China first year recession is 2021. Already 4 years haven't recover.

One thing I salute about their govt. They dont mind to put their population into hardship. Maybe they do learn from their 5000 years civilization.

Deflation is sugarcoat version of recession. Good prices fall, manufacturers out of business. Consumer demand fell. Job cuts everywhere. Supply > demand. Hence, deflation.

I believe they already collapsed like 50-70%. Now watching EV car industry waiting for collapse. Overproduction + price war + products dumping. Perfect recipe for disaster.

Even though China is experiencing contraction, but their quality of life is still good. Their cities are still clean, cheap goods/services still got customer one. Meanwhile western countries, bla bla everything good. But deep down, drug addicts everywhere. Not to mention homeless and dirty streets.