This is a CBS I in the World. I'm John Bachelor. Gordon Chang at Gordon G. Chang, my colleague and co-host, and we're very pleased to welcome Ann Stevenson

Yang, author most recently of Wild Ride, a short history of the opening and

closing of the Chinese economy.

And has also penned an op-ed piece for the New York Times running in these last days

about the Chinese economy troubled and the Chinese

Communist Party's ambition to solve the troubles with exports. And a very good evening to you, as I understand in your

presentation in the New York Times and in your book Wild Ride, exports are what the

Chinese Communist Party trusts in. However, are they going to work this time is the question.

Is there an answer to that end? Will exporting to the world solve the real estate bubble

collapse, the unemployment, and the general understanding that they've got too many factory floors for very little demand.

Good evening to you.

Good evening, John. Thanks.

You know, I don't think so and I think that there are a couple of reasons.

One reason is because the rest of the world is becoming much more hostile to Chinese exports

and is erecting trade barriers.

And another reason is because the IPO markets

have really sunk for China.

And that was a key source of financing

for these exporting companies.

The IPO markets, you mean the international stock markets, foreign investment put into the hands

of Chinese startups through the stock market in Hong Kong and New York and Shanghai. Is that correct?

And that no longer works? Is that what you're saying?

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