China is heading for big trouble. Fearful of a political backlash from the sort of deep recession being suffered in the west, Beijing has embarked on a program of reckless expansion that is providing short-term gain at the expense of long-term pain.
This is an unfashionable view. The conventional wisdom is that China has taken the bold steps necessary to tackle the global downturn, and that its mixture of Keynesian pump-priming and Leninist centralised control will help drag the rest of the world back to prosperity.