Deflation always happens, when the population ages and declines, as demand falls and then the prices fall, until supply can be reduced and the factories shut down and etc. Deflation is happening everywhere, but some central banks are fighting it by devaluing their currency (printing money). Tends to not work very well, tho. The mountain of cash printed to "fight Covid" has been spread throughout the system and parked in people's savings' accounts, houses, crypto, etc. so the banks all have to start printing more to try to reinflate. But it never lasts long. Nobody has been born, that can buy all of this stuff they are making. 🤷🏻‍♀️ China is just the first...