Despite policy efforts to curb excess competition and stabilise prices, China’s GDP deflator—the broadest gauge of economy-wide prices—has been negative for more than two years, the longest such run since records began in 1992.
Beijing has lowered its official 2025 inflation target to around 2%, the lowest in over two decades. Inflation, however, remains near zero, reflecting deep structural imbalances
Recap: China deflation eases but persists, longest price decline streak since 1970s reform