It will be one of the most important macroeconomic stories of the century: China's demographic collapse, which will trigger and is already triggering massive deflationary shockwaves, meets the state's mountains of debt, which must now try to inflate this debt away. If this mountain of debt is calculated on a per capita basis, it will be economically unsustainable, leaving the fiat system with no other option than inflation, the debasing of money, which is likely to have a severe economic impact on consumers. In view of the sheer size of Chinese society and its economy, this is a clash of economic titans that we, as importers of Chinese goods, will be able to observe at close quarters. The rapid technological adaptation of the Chinese economy is unleashing its very own deflationary forces, making it increasingly difficult to keep per capita debt under control. It will be interesting to see!