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This is CBS Eye on the World. Here's John Batchelor. I welcome Joseph Sternberg, my colleague. He's a member of the

editorial board of the Wall Street Journal. He writes the column Political Economics. He's based in London.

But we're looking at the many years Joe spent in Hong Kong for the Wall Street Journal editorial page,

observing the transformation of China

from a beggarly nation of desperate people into a world power. And along the way came a man

named Xi Jinping and the new day. The new day is to prosper and dominate.

However, Joe, a very good evening to you.

I understand that right now China is aware the statistics point to a downgrading of their ambitions over these next years.

Maybe it's a recession, maybe a normal business cycle. However, a couple of facts that I came across recently that inform your new column, the number of container ships arriving in the West Coast

ports of the United States is down dramatically. The number of containers on those container ships

coming from Asia down dramatically.

This is not Christmas gizmos. This is inputs for the springtime that our manufacturing needs.

...