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Chinese economy expected to have slipped into deflation as recovery falters
(www.theguardian.com)
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I don't even think you need to go to that. The vast majority of spending is discretionary. Is Jeff Bezos new yacht an essential? Deflation is particular bad for workers because it means less investment and lower salaries for those with a mortgage that's even worse. The people that benefit are those with huge stockpiles of cash.
This only really applies if it isn't just temporary though. It's also pretty for central banks to fix.
Huge stockpiles of cash seems a rather useful thing in all situations, to be fair.
So this economy was design to feed dragons, and then depend on those dragons spending money for the majority of people to even survive.