That is precisely the “picture” that China wants the world to see — a prosperous company and able to achieve the unthinkable.

Which is why many are not paying attention to the underlying debt picture that threatens to destabilize the entire Middle Kingdom.

Large scale infrastructure projects of the kind like the world’s longest bridge and landing on the dark side of the moon make for good headlines and soundbites, but when paid for by prodigious borrowings, pave over the underlying financial instability.