You'll hear something novel from me: this so-called deflation-like trend is a healthy, strong middle-income transition or weak high-income market pivot. Certain indices might register a suite of economic stochasticity that falls within deflation markers, but for entirely different reasons. I would rather describe this as lower inflation, termed disinflation, not the typical fatal deflation.
What's good growth or restructuring for China is not always aligned with immediate Western globalized industrial-dependent outsourcing and regional speculative interests waves that have second and third-order effects on their economic balance. As such, the alarmist language framing on articles in Bloomberg reflects a break in the Western-based interest foresight trend that gives them control -- written for that perspective alone -- rather than an accurate assessment of China's domestic economic dynamics.
People do not understand what China's economy is and where it is going from a design and challenge perspective. Those are much better points to answer. Many of the issues the West has colored red have been controlled, managed chaos in constant flux, and trajectory directing.