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Chinese President Xi Jinping delivers a New Year speech on state television in Beijing. Photo: Xinhua via AP

Evan Osnos in The New Yorker, "Making China Great Again":

"China has embarked on history’s most expensive foreign infrastructure plan. Under the Belt and Road Initiative, it is building bridges, railways, and ports in Asia, Africa, and beyond."

"If the initiative’s cost reaches a trillion dollars, as predicted, it will be more than seven times that of the Marshall Plan, which the U.S. launched in 1947, spending a hundred and thirty billion, in today’s dollars, on rebuilding postwar Europe."

P.S. Edward Wong, in N.Y. Times Sunday Review, after a 10-year assignment in Beijing that ended last year:

"From trade to the internet, from higher education to Hollywood, China is shaping the world in ways that people have only begun to grasp. Yet the emerging imperium is more a result of the Communist Party’s exercise of hard power, including economic coercion, than the product of a gravitational pull of Chinese ideas or contemporary culture."

"From 2009 onward, Chinese power in domestic and international realms has become synonymous with brute strength, bribery and browbeating — and the Communist Party’s empire is getting stronger."

Go deeper

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.