This is CVS, I in the world. I'm John Black's with Gordon Chang. I've

Gordon G. Chang. And we're very pleased to welcome the author and our

colleague Anne Stevenson Yang.

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

takes you from the 20th century and the miracle underway, the great success, all the

way to where we are right now, which is foreshadowing of crisis.

And a very good day to you.

I read from the Reuters release

of our Secretary of the Treasury.

U.S. Treasury Secretary Janet Yellen said that concerns are growing

over the global economic fallout from China's excess manufacturing capacity. I'll stop there. What does that mean, Ann? Good evening to you.

Good evening, John. Well, you know, Yellen is a smart cookie, really. And what she's saying is is we got to watch out for trying to dumping products on the

U.S. market.

The last time they were in some distress and flooded the market with cash,

they grew their exports of steel by like 600%

to the US, and that created a big problem for the industry.

So she's warning that that can't happen again with electric cars and the other

products they're pushing.

Gordon you have a question for Anne.

Yeah, Janet Allen said that our relationship with China is now more stable than it was a year ago.

What I think the translation of those words are that basically we're just talking. Is it possible for the bind administration to talk China into

dealing with the excess capacity problem or are we going to have to take

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