Talk everywhere is of crisis and panic emanating from the US financial centers. Yet in China, a different yet familiar kind of crisis is playing itself out.

After seven months of WTO discussions, Xinhua will relinquish its role as a regulator of foreign financial information suppliers. Foreign companies such as Reuters and Bloomberg will no longer have to compete against their regulator.

China’s Ministry of Human Resources and Social Security says it will implement policies to help labor-intensive enterprises and small- and medium-sized enterprises (SMEs) weather the global financial crisis.