Milton Friedman and Pudong

American economist Milton Friedman once wondered if Shanghai's Pudong (浦东) will become a "state monument for a dead Pharaoh, just like the pyramids."

As Friedman complained after touring Shanghai in 1993, China's rulers are still obsessed with big government, grand plans and giant state-run industries.

Mr Friedman, these are known as zhengji gongcheng (政绩工程) in China, or projects that highlights one's political achievements. There are few things more tangible than infrastructure developments and grand projects.

Executors of past projects have witnessed a steady rise in their political fortunes, and their achievements have, and will continued to be mimicked by those who want to inch their way up the political hierarchy.

And so far, while there are signs of over-supply, there are perhaps no clear signs that Pudong has turned into a state monument for dead Pharaohs.