This is CBS Eye on the World.

Here's John Batchelor.

With my colleague and friend Gordon Chang at Gordon G. Chang,

the People's Republic of China at the New Year.

We welcome Anne Stevenson Yang, author of Wild Ride, the story of the Chinese

miracle up and the Chinese miracle down, which is the direction that it is now intended.

The headline from the Financial Times in these last days, she has a plan for retaliating against Trump's gamesmanship.

I mentioned that retaliation is the operative word there, because there's more news about China

that is not encouraging that the Chinese economy is quite troubled even without Mr. Trump's remarks.

For example, China's currency hits 16-month low on Trump tariff fears,

and men be under pressure from stronger dollar and concerns about incoming U.S. President's trade plans.

In addition, there is a strange program underway

in China to repurchase or give you credit for a returned rice cooker, refrigerator, or

stove. The intention here is to encourage consumerism, which is the missing component of a healthy economy.

And I'll stop there because there are other negative headlines.

So retaliation by Xi for conduct by Trump, but it would appear if I subtract all that out

of these headlines, China has troubles despite Mr. Trump. Is that correct?

Good day to you, Ann. Good day, John. Yes, I think it has quite deep economic stagnation,

and the Trump tariffs that are threatened are sort of the least of its worries.

Least of its worries as in that consumerism. Do I have it right that their consumers are super

cautious and super savers and even a discount on a return rice cooker is not likely to get them

shopping?

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