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I am afraid it might be the other way around.

The west is running massively expansive monetary and fiscal policy. The only reason that is not causing extreme inflation is that we import deflation from China. Were we to stop that prices and interest rates would jump and asset prices would collapse.

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What do you mean by "import deflation"?

That we print money, expanding the monetary base, and at the same time China stockpiles USD and other western currencies, effectively decreasing the same monetary base.

The Chinese government prints much more money though. Inflation is much more serious in China. The official stats doesn’t reflect this, but it’s clear for anyone who’s familiar with price changes in China

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