Abstract: The recent financial crisis has seriously affected the healthy development of the global economy. From Wall Street to the whole world, from the financial sector to the real economy, governments all over the world are facing a serious economic crisis. We have seen some problems from this crisis and realized that the scale and degree of this crisis is quite large. We should take measures to face up to this crisis, so that our small and medium-sized enterprises can survive this crisis safely. Key words: subprime mortgage crisis, financial crisis, hedge fund, government rescue, small and medium-sized enterprises. As we all know, the impact of the American financial turmoil has come. In the first half of the year, many enterprises in the Pearl River Delta region of China have closed down, and those that continue to produce are also struggling. Due to the long economic development time, the Yangtze River Delta has a relatively stable economic structure and little damage, but the prospect is not optimistic. The employment problem of college students who are about to graduate this year is very serious. Many enterprises are also looking for good strategies, such as layoffs to tide over the crisis. The real estate market is not as hot as in previous years, and there is a scene of discounted sales. So, how did this financial crisis happen? What is the degree? What is the relationship between the subprime mortgage crisis in the United States last year and this crisis? What measures should our government and people take under the crisis? Today, the author talks about these problems, expresses his own views and gives his own countermeasures. First of all, let's take a look at what the subprime mortgage crisis is and its manifestations. Subprime loan crisis, also known as subprime debt crisis, refers to the crisis caused by banks issuing mortgage loans to customers with bad credit records. Under normal circumstances, it is difficult for such customers to borrow money from banks. When the American housing market was booming a few years ago, many mortgage companies or banks intervened in the subprime mortgage business in order to expand their business. Generally speaking, banks can charge higher interest rates for issuing subprime mortgages. Recently, due to the downturn of the US property market and the rise of interest rates, subprime borrowers failed to repay on time, and a large proportion of subprime mortgages turned into bad debts, which formed the US subprime mortgage crisis. HSBC's provision for bad debts of subprime mortgages exceeded US$ 654.38+000 billion, resulting in a decline in the bank's profits. Now we know that the root of this financial crisis, the financial turmoil in the United States eventually evolved into a crisis, which was caused by the price bubble, which was mainly reflected in the real estate market. The United States shifted the problem to financial derivatives and confused the concept. The fundamental problem is the excessive expansion of the real estate bubble, which eventually leads to uncontrollable situation. At the beginning of this crisis, we have to start from a few years ago. A few years ago, due to Clinton's loose economic policy, the American economy flourished. Due to the economic prosperity, house prices began to rise continuously. Real estate developers desperately encourage people to buy houses for performance. First, the rich, then the average income, and finally some poor people. As we all know, the house price was already very high at that time, and everyone who could afford it had already bought it. The rest are poor people who want to buy but can't afford it, but for the sake of income and performance, real estate developers have actually begun to attack these people. As a result, a large number of poor people bought houses. With so many bad loans in their hands, the bank tried to get rid of them. Therefore, banks design these loans as bonds. This kind of bond, also known as financial bond, is classified as. According to the degree of risk, it is similar to reinsurance business in insurance industry. Low-risk bonds, such as those designed by house slaves who are able to repay bank loans, can naturally be sold. But the loans of those poor people, the so-called subprime debts, are basically unsold. The bank found an investment bank, which is also a hedge fund. Hedge funds are funds that flow internationally, depending on where the returns are high. They bought unsold subprime debts from banks, and the real estate market in the United States continued to rise. Banks also issue insurance to protect subprime loans. The investment bank realized the crisis of subprime mortgage, bought these insurances, and the bank also made a big profit. This is a two-way game. This is not over. Then the geniuses on Wall Street came up with a good way to make money: they set up a fund. They used the money they earned as a deposit to set up a high-risk fund. Therefore, a large number of people desperately buy houses in the high-priced market in the United States. It even includes the government of China and many banks. In the end, all countries in the world are involved. It is a huge group that can't afford the loan this time, which is a huge amount for the bank. If you can't arrive as planned, it will lead to insufficient capital turnover, too many bad debts, loss of credit and direct bankruptcy. Delays will lead to increased risks. The shares of listed banks will plummet, then there will be a run, and then they will go bankrupt. Because this group is too big and too risky. Although there will not be a financial crisis like that in the United States in China now, it is absolutely possible that there will be an economic crisis. High housing prices drained residents' savings, reduced consumption, led to shrinking demand, and eventually led to the closure of enterprises. As we all know, the banking industry is a gathering place for financial experts. Since we know that the risk is so great, why do these financial experts lend money to people who can't afford to buy a house? The root cause is profit. From the above analysis, we know that the global financial crisis is very serious, because the current world is a world of economic globalization, and the subprime mortgage crisis in the United States is not a national economic crisis, but a global financial crisis. Moreover, due to the large number of participants, the crisis is also quite large. So, how big is the impact of the financial crisis on China? What areas are these influences reflected in? Its main negative impact is in China's foreign trade export and financial sector, but from another perspective, this crisis may be a huge opportunity-forcing China's export structure to upgrade, which requires the macro-decision-making level to provide a buffer opportunity for China's small and medium-sized enterprises and large exporters. The current global economic adjustment is the inevitable result of the long-term accumulation of unbalanced contradictions. The impact on China's economy should not be low. But China can effectively resist the impact. At present, China is in the process of industrialization, urbanization and industrial structure upgrading. With a vast domestic market, abundant capital and constantly improving labor force, the upward trend of China's economy has not changed. The international economy has a great influence on China's export and domestic asset market. There has been a sharp adjustment in the stock market. In terms of foreign trade, from/kloc-0 to-September this year, exports 1074 1 billion US dollars, an increase of 22. 3%, the growth rate dropped by 4. 8 percentage points. In August this year, house prices in 25 large and medium-sized cities such as Shenzhen and Shanghai decreased month-on-month, and investment in real estate development showed signs of cooling, which may drive investment in fixed assets in related industries, thus slowing down the growth rate of investment in fixed assets in the whole society. We also know that the financial crisis was triggered by the United States and spread to the whole world. Governments all over the world have tried their best to save the crisis through various means, and have introduced rescue measures one after another, including the 8500 trillion rescue of the market by the US Congress. All governments are plugging this loophole. What's the effect? The government bailout is the worst policy. At present, governments all over the world have adopted the capital injection model. First of all, there is no way. This is the worst policy. Why do you say that? We know what the economic foundation of the United States is, and the American government is very clear about it. The first step now is to let the patient breathe. We know that the United States has packaged a fake thing and pushed the price higher and higher. Now, if we want the economy to breathe and survive, the only way now is to inject funds. As we all know, this model will leave great hidden dangers for the future market and economic development. I can't manage that much at the moment. I gave him a big root medicine, which may have a great negative effect, but there is no way. I have to give him a break first. The United States will first inject capital from all sides to support the price so that it will not collapse. This is a short-term measure to save the market, but it is not a long-term measure and means to save the economy, but a way to save the market. At present, the capital injection is to save the market and let you survive first. As for whether the economy can be saved in the next step, this is the root of the problem. Including Europe and the United States, all capital injections, including the establishment of various funds, are mainly to stabilize the market first. At this stage, it is actually very deep to evaluate its impact on the economy, but first of all, we know that it is difficult to evaluate it for the time being. When can patients breathe normally? Establishing market confidence is the key to extinguishing fire and saving the market. On the whole, no substantive action has been taken at all. At present, no matter how much, we should stabilize the situation in a short time. Secondly, we understand that if we want to reverse the root cause of this crisis, we all know that it may not happen overnight. Therefore, at present, it is a view that central banks should unite to give confidence to the market and let the financial system stabilize before the entity can operate normally. The unemployment rate in the United States is quite high, and the rate is still expanding. Now this is not a simple financial system bubble or burst. Now it has something to do with many economic entities starting to lay off employees, even divesting departments, or even closing down, and confidence will definitely be affected. In other words, in China, I have been laid off. Do I still need to spend money? On the contrary, it will be counterproductive to strengthen the current bad situation of the financial system. So what measures should small and medium-sized enterprises in China, especially in China, take to deal with it? The following is the author's suggestion: the thinking of small and medium-sized enterprises for future development should be greatly changed and improved. This year and even in the future, relying on the simple intensive and low-cost production methods in the past will gradually encounter development bottlenecks, which requires two preparations for the future development of small and medium-sized enterprises in China. On the one hand, the technology of small and medium-sized enterprises needs to be improved and prepared first. Second, the small and medium-sized enterprises in China, especially the export-oriented ones, need to be equipped with some talents who are familiar with the economic and financial fields in the future. For the transformation of small and medium-sized enterprises, on the one hand, we can rely on our own strength, on the other hand, we also need to rely on external forces. Some governments should be responsible for external forces. Whether abroad or at home, the development of small and medium-sized enterprises often needs corresponding government policies, otherwise they will be very passive in the competition with large enterprises. Small and medium-sized enterprises must proceed from their own development and cannot pin their development hopes entirely on the state. Whether it is domestic or international, it is normal for enterprises to survive the fittest. Under the current situation, SMEs should actively expand other markets outside the United States, including African markets, European markets and even Asian markets. Through crisis training, they can improve their competitiveness with international enterprises and their ability to explore the international market, and constantly improve their own strength. The pace of progress can't stop, and the opportunity will eventually come.