The FT is saying that inflation is not a threat and that rates should be kept low.  The Economist says that inflation should be negative and therefore rates should be raised.

FWIW, I'm with the FT.  Raising rates does lower inflation, but at the cost of higher unemployment.  It might return a share of the pie to the wage sector, but at the cost of making the pie smaller.

The ultimate problem is that China's workers are paid much less than their productivity would justify, because China's millions of workers have no bargaining power and no independent unions.  Even Mexican workers (paid $1.50 an hour) can't compete with them.