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This is John Batchezer, conversation with my colleagues, Anne Stevenson Yang, author of the Wild Ride, the new book about the rise and tumble of the Chinese miraculous economy.

And Gordon Chang, author of most recently Red Plan, China's Project to Conquer the World.

Both of them combined to observe deflation, deflation in China, which is referenced by an article in the New York Times about the troubles with the Chinese economy. Herein very carefully outlines what happens

in deflation and why it is not an easy solution or a quick solution can be quite the opposite, long and very painful.

And Stevenson Yang on deflation in China, what we see now, what could be the next stage of a

collapse. More of this later tonight.

I mean, China, of course, is a huge export engine for the rest of the world. It has roughly 12% of international trade. And so when China is pouring money into manufacturing

goods and exhorting everybody to continue to produce, you have more goods chasing less consumption,

and that means deflation. So just as Gordon said, and then, you know, that that's worsened by

the expectation of deflation. So if you think something's going to be cheaper by 10% next year,

you just don't buy it this year. You buy it next year or you wait.

And so it's just kind of a persistent, you know, and, you know, Japan has suffered this,

...