To fix China's economy, Xi needs to curb deflation

Recent data show even consumers who have enough money are not spending it

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20240719 Xi Jinping

A giant screen shows news footage of Chinese President Xi Jinping attending the third plenary session of the 20th Central Committee of the Communist Party of China in Beijing on July 18. © Reuters

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Following the conclusion of the Chinese Communist Party's five-yearly planning session, President Xi Jinping faces a triple whammy of economic threats: a property sector crisis, runaway local government debt and weak household demand.

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