Because past efforts to accelerate consumer spending have failed, Beijing has begun to consider more radical changes, including an alteration in the tax code.
Customers push shopping carts at a supermarket in Beijing on July 9, 2025. Wang Zhao/AFP via Getty Images
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Commentary
Beijing so far has failed to boost consumer spending sufficiently to put the overall economy back on track. In response, the authorities have begun to consider truly radical measures.
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”
