China Rail Fail: 42% Spending Cut in Bullet Train Meltdown

Walter Russel Mead says:

The Panda Lobby, the pundits and policy wonks who want the US to imitate China’s state capitalism, has long celebrated what it claims to be China’s far sighted and effective approach to industrial policy.  China, the Panda pundits tell us, will own the future because of its courageous subsidies to green technology and high speed rail.  The meltdown of the Chinese solar industry has been widely reported; now comes word that the rail program is also in trouble.

Read more: http://blogs.the-american-interest.com/wrm/2011/12/26/china-rail-fail-42-spending-cut-in-bullet-train-meltdown/