The New York Times reports, "The speed and scale of China's island-building spree have alarmed other countries with interests in the region. China announced in June that the creation of islands - moving sediment from the seafloor to a reef - would soon be completed. 'The announcement marks a change in diplomatic tone, and indicates that China has reached its scheduled completion on several land reclamation projects and is now moving into the construction phase,' said Mira Rapp-Hooper, director of the Asia Maritime Transparency Initiative at the Center for Strategic and International Studies, a Washington research group. So far China has built port facilities, military buildings and an airstrip on the islands. The installations bolster China's foothold in the Spratly Islands, a disputed scattering of reefs and islands in the South China Sea more than 500 miles from the Chinese mainland. The new islands allow China to harness a portion of the sea for its own use that has been relatively out of reach until now. Although there are significant fisheries and possible large oil and gas reserves in the South China Sea, China's efforts serve more to fortify its territorial claims than to help it extract natural resources, Dr. Rapp-Hooper said."

Reuters reports, "Commodities and China investors waved a relieved goodbye to July on Friday following a brutal sell-off that has revived fears about the global economy and overshadowed more encouraging news from the U.S. and Europe. There were signs that the rout wasn't over yet as Chinese stocks - which have suffered their worst monthly drop in six years - wobbled again, oil prices slipped following a more than 15 percent July slump and metals from industrial copper to precious gold hit multi-year lows. That happened despite a pause in the dollar's recent rise, which has been compounding the commodity pressure as signs build that the U.S. Federal Reserve is heading for its first rate hike in almost a decade."

The New York Times writes, "Beijing was awarded the hosting rights to the 2022 Winter Olympics on Friday, setting up the Chinese capital to become the first city in history to stage both the Summer and Winter Games. Members of the International Olympic Committee, which is holding its annual congress in Kuala Lumpur, Malaysia, voted in favor of Beijing over its lone competitor, Almaty, Kazakhstan. The outcome was 44 to 40, a margin that was far smaller than many observers had predicted given the success of the 2008 Summer Games in Beijing and the relative anonymity of Almaty in the sporting community. Voting was conducted with traditional paper ballots after electronic devices failed. 'This will be a memorable event at the foot of the Great Wall for the whole Olympic family,' organizers for Beijing's bid said in a statement afterward.