The Washington Post reports: "Managers of Chinese stock mutual funds have seen huge drops many times before, and they even find things to like about them. Instead of taking cover, and preserving cash in their portfolios, this time these managers say they are buying stocks of companies set to take advantage of how the Chinese government is reshaping the economy....The Chinese government is steering the economy toward consumer spending and away from exports and investments in infrastructure. It hopes that will yield a more sustainable, though slower, rate of growth. The government is also pushing anti-corruption measures and efforts to make the country's huge state-owned banks and telecom communications companies more efficient....'This time, I think, is different because there's actually change going on now," Mattock says of the economic reforms underway in China. "There are doubts about whether they can do it, but what they're trying to do is positive.'
Bloomberg reports: "China removed Wang Baoan as statistics chief on unspecified allegations of corruption, underscoring the opacity of politics and government data that make it difficult for outsiders to understand the world's second-largest economy. Wang, 52, was sacked from the National Bureau of Statistics under suspicion of 'severe disciplinary violations,' the official Xinhua News Agency said, citing the organizational department of the ruling Communist Party's Central Committee....Xi earlier this month vowed not to ease the anti-graft campaign, saying he's determined to make China a place where 'nobody dares to be corrupt.' After snaring about 100 high-ranking 'tigers' and thousands of other mid-level officials, the campaign would this year increase its focus on local corruption, he said."
Reuters reports: "Canada said on Thursday it was monitoring developments closely after China indicted a Canadian citizen detained since 2014 on charges of spying and stealing state secrets. Kevin Garratt was detained in August 2014 near China's sensitive border with North Korea along with his wife, who was also detained for months before being released last year....The indictment was announced the day after Canadian Prime Minister Justin Trudeau and senior cabinet ministers attended a lavish party in Ottawa hosted by China to mark the 45th anniversary of the establishment of diplomatic relations."