This is a

This is CBS I on the world with John Bachelor.

Here's John Bachelor

Gordon Chang and we're very pleased to welcome Ann Stevenson Yang,

our guide on the unusual details of the Chinese miracle,

the People's Republic of China.

Her book is Wild Ride, a short history of the opening and closing of the Chinese economy.

The Guardian praises the book as a pacey whistle stop tour of the elusive rise and dramatic decline of

China's economy. We're in the decline stage and therefore puzzles. And a very good

evening to you. The report from Europe Financial Times

Bloomberg is that EV makers in China, they mention EO.

Neo, N I O, I'm unfamiliar with it.

Another one called X P, P, E, N, G, and we can presume B-Y-D in this mix are taking longer and longer to pay their bills.

In 197 days in 2021, says this report, 221 days today to pay their bills. Why and what does this mean and does

it tell us anything other than deadbeats?

Yeah John I mean thanks for that kind introduction.

I mean, I think that there's just this glut of supply in China and it's only getting worse.

Well, actually there were about 500 auto manufacturers three years ago.

Now there are about 50 auto manufacturers, so they're being winnowed out pretty fast.

But the ones who are left, I mean China has massive subsidies for

EV manufacturers and they're just pouring, showering money on these companies.

And one of the weird conditions of subsidies is that you do local manufacturing so they have all these plants and all these different provinces so they have excess product that they need to export.

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