There was a rumor that the Chinese stock market would climb back to 4,500 during the Olympics. Indeed, the market did make a dramatic move only to the other side, falling 5 percent to break the 2,500 mark in one of its one of its worst days. Yesterday, after news that PPI numbers that increased more than 10 percent, the stock market had a frantic short selling session in the afternoon. Again, the Chinese government has achieved the impossible. By trying to stop the economy from overheating, it actually achieved a possible recession.

Front Page Story

• If you are wondering who is the guy crying on the Olympic podium on today’s front page picture, his name is Zhu Qinan, the Chinese favorite in the 10 meters air rifle. As to reason for his tears, look closer you can see he only has a silver medal. Wanting to retire after winning the gold medal this year, Zhu Qinan didn’t just lose a gold medal but his retirement plan as well. Expect the unexpected, that's life. Good news for India as Abhinav Bindra took gold.
  
  

Other headlines today

• The former prime minister of Thailand, Thaksin Shinawatra, is seeking political asylum in England. He is charged with embezzlement, corruption and other abuse of power crimes. He questions the fairness of the law system in Thailand and refuses to face trial. Since I don’t follow the politics in Thailand, I can’t say much about Thaksin. But I have a feeling that if you make it to the top in Thailand, you are probably not a nice guy.

• A 50 year-old athlete fell during a fencing match and the audience cheered her on as she stood up again. A story of persistence. But I don't think an Olympic fencing participant should be tripping over herself. Just my opinion.

• Official order today that the public sector has to start conserving energy in daily operation. The government trying to promote behavioral change at a time of high material cost. It usually starts in public sector, expand into schools and finally reaches everyone. A typical maneuver from the Chinese government.

• A restaurant took a layer of its ceiling down during renovation. Well, your ceiling is my floor. Today, an old lady who lives one floor up finally fell through the apartment floor which is now only made of a thin piece of wood.

• The No. 1 tourist bus line has turned into an official city bus line, No. 188. This new lines takes you from Shanghai Stadium to Xintiandi. A good one.

• Three more golds for China yesterday. One in man's synchronized diving, one each in women's and man's weightlifting.

Zaobao! Zabao! is a daily article by Li Yizhong that translates and puts into brief perspective the headlines of the Shanghai Morning Post's daily newspaper. Read more of his work on the Zaobao! Zaobao! blog.