With trade, financial and macro-economic policy factors taken into account, China is a victim of global deflationary trend instead of being asserted as an exporter of deflation to the rest of world.

• 第七,对照贸易渠道、金融渠道和宏观经济政策效应的传导机制的分析显示,中国不是世界通货紧缩的输出者,而是受害者。