The 50 per cent fall in oil prices this year is self-evidently good news for all but oil-producing states, regions and companies. It also reminds us that the world economy is deflation-prone — both because of deficient demand in Europe, Japan and several big emerging markets and because China’s deflation, rooted in excess capacity, is structural and of growing significance.
今年油價下跌50%顯然對所有人都是好消息，生產石油的國家、地區和公司除外。這也提醒我們，世界經濟正在走向通縮——既是由于歐洲、日本以及幾大新興市場需求不足，也是因為中國根源于產能過剩的通縮是結構性的，并且影響日益深遠。
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