Business.view: Beware the Beijing model

China revives the storied Red Flag limousine as a rolling embodiment of global ambitions BEIJING (AP) — The massive frame, bug-eyed headlights, huge retro front grille and scarlet glass hood ornament can mean only one thing: China's big and brash Red Flag limousine is back.

The most notable overnight event was the release of the Chinese Government Work Report as part of the annual meeting of the National People's Congress which kicked off today and runs until March 17. This is the Chinese equivalent of the State of the Union address, delivered in this case by the outgoing premier Wen Jiabao. In it, Wen summarized his administration’s achievement in the past ten years in some detail, while voicing a sense of crisis when talking about existing social and economic problems.

Authored by Dambisa Moyo, originally posted at Project Syndicate, Last month’s US government shutdown – the result of a partisan standoff in congressional budget negotiations – epitomizes the polarization that prevails in modern economic-policy debates.

Dan Little:

ANALYSIS WASHINGTON — Consensus may be hard to find in Washington these days, but many corporate executives and economists seem to agree on one point: the biggest risk to the world’s largest economy may be its own elected representatives. Down-to-the-wire budget and debt crises, indiscriminate spending cuts and a 16-day government shutdown may not be enough to push the U.S. economy back into recession.

Ever since the 18th Party Congress in November, China pundits have argued over whether the new leadership will or will not bring about new reforms.

Back in April, I posted an astonishing video of China's "ghost cities" - sprawling, brand new cities replete with malls, office buildings and apartments, but with literally no actual residents.