The Secret of (China) Avoiding Japanification apparently
"Japanification is typically viewed as an economic situation where deteriorating demographics cause structurally low growth, inflation, and interest rates. The most intuitive channel is via declines in labor input. However, despite facing this challenge, Japan’s economy still grew modestly during the last decade (except for the pandemic period). ..
By contrast, the expectations channel — namely, the downward pressure of demographics on long-term growth expectations among businesses and households — was likely more important."