Money means different things in different monetary systems. Deflation and inflation also mean different things and have different implications. 
In the overfinancialised West deflation threatens accumulated, highly concentrated wealth of oligarchs and elites who own almost all financial and speculative assets.
In hyperproductive China deflation means more real world goods, food, homes are available at competitive prices.
In the West inflation hits the poor hardest, the rich hardly at all. Stagnant wages and pensions combined with debt service hikes as rates rise lead to poverty.
In China inflation signals a supply chain bottleneck, credit bubble, or speculation which can and should be resolved by intervention, not interest rates.