This is CBS Eye on the World.

Here's John Batchler.

With Gordon Chang, my colleague and friend, we explore the recovery in China, not so much.

Reuters headline, China's steel prices hit three-year low on demand woes.

This is one way of looking at the China Business Plan.

And we welcome Ann Stevens and Yang, author of the upcoming new edition of China alone,

return to isolation.

And a very good day to you.

Steel prices.

How does this connect to the claims by the Chinese Communist Party that they're in recovery

from their COVID policy?

Good evening to you.

Good evening.

So, yeah, it's time for the China bulls to go back into the pen.

I think it's very, it's finally very, very clear that there's no recovery in April.

My favorite statistic for April is that new housing starts were down 74% compared with

the peak in December 22.

So, that's just no activity.

And the steel prices relate to that as well because there's no construction going on anywhere

in the country.

They've been boasting about how their construction rate is ticking up, their completion rate.

Is that not trustworthy information?

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