holes to close out a clean card of 65.

Langley didn't have the same birdie explosion as he enjoyed in the first round - when he shot 62 to take the lead - but he did enough to remain in first.

Tiger Woods made little progress after a solid first round of 66, but still avoided missing consecutive cuts for the first time as a pro. Woods recorded four birdies and three bogeys for a 69 at five under, four shots behind the co-leaders.

On the European Tour:

Martin Kaymer of Germany shot a 2-under-par round of 69 to give him a share of the lead of the French Open with Spaniard Rafa Cabrera-Bello and Victor Dubuisson of France in Paris on Friday.

However, the winner for the past two years, Graeme McDowell of Northern Ireland, failed to make the cut.

Kaymer, a former world number one, made four birdies and a double bogey to finish on 4-under, level with Cabrera-Bello and Dubuisson.

Five players were in fourth place on 3-under - Francesco Molinari of Italy, Englishmen Daniel Brooks, James Morrison and Tyrrell Hatton along with Jaco Van Zyl of South Africa.

McDowell crashed out of the tournament with a 7-over round of 78 to finish on 8-over.

Entertainment"Monk Comes down the Mountain" Reaps over 100 Mln yuan in 30 HoursNew Chinese action film "Monk Comes down the Mountain" has grossed more than 100 million yuan through its first day in theatres.

The solid session at the box-office comes as somewhat of a surprise.

Chinese moving rating site mtime.com has only ranked the film as a 5.9 out of 10.

mtime.com is China's version of IMDB.

Critics have been panning the movie, suggesting it's overly-focused on action.

The film stars Wang Baoqiang, Aaron Kwok and actress Lin Chiling.

It is set in the warlord period between the ouster of the last Emperor in 1912 and the formation of the PRC in 1949.

Hello Kitty to Be Adapted into FilmNew reports out of Japan are suggesting 'Hello Kitty' is going to be made into a movie.

Japanese firm Sanrio is said to be raising money to try to produce a feature based on the iconic character.

Reports are suggesting the film might cost upward of 240-million US dollars to produce.

It's being suggested the film might be ready for a 2019 release date.

The 'Hello Kitty' brand turned 40 last year.

"Inside Out" Beats "Terminator", "Magic Mike XXL" in North America Box OfficePixar's animated film "Inside Out" has out-performed Arnold Schwarzenegger and a team of male strippers to lead the box office ahead of the July 4th holiday in the United States.

"Inside Out" has taken in close to 8-million US dollars on Thursday, bringing its North American total to around 216-million.

The latest hit from Pixar is an action-comedy about the personified emotions of a young girl who is coping with life after she and her family move to a new city.

It features the voices of comedians Amy Poheler, Bill Hader and Lewis Black, among others.

Meanwhile, summer blockbuster "Jurassic World" has pulled-in just under 7-million, sending its US domestic haul to nearly 530 million.

Schwarzenegger's "Terminator Genisys" earned just over 6.5 million US dollars.

Reviews have not been kind to 'the governator's' latest attempt at an acting resurgence.

Channing Tatum's new film "Magic Mike XXL" has earned 5.7-million US dollars in its second day in theatres on Thursday, pushing its total to just north of 15 million.

The film itself only cost around 15-million to produce.

Oscar-nominated Director Ava DuVernay Turns down "Black Panther"Oscar-nominated director Ava DuVernay has confirmed that she will not be directing Marvel's new superhero movie "Black Panther".

The woman behind the hit film "Selma" says she and Marvel couldn't come to terms about what the story-line would be.

It's being reported the studio is now scrambling to try to find someone else to direct.

"Black Panther" is set to star Chadwick Boseman as 'T'Challa,' a black superhero who rules the nation of Wakanda.

A tentative release date for "Black Panther" has been set for early November, 2017.

weatherBeijing will see some showers tonight with a low of 19 degrees Celsius; tomorrow sunny to overcast with a high of 30.

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

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

China's leading brokerage houses have announced a new plan to try to bring the 3-week sell-off on the A-share market to an end.

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