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Deflation at the factory gate reveals serious and fundamental economic distortions.
Yuan depreciation and deflation have given China exports at renewed price edge, but this is no solution for China’s economic woes.
The United States’ goods imports from China fell 25 percent during the first six months of 2023, the Commerce Department reported on Aug. 8. Mexico and Canada have replaced China as the top providers of goods to the United States, as a result of the nearshoring shift for a more diversified supply chains. Meanwhile, China has increased trade with Russia.
