China’s development speed under the influence of the financial crisis

Abstract

After the U.S. subprime mortgage crisis evolved into an international financial crisis, it had a broad and profound impact on the world economy. Influence. In the face of the crisis, we must not only see the challenges that this crisis has brought to China's economy, which is in a period of transformation, but also the opportunities contained in it. Today, when our country's economy is increasingly closely connected with the world economy, the international financial crisis has a profound impact on our country. Overseas investment, import and export, financial securities and insurance, real estate, tourism, labor and employment, economic growth, economic status and other aspects will have an important impact and contain rare opportunities.

Keywords: financial crisis; challenge; opportunity; response strategy; national policy

1. The challenges of the global financial crisis to our country’s economy

The first level is overseas investment. On the one hand, after the crisis, overseas capital markets plummeted, which had a great negative impact on many of my country's overseas investments. The international financial turmoil caused many overseas stock markets to shrink sharply, asset prices dropped sharply, and the stock valuations of some companies have reached high levels. Historically low; some companies are selling company assets or controlling shares at low prices in order to tide over the current difficulties; some countries have significantly lowered the entry threshold for foreign investment.

The second level is import and export trade. This international financial crisis mainly occurs in developed countries and regions, and the destinations of my country's general trade imports and exports are also mainly in developed countries and regions. Therefore, this crisis will have a significant impact on my country's imports and exports, especially on my country's export-oriented economy. There will be an impact, and some export-oriented companies will face the risk of difficulty in recovering funds and reduced orders. A series of macroeconomic indicators such as my country's general trade export revenue, trade surplus, and foreign exchange earnings may undergo important changes.

The third level is the financial securities and insurance industry. The impact of this international financial crisis on my country's financial industry is mainly reflected in: interest rate linkage, exchange rate fluctuations and their impact on the operations of financial institutions; changes in the financial environment may have an important impact on bank loan business;

Chapter Four levels, real estate industry. The source of this crisis is the real estate market crisis. Therefore, the international financial crisis caused by the real estate market will have a multi-faceted impact on my country's real estate industry: the real estate market in several first-tier cities in my country, such as Beijing, Shanghai, Guangzhou, Shenzhen and some second-tier cities, may face selling by some overseas investors. Real estate and withdrawal of funds.

The fifth level is tourism. The impact of the international financial crisis on my country's tourism industry is twofold: on the one hand, it may be more convenient for Chinese residents to travel abroad, and the domestic tourism industry is facing potential pressure from the diversion of tourist numbers; on the other hand, affected by the economic recession triggered by the financial crisis, The number of overseas arrivals may be significantly reduced, which will have a greater impact on foreign tourism.

The sixth level is labor and employment. The impact of this crisis on my country's labor and employment is mainly reflected in three aspects: First, economic growth has slowed down, and new job opportunities may be relatively reduced. Therefore, we may face greater employment pressure in a certain period in the future.

The seventh level is economic growth. The economic recession in the United States and other Western developed countries will have a negative impact on my country's sustained and rapid economic growth.

The eighth level is economic status. The United States and other Western developed countries will have much greater complexity and difficulty in economic recovery than our country

2. Opportunities gained by my country in the financial crisis

The shrinkage of international equity capital for overseas investment has created a series of potential opportunities for overseas direct or indirect investment for relevant Chinese enterprises and institutions. The longer the international financial crisis lasts, the greater the degree of damage and the slower the economic recovery, the more potential opportunities there will be for my country's overseas investment.

Import and export trade As far as my country’s imports are concerned, some countries may introduce some policies that are beneficial to product exports based on self-help production, such as lowering export tariffs, lowering export prices, relaxing technological blockades, etc. Chinese enterprises should seize this opportunity and expand the import of technology, resource, shortage and price advantage commodities based on their own needs and capabilities.

Financial Securities Insurance Industry Before the international financial and securities markets are stabilized, it is impossible for my country's financial and securities markets to go out of reverse unilateral trends. The main factors affecting the future trends of my country's financial and securities markets are still the domestic market environment and operating mechanisms. In the future, our country will still adhere to the development path of financial reform, opening up, and innovation, but market supervision and risk prevention will be further strengthened.

The real estate industry is based on the profound lessons of the real estate market crisis in the United States. In the future, our country will further regulate the development of the real estate market and control the expansion of false demand for real estate and the sudden rise and fall of prices to avoid violent fluctuations in the real estate market. Triggering systemic risks in the financial industry.

Countries whose tourism industry has been deeply affected by the crisis, based on the need to develop their own economies and increase employment, may introduce measures to promote the development of their own tourism industry to attract more overseas tourists.

After the outbreak of the financial crisis, unemployed financial employees in countries and regions with developed financial industries may flow to countries and regions less affected by the financial crisis. Therefore, our country is facing good opportunities to introduce overseas financial talents, and the domestic financial industry may also face more severe talent competition.

Economic Growth At present, the basis and method of my country’s economic growth are obviously different from those of Western developed countries. At the same time, our country's economy is still an investment-driven economy, and there is still huge investment space in areas such as railways, highways, airports, ports, power grids, urban infrastructure, and new rural construction.

Economic status. As growth slows down in the next few years, the relative gap between my country's economic aggregate and developed countries will narrow, and my country's status in the international community will rise.

3． my country's strategies and national policies in response to this economic crisis

The world financial crisis will have a profound impact on our country in all aspects, and will also promote the accelerated adjustment of our country's economic structure economically. But we must stand at the height of the overall national security and development strategy and respond to the challenges and opportunities brought about by the international financial crisis from the perspective of the national development strategy structure, especially from the economic and financial strategy, science and technology education strategy, national defense and military strategy, diplomatic strategy and independent Think about the impact of the international financial crisis on my country's development in terms of innovative strategies. The road to realizing my country's peaceful development should not be spontaneous and random. It is necessary to clarify the national development strategy and inspire feasible goals. Only in this way can we scientifically understand and grasp the challenges and opportunities brought by the financial crisis. We must strengthen our diplomatic strategy and international cooperation during this financial crisis. Protecting national interests and pragmatic cooperative diplomacy based on economics and finance can partially eliminate international public opinion that curbs China's development. Now is a good opportunity to strengthen international communication and understanding, especially with Western powers; it is not only the best reason and opportunity to explain to the international community that China's development should not be regarded as a threat and challenge; it is also a good opportunity to establish multilateralism and realize the realization of the common goal of different ethnic groups and different countries. Interdependence and diversity of civilizations and ideologies.

Looking at the international financial crisis from the perspective of national development strategy is different from looking at it purely from the perspective of economic wealth. The peaceful rise of a big country with an independent ideology and a large population like ours cannot be established solely by the accumulation of foreign exchange wealth. It should rely on the comprehensive soft and hard strength of our economy, national defense and culture. Our country does not have major advantages in the hardware aspects of development such as natural basic resources, economic and military strength, population and land; we must decisively seize the favorable arrangements in capital and innovation, science and technology and policies, domestic and foreign economic and financial systems, and use these Developing software advantages to achieve sound and rapid development of our country's economy, national defense and social construction.

For a long time, international economic relations and the world financial landscape have also affected and restricted our economic development, especially various trade disputes. The financial crisis will also help us join the new international economic and financial system. This will be reflected in changes in the international economic and financial order and in the reform of multilateral institutions that dominate the world economy, such as the International Monetary Fund, the World Bank and the Group of Eight. We should seize the reform opportunity of the structural adjustment of the world economic organization in the once-in-a-century financial crisis, put forward our reasonable demands in international cooperation, and realize the gradual change of China's international status.

The criteria for my country’s policy measures and international cooperation strategies in response to this financial crisis are to see whether they are conducive to the resolution, adjustment and improvement of the above three major contradictions, and whether they are in line with the strategic requirements for our country’s development. . There are many ways of international cooperation. In addition to "buying the dip" with equity involvement and "bailout" with limited investment of government bonds, there are also methods such as loans and the establishment of mutual funds. At the same time, we can also make requests for cooperation in high-tech projects, energy and military equipment technology, as well as international recognition of our country's market economy status. International cooperation that is limited and within its capabilities during the world financial crisis is an inevitable strategic choice made by China in the process of reform and opening up. It is the only way to develop socialism with Chinese characteristics in a sound, fast and diligent manner.

4. Summary

Formulating and controlling policies is to seek the unity of regularity and purpose. We need to use scientific methods to deeply analyze the impact of the financial crisis on my country's financial economy and achieve coordinated development of the virtual economy and the real economy. Policies and measures to revitalize the stock market, expand domestic demand, and promote economic development suggest that we must strictly distinguish between overly complex financial derivatives and mature and complete financial market value-preserving tools to prevent wasted food and use the healthy development of the virtual economy to promote the development of the real economy.