You can find more  information in Renewal of the Inflation-Control Target Background Information—October 2016 8 The question remains why the Phillips curve relationship between inflation and the output gap  seems to hold more strongly in Canada than in other major jurisdictions, especially since the global financial crisis.
The fact that Asian countries have traditionally seen quite high rates of private saving accentuates this trend. China’s saving rate, at about 55 per cent of GDP, is one of the highest recorded and because China has become a large economy, the extent of that annual flow of saving is now globally very significant.