• Forbes, Thursday, January 15, 2009 9:30 AM

China plans to spend $6.6 billion on expanding news coverage around the world. China Central TV, People's Daily and other Chinese news organizations intend to hire hundreds of reporters and are laying plans for an al-Jazeera-style, 24-hour, state-owned global TV network.

As part of the plan, new Chinese-owned, English-language newspapers are planned both in the U.S. and China. To put this media blitz in perspective, for $6.6 billion China could buy the Washington Post Co. and Gannett and have enough money left over to buy The New York Times Co.

Just one problem: China doesn't have a free press. China's billion-dollar media program comes at the very time many American news organizations face closure, sale or bankruptcy. "The Chinese media is unlikely to find itself substantially more free anytime soon, and $6.6 billion buys a lot of propaganda."

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