The New York Times reports, "the Chinese government announced Wednesday that it had enacted a new national security law, one that amounts to a sweeping command from President Xi Jinping to maintain the primacy of Communist Party rule across all aspects of society. The law is expected to bolster the power of the domestic security apparatus and the military. The law says "security" must be maintained in all fields, from culture to education to cyberspace. A draft version of the law was released in May, leading to intense discussion about its long-term impact, but the version approved Wednesday is even wider in scope - adding, for instance, that security must be defended on international seabeds, in the polar regions and even in outer space. The law is one of three that are being scrutinized by foreign leaders and corporate executives, who say Mr. Xi is moving to severely restrict the influence and actions of foreign organizations in China."
"China's main market fell sharply after a stretch of calm earlier Wednesday, reviving the choppy trade that dominated the past two weeks and erased some gains from a yearlong bull market. The Shanghai Composite Index closed down 5.2% after trading largely flat earlier. While the index is off nearly 22% from its mid-June high, pushing it back into bear territory, values have still doubled over the past year. A bear market is defined as a fall of 20% from a high. The smaller Shenzhen market ended 4.8% lower, after being up 2.4% earlier Wednesday. The ChiNext board fell 3.5% after being up as much as 5.2% in earlier trade. Both have lost more than a quarter of their value from highs reached in June," writes The Wall Street Journal.
Bloomberg writes, "China's new pledge to curb greenhouse gas emissions means the world's biggest carbon polluter must make a more aggressive push to install solar and wind power, according to an industry association. Faster adoption will be key to meeting commitments because other zero-emissions sources such as nuclear and hydro are constrained by safety questions and availability, said Tang Wenqian, executive vice secretary-general of the Chinese Renewable Energy Industries Association. Premier Li Keqiang on Tuesday promised China will cut carbon emissions per unit of gross domestic product by 60 percent to 65 percent by 2030 from 2005 levels. China has already said it wants by 2020 to have 200 gigawatts of wind power and 100 gigawatts of solar."