This is CBS Eye on the World. Here's John Batchelor.

I welcome Joseph Sternberg, member of the editorial board of the Wall Street Journal.

He writes the political economics column. He's based in London. But he was eight years in China in Hong Kong

for the Wall Street Journal editorial page and observes China now from the distance of London,

but still China's problems are global. The FD has a headline this morning that's deeply

ironic. China is suffering its own China this morning that's deeply ironic.

China is suffering its own China shock, that's in quotes.

Labor-intensive manufacturing vanishing millions of jobs lost with repercussions for stability and growth.

Joe, your new column is about growth in China, not much.

There are announcements constantly about the new stimulus plan that's coming from the leadership.

I hear so many of them I get lost.

Where are they in stimulating a deeply troubled economy, especially real estate?

Good day, too, Joe.

Hi, John. Well, I mean, what you're asking is really the trillion-dollar question in a lot of ways, because it's hard to tell where we are with the

Chinese economy right now. I mean, one of the things that I've found interesting in the past few weeks

is that you, on the one

hand, you do have the steady drip of good news coming out about the Chinese economy.

I mean, you've seen data this month suggesting that retail sales have been in reasonably

good shape and industrial production is doing okay and all of the rest of it.

And yet you have all of these other indicators

that suggest that that's not the case. And, you know, the biggest indicator of all is that the

government keeps talking about the need to provide additional stimulus for this economy that

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