How China Is Capitalizing on the Economic Crisis

David Gray / Reuters

Striding forth: Wen attends the National People's Congress session

Scan the bare figures and China appears to be on the skids. Exports are plummeting, experts are slashing growth forecasts and unemployment could rise to its highest level since 1949, the year the People's Republic was founded. But if President Hu Jintao feels the heat, he isn't letting anyone see him sweat. Despite the massive challenges Beijing faces, the Chinese leadership seems to regard 2009 much as Michael Corleone viewed the day of his godson's baptism in The Godfather — this year, China settles all business.

Once shy of making...

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