China is dealing with deflation and stagnation - the world’s second biggest economy has failed to bounce back out of Covid, and that will affect us all. So why is this happening, just as most other major economies are beginning to emerge from post-Covid inflation? Is it the iron control of the Communist Party on a capitalist system? Is it Chinese consumers failing to consume? And what happens when the state fails to deliver on the social contract with its people - that prosperity is the reward for staying out of politics? Kent Matthews, Professor of Banking and Finance at Cardiff Business School tells Phil and Roger what to expect as Beijing tries to get to grips with the problem.

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