新闻纵贯线 The Beijing Hour updated 20:00 2013/08/02

 The Beijing Hour

 
Evening Edition
 
 
Friday, August 2nd, 2013.
Welcome to the Beijing Hour, coming to you live from the Chinese capital.
Coming up on our program this evening，
China's foreign minister is in Bangkok to help commemorate the 10-year anniversary of the establishment of the China-ASEAN Strategic Partnership.
Around 5-thosuand tourists are stranded on Hainan with the approach of tropical storm Jebi.
Chinese authorities have launched a new program to try to ensure Chinese tourists act with decorum while travelling abroad.
In Business... new reports are suggesting China's first-ever privately-run bank may soon be opening.
In sports... China has rebounded with a victory today at the Asian Basketball Championships in the Philippines.
In entertainment... a new twist on the re-telling of the Chinese classic The Three Kingdoms is set to hit Chinese theatres starting next week.
 
 
Weather
 
 
Beijing will have thundershowers tonight with a low of 23 degrees Celsius. Tomorrow also thundershowers with a high temperature of 31.　
Meanwhile Shanghai will be cloudy tonight, with a low of 29,　thundershowers tomorrow, with a high of 35.
Lhasa will have showers tonight, 11 degrees the low, cloudy tomorrow with a high of 24.
Elsewhere in the world, staying in Asia
Islamabad, thundershowers, with a high of 30.
Kabul, sunny, 31.
Over in Australia
Sydney, overcast, highs of 19.
Canberra, sunny, 9.
Brisbane, sunny, 22.
And finally, Perth will be overcast with a high of 22.
 
 
Top News
 
 
China's FM highlights bilateral relationships between China and ASEAN
 
Anchor:
Foreign Minister Wang Yi is representing China at a forum being held in Bangkok to commemorate the 10th anniversary of the signing of the China-ASEAN Strategic Partnership.
CRI's Zhang Shuangfeng has more.
In his keynote speech at the opening ceremony of the forum, Foreign Minister Wang Yi has taken time to highlight the achievements the two sides have made over the past decade.
"In the past ten years, China and ASEAN countries have achieved fruitful results. China is the first country outside the region to join the Treaty of Amity and Cooperation in Southeast Asia; China and ASEAN take the lead in setting up a strategic partnership and establishing the largest free trade zone among developing countries."
The China-ASEAN free trade area was established in January of 2010.
In the first half of this year, bilateral trade has seen a year-on-year growth of over 12-percent, with trade totaling over 210-billion U.S. dollars.
China is now the largest trading partner of the ASEAN regional bloc, and the second largest source of tourists traveling to southeast Asian countries.
Wang Yi also notes there is frequent cooperation and exchanges between the two sides when dealing with issues such as the global financial meltdown and natural disasters.
"Looking back, the most important basis of the development of China-ASEAN relationships is that we were jointly maintaining the regional peace and stability, the most important experience is that we are sticking to the principal of dealing with disputes through peaceful negotiations. These experiences and consensus are precious and needed to be upheld in the future. "
The Foreign Minister says China and ASEAN countries will discuss the mapping of the code of conduct for the South China Sea.
"We also hope other countries can bear the same principal in minds and work with us in the same direction, without taking actions that make the current situation more complicated."
The forum in Thailand is part of Wang Yi's official visit to the Southeast Asia, which will also see him make stops in Malaysia, Laos and Vietnam.
This is Wang Yi's second trip to Thailand in less than half a year.
Chinese authorities are suggesting this is a sign of the importance China's new leadership attaches to its relationship with Thailand and ASEAN as a whole.
For CRI, this is Zhang Shuangfeng.
 
 
Shipping services suspended as tropical storm Jebi strengthens
 
Around 5-thousand tourists are stranded at an airport in Hainan because of the arrival of tropical storm Jebi.
Around 100 flights have been cancelled at Sanya's International Airport.
At the same time, shipping services on the Qiongzhou Strait, which separates Hainan and the mainland, have also been suspended.
Local authorities have ordered all boats in the strait to return to harbor.
Jebi is now a strong tropical storm.
It's bringing heavy waves to the east coast of Hainan and along the Leizhou peninsula in southwestern Guangdong.
The storm is now tracking toward Hainan's Provincial capital, Haikou.
It's packing winds of just over 100-kilometers per hour at the center.
Once past Hainan, the storm is forecast to roll through the Beibu Gulf before moving into northern Vietnam.
 
 
Beijing at the center of China's worst area of poor air quality
 
Anchor:
A new report from the Ministry of Environmental Protection has revealed Beijing is at the center of China's worst area for air quality.
CRI's Lucy Du has more.
Reporter:
The new report says in 74 Chinese cities, the average air quality readings only met the minimum air quality standards for just over half of days throught the first six months of this year.
Among these cities, Beijing, Tianjin and the province of Hebei which surrounds them suffered through the worst pollution in the country.
Luo Yi is with the Ministry of Environmental Protection.
"According to the statistics, the prime pollutants are PM2.5 and ozone. Regionally speaking, in Beijing, Tianjin and its neighboring Hebei Province, the number of days when air quality readings meet standard only accounts for 31 percent in the first half of this year."
Coal-burning, vehicle exhaust, construction projects and general industry are cited as the main factors behind the heavy pollution.
The report comes amid expectations of a government plan to cut air pollution over the next five years.
The plan is reportedly going to require cities and provinces to sign contracts to reduce their carbon emissions and eliminate industries that cause heavy pollution.
Tang Guigang is the deputy director of the China National Environmental Monitoring Center.
He says the drive for better air quality has to include the corporate sector.
"It is clearly stated in the environmental impact assessment report that some enterprises have to monitor environmental qualities at sensitive locations around, including the monitoring on water, air, underground water as well as soil. Through their surveys, timely and effective measures can be taken to prevent from future pollution to surrounding environment."
The Environment Ministry has already issued new regulations, demanding companies make their impact on the environment public.
Companies will have to publish their environmental impact starting next year.
New calls for a supervision system are also being made to set up a supervision system which monitors the authenticity of the information companies are putting out.
For CRI, this is Lucy Du.
 
 
Ice cube safety
 
Anchor:
A new supervision program has been launched here in Beijing to monitor ice cubes at fast food restaurants.
The move by food safety authorities comes following media reports of fast food chains serving softdrinks with ice full of bacteria.
CRI's Li Dong has more.
Reporter:
According to CCTV, ice cubes used by fast food giants including KFC, McDonald's and Guangzhou-based Kungfu at their Beijing branches were tested to contain bacteria at severe levels, and some were even dirtier than toilet bowl water.
Earlier, CCTV reporters sent ice cubes from the Chongwenmen outlets of KFC, McDonald's and Kungfu for lab tests. The KFC ice cubes contained levels of bacteria which were 20 times higher than the national limit, and 13 times higher than that of water samples taken from toilet bowls.
The amount of bacterial colonies found in ice cubes from McDonald's and Kungfu reached 120 CFU and 900 CFU or colony-forming units per milliliter respectively, exceeding the national limit of 100 CFU.
Following the media exposure, Beijing Municipal Health Bureau and Beijing Health Inspection Service has initiated a weeklong special inspection into ice cubes used in the fast food industry and their manufacturing process.
The project will inspect 1709 food enterprises in Beijing, focusing on restaurants which use self-made ice cubes for cold beverages and food.
Xu Yadong is with the Beijing Health Inspection Bureau.
"Firstly, the containers have to meet the sanitation standard. Secondly, the raw materials used in food need to meet the standard; additionally, the use of food additives needs to be recorded each time."
Xu Yadong added that the sample-taking and test procedures also meet related requirements.
"The sample-taking of microorganisms in the ice cubes need to be conducted under bacteria-free condition. The transportation and test procedures will all take place under supervision to ensure no contaminants enters the sample."
Meanwhile, the China National Center for Food Safety Risk Assessment or CFSA also recently took 63 ice cube samples from 34 domestic and foreign food enterprises in Beijing and announced the test result.
The result shows that no salmonella and other major risky bacteria were found in the 63 samples. All the samples are safe.
For CRI, I am Li Dong.
 
 
Outbound Chinese tourists urged to mind manners
 
Chinese tourism industry leaders have launched a new campaign to put an end to the sometimes-vulgar behavior of Chinese nationals traveling abroad.
Yu Ningning is the general manager of China International Travel Service.
"With this initiative, I hope we can convince more people in this country to honor good manners and renounce bad behavior."
The campaign comes amid several scandals which have sparked widespread anger against irresponsible Chinese tourists.
In May, a Chinese teenager left graffiti on an ancient Egyptian temple, drawing ire in both Egypt and China.
In September of last year, a Swiss International Airlines plane from Zurich to Beijing was forced to turn back after two Chinese passengers became embroiled in a fight onboard.
These incidents have prompted the tourism administration to issue new guidelines, which describe acts like littering, vandalism, speaking loudly in public, and not respecting local customs as "particularly vulgar".
The central authorities have also ordered better public education and supervision to increase tourist behavior and public ethics.
More than 83 million Chinese people traveled abroad last year.
This is 8-times as many as 2000.
The total spending by outbound Chinese tourists hit 98 billion U.S. dollars last year.
 
 
Mugabe party wins most seats in Zimbabwe parliamentary elections
 
Zimbabwean President Robert Mugabe's Zanu-PF party has reportedly taken well over 50-percent of the parliamentary seats in the general elections.
While the official numbers are not in, a spokesperson for the party says they've managed to secure a majority of the 210 parliamentary seats up for grabs.
This comes as those opposed to Mugabe's rule continue to complain about Wednesday's vote.
"ZANU-PF has rigged for a long time, now we cannot take it any more. We cannot take it anymore. The youths are suffering, the old are suffering. There is so much apathy and everything and we cannot take it anymore."
Zimbabwe's Prime Minister and opposition candidate Morgan Tsvangirai has already dismissed the election as a sham.
Although the election has been widely endorsed by international observers as peaceful, including South African President Jacob Zuma, others don't agree.
The largest group of domestic observers, the Zimbabwe Election Support Network, says voting on Wednesday was compromised.
The group claims up to a million eligible voters may have been prevented from casting their ballots.
About 6.4 million Zimbabweans were registered to vote in Wednesday's general elections.
Final results are expected later on this Friday.
 
 
Snowden granted one year's temporary asylum in Russia
 
Anchor
NSA whistleblower Edward Snowden is now staying at a temporary American residence in Moscow after recieving temporary asylum in Russia for a year.
CRI's Marc Cavigli has more.
Reporter:
Snowden's lawyer Anatoly Kucherena says he has moved to a safe place, though his whereabouts remain a mystery.
"Regarding his place of residence, he will choose it himself. He can live both at a hotel and at a rented flat. But because he is now the most persecuted man on earth he will take into account security aspects as well."
Kucherena says the documents allow Snowden to move freely within Russia.
The lawyer says Snowden is capable of finding a job in Russia.
"I have gotten letters from people, from citizens who say they would hire him with pleasure. There's not going to be a problem here. He needs to work. He is not a rich person, and the money that he had he spent on food in the transit zone. Of course he knows that going forward he has to work in order to live."
The Russian Federal Migrant Service has confirmed the temporary asylum.
Meantime, the US government says it is "extremely disappointed".
White House spokesman Jay Carney says Washington is evaluating the scheduled presidential summit in September.
The US government has revoked the passport of the 30-year-old former American spy agency contractor.
Snowden has been charged with espionage, theft and unauthorized communication of national defense and intelligence information.
He angered the US government early June by disclosing secret phone and Internet surveillance programs of the U.S. National Security Agency.
But at the same time, Jay Carney says the U.S. and Russia have a relationship that is based on "realism" and the two sides have a wide range of common interests.
For CRI, I'm Marc Cavigli.
 
 
US closing embassies in Muslim world on Sunday over unspecified threat
 
The United States is closing its embassies and consulates throughout the Muslim world this Sunday after receiving an unspecified threat.
The US State Department says it's taking the action out of an "abundance of caution."
State Department spokesperson Marie Harf says they have information indicating a threat to US facilities overseas.
She says some US diplomatic facilities may stay closed for more than a day.
"The Department of State has instructed certain US embassies and consulates to remain closed or to suspend operations on Sunday, August 4. The Department has been apprised of information that out of an abundance of caution and care for our employees and others who may be visiting our installations that indicates we should institute these precautionary steps. The department, when conditions warrant, takes steps like this to balance our continued operations with security and safety."
American diplomatic missions in Europe, Latin America and many other places are closed on Sunday.
However, Sunday is a work day in most of the Muslim world.
The move by the US State Department is the biggest major warning to its diplomatic missions since last year's anniversary of the September 11th terrorist attacks.
That anniversary led to major protests outside numerous US diplomatic missions in the Muslim world.
It also saw a major terrorist attack on the US consulate in Benghazi, Libya which left the Ambassador and three other Americans dead.
 
 
Zardari asks U.S. to prepare a "Marshall Plan" for Pakistan's economic development
 
Outgoing Pakistani President Asif Ali Zardari is callling on the international community, particularly the United States, to prepare a "Marshall Plan" for his country's economic development.
Zadari contends the international community is obligated to offer Pakistan assistance, noting the country is at the forefront of the fight against militancy and terrorism.
Zadari has made the comments during a meeting with U.S Secretary of State John Kerry.
Kerry is the first senior US official to visit Pakistan since the new Pakistani government took over earlier this year.
This is the first time strategic talks have been held between the two countries since a NATO fighter jets bombed a Pakistani border checkpost in November of 2011, killing 24 Pakistani soldiers.
Among other issues discussed, Zadari has renewed the Pakistani government's call for an end to the US drone strikes in Pakistan.
"The drone attacks are counterproductive in terms of our relationship and also in light of today's discussion, we'll continue this dialogue on how to stop this policy of drone attacks as far as the US is concerned."
John Kerry, for his part, says the U.S. is reviewing its drone strike policy.
The Secretary of State has also invited Pakistani Prime Minister Nawaz Sharif to meet with President Barack Obama in Washington.
 
 
Biz Reports
 
 
Asian Stock
 
The indices here in China finished the trading week in positive territory this Friday.
The benchmark Shanghai Composite Index finished up over 0.3-percent
The Shenzhen Component Index gained nearly 0.4 percent.
In Hong Kong, the benchmark Hang Seng ended 0.5 percent higher.
Elsewhere in Aisa,
Japan's Nikkei had a massive day, soaring more than 3 percent.
Almost all 33 sectors gained in today's trading led by insurance, warehouse and real estate issues.
Oil companies were the only decliner.
Traders in Japan flocked to buy on the back of a lower yen.
South Korean shares rose for a second straight day this Friday.
The benchmark KOSPI gained 0.1 percent.
Singapore's Straits Times index advanced 0.2 percent.
and finally Australia's S&P/ASX 200 gained 0.7 percent.
 
 
China to Encourage Establishment of Private Banks
 
Internal sources are suggesting banking regulators here in China are working on detailed plans for the establishment of this country's first-ever private bank.
The sources are suggesting Wenzhou-based private capital is preparing for the first ever private bank opening.
The China Banking Regulatory Commission gave the green-light for a pilot scheme to set up private banks on July 31st.
It requires private banks to operate at their own risk to avert infringing on the interests of depositors, creditors and taxpayers.
Meanwhile, the CBRC is also reportedly hammering out detailed rules for private capital to invest in rural banks.
 
 
China to Expand VAT Reform to Railway Transportation, Posts & Telecommunications Industries
 
The People's Daily is reporting the government is planning a further expansion of its value-added tax reforms into the railway transportation, posts and telecommunications industries.
Finance Minister Lou Jiwei has penned an article in the newspaper, saying the Ministry of Finance and the State Administration of Taxation have started formulating pilot schemes for the two industries.
He also says pilot programs for the two industries are likely to be introduced as early as the end of this year.
The process to replace the business tax with a value-added tax was launched nation-wide yesterday.
The transport sector and certain service sectors, such as research and development, information technology and consulting, are now covered under the VAT.
The VAT program is part of the government's attempt to give a boost to the country's small and medium-sized enterprises and upgrade the economic structure.
 
 
2nd round of China, S Korea, Japan FTA talks focus on tariff
 
The second round of Free Trade Agreement talks among China, Japan and South Korea have wrapped up in Shanghai.
The talks this week have been focusing on tariff removals and addressing issues in the services sector, such as intellectual property rights and e-commerce.
Jeremy Chapman is a senior director with a leading commercial property company.
He says warehouse demand here in China is under-estimated.
"China's market is really quite under-supplied compared with any other market in the world, especially with an urbanization increasing to over 50 percent. If you look at the international markets, you must see anything from 10 to 12 times the amount of warehouse space in the market."
The third rounds of negotiations among China, Japan and South Korea is expected to include discussions around the environment, government procurement and food.
The negotiations are slated to take place in Japan by end of this year.
The three-way FTA talks were launched in Seoul in March.
 
 
Corporate news of the week
 
Anchor:
On the corporate front this week, Apple has been front-and-center here in China amid a new scandal involving workplace practices at one of it's main manufacturing partners.
For more on this situation, CRI's Rebecca Hume spoke with Doug Young.
He's an associate professor at Fudan University and former China company news chief at Reuters.
…
Doug Young, associate professor at Fudan University and former China company news chief at Reuters, speaking with CRI's Rebecca Hume.
 
 
Australia cuts growth, revenue forecasts as mining boom ends
 
The government of Australia has cut its economic growth forecast to 2.5 percent this year.
The Australian government is pointing to sluggish commodity demand as the main reason, as the country's growth relies heavily on its mining sector.
Australia Treasurer Chris Bowen.
"Australia is undergoing an economic transition. This transition has been brought about by the China mining investment boom coming to an end. A lot of the low-hanging fruit is gone, you are right about that. That is very true and the task of government continues to be to drive efficiencies and to find savings which are real and sustainable. It is a task we are up for as I think we have shown by this process."
Mining alone accounts for about half of all investment by companies in Australia.
The sector makes up nearly 20 percent of Australia's economy.
Meanwhile, Bowen has also confirmed a new levy on bank deposits to help Australia achieve a promised budget surplus by 2017.
The budget deficit for the current fiscal year has been revised to 26-billion US dollars from its previous projection of 16-billion.
 
 
Indonesia's economy grows by 5.81 pct in Q2
 
New economic figures out of Indonesia show that country's economy grew by just over 5.8-percent through the 2nd quarter.
This is a slowdown from the 6-percent growth seen through the first three months of the year.
The government of Indonesia is blaming the slowdown on the continued struggles in the global economy.
Economic growth in Indonesia is still being supported by sectors including transportation, communications, finance, property and construction.
The country is struggling with rising consumer prices at the moment.
July's inflation rate in Indonesia came in at 8.6-percent last month.
This is up from the 5.9-pecent inflation seen just the month before.
 
 
Toyota raises profit outlook on weak yen, strong U.S. sales
 
Toyota has raised its operating profit forecast to nearly 23-billion US dollars through next year.
The latest projection is well above the 16-billion dollar initial projection.
The Japanese automaker is citing the weakening yean and strong US sales as the reason behind the increased optimism.
Toyota, the third biggest carmaker in the United States, sold 1.3 million cars there through the first 7 months of this year.
That's up 8 percent from the same period a year earlier.
The US is Toyota's largest market, accounting for nearly a quarter of its global sales.
 
 
Cuba opens first solar farm that doubles the country's capacity for solar power
 
Cuban authorities are reporting the country's first-ever solar farm is progressing well.
The solar farm is equipped with 14 thousand solar panels, and is expected to double the country's capacity for clean energy in the future.
Currently the solar farm is able provide electricity to the region's 780 homes.
Ovel Concepcion is the director of the solar farm.
"This park is a construction site with the future in mind. The solar park will last 25 years. A megawatt generated from here saves approximately one and a half tonnes of oil every day. It's practically like having an oil well here, that will never run dry."
Six other solar parks are scheduled to come online in Cuba in the coming months in Havana and 5 other regions.
Right now, just 4 percent of the island's electricity comes from renewable sources.
Cuban authorities hope to get 10-percent of the country's electricity from renewable energy by 2030.
 
 
Headline News
 
 
Shipping services suspended as tropical storm Jebi strengthens
 
About 5,000 tourists have been stranded at an airport in Hainan Province due to the arrival of strong tropical storm Jebi.
Some 100 flights have been cancelled at the Sanya Phoenix International Airport.
Shipping services on the Qiongzhou Strait, which separates Hainan and the mainland, have also been suspended.
Local authorities have ordered all boats in the strait to return to harbor.
The tropical storm is now tracking toward Hainan's Provincial capital, Haikou.
Once past Hainan, the storm is forecast to roll through the Beibu Gulf before moving into northern Vietnam.
 
 
Prolonged drought hits Yangtze River valley
 
New analysis shows hundreds of lakes and rivers along the Yangtze River have dried up in the severe and prolonged drought gripping the region.
Figures from Hubei show 900 reservoirs and 132 rivers are being affected by the drought.
This has caused one-third of the province's farmland to dry up.
The provincial meteorological station is warning the drought will last for another week.
Drought is also gripping Hunan, Guizhou and Chongqing.
The Yangtze River valley is a major rice-producing region of China.
As such, the drought is likely going to lead to a decrease in rice output.
 
 
China to Encourage Establishment of Private Banks
 
Internal sources are suggesting banking regulators here in China are working on detailed plans for the establishment of this country's first-ever private bank.
The sources are suggesting Wenzhou-based private capital is preparing for the first ever private bank opening.
The China Banking Regulatory Commission gave the green-light for a pilot scheme to set up private banks on July 31st.
It requires private banks to operate at their own risk to avert infringing on the interests of depositors, creditors and taxpayers.
Meanwhile, the CBRC is also reportedly hammering out detailed rules for private capital to invest in rural banks.
 
 
Mugabe party wins most seats in Zimbabwe parliamentary elections
 
Zimbabwean President Robert Mugabe's Zanu-PF party has taken well over 50-percent of the parliamentary seats in the general elections.
While the official numbers are not in, a spokesperson for the party says they've managed to secure a majority of the 210 parliamentary seats up for grabs.
About 6.4 million Zimbabweans were registered to vote in Wednesday's general elections.
Final results are expected later on this Friday.
Prime Minister Morgan Tsvangirai is making this third attempt to unseat Mugabe.
Mugabe, Africa's oldest leader at 89, has ruled Zimbabwe since its independence from Britain in 1980.
 
 
US closing embassies in Muslim world on Sunday over unspecified threat
 
The United States is closing its embassies and consulates throughout the Muslim world this Sunday after receiving an unspecified threat.
The US State Department says it's taking the action out of an "abundance of caution."
A spokesperson for the State Department says they have information indicating a threat to US facilities overseas.
Some US diplomatic facilities may stay closed for more than a day.
The move by the US State Department is the biggest major warning to its diplomatic missions since last year's anniversary of the September 11th terrorist attacks.
 
 
Newspaper Picks
 
 
Shanghai Daily
"City buses to run on biodiesel"
Buses in Shanghai will run on biodiesel processed from swill oil next year.
The Shanghai food and drug safety authorities has announced this following a toxic oil recycling program it conducted with Tongji University.
While there are hurdles in the processing technologies, experts said the processed oil can serve a purpose. Biodiesel only accounts for small proportion of the bus fuel and is a supplement for diesel.
The city has been working hard to make good of wastes. It has two processors, which have limited abilities, in handling the recycled swill oil.
The city's 1,000 buses will be the first to use biodiesel next year.
Three years ago swill oil made the headlines in newspapers across the country after it was found that most restaurants were using the toxic oil for cooking.
China Daily
"Beijing to Shenyang in 2 hours"
The long-overdue Beijing-Shenyang super high speed railway is expected to start construction.
A construction trading information website sponsored by Beijing municipal government has published a notice calling for bids to build the line.
The notice said the railway, with Xinghuo station as the departure station, is set to pass Chengde in Hebei province, Chaoyang and Fuxin city in Liaoning province on its way north before it turns to east heading for Shenyang, Liaoning's provincial capital city in two hours.
The construction project of Beijing-Shenyang high speed railway has been delayed for four years as it faced a black-lash from residents along the planed route over concerns about noises and electromagnetic radiation.
AFP
"Feeling a bit violent? Maybe it's hot outside"
A new study in the US journal Science now links rising tempers to hot temperatures.
Researchers conducted a meta-analysis of 60 studies across a range of disciplines, including archeology, climatology, political science and economics.
One study, for instance, showed that, during the hotter and drier periods of the El Nino southern oscillation, "the probability of any country in the tropics starting a new civil war doubles."
Other studies showed the incidence of interpersonal conflicts -- from murder to rape to domestic violence and other types of assault -- goes up when it gets hot.
In all cases, "the collected evidence shows that humans across the globe have proven poorly equipped to deal with exposure to hotter temperatures."
Researchers warned the link could have worrying implications as the Earth's climate warms.
 
 
Special Reports
 
 
Family Fortune: How to Build Family Wealth and Hold onto It for 100 Years
 
Anchor:
An American father-and-son team have put their thoughts to paper in a new book which lays out their principals for building family wealth.
CRI's Shen Ting has the details.
Reporter:
To construct a legacy that will last, you need to forget everything you think you know about what it means to be rich.
Bill Bonner is an American author of books and articles on economic and financial subjects. He wrote the book 'Family Fortune: How to Build Family Wealth and Hold on to It for 100 Years' based on his own experiences.
"I don't come from an old money family, my grandfather was in the coal business, and he lost all his money and went bankrupt in the great depression in the 1930s. So when I was growing up, we were very poor. I am like these people: the first generation wealth builders. I started out as a young man I just tried some ways to make money and I found out my business – publishing business which I like quite a bit. And I worked on it for a long time before I made any money."
Bill Bonner says when he was young; the city of Baltimore in the United States was extremely poor and run-down and therefore wanted to attract people and entrepreneurs. As a young entrepreneur, Bill went there with his staff and the city gave him an entire office building for one dollar. Bill capitalized on the deal and got two office buildings but quickly realized that the buildings were located in a very dangerous area.
Several years later, Bonner knew that he had made the right decision.
There is an old Chinese saying that 'great men's sons seldom do well'. Bonner says the major risk for family investors is his family heirs.
"The biggest threat; the heirs themselves: people. This is hard to deal with; we can think through money system, we can think through what we do about it. We can figure it out using our rational brains, but the heirs are another problem. Family wealth requires family. The person who makes the money is not always good at creating the kind of culture and the kind of personality that you need to hold onto it. That's why it's very important to have another person. Typically, it's the husband who makes the money and the wife who creates the family culture as capable of holding it together. "
Bonner says there is no secret for turning new money into old money; it's just something you have to work at. You start early; you work as hard as you can; you think about it; you and you make sure you work on the family side as well as the investment side.
Henry Cai, a financier, wrote the preface of the book. After reading it, Cai came to his own conclusion on the definition of property.
"I think the real treasure is the spiritual property, and we should turn the spiritual property into material property. That is the real definition of treasure for me."
For CRI, I am Shen Ting.
 
 
Sports
 
 
China trounce Malaysia at FIBA Asia Championship
 
China's men's team at this year's Asian Basketball Championships have rebounded after their tough loss last night in their opener.
The Chinese squad hammered Malaysia 113-22 this afternoon to give them a 1-and-1 record so far in the tournament.
China dropped its opener to South Korea 63-59.
The Chinese squad made 14 three-point attempts, but failed to sink any of them.
Former NBA player Yi Jianlian led China with 23 points, despite dealing with a nagging leg injury.
"I still can't run with my full speed. It's very sorry that I can't perform my best to defend and help the team. We knew it would be a tough match. We didn't shoot very well and I hope we'll get better in future."
Next up for the Chinese squad is Iran tomorrow.
Meanwhile, it was Chinese Taipei earning its 2nd victory of the tournament, downing Saudi Arabia 90-67.
Chinese Taipei will take on the host Philippines tomorrow in their final Group A matchup.
 
 
China wins two golds in a day
 
China will be looking to add to its medal haul at the FINA World Swimming Championships in Barecelona, Spain.
Three potential medals are up for grabs for Chinese swimmers tonight.
China's men's 4-by-200 meter freestyle team will be competing in the finals.
Chinese swimmer Xu Jiayu is in the finals of the men's 200-meter backstroke.
Tang Yi will be competing in the final of the women's 100-meter freestyle.
Last night, China brought home two more golds.
Zhao Jing took the top off the podium in the women's 50 metres backstroke.
Liu Zige narrowly edged out Spanish home favorite Mareia Belmonte in the women's 200 metre butterfly.
"It makes me in trough for about two years due to my injury before the competition. I don't know why I can not have a good performance in the swimming pool. I am better now after treatment and I am gaining confidence gradually."
China currently sits atop the medal count in Barcelona with 13 gold medals to date.
The USA sits in 2nd with 10 golds.
Russia is in 3rd with 7.
 
 
Women's British Open: Morgan Pressel and Lennarth share lead
 
Round two of the Women's British Open is underway in St. Andrews, Scotland.
American Morgan Pressel and Swede Camilla Lennarth shared the clubhouse lead after round one, both carding a 6-under-66.
World number-1 Inbee Park of South Korea comes into round 2 today after a bit of a shaky first round.
She struggled off the tee, but still managed to card a 3-under.
Park is looking to become the first-ever golfer, woman or man, to win four major championships in one season.
Meanwhile, Chinese compeditor Feng Shanshan had a solid start to her British Open.
The Guangzhou native fired a 3-under-69.
Her Chinese compatriot Lin Xiyu shot an even-par 72.
She'll have to fire a solid round today if she hopes to make the cut into the weekend, as the projected cut-line right now stands at minus-1.
 
 
Simpson leads after round one at Brigdestone Invitational golf tournament
 
In the PGA, Webb Simpson leads the pack coming into Friday's Round 2 at the Bridgestone Invitational in the US state of Ohio.
Simpson, who had never played the course professionally before Thursday, fired a 6-under for a one-stroke lead.
Henrik Stenson heads into Friday's play alone in 2nd at 5-under.
Defending champion Keegan Bradley and Tiger Woods are among a number of others 2-behind the leader at 4-back.
Phil Mickelson, coming off his dramatic victory at the British Open two weeks ago, struggled with his concentration, firing a 2-over par 72.
"Lefty" missed two par putts inside 3 feet on consecutive holes early in his round.
Rory McIlroy shot an even-par 70.
The defending PGA champion is winless so far this year.
 
 
ATP Washington 1- the Citi Open an ATP 500 event
 
In tennis, Number one seed Juan Martin del Potro has progressed to the quarter-finals of the Citi Open in Washington DC.
He's a two-time winner of the tournament, having won in 2008 and 2009.
The Argentine will come up against the big hitting South African Kevin Anderson in the quarter-finals.
Tommy Haas is also into the quarter-finals.
Haas has advanced after winning two matches in a day on Thursday.
He's now set to face Croatian Gregor Dmitrov in the last eight.
Fourth seed Canadian Milos Raonic is out after being eliminated by unseeded Australian Marinko Matosevic in straight sets.
American John Isner has also moved on after getting past Somdev Devvarman of India, 7-5, 7-5.
On the women's side, all the seeded players in action on Thursday have moved through.
Top seed Angelique Kerber downed unseeded American Melanie Oudin 7-5, 6-0.
3rd seeded Russian Ekaterina Makarova made easy work of France's Caroline Garcia 6-2, 6-0.
And 4th seeded Alize Cornet of France got past Britain's Heather Watson 6-4, 6-4.
 
 
Bayern Munich beat Manchester City to win Audi Cup
 
Bayern Munich has won this year's Audi Cup football tournament after downing Manchester City in the final 2-1.
The Audi Cup is a tune-up tournament before the start of teams respective seasons in Europe.
Man City head coach Manual Pellegrini.
"Well, I think that　this was (a) very useful match to prepare. I know that we must improve in Champions League but I am sure if we play this stage of group in the way we play today we have a lot of chances to continue in the Champion League. That's why it was so important today they way we played."
The Audi Cup tournament included Bayern, Man City, Brazilian side Sao Paulo and AC Milan.
In the 3rd place matchup, it was AC Milan downing Sao Paulo 1-nil.
 
 
Entertainment
 
 
New Adaptation of "Three Kingdoms" to tour China
 
Hong Kong director Edward Lam is undoing stereotypes in his imaginative new adaptation of the 14th century classic "Romance of the Three Kingdoms".
The show will touch down in major cities across China starting as of next week.
Set in a modern classroom and following students in their cut-throat strive for success, Lam set out to make the historical tale relevant to today's society.
The 13 main characters are female students in Lam's version, and tennis balls are used as a recurring symbol of the hunger for attention.
Lam says he was inspired by the flood of talent contests on Chinese TV in recent years.
The director was struck by this generation's idea of success, which he sees as a mere mirage.
The "Three Kingdoms" five city tour begins on 9th August in Guangzhou.
The show will then travel to Chongqing, Hangzhou, Beijing and Shanghai.
 
 
Zhang Yimou to direct "Quasimodo"
 
Zhang Yimou may be in the directors chair for a Warner Brothers film based on the Hunchback of Notre Dame.
The Chinese director is currently in talks with the studios about the Victor Hugo adaptation, entitled "Quasimodo".
The 61 year old was pivotal in the Western revival of Wuxia with Oscar-nominated Hero and House of Flying Daggers
The new project will be a fresh direction for the industry veteran, if things do eventually take off.
The film, written by those behind Sherlock Holmes: A Game of Shadows, has been many years in the works.
"True Grit" actor Josh Brolin has been signed to star as the famously deformed anti-hero.
 
 
First Ever Pavarotti recording to be released
 
Luciano Pavarotti's first ever recording is to receive official release for the first time.
The over a century old recording was buried in the late-Opera-Giant's personal archives before being unearthed by his widow Nicoletta Mantovani.
The track is the aria from Puccini's La Boheme, entitled "Your Tiny Hand is Frozen".
The song will be included in a complication of over 50 rare tracks being released by Decca Records.
The collection is scheduled to be released on the 50th anniversary of Pavorroti's first UK Tv performance at the London Palladium.
Pavarotti died from pancreatic cancer at age 71 back in 2007.
Widely regarded as the most accomplished opera singer of the 20th Century, he is one of few that managed to cross-over to become a pop-culture icon.
 
 
Justin Beiber makes US music history
 
Justin Beiber has just bagged the highest selling single in US history.
"Baby" has just become the first record ever to be certified Diamond by the Recording Industry Association of America.
The song has beaten Elton John's 1973 double A side "Candle in the Wind/Something about the way you look tonight" to take the throne.
The single has sold over 12 million copies since its release back in January 2010.
The accompanying music video has accumulated more than 876 million views on VEVO.
Beiber thanked his mother and his fans upon hearing the news, which must be very welcome following the slew of bad press in recent months.
 
 
$100 million lawcase against Shakira thrown out of court
 
A $100 million lawsuit against superstar Shakira has been thrown out of a LA court.
The case was filed by Antonio De La Rua, son of former Argentinian president Fernando De La Rua, who had a ten year relationship with the singer.
The legal battle began in April, with De La Rua claiming he was due unpaid sums for his part in transforming Shakira into a global sensation.
Antonio de la Rua sued his ex-girlfriend in April stating he was instrumental in her transformation into a global star.
His legal team are claiming that the singer has failed to make payments according to their business contract since 2010.
The pair parted ways in 2010, after which Shakira began a relationship with Spanish footballer Gerard Pique, with whom she now has a son.
The case had already been thrown out of courts in Switzerland and New York.
On Thursday, LA Superior Court ruled that the case should be filed either in Shakira's native Colombia or the Bahamas, where the singer currently resides.
Shakira has welcomed the ruling, branding the lawsuit "harassment" which she hopes will end.
 
 
Drake debuts new track
 
Canadian rapper Drake has unleashed his latest single, All Me.
The 26 year old superstar has teamed up with Big Sean and 2 Chainz for the track, which would be free to download.
Drake pays to homage to rap veteran Jay Z with the lyric, "I got 99 problems but getting' rich ain't one"
The song is the latest to be lifted from Drake's upcoming album, Nothing Was the Same, following the recent release of "Started from the Bottom.
Nothing Was the Same is set to drop in the UK on September 16 and a day later over in the US.