China has a huge deflation problem that they export to the world via cheap products. They have a lot of capacity and not enough consumers. So in China, an unstated mild Keynesian approach makes sense. They can sweep debt under the rug and take in inflation from net debtor countries

Which on the one hand is great because through that China exports material wealth to the world.

At the same time production capacity outside of China has to compete with this "rigged" system, which is near impossible to do.

Falling prices, sounds like the way things should be as real technology and markets develop. Inflation is not natural.