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

China. I welcome Gordon Chang at Gordon G. Chang, my colleague and co-host. We are investigating the short history of the opening and closing of the Chinese economy,

the subtitle of the Noob volume from Anne Stevenson Yang, Wild Ride.

We're also investigating the predicate for Plan Red, China's Project to Destroy America,

the new title from Gordon Chang.

So my two authors, we collectively put ourselves together and asked questions about an article that appeared most recently from a professional about China's markets these last years since

the pandemic. Five things that the market got wrong about China's stimulus package is the title in the F.T.

Gordon, I begin with the final one because it's about 2024, just concluding at Thanksgiving time.

There's nothing in it for 2024 goes the phrase.

Some argue that the stimulus package that China's been laying on its customers over the year was large enough.

But the argument here by this professional is that it's too long term and lacks measures to boost growth in 2024.

That turns out to be surprisingly what you've said since the pandemic.

The authorities in Beijing are gun-shy, Gordon.

They don't want to do a big enough stimulus package.

Are they guaranteed to fail with these, what you'd have to say,

stimulus here, stimulus there, but never all together. Good evening to you, Gordon. Good evening, John. Yes, the package is doomed to fail.

It's doomed to fail for a number of reasons, including being delayed for so long. But one of them is

that Xi Jinping is absolutely determined

to make investment in trade the basis of the Chinese economy as it is now. He is very anti-consumption.

And while he will permit sort of consumption stimulus measures, they are superficial and they're

too small. And everybody knows the regime

doesn't have its heart in it. So consumption will remain an abnormally small part of the Chinese

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