Lesson from Japan: Don't let deflation go out of control

S&P economist warns that excessive concern over 'moral hazard' could trigger a financial crisis

Policymakers always face a dilemma between prioritizing growth or deleveraging, and central banks inspire skepticism when they pump money into the financial system to prop up growth.

But Paul Sheard, chief global economist of Standard & Poor's Ratings Services LLC, said that Japan's experience over the past two decades offers lessons for the people making decisions in China today.