I don't think you are right about why chinese factory gate prices are in serious deflation while ROW is in inflation. I think there's much more decoupling going on in the background and we are in inflation largely because we don't have the factory capacity to supply our demand and we are currently building out said factory capacity (and running into supply constraints causing specific inflation). China is oversupplied with factories given their diminished reach in the world so they are having their margins seriously compressed while there's a good chance that deflation doesn't reach us in the west because of said decoupling.

I also don't think low interest rates and low inflation are a good thing. They indicate one or more structural problems that are at best no fun to live through but good overall (i.e. integration of cheap third world labor and decades of wage normalization between first and third world) or no fun to live through and a serious long term problem for society (i.e. extremely low birthrates destroying demand growth allowing output to outpace demand consistently). I don't think there's ever been an example of something good and fun to live through causing low inflation (it would be cool if labor productivity increased dramatically while labor demand found a natural satiation point leading to low inflation and low interest rates but I don't think it's ever happened).