China has failed to break a deflationary cycle and is now on track for the longest streak of economy-wide price declines since the 1960s, analysts say, exposing a key vulnerability likely masked by a growth upswing at the end of last year.
Deflation persisted for the second straight year in 2024, official data due Friday is set to show, according to most economists. Some of the biggest Wall Street banks including JPMorgan Chase & Co. and Citigroup Inc. are predicting it will linger through 2025 — marking a stretch unseen since the end of Mao Zedong’s Great Leap Forward campaign, which plunged China into recession and caused a famine that killed tens of millions.
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