China's lockdowns are definitely the reason why they don't have a lot of inflation (no one spends money when they are forced to be unemployed even though they are ready, willing and able to work). What I want to know is, what is China's future inflation outlook when it is actively losing people (i.e. there are more people dying than being born). Are they going to experience deflation because the housing market crashes nationwide due to a complete lack of demand, or raging inflation because there will be more jobs available than there are workers as the population falls off a cliff? Given China's racist society, importing large number of immigrants is not going to happen under any circumstances.