Commentary
Thinking About China
Opinion
US Federal Reserve Analysis Reveals the Depths of China’s Economic Problems
A study by the Fed that sought to verify Chinese official statistics reveals insights into China’s future challenges.

Shoppers walk on a street at a shopping district in Shenzhen, China, on April 3, 2025. Getty Images
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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