Deflation would make Chinese goods increasingly cheap which would undercut millions of foreign companies, but there would also likely be a drop off in Chinese demand for foreign imports such as food energy and raw materials.
At the height of the pandemic many Chinese businesses were doing extremely well. While millions were stuck at home there was high global demand for medical supplies, home working kit and other online goods.
Indeed, the confidence of Chinese consumers has been seriously damaged by what they experienced in the pandemic. The problem now is that the economy finds itself with too much 'stuff' in all sorts of areas, from properties to goods, and enormous debt burdens.Add into the mix a crisis in the property market and the fact that a staggering one in five young people are unemployed and you have an economic challenge greater than China has faced for many years.
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