新闻纵贯线 The Beijing Hour updated 08:00 2015/10/12

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

Coming up on our program this morning...

A senior Chinese official attending celebrations in Pyongyang to mark the 70th Anniversary of North Korea's ruling party...

Authorities in China have been doubling their efforts to track down illicit¹ assets exported overseas...

And Turkey remains² in mourning after the twin blasts in Ankara kill close to 100 people...

In Business....lock-up shares worth some 100 billion yuan set to become tradable...

In Sports.... A wrap up of action from the China open...

And in Entertainment....Beijing's Palace Museum celebrates its 90th anniversary...

Top NewsSenior CPC official attends events marking founding anniversary of Korean Workers' PartyVisiting senior official of the Communist Party of China Liu Yunshan has attended events marking the 70th anniversary of the founding of the Workers' Party of Korea (WPK) in North Korea.

Liu Yunshan, member of the Standing³ Committee of the Political Bureau of the CPC Central Committee, joined leaders of North Korea led by WPK First Secretary Kim Jong Un to watch military and civilian⁴ parades in Pyongyang.

During his visit, Liu has also met with Kim Yong Nam, head of North Korea's Supreme⁵ People's Assembly.

The two exchanged views on inheriting and carrying forward the China-North Korea traditional friendship and developing bilateral⁶ relations.

During his stay, Liu paid a visit to the Kumsusan Palace of the Sun and presented floral baskets to the statues of late top DPRK leaders Kim II Sung and Kim Jong II.

Liu has visited the exhibition hall of the Chinese People's Volunteers (CPV) fallen during the 1950-1953 Korean War.

He has also visited a cemetery⁷ for martyrs⁸ of the CPV soldiers in Anju.

Liu delivered a speech at the event and mourned with deep grief the deaths of the CPV soldiers.

The cemetery in Anju houses the remains of 1,156 CPV soldiers.

China Tracks 800 Bln Embezzled⁹ Money under Operation SkynetAnchorSince April, authorities in China have been doubling their efforts to track down illicit assets exported overseas.

The People's Bank of China, the Ministry¹⁰ of Public Security, the Supreme People's Court, the Supreme People's Procuratorate, and the State Administration of Foreign Exchange have been working together in this campaign.

CRI' Victor Ning with more.

ReporterChinese authorities have so far handled 92 major cases, involving over 800 billion yuan, or 126 billion US dollars, of embezzled money transferred through underground banks and offshore¹¹ companies.

This is part of the wider "Operation Skynet" campaign, which aims to hunt down corrupt¹² officials who have fled abroad.

Li Mingzhao, an official at the Ministry of Public security heading an anti-money laundry team, says underground banks pose a great threat to China's anti-corruption efforts and to national security.

"Underground banking¹³ provides money laundering¹⁴ channels for crimes such as illegal fund-raising, pyramid scheme and telecommunication¹⁵ frauds, sometimes making it impossible to recover the economic losses. Some underground banks even provide money-raising channels for terrorist groups, which threatens our national security. At the same time, some underground banks also enable corrupt officials to transfer their assets abroad."Due to a lack of supervision¹⁶ and control, underground banks have been rampant¹⁷ in China over the past decade, causing disturbances¹⁸ on the financial and capital markets in China.

Ouyang Xiong, Director of Supervision and Inspection¹⁹ Department of State Administration of Foreign Exchange, says underground banks have a negative impact on the wider economy.

"Both Capital inflows and capital outflows through underground banks will affect the interest rate level, the exchange rate level and the economic balance of our country. And the whole economic order of our country will be impacted as we are not able to monitor the capital flow of underground banks."According to regulations, the amount of money an individual can move out of China should be less than 50,000 US dollars per year.

However, it's been reported that some people can remit²⁰ millions of dollars at one time through underground banks.

Director of Finance and Securities Institute at Renmin University of China Wu Xiaoqiu says combating financial crimes like money laundering and underground banks will help maintain current economic order and development.

"Underground banking is very destructive to China's financial system. It should be strictly²¹ controlled. Without a developed, sound, open and international financial market, China's efforts to build a modern financial system based on the financial market will be in vain. The sustainable development of China's economy will also be influenced. "Last year, China launched a campaign targeting suspects in economic crimes, many of them corrupt officials of government departments and state-owned enterprises.

In Fox Hunt 2014, 680 fugitives²² were repatriated²³ to China.

Following Fox Hunt 2015, China launched a campaign named "Skynet" this April to capture corrupt officials who fled abroad.

As of late June, more than 260 fugitives have been returned to China from more than 30 countries and regions, including the United States, Canada and Australia.

For CRI, I'm Victor Ning.

14 students dead in E. China snack bar blastA restaurant blast has left 17 people dead in east China's Anhui Province on Saturday.

Among the dead are 14 students aged²⁴ 15 to 20 who came from nearby schools.

Three other men aged between 33 and 59, including a father and his son, were also killed.

Many of deaths were caused by carbon monoxide poisoning.

A gas cylinder²⁵ at the private restaurant caught fire around noon Saturday at the first floor of a six-story building in Wuhu City.

A blast ensued six minutes later.

The fire was put out in about half an hour. Rescuers retrieved²⁶ 17 bodies.

The owner of the snack bar Zhang Baoping a 38-year-old man from Anhui has been put under police investigation²⁷.

China Faces Dilemma²⁸ in Banning Crop Straw BurningAnchorThe recent blast of pollution which shrowded much of northern China during part of the now-concluded National Day holiday has once-again sparked debate about what authorities are doing to try to reduce straw-burning in China.

CRI's Luo Wen explains.

ReporterHeavy smog again blanketed northern China during this past week's National Day holiday, with straw burning mostly blamed.

The state environmental protection bureau says they identified some 400 burning sites in nine different provinces in the north of China during the period, up over 16 percent from the same period last year.

Taikang County in the province of Henan is one area where straw burning has created major pollution problems.

Chen Huijuan with the local environmental protection bureau has been patrolling four different townships from 9:00am to 11:00pm every day over the past few weeks.

"My daily work now is to check whether township officials responsible for implementing³⁰ the straw burning ban will go out to farmlands every day like they're supposed to."This year, the county has allocated³¹ some 10-million yuan, as well as set up a special office, to try to reduce straw burning.

However, its an uphill battle.

Farmers in northern China traditionally burn the leftover³² straw after the autumn harvest, then plough their land, believing the ash will work as a natural fertilizer.

But with China's problems with pollution, authorities decided³³ steps had to be taken to bring the tradition to an end, implementing burning bans a few years ago.

At the same time, steps are also being made to convince local farmers to use otherways to dispose of the leftover straw in their fields.

One of the ways being touted³⁴ is through the shredding³⁵ of the straw, rather than burning it.

Li Yinghuai, head of Taikang County's Agriculture Bureau, says straw can be an excellent fertilizer if it's shredded³⁶ and buried deep.

"It's a natural treasure for farm land, as it can greatly help increase the amount of organic matter in the soil to make farmland fertile. This will create higher yields."But Zhang Baohua with the Taikang County straw burning control office says the high costs associated with shredding straw is just too much at this point.

"We estimate it will cost around 150 million yuan, or around one-sixth of our total annual revenues, if we were to adopt a straw-shredding program across the county."Other applications for left-over straw include its use as feed for animals, as well as for generating power through biomass.

Ning Xiaofeng is with the Henan provincial³⁷ straw burning control office.

"81 percent of crop straw across the province was disposed of in ways rather than being burned last year. The percentage is expected to rise to 85 percent this year. However, many farmers still don't have a better way to deal with the leftover straw, so many are still burning it."Taikang County was fined 20 million yuan by the provincial government for failing to prevent straw burning during the National Day holiday.

For CRI, I'm Luo Wen.

Chinese navy fleet touring in PolandAnchorA 5-day stop-over by a group of Chinese naval³⁸ vessels³⁹ in Poland is coming to an end this Sunday.

CRI's Wang Mengzhen has more.

ReporterThe flotilla of three Chinese naval vessels arrived at the Port of Gdynia on Wednesday to help mark the 66th anniversary of diplomatic ties between China and Poland.

A number of events have taken place since then, including a friendly football match, as well as rowing events.

But the big highlight was Saturday, when the Chinese navy opened up its destroyer, its frigate⁴¹ and its supply ship to the public.

"As overseas Chinese staying in Poland, we are very excited and proud of this show of our nation's strength. As such, we have organized special welcome and farewell events for the fleet's visit. We also hope the visit will allow the Polish people to get a better understanding of the Chinese navy and China's development.""We are college students staying in Poland. We have followed the news stories about these ships, which conducted anti-piracy missions in the Gulf⁴² of Aden before coming here. We think this visit will help China establish a very good image worldwide and also have positive influence on overseas Chinese."Wang Jianxun, Commander of the destroyer "Jinan 152," says this stop in Poland is just one of many missions the Chinese navy has been conducting.

"In recent years, the Chinese navy has conducted several escort missions overseas with the support of our embassies. This includes the evacuation of Chinese citizens, as well as numerous emergency rescues. The Chinese navy has turned into a powerful force to protect world peace and stability."Poland is the Chinese floatila's 6th stop in its current 5-month world tour.

It's also made Ports-of-Call in Denmark, Finland and Sweden, as well as in Sudan and Egypt in Africa.

For CRI, I am Wang Mengzhen.

Turkey in mourning a day after twin blast kill 97;injure 246AnchorMemorial services have taken place in Turkey's capital after close to 100 people were killed and nearly 250 others hurt in a pair of suspected suicide bombings this weekend.

CRI's Poornima Weerasekara reports.

ReporterAS part of 3-days of official national mourning, thousands have gathered in the city centre in Ankara to pay a silent tribute to those who died in the bombings on Saturday morning.

Tahsin Ayaz, a 44-year-old from Ankara, says she's devastated⁴⁴ by the rising violence in the country.

"Yesterday I sat down and cried. I really cried while watching the news. It's so sad. No humanity, no emotion, just brutality⁴⁵. We are not different from Iraq and Syria anymore. It has become the same."The twin blasts took place on Saturday morning near the central train station in Ankara as people gathered for a "peace march" organized by the country's major trade unions.

The rally itself was meant to demand an end to the violence between Kurdish militants⁴⁶ and the Turkish government.

Tensions between the two-sides have escalated⁴⁷ in recent months after peace talks broke down in July.

This has led to a number of similar insurgent⁴⁸ attacks in Turkey.

But none of them reached the devastating⁴⁹ scale of the latest bombings, which has left 97 people dead and 246 injured.

Around 50 of the injured are still in critical condition.

Turkish police says one of the bombers⁵⁰ had been identified as a male between the ages of 25 and 30.

Turkey's Prime Minister Ahmet Davutoglu, following a meeting of his security officials, says they've narrowed the list of possible suspects to the Islamic State, the outlawed⁵¹ Kurdistan Workers' Party and two other local "leftist" organizations.

So far no group has claimed responsibility.

The deadly attack has come just a couple of weeks before people across Turkey prepare to vote in the national election on November 1st.

This has led to speculation⁵² the bombing could be politically motivated, as the rally was being organized by the left-wing opponents of the current administration.

However, Prime Minister Ahmet Davutoglu has been quick to try to shoot down that theory.

"This attack does not target a single group or our citizens that attended the rally or a single political party. Let me be clear. This attack was carried out against our country and against all people. This attack was carried out against democracy."The pro-Kurdish HDP party was among the groups attending the rally.

Its leader, Selahettin Demirtas, is calling on Kurdish supporters to remain calm.

"As those who are in favor of peace, we will win this. You can remain calm. We are in great pain and in great anger but we have the strength and the courage to bring them into account. All of them will be brought into account within the legal frame. We are facing a brazen⁵³ massacre⁵⁴, not a covert⁵⁵ one. This is the sequel of the attacks in Diyarbakir and Suruc. We will rise above these days together, hand in hand."The HDP party has already decided to cancel all of its election rallies ahead of the November 1st vote.

The PKK has also declared a temporary ceasefire leading up to the election.

For CRI I'm Poornima WeerasekaraRussia, Saudi Arabia agree to cooperate in SyriaRussia has pledged to strengthen its cooperation with Saudi Arabia to fight the so-called Islamic State in war-torn Syria.

Russian President Vladimir Putin also ruled out the possibility of sending troops for ground operations in Syria.

Putin met with the Saudi defence minister on Sunday, in his biggest attempt so far to reach out to enemies of Syria's President Bashar al-Assad since Russia joined the air stirkes on September 30.

Russia's intervention⁵⁶ has infuriated Assad's regional foes⁵⁷, including Saudi Arabia, who say that Russia's air campaign has been targeting rebel groups opposed to Assad, rather than actual Islamic State fighters.

Speaking after the meeting, Russian Foreign Minister Sergey Lavrov said Russia acknowledged Saudi Arabia's concerns, but it was targeting only extremists.

"And the second goal which we share with our Saudi friends is to ensure that national unity⁵⁸ prevails in Syria. So that a political process happens as soon as possible that would in the end lead to all Syrians no matter their ethnicity or confession⁵⁹ feel like hosts of their own country."For his part, Saudi Foreign Minister Adel al-Jubeir said the country was still demanding Assad's removal from power.

"And we have also made a point about the view of the Kingdom of Saudi Arabia that we support Assad's stepping down from power. And also our position on continuing support of moderate opposition⁶⁰. But our main goal together with Russia is to find ways to activate⁶¹ common ground for implementing the Geneva communique to save united Syrian state, so that all ethnicities and confessions⁶² live in amity⁶³."In another development, President Putin also met with Abu Dhabi's Crown Prince Mohammed bin⁴³ Zayed Al Nahyan, who holds a senior post in the armed forces of the United Arab Emirates.

France Says No Coordination⁶⁴ with Russia in SyriaFrench Prime Minister Manuel Valls says that France does not seek any form of coordination with Russia before carrying out airstrikes against Islamic State group positions.

Valls made the ramarks during a joint⁶⁵ news conference with his Jordanian counterpart in Amman.

Valls added that France was targeting IS militants in Syria as part of a self-defence strategy to avoid any attacks by the group in France.

He was also candid⁶⁶ about the number of French citizens fighting with the IS.

"I want to remind you that there are 1,700 French citizens, or French residents, who are involved in the IS network in Syria principally, and in Iraq. 500 or 600 from them are in the field. We were informed in the past months about the increased numbers of French citizens or residents who have been killed while they were fighting in the ranks of IS."Valls said 137 French citizens or resident have been killed in the fight.

The civil war in Syria has evolved internationally with a number of countries carrying out airstrikes on Islamic State targets.

Jordan has borne the brunt of the Syrian refugee crisis arising from the civil war with over 600-thousand Syrians seeking refuge in the country.

UNHCR High Commissioner⁶⁷ meets Lesbos refugeesThe High Commissioner of the United Nations refugee agency has inspected temporary shelters and respite⁶⁸ operations set up for refugees and migrants crossing to the Greek island of Lesbos.

Antonio Manuel de Oliveira Guterres inspected some of the dinghies that transport many refugees and migrants over from Turkey.

Guterres called on European countries to work together to help the migrants.

"I think it's high time for Europe to get together, for all countries to get together, to create the conditions to support Greece to have adequate reception capacity here for those that come, and at the same time to distribute them in an orderly manner through the different European countries for them not to have to go on suffering, especially now that winter is coming."The UNHCR has constructed two camps on two spots on the island, which has become a focal point on the journey to Europe for many migrants.

Many refugees and migrants continue their journey through the Balkans to reach northern European countries.

WHO promises to support Europe to provide healthcare for migrantsThe World Health Organisation⁶⁹ has promised to support governments in Europe to create the best possible plans to provide healthcare for migrants arriving in their countries.

Director-General of the WHO Margaret Chan made the promise at a news conference ahead of the opening of the 2015 World Health Summit in Berlin.

"The WHO supports governments in coming up with the right package of health care to keep them healthy and that's what we are doing especially in the European region of the WHO."The founding president of World Health Summit Detlev Ganten said it was necessary for governments to bring together medical expertise⁷⁰ and administrative⁷¹ responsibility to care for the migrants.

Ganten added that the private sector⁷² should also be involved in the process.

More than 400-thousand people have crossed the Mediterranean⁷³ into Greece from Turkey so far this year, the majority of whom have travelled on through Europe.

The U.N. refugee agency UNHCR estimates that almost 3,000 of them have died. Many of the arrivals are Syrians, Afghans and Iraqis fleeing war and persecution⁷⁴.

Weather station to track the impact of El Nino in Peruvian AndesAnchorA group of US university researchers are now in the Peruvian Andes to track the impact the current El Nino cycle might have on the region's ice caps.

CRI's Luo Bin has more.

ReporterOn top of the Quelccaya Ice Cap in Peru, a station has been set up since 2003 to closely monitor weather conditions, including air temperature and humidity, radiation and wind speeds.

Researcher Douglas Hardy⁷⁵ and his colleagues make a yearly trip to the Quelccaya Ice Cap to dig the weather station out of the snow at an altitude of almost 6,000 meters above sea level.

This year, Hardy and his team are looking at the readings very closely, as the current El Nino cycle in the Pacific is expected to peak by the end of this year.

"El Nino is driven by Pacific Ocean sea surface temperatures, which we know are very closely correlated or related to temperatures through out the Andes, through Bolivia up through Peru, and typically when the Pacific sea surface temperatures are very warm, as they are during an El Nino, we have warm conditions on the mountains in the Andes as well as less precipitation."Hardy and his research team are also interested to see what effect the peak of the current El Nino cycle may have on the ice caps in the Andes.

"Here we can make continues measurements at that same elevation⁷⁶ halfway⁷⁷ through the atmosphere and we can used that to correct and calibrate⁷⁸ the satellite record, we can use that to relate to the (weather) balloon record, and then of course we can look at trends and see whether we have got warming at that particular elevation or cooling, just what kind of thing is going on with temperature and with humidity."Forecasters in Peru and elsewhere along the tropics in South America are still waiting to see what impact the current El Nino cycle may have on the region.

Juan Carlos Bazo with Peru's national weather service says their best guess is the area may end up getting more rain.

"According to predictions from international agencies, the El Nino event will manifest a peak in the month of December. If so, and current conditions persist by years-end, the main consequences could be heavy rain mainly in the north of Peru."Its been suggested the effects of El Nino cycles may speed up the loss of tropical ice caps, such as the one being studied in Peru.

A World Bank report issued in 2009 suggests the global climate change is already threatening to melt off the tropical glaciers⁷⁹ in the Andes in the next 20-years.

The Andes mountain range in South America is already one of the driest places on earth.

For CRI, I am Luo Bin.

Iran Successfully Test Fires Precision-Guided MissileIran successfully test-fired a new precision-guided ballistic missile on Sunday.

The long-range missile has been domestically designed and manufactured in Iran.

Iran boasts one of the largest missile programs in the Middle East, but poor accuracy has limited its potential effectiveness.

Reports suggest the missile is the first in Iran's arsenal⁸⁰ that can be guided and controlled until hitting its target.

The technical specifics and range of the missile have not been revealed.

However, the Center for Strategic and International Studies in Washington wrote in January that the missile would have a range of 17-hundered km, 5-hundered meters accuracy, and a seven-hundred fifty kg payload.

WeatherBeijing will be sunny with a high of 23 degrees Celsius⁸¹.

Overnight temperatures should drop down to 10.

Shanghai will be sunny with a high of 23 and a low of 14.

In Chongqing, it will be sunny with during the daytime with a high of 27 and lows of 17.

Elsewhere in the world, staying here in Asia,Islamabad will be sunny with a high of 33.

Kabul will be sunny with a high of 25.

Over to North America,New York will be sunny with a high of 21 degrees.

Washington, slight rain with a high of 24 degrees.

Honolulu, slight rain, 28.

Toronto will see slight rain with a high of 19 degrees.

Finally, on to South America,Buenos Aires will have slight rain with a high of 16.

And Rio de Janeiro will be cloudy with a high of 31 degrees Celsius.

Headline newsSenior CPC official attends events marking founding anniversary of Korean Workers' PartyVisiting senior official of the Communist Party of China Liu Yunshan has attended events marking the 70th anniversary of the founding of the Workers' Party of Korea (WPK) in North Korea.

Liu Yunshan, member of the Standing Committee of the Political Bureau of the CPC Central Committee, joined leaders of North Korea led by WPK First Secretary Kim Jong Un to watch military and civilian parades in Pyongyang.

During his visit, Liu has also met with Kim Yong Nam, head of North Korea's Supreme People's Assembly.

The two exchanged views on inheriting and carrying forward the China-North Korea traditional friendship and developing bilateral relations.

During his stay, Liu has visited the exhibition hall of the Chinese People's Volunteers (CPV) fallen during the 1950-1953 Korean War.

He has also visited a cemetery for martyrs of the CPV soldiers in Anju.

The cemetery in Anju houses the remains of 1,156 CPV soldiers.

Second China-Russia Expo opensThe second China-Russia Exposition has opened in Harbin, capital of northeast China's Heilongjiang province.

The event has attracted nearly 10,000 businessmen from 103 countries and regions. More than 4,000 of them came from Russia, which borders Heilongjiang.

The event will feature exchanges in electromechanical production, railway, development of forest resources, technical standards, mining, finance and tourism.

China is Russia's largest trading partner.

The first China-Russia Expo ended last July in Harbin with contracts worth over 3.1 billion U.S. dollars signed. The third expo will be held in Russia.

Lukashenko leads in Belarus presidential race with 80 pct of votes: exit pollsExit polls show Belarusian President Alexander Lukashenko has received more than 80 percent of the votes in Sunday's presidential election.

The polls also show that other presidential candidates have received fewer than 6 percent of votes each.

Voter turnout has been tallied⁸³ at nearly 82 percent two hours prior to the closing of the polls.

Belarus, with its 7 million voters, started on Sunday the fifth presidential election in 21 years since it gained independence from the Soviet⁸⁴ Union in 1991.

The results of the election will be announced by the Central Election Commission not later than 10 days after the voting is held.

Russia thwarts⁸⁵ terror attack in Moscow; suspected bombers arrestedRussia's National Anti-terrorist Committee says it has foiled a terror attack in Moscow and detained a group of suspects.

A spokesman for the committee says a self-made explosive device has been found and now rendered harmless in a residential⁸² house.

The suspects have been detained in the apartment in Moscow's central administrative district.

The threat has prompted authorities to evacuate⁸⁶ local residents and cut off gas supplies to prevent a possible explosion.

Police are now patrolling the area.

Biz ReportsMarket PreviewAnchorTurning onto business news. First let's get a preview of what we can expect on the markets this week.

Here in China, the country is expected to release trade surplus data for September on Monday.

On Wednesday, September's consumer price index, or CPI, and producer price index, or PPI, are scheduled to be announced.

In the United States, the stock market goes into this week with bank earnings⁸⁷ starting to trickle⁸⁸ out.

On Wednesday, Bank of America will report its third-quarter results.

Citigroup is set to announce the trading revenue for third-quarter on Thursday.

Retail⁸⁹ sales numbers for September on Wednesday ahead of industrial production and Michigan consumer sentiment on Friday may indicate any chance of an interest rate rise this year.

On the corporate⁹⁰ front, a number of companies are expected to report their results for third-quarter in the week:

On Tuesday, Intel Corporation is expected to report its revenue slightly below analysts⁹¹' average estimate.

On the same day, JPMorgan Chase & Co will release a fall in trading revenue, but lower expenses could offset⁹² that fall.

The largest U.S. mortgage lender Wells Fargo & Co is expected to report a slight rise in its earnings during July to September period on Wednesday.

Goldman Sachs Group is expected to report a decline in its profit on Thursday.

Finally on Friday, General Electric will announce its third-quarter earnings.

Lock-up shares worth 100 bln yuan to become tradableChina's A-share market is expected to lift lockup restrictions⁹³ on shares worth around 100 billion yuan or 16 billion U.S. dollars this week.

Nearly 10 billion shares in over 20 companies will become tradable on the Shanghai and Shenzhen bourses from Monday.

Under China's market rules, major shareholders⁹⁴ of non-tradable stocks are subject to a one or two year lock-up period.

Shanghai-based SPD Bank will see non-tradable shares worth 60 billion yuan become tradable in Shanghai on Wednesday.

This is the largest amount to hit the market this week.

China expands pilot program to cut loan costAnchorChina's central bank has announced plans to expand a pilot program on credit-asset pledged lending to nine municipalities and provinces.

The scheme allows banks to refinance high-quality credit assets rated by the central bank.

It was promoted in Shandong and Guangdong provinces last year.

Now the program will be expanded to include nine municipalities and provinces including Beijing, Shanghai and Chongqing.

The move is expected to cut borrowing costs and guide more funds into agriculture and small enterprises to boost China's real economy.

For more on the program, we are now joined on the line by Mike Bastin, director of China Business Center based in London.

Questions:

Q1: Since 2001, relending had not been a major part of China's monetary⁹⁵ policy. So why is China's central bank considering promoting this measure now?

Q2: Some analysts say the effects of the scheme are similar to those of lowering the reserve requirements for banks. So how effective is this measure likely to be in propping⁹⁶ up the real economy?

Q3: What do you think the government should do to manage the risks of this program?

Back Anchor:

Mike Bastin, director of China Business Center based in London.

China to implement²⁹ plan for transparent⁹⁷ global tax regime: FMChina has pledged to push the implementation⁹⁸ of the newly approved Base Erosion and Profit Shifting Action plan.

Chinese Finance Minister Lou Jiwei announced the move during the on-going World Bank Group and International Monetary Fund Annual Meetings in Lima.

The BEPS plan was designed to close numerous loopholes within international and national taxation⁹⁹ systems that allow international companies to avoid paying huge amounts of money in taxes each year.

Lou Jiwei has called for an international effort to secure the coordination of the international taxation system.

"The primary and most important thing is fairness, and fair competition. Although each country focuses on different aspects, but one thing that needs to be emphasized is fairness and making the global taxation system move towards a standards-based direction."The plan also involves reforms in the current international tax rules, the standardization¹⁰⁰ of tax collection and management of domestic and cross-border economic activities.

The detailed¹⁰¹ final version of BEPS plan was endorsed¹⁰² by finance ministers from the G20 group on Friday.

It is set to be submitted for the final approval during the G20 Antalya Summit in November.

Chinese-built gas project launched in TanzaniaA Chinese-built gas pipeline¹⁰³ project has been launched in Tanzania.

The 535-kilometer gas pipeline was built with a 1.2-billion-U.S.-dollar concessional loan from the Export-Import Bank of China.

The construction was undertaken by China Petroleum¹⁰⁴ Technology and Development Corporation, a subsidiary of China National Petroleum Company.

The pipeline that transports natural gas from Tanzania's southern region of Mtwara to the commercial capital Dar es Salaam¹⁰⁵ started in 2013.

CNPC inks strategic cooperation deal with SAIC MotorChina National Petroleum Corporation has signed a strategic cooperation agreement with Shanghai-based SAIC Motor.

Under the deal, the two sides will deepen cooperation on sales of new automobiles¹⁰⁷, oil products, affiliated¹⁰⁸ products of automobiles.

The move is seen as an attempt to speed up the building of automobile¹⁰⁶ care and rental¹⁰⁹ outlets¹¹⁰ and the promotion¹¹¹ of co-branded cards nationwide.

Meanwhile, both companies are set to explore opportunities in the areas of big data, third party payment and Internet financing.

Marks & Spencer to launch flagship store in BeijingBritish retailer¹¹² Marks&Spencer is setting up a new flagship store in Beijing before the end of this year.

The move is part of the company's growth plans for its China business.

M&S launched its online store on Tmall two years ago offering clothing and food products.

This was followed by the launch of its wine e-shop on JD.com last year.

The retailer has also announced its plan to expand its business in key Chinese cities such as Beijing and Guangzhou in the coming years.

China's low-cost airlines explore more international routesChina's Spring Airlines is set to launch its first direct flight between Changchun, capital of northeast China's Jilin Province, and Bangkok.

The flight, starting from November 3, will fly four times a week between Changchun and Bangkok via east China's Yangzhou City.

The airline has launched several routes to Thailand, with tickets starting from 100 yuan or 16 US dollars.

So far, the Shanghai-listed carrier has a total of 56 airplanes.

It is China's first low-fare airline and currently operates more than 90 domestic and international routes.

China's forestry¹¹³ tourism boomsChina's forest tourism sector has seen rapid growth with huge potential in the recent years.

Data shows the output value of the country's forestry tourism reached 650 billion yuan or around 100 billion U.S. dollars last year, accounting¹¹⁴ for one fifth of China's tourism revenue.

Forest tourists hit more than 900 million last year, or a quarter of China's total domestic tourists.

Up to now, the country has 85-hundred forest tourism sites and has built 3-thousand forest parks nationwide.

SportsChina Open resultsStarting things off with the latest action from the China Open here in Beijing,Gabine Muguruza beat Timea Bacsinszky in straight sets 7-5, 6-4 to win the women's title.

It was the first title for Muguruza at a WTA crown event.

On the men's side,Novak Djokovic has secured his sixth China Open title, beating Rafael Nadal in straight sets 6-2, 6-2.

With that he improved his record at the tournament to 29-0.

Djokovic says he is happy about his form and the way he played in Beijing.

I have played some of my best tennis in this tournament throughout the entire week and I managed to kind of ride on that wave of the confidence today in the finals and you know win against one of the biggest rivals in straight sets. He did have a little bit of an injury, he did struggle a little bit with the movement but I tried to obviously focus on what I needed to do and I'm just very pleased with the way I've played the entire week and it's something that I'll hopefully carry in the next one as well.

Shanghai Master underwayNext up for both Novak Djokovic and Rafael Nadal is the Shanghai Masters which have already gotten underway.

Nadal is drawn¹¹⁵ in the same section with former winner Roger Federer, who has already secured a place for the ATP final in London.

Federer notes Nadal has been moving up the points rankings quickly since coming back from his injuries.

"Rafa seems like he's doing well and I expect him to have a good end to this season unlike last year when he couldn't really play. I'm happy to see that he's doing better again."Nadal has not yet qualified¹¹⁶ but will be gaining ground in the race for London following his runner-up finish in Beijing.

Czech Tomas Berdych will also be looking for a better showing this week.

After winning the Shenzhen Open just a day before arriving in Beijing, Berdych bowed out in the first round at the China Open.

That cost him a chance to secure his ticket to London, which the number-5 on the points list can still do this week in Shanghai.

Wuhan to host next edition of military gamesThe curtains fell at the 6th Military World Games in the South Korean city of Mungyeong.

At the conclusion of the games, Russia topped the medal talley with a total of 135 medals, 59 of them golds.

China finished third with 32 gold medals and 98 in total.

The central Chinese city of Wuhan received the flag at the closing ceremony and will host the next edition of the games four years later.

Euro 2016 qualifiers resultsIn football action from the Euro 2016 qualifiers,Germany have qualified from top of Group D after a 2-1 win over Georgia.

Second-placed Poland also went through, downing Ireland 2-1 and sending them to the play-offs.

In Group i, Portugal are already in the finals but still wrapped up the group stages with another 2-1 victory over Serbia.

The Netherlands are struggling at fourth place in Group A and facing elimination¹¹⁷ even after defeating Kazakhstan 2-1.

Their only hope of entering the play-offs is if they win and third-placed Turkey lose in the last group game.

Hamilton wins Russian Grand Prix; Mercedes secure constructors' titleIn formula one,Lewis Hamilton edged closer to retaining his drivers' championship by winning the Russian Grand Prix.

Hamilton moved past his Mercedes teammate Nico Rosberg who started from pole and was experiencing a throttle¹¹⁸ problem.

It forced Rosberg to retire but Mercedes still managed to secure the constructors' title with four races to go this season.

Hamilton says after Rosberg's retirement¹¹⁹ a close battle with his closest hunter Sebastian Vettel would have been exciting.

"I was excited because we were quite close together at the beginning, and I was thinking 'okay, we've got race here'. For sure, it's a shame for the team to have lost one of the cars and to not have a race. And when I knew Sebastian (Vettel) was behind I was thinking to myself, 'I wish that he was right with me so we can have a race. I think it'll be great for the fans.'"Ferrari's Sebastian Vettel finished second to overtake Rosberg on the drivers' standings, 66 points down on leader Hamilton.

Force India's Sergio Perez completed the podium.

Rugby world cup resultsIn rugby,Ireland beat France 24-9 at the cost of three key players to top Pool A at the world cup.

It means they will face Argentina in the quarter-finals, with France going up against defending champions New Zealand.

Also in Pool A, Italy downed Romania 32-22,In Pool B, Japan defeated the United States 28-18 but neither team could make the quarter-finals.

EntertainmentThe Palace Museum Celebrates 90th AnniversaryThe Palace Museum in Beijing celebrated¹²⁰ its 90th annivesary of founding during the past weekend, by opening more areas and showcasing new treasures to the public.

The highlight of this exhibition is the display of gifts to the emperors and their parents and grandparents.

The director of articles department with the Palace Museum Ren Wanping gives more details about the precious treasures on display.

"It is the first time for the picture, 'Wan⁴⁰ Shou Qing Dian', to have opened their whole volume, as long as 39.39 meters, to the public. It can even be said that this is the longest ancient picture in the world."In addition, four new sections of the palace were unveiled, which has expanded the open areas in the museum from 52 percent up to 65 percent.

Curator of the Palace Museum Shan Jixiang says making more of the complex accessible to general public can bring a better experience to visitors.

"Previously¹²¹, it could only hold some medium-sized exhibitions, but now, it has been expanded to an exhibition of tremendous momentum¹²² and distinct themes. We used the 517 historical relics¹²³ of different categories to form a show with distinctive¹²⁴ characteristics, and present this to the visitors who pay long-term attention to the development of the Palace Museum."Located in the heart of Beijing, the Palace Museum, also known as the Forbidden City, has come to symbolize¹²⁵ Chinese culture all round the world.

Johnny Depp and Benedict Cumberbatch Attend 'Black Mass' London PremiereJohnny Depp teamed up with Benedict Cumberbatch and attended the London premier¹²⁶ of 'Black Mass' on Sunday, as part of the BFI London Film Festival.

Putting on weight to match his charecter's physicality, Johnny Depp says he freaked out a few of　the role's former "associates", with his portrayal¹²⁷ of the organized crime boss Bulger in real-life mobster tale "Black Mass."Taking a day off from playing Hamlet on stage, Benedict Cumberbatch join the premiere, saying the biggest challenge for his performance in the film was learning to speak with a Boston accent.

"Hard, hard. It was one of the most nerve-wracking things about doing the film. But one of the reasons I wanted to do it. You know I like to do things that are outside my comfort zone a little bit and that's a fair whack¹²⁸ outside of it.

Directed by Scott Cooper, 'Black Mass' opened in US on October 11th, pulling in some 58 million US dollars in North America.

The film is scheduled to hit big screens in UK on November 27th.

'Miles Ahead' Closed New York Film FestivalThe biopic film 'Miles Ahead' that details the life of American jazz player Miles Davis closed this year's New York Film Festival on Saturday.

Don Cheadle portrays¹²⁹ the legendary¹³⁰ musician in the film, which also marks his directorial debut¹³¹.

The 50 year-old actor illustrates¹³² how the project has picked him.

"Miles was inducted into the Rock and Roll Hall of Fame, which is very significant, Rock n' Roll Hall of Fame in 2006 and his nephew was asked, 'Are you ever going to do a movie about his life? And he said, 'Yeah, and Don Cheadle is gonna play him.' Which is the first I had heard of it and we just started on a journey that is now almost 10 years of trying to put this movie together and thankfully we're here at the New York Film Festival and it's a beautiful thing."Set mostly in the 1970s, the film explores the musical journey of Miles Davis, one of the key figures in the history of jazz, while showing a turbulent time in his life.

'Miles Ahead' is with the same of the jazz player's hit album released in 1957, which is one of the most famous recordings¹³³ of Third Stream, a fusion¹³⁴ of jazz, European classical, and world music.

Miles Davis died in 1991 at age 65.

The film is scheduled to open next year in US.

Special Demonstrations¹³⁵ of Contemporary Art Highlighted at China Beijing International Art BiennialSix special demonstrations of contemporary art have been highlighted at the ongoing¹³⁷ 6th China Beijing International Art Biennial¹³⁶.

Themed with "memory and dream", the biennial encourages artist worldwide to make artistic¹³⁸ creations on world memories and human dreams.

Curator of special exhibition of South Africa, Karen Von Veh, says the special demonstrations can give Chinese people a better understanding of the contemporary art in her country.

South African artists have displayed 50 pieces of artwork, illustrating¹³⁹ the cultural diversity and characteristics of the country.

Contemporary art from Canada, Chile and Southeast Asia is also part of the special demonstrations.

In total, artists from 96 countries showcased some seven hundred pieces of artistic works during the show, comprising the varieties of painting, sculpture, devices and images.

The Biennial will run until October 14th at the National Museum of China.

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

Recapping our top stories this morning...

A senior Chinese official attending celebrations in Pyongyang to mark the 70th Anniversary of North Korea's ruling party...

Authorities in China have been doubling their efforts to track down illicit assets exported overseas...

And Turkey remains in mourning after the twin blasts in Ankara kill close to 100 people...

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

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