China does not realize the dangers of deflation

Past struggles with inflation blind Xi to risk of a shrinking economy

20250310N Xi Jinping

Chinese President Xi Jinping has reportedly asked advisers what's so bad about deflation. (Xinhua via AP)

TETSUSHI TAKAHASHI

TOKYO -- I confess that when starting out as an economic journalist in the 1990s, I did not understand why deflation was bad.

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