Under Beijing's new tax rules, wealthy Chinese who used offshore trusts to shelter assets have until 22 October to declare and pay years of back taxes, a move that threatens to curb spending in one of the industry's most important markets. The 20% levy is hitting spending by ultra-high-net-worth individuals, a group that had until recently proved more resilient than middle-class consumers hurt by China's prolonged property downturn. Summer shopping mall data in mainland China pointed to "a sharp deceleration in growth" Bernstein analysts said.