The cause of the Asian financial crisis in 1997 was that international speculators led by Soros took advantage of the problems of low asset quality and insufficient liquidity in nine finance companies and one home loan company in Thailand in March 1997 (this information was released by the Bank of Thailand), and shorted a large number of Thai baht against the US dollar foreign exchange futures in the international market, which eventually led to the basic fixed exchange rate system in Thailand, which fell sharply and caused a large number of capital coats, leading to the double collapse of Thailand's exchange rate and stock. Subsequently, the Southeast Asian countries and regions (Hong Kong) were quickly linked. The affected areas all experienced the same exchange rate plunge and stock crash < P > Now the world financial crisis is caused by debt, subprime mortgage crisis, European debt crisis and American debt crisis. Among them, subprime mortgage crisis is the fuse. Because of the real estate bubble in the United States, everyone can make money on real estate. A large number of high-risk and high-interest subprime loans are packaged and sold at high interest rates. In order to prevent investors, I also bought credit default swaps, so when the real estate bubble burst, a large number of people couldn't pay their mortgages or didn't want to pay them at high interest rates, which led to a large number of subprime loans defaulting, which directly led to the bankruptcy of investors, and the companies that issued credit default swaps also faced bankruptcy. Although the US government later helped to save many large enterprises including Fannie Mae and Freddie Mac, due to the break of the credit capital chain and the sharp decline in real estate investment, It brought serious damage to the real economy, and then spread to Europe, America, Japan and Australia.

Simply put, it was because of Soros in 1997 and subprime loans in 27.

The impact of the current financial crisis on China's economy is mainly manifested in the sharp drop in export orders, the closure of a large number of small industrial factories in Wenzhou, Dongguan, and the massive unemployment of workers (because they can go home to farm, they have not shown any unemployment rate, but they have created a wave of migrant workers returning home). In areas that rely on small industries, because of the closure of small factories and the break of capital chain, the boss of Wenzhou ran away. Due to the lack of investment opportunities, a large amount of funds flowed into the property market, which led to a high bubble in China's property market. In the future, this kind of thing will be even more serious, especially now Wenzhou has been designated as a pilot city for international direct investment, which will inevitably lead to a large number of funds that have nowhere to go. If it is not handled well, the economy will be even more depressed.