This is a series of cbS I on the world. I'm John Bachelor. To Joseph Sternberg,

member of the editorial board of the Wall Street Journal, he's based in London, he writes

political economics, observing the People's

Republic of China's troubles. The factory floor is no longer adequate to dig out of the whole created by the collapse of the

property sector for many years and what is to be done remains the unanswered

question for Shijin ping consolidating his power as the third term of

general secretary president of the country.

Joe a very good evening to you establishing Establishing the property crater,

I've never come up with the adequate metaphor.

That was growth for many years.

Was it understood at the time by foreign investors that would be US investors

and people who were involved in developing China as the next great power was

it understood that the property sector was not going to grow to heaven and that

there would come a day there would be a correction and there needed to be an augmentation

to the property center.

Something else had to happen for the growth to be maintained.

Did they talk about that all during the early decade of this

the century or the last decade.

Yes, I think there was that awareness that China was going to need to develop a new kind of economy eventually

and that really is what we're talking about this evening.

What is going to become of the Chinese economy?

Property is the place to start because property has been the Chinese economy for the past couple decades. I mean at the peak

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