China remains bullish on BRICS

China's president has said the long-term prospects of the Brics countries - Brazil, Russia, India, China and South Africa - are still positive despite a precarious global economy.

President Xi Jinping said the Brics countries were among those currently enduring slower economic growth.

But he stressed that the potential and strength of the group was "unchanged".

China seeks to overtake the US in the space race

At a cost of more than $150 billion, the International Space Station (ISS) is the most expensive object ever built. The Chinese are expected to complete their own space station, potentially leaving the Asian power with the sole operating lab in the heavens. And given that Congress banned NASA from working bilaterally with anyone from the Chinese space program, it’s unclear if American astronauts will be welcome.

Chinese to increase luxury spending to US$120bn this year

Chinese luxury spending is expected to reach 120.4 billion U.S. dollars in 2016, up 3 percent year on year, according to a report on Friday. The growth rate is down from last year's 10 percent as a sluggish economy dampens consumption of luxury goods, according to the report released by Fortune Character, a luxury consumption research agency.

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