"China's rapid growth over the last decade reshaped the world economy, creating a powerful driver of corporate strategies, financial markets and geopolitical decisions. China seemed to have a one-way trajectory, momentum that would provide a steady source of profit and capital. But deepening economic fears about China, which culminated this week in a global market rout, are now forcing a broad rethinking of the conventional wisdom. Even as markets show signs of stabilizing, the resulting shock waves could be lasting, by exposing a new reality that China is no longer a sure bet," The New York Times reports.

Reuters writes, "China has formally detained a dozen people over explosions in the city of Tianjin this month that killed at least 145 people, and has accused 11 officials and port executives of dereliction of duty or abuse of power. Anger over safety standards is growing in China, after three decades of swift economic growth marred by incidents from mining disasters to factory fires, and President Xi Jinping has vowed that authorities will learn the lessons paid for with blood. News of the detentions came a day after the ruling Communist Party sacked the head of the work safety regulator, a former vice mayor of Tianjin, for suspected corruption, but without making an explicit link to the Aug. 12 chemical blasts."

The Wall Street Journal writes, "Signs are emerging that Chinese property investments abroad will maintain their torrid pace despite the market turmoil, as wealthy individuals and well-heeled companies seek to shelter their money in more stable havens abroad. In Australia, where China earlier this year topped the U.S. as the biggest source of foreign real-estate investment, officials are worried that wealthy Chinese investors will pour more money into an already overheated Australian property market. Chinese investors are "looking for safe, stable, secure investments," Treasurer Joe Hockey told The Wall Street Journal on Wednesday. "Australian real estate is very attractive for them in that regard," he said, singling out "skittish Chinese investors."