Opinion
China’s had deflation before. This is what it needs to do this time
A common thread in all previous deflationary episodes is that balance sheet issues were central to the contraction, and the resolution of these was key. It is here that policymakers could focus.
Huw McKayStrategic thinkerChina’s global footprint is now so large that uncertainty over the timing of its exit from its third major deflationary episode in the past three decades is one of the most important questions in the world economy.
Prior episodes offer some useful guidance on how to do it.
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