Senior Adviser Warns China Must Act Urgently to Halt Record Price Slump
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A senior Chinese policy adviser has warned the country must urgently reverse a record-breaking price slump that has persisted longer than during the Asian financial crisis, calling for more forceful macro policies.
Wang Yiming, a vice chairman of the China Center for International Economic Exchanges, highlighted that the GDP deflator has been negative for 10 consecutive quarters, exceeding the previous seven-quarter record during the Asian financial crisis of the 1990s. Both consumer and producer price indexes have also signaled prolonged weakness, he said at a conference Saturday.
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- China's GDP deflator has been negative for 10 consecutive quarters, surpassing the Asian financial crisis record.
- Prolonged price declines are weakening investment, spending, and worsening household and business sentiment.
- Senior adviser Wang Yiming urges stronger macro policies, increased domestic investment, and monetary easing to support economic growth.
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