china's "broke" because it owes money to itself, specifically to its own central bank. that's not as big a problem as privately owned debt because it means there are potential political solutions if the will is there. the problem is flexible.
also, china is not suffering from deflation. re-read the articles talking about it. they're talking about "deflationary risk", as in, there isn't deflation but there are concerns of potential deflation in the future. there is actually very small (positive) inflation in china
thirdly, china does not import 80% of its food. it imports 80% of its soybeans and some other specific items, but not food as a whole. there is a national policy to rely in domestically produces food for what are seen as the staples like rice and vegetables. imports are mostly in "luxury" food items such as soybeans for livestock feed and stuff like milk, with the idea being that in some sort of extreme situation people would have to cut back on meat and such, which would be survivable
also, china is not suffering from deflation. re-read the articles talking about it. they're talking about "deflationary risk", as in, there isn't deflation but there are concerns of potential deflation in the future. there is actually very small (positive) inflation in china
thirdly, china does not import 80% of its food. it imports 80% of its soybeans and some other specific items, but not food as a whole. there is a national policy to rely in domestically produces food for what are seen as the staples like rice and vegetables. imports are mostly in "luxury" food items such as soybeans for livestock feed and stuff like milk, with the idea being that in some sort of extreme situation people would have to cut back on meat and such, which would be survivable