中国上一次经历长期通缩是1998—2002年，物价持续下降的原因是1993年开始的货币和财政紧缩，而缺少倒闭企业退出机制则令情况雪上加霜。
In China’s last protracted bout of deflation, from 1998 to 2002, persistent declines in prices were the result of monetary and fiscal tightening that began in 1993, compounded by the lack of exit mechanisms for failed enterprises.