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A consumption boom has boosted VAT receipts.
And the consumption boom is slowing.
The consumption boom fueled by the bubble-generated equity collapsed when that equity disappeared.
And the best way to rein in the consumption boom is to tighten fiscal policy.
Greece joined the euro in 2001 and enjoyed a consumption boom fueled by low borrowing costs.
Pyongyang is enjoying a building and consumption boom and the leadership is trying out new economic policies.
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The three recoveries between 1982 and 2002 were notable for riding along consumption booms, too.
Critics argue, with some justice, that some east European countries were ill-prepared for EU membership; that they have botched or sidestepped reforms; and that they have wasted their borrowed billions on construction and consumption booms.
That certainly exaggerates the country's economic vigour (growth in car sales, for example, is declining), but it would be a stretch to believe that China is in recession.As domestic consumption booms, China's export-oriented manufacturers are under siege.
The so-called periphery countries, Spain and Ireland foremost among them, enjoyed real estate, investment and consumption booms that made them less competitive, while Germany, weighed down by the cost of reunification, engaged in far-reaching labour market and other structural reforms that made it more competitive.
Research by IDEO, a consultancy, has found that many young migrant workers earning less than 5,000 yuan ($830) a month will spend a month's wages on an Apple iPhone.That points to another difference from previous consumption booms elsewhere: with the world's largest e-commerce market at their fingertips, Chinese shoppers are online from the start.
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