Indeed, global deflationary pressure would have emerged much sooner had China not launched its two-year stimulus plan in 2008, which boosted investment demand and thus delayed the fall in world commodity prices. Now that the fall has arrived, domestic deflation has become a real threat, particularly given slower domestic fiscal expansion.
与此同时，生产者物价指数节节下降，而消费者物价指数保持平稳。因此，与世界其他部分一样，中国也面临着通缩风险。事实上，要不是中国从2008年开始实施了两年的刺激计划，提振了投资需求从而延缓了世界大宗商品价格的下跌之势，全球通缩压力的影响将出现得更早。如今，大宗商品价格下跌已经来临，国内通缩也成为实实在在的威胁，特别是考虑到国内财政扩张减速的情况。