# What softer prices change for China's growth story

This episode explains why consumer prices, factory prices, retail demand, property, credit, and policy must be read together.

## Listener takeaway

Soft prices do not automatically mean that every part of the economy is contracting. The useful question is whether demand, margins, credit, and policy transmission are moving in the same direction.

## Suggested clips

1. One price number cannot explain China's demand.
2. Why factory output and pricing power differ.
3. The property link behind consumer confidence.
4. Four releases to watch next.