The writer is chief Asia economist at Morgan Stanley
In 2002, Ben Bernanke, then a governor at the US Federal Reserve, gave a speech outlining the importance of keeping deflation at bay. He concluded: “Sustained deflation can be highly destructive to a modern economy and should be strongly resisted.”
Such a warning might not seem pertinent for much of the world where central banks are arguably still fighting the battle against inflation. But in China, it seems highly relevant.
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