https://www.axios.com/2023/08/16/china-debt-crisis-stimulus-recession-risk

That bubble finally seems to be bursting. Economic damage from China’s zero-COVID policy, as well as heavy-handed government meddling in the tech sector and other major industries, have driven down growth.

• China’s economy is also facing deflation risk, which can make debt worse.
• “Deflation means the real value of debt goes up,” David Dollar, a senior fellow at the Brookings Institution, told Insider. While high inflation can actually help relieve the burden of debt over time, he said, “deflation does the opposite.”
• 这个泡沫似乎终于要破灭了。 中国的零新冠政策造成的经济损失，以及政府对科技行业和其他主要行业的严厉干预，导致经济增长放缓。
• 中国经济还面临通货紧缩风险，这可能会使债务恶化。
• “通货紧缩意味着债务的实际价值上升，”布鲁金斯学会高级研究员戴维·多拉（David Dollar）告诉 Insider。 他表示，虽然高通胀实际上有助于随着时间的推移减轻债务负担，但“通货紧缩却适得其反”。