This is John Batcher. The failure of Evergreen and other huge developers in China dominated the news for about a year and now all's quiet.

The debt has not gone away, however. And Anne Stevenson Yang, author of the new book,

Wild Ride, a short history of the opening and closing of the Chinese economy. Accounts for

where those losses are, why it is that they haven't been dealt

with, why it is that they're not going to be dealt with. Anytime soon there's a big meeting

coming up called the plenum and how is the Chinese

leadership the Chinese Communist Party going to deal with the monstrous debt

that has been compiled over many years with empty buildings, with unbuilt

apartments, with debt everywhere. How are they going to deal with it? Anne explains.

More of this later. Thank you. I, I mean, they're seeking an answer, but there isn't any answer because there are big losses and the losses have to be taken by someone, whether it's individuals or banks or property developers or local governments or whoever. or so apt, I think, the government wants people to think that there's a plan, but cannot, and probably

doesn't want to actually enact a plan to bail out any of these property developers because they know that there are losses that have to be taken,

they just don't want to publicize who takes the losses.