1. What fiscal policies has China implemented since the subprime mortgage crisis in 2008 to address the negative impacts of the financial crisis on economic shrinkage and increased unemployment? The main policy measures include the following. It should be said that these policy measures are closely related to economic growth, inflation, unemployment, and the balance of payments.

The four aspects of national macroeconomic purposes are all related and will have a positive impact: The above are the main fiscal policies (1) Loose fiscal policies: reduce taxes (the reduction of securities transaction taxes and the elimination of interest taxes have been implemented), expand government spending (

4,000 billion to stimulate domestic demand is being implemented); (2) Promote foreign trade: the import and export industry is the first to be affected, and there are many employees (according to statistics, it has reached 100 million people).

The first is to increase export tax rebates; the second is to appreciate the RMB, both of which are means to increase export competitiveness; (3) to reduce the burden on enterprises: adjustments to labor laws, etc.; (4) to strengthen the social security/medical care of public finances, etc.

Expenditure to maintain the stability of the social and economic development environment. (5) Industrial revitalization plan. The following are monetary policies (1) Monetary policy has been adjusted in a timely manner since July 2008.

Reduce open market hedging efforts, suspend the issuance of three-year central bank bills, reduce the issuance frequency of one-year and three-month central bank bills, guide the issuance rate of central bank bills to fall appropriately, and ensure the supply of liquidity.

(2) Loose monetary policy.

In September, October, November, and December, the benchmark interest rate, deposit reserve ratio, and loan benchmark interest rates were continuously lowered. The purpose of the reduction was to increase the market money supply and expand investment and consumption.

(3) On October 27, 2008, a 30% discount on first-home loan interest rates was implemented; residents were supported to purchase ordinary owner-occupied houses and improved ordinary houses for the first time.

(4) The constraints on credit planning of commercial banks have been removed.

(5) Adhere to differentiated treatment, guarantee and pressure, and encourage financial institutions to increase loans to reconstruction of disaster areas, "agriculture, rural areas and farmers", and small and medium-sized enterprises.

(6) Promote foreign trade: The import and export industry is the first to be affected, and there are many employees (according to statistics, it has reached 100 million people).

The first is to increase export tax rebates; the second is to appreciate the RMB, both of which are means to increase export competitiveness; (7) foreign economic cooperation and coordination (such as currency swaps between China, Japan and South Korea).

2. Tell us about your views on the U.S. subprime mortgage crisis in 2008. The direct cause of the storm in the U.S. subprime mortgage market is the rise in U.S. interest rates and the continued cooling of the housing market.

The rise in interest rates has led to increased repayment pressure. Many users with poor credit feel that repayment pressure is high, and there is a possibility of default. The crisis that affects the recovery of bank loans has also had a serious impact on many countries around the world, including China.

Some scholars pointed out that "the United States, which technically should have gone bankrupt long ago, owes too much debt to other countries in the world, and the creditor countries do not want to see the United States go bankrupt. Not only can they not abandon US national debt, they must even continue to subscribe for more

U.S. debt to ensure that the United States does not go bankrupt" [1] In the United States, loans are a very common phenomenon.

Locals rarely buy a house with full payment and usually take out a long-term loan.

But unemployment and re-employment are very common here.

These people whose income is not stable or even have no income at all, because their credit rating does not meet the standard when buying a house, they are defined as subprime credit borrowers, referred to as subprime borrowers.

Because housing prices were so high in the past, banks believed that even if they lent money to subprime borrowers, if the borrowers were unable to repay the loans, they could use the mortgaged houses to repay the mortgages and recover the bank loans after auctioning or selling them.

However, due to the sudden drop in housing prices and the borrower's inability to repay, the bank sold the house, but found that the funds obtained could not make up for the loan interest at that time, or even the loan amount itself, so the bank would suffer a loss on this loan.

It's okay if one or two borrowers have such a problem, but due to the rising interest rates on installment payments and the fact that these borrowers themselves are subprime credit lenders, this has resulted in a large number of borrowers who are unable to repay their loans.

As mentioned above, banks repossessed houses but could not sell them at high prices, resulting in large losses and triggering the subprime mortgage crisis.

The U.S. subprime mortgage market usually adopts a repayment method that combines fixed interest rates and floating interest rates, that is, home buyers repay the loan at a fixed interest rate in the first few years after purchasing the home, and then repay the loan at a floating interest rate.

In the five years before 2006, due to the continued prosperity of the U.S. housing market and the low interest rates in the United States in previous years, the U.S. subprime mortgage market developed rapidly.

With the cooling of the U.S. housing market, especially the increase in short-term interest rates, subprime mortgage repayment rates have also risen sharply, greatly increasing the loan repayment burden of home buyers.

At the same time, the continued cooling of the housing market has made it difficult for homebuyers to sell their homes or refinance their mortgages.

This situation directly caused a large number of subprime borrowers to be unable to repay their loans on time, thus triggering the "subprime mortgage crisis."