Thinking About China
Opinion

Big News From China but Still Not Big Enough

Media commentary has enthused over a supposed solution for China’s property crisis. As will soon become apparent, Beijing has no ’solution,' at least not yet.
Big News From China but Still Not Big Enough
Unfinished apartment buildings at the Phoenix City residential project, developed by Country Garden Holdings Co., in Shanghai, China, on Jan. 17, 2022. Qilai Shen/Bloomberg via Getty Images
Milton Ezrati
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Commentary

Western media commentary has enthused about Beijing’s new answer to the nation’s ongoing property crisis. What the authorities have recently proposed admittedly goes well beyond anything tried thus far and certainly offers more than the inaction Beijing showed for two years after the crisis first broke with the failure of huge developer Evergrande in 2021.

Milton Ezrati
Milton Ezrati
Author
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."
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