So China's lending is slowing, and now we freak out? We sit here every week fretting about what the Chinese central bank will do to slow down its economy, and when we get a sign of a soft landing -- like lower lending -- that sends property stocks down?

Oh, please. This is exactly what we want, for the Chinese to get rid of real-estate speculation. If we can just see some slowing of wage inflation, we could be getting there.

Where is getting there? When the Chinese achieve sustainable growth, we will be removing one of the key negatives in the world's economy. No, it doesn't cure Japan, and it won't send oil down. Greek bonds will still make Europe tremble. But it's been six weeks straight down, and we know that one of the proximate causes is tightening in China.

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What I am looking for is a sell-off in companies like Freeport-McMoRan (FCX), which we have been buying for ActionAlertsPlus.com​, and then a rally as people recognize that the price of copper is not going to fall off a cliff and that FCX will soon benefit from the rebuild in Japan. The amazing thing about this whole period, though, is how dysfunctional Japan really is. There are tens of thousands of people without homes, and they are almost like Katrina over there? George W. Bush as adviser?

Still, the pieces of the puzzle, while not in place, at least show a sign of resolution when it comes to the world's most important economy now that the U.S. has shown its lack of importance to world growth.

It's a beginning, and it is certainly what we wish for.

At the time of publication, Cramer was long FCX.

Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.

Follow Cramer's trades for his Charitable Trust.

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