Hu shuli rushes in late, hair dishevelled, a notebook falling out of her bag. Beaming and offering Chinese tea, the 51-year-old breathlessly explains that she was at lunch with John Thornton, former president of Goldman Sachs and now a professor at Tsinghua University. An ex-editor of the International Herald Tribune is about to drop by. She has an edition to put out. The editor of the twice-monthly (soon weekly) Caijing maga-zine-the name means finance and business-brims with the excitement of a genuine news-hound. China's shift towards a market economy has triggered a wave of corruption and business scandals. In the past few weeks alone, D'Long, a big private conglomerate, has run into financial difficulties; Lucent has fired its top four China managers, alleging that they took bribes; and the government has arrested the entire senior management of a steel plant near Shanghai for "illegal" expansion. "In China there is more news than journalists-it is the opposite of the West," says Ms Hu. "We are the world's luckiest reporters."
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