Because it is still a beginning at present, it is not known whether the rescue measures taken by these developed countries can obviously slow down the recession of the real economy. If it is difficult for the real economy to recover within one year and the demand does not come up, it will still have a great impact on our exports.
On the optimistic side, China enterprises have vigorously explored emerging markets in recent years. At present, our world trading partners have not only developed countries such as Europe, America and Japan, but also developed a lot of market share in other emerging markets.
At the same time, in the global financial turmoil triggered by the subprime mortgage crisis in the United States, small and medium-sized enterprises are the first to be affected. At present, the financial crisis has a certain impact on China's small and medium-sized enterprises as a whole, especially in the Yangtze River Delta and Pearl River Delta, where there are a large number of small and medium-sized enterprises, mainly facing the problem of "financing difficulties" and the funds are relatively tight.
In addition, I also recommend you to read an article on how small and medium-sized enterprises in South Korea face the financial crisis, which may have a lot of inspiration.
The financial crisis originated in the United States not only brought a huge impact on the Korean financial system, but also affected the real economy. To this end, the Korean government has taken a series of measures to deal with the challenges brought by the financial crisis.
After the outbreak of the financial crisis, South Korea's financial market experienced violent turmoil. Due to investors' concerns about the lack of market liquidity and doubts about the government's ability to cope with the financial crisis, South Korea's financial market has experienced serious panic, and the stock market and foreign exchange market have plummeted since the end of September.
According to the statistics released by the Bank of Korea not long ago, South Korea's GDP in the first to third quarters increased only slightly compared with the same period last year. According to the end-of-year data of 1 released by Korea Statistics Office, the start-up time of Korean industry and mining industry decreased by 0.8% in September compared with the same period of last year, which is the first time since September 2006 that the start-up time of Korean industry and mining industry decreased year-on-year. The predicted business climate index of 165438+ 10 is only 65, which is the lowest point since 10. South Korea's consumer price index rose by 4.8% during the period of 10 compared with the same period of last year, which is the first time that the index has increased by less than 5% since June this year.
In terms of foreign trade, South Korea experienced a trade deficit from June to September due to factors such as rising prices of crude oil and raw materials and declining exports. According to the data released by the Korea Statistics Office, the growth rate of South Korea's exports dropped sharply from 28.2% in September to 10%, among which exports to China dropped by 1.8%, which was the first decline in exports to China since 2002.
In response to the impact of the financial crisis on South Korea's economy, the South Korean government began to implement a large-scale financial rescue plan on October 20, 65438, with a total amount of130 billion US dollars. Among them, the Korean government will provide a three-year payment guarantee for foreign currency debts of local banks due or newly borrowed before June 30, 2009, with a total amount of 654.38+000 billion US dollars. In addition, the government will also use foreign exchange reserves to provide 30 billion dollars of funds to Korean banks and enterprises through the foreign exchange market to increase the foreign exchange supply in the market. A series of measures taken by the Korean government have achieved initial results in stabilizing market panic. Since 1 October 30, the exchange rate of Korean won against the US dollar has gradually stabilized at around 1250, and the Seoul stock price composite index has also rebounded from less than 900 points to around 1 100 points.
However, the overall economic situation in South Korea is not optimistic, and it is still threatened by the deterioration of the international economic environment. South Korea's small and medium-sized enterprises and self-employed individuals are especially facing the severe test of tight funds and shrinking consumption. In order to stabilize the financial market and prevent the economy from shrinking, the Bank of Korea lowered the benchmark interest rate twice in June+10, 5438, and lowered the interest rate from 5.25% to 4.25%. On the 7th of this month, the Bank of Korea announced again that it would cut the benchmark interest rate from 4.25% to 4%.
Earlier this month, South Korea's Ministry of Finance also announced that it would increase its fiscal expenditure budget for 2009 by 1 1 trillion won to stimulate the domestic economy. According to the latest data released by the Ministry of Finance of South Korea, the total budget of financial expenditure in South Korea will reach 284.8 trillion won in 2009, an increase of about 10% compared with 2008. Among them, 1 1 trillion won in the supplementary budget will be used to expand infrastructure construction and promote private investment, and mainly used to stimulate and restore local economic vitality.
In addition, the Korean government will also implement tax reduction measures totaling 3 trillion won to promote private investment, and plans to reduce the income tax of 1% every year in the next two years.
In order to stimulate the real estate market, the Korean government will also provide tax incentives to consumers who buy new houses in non-capital areas, and plans to relax some restrictive measures for real estate development.
South Korea's Minister of Planning and Finance, Jiang Wanzhu, recently expressed concern that the financial crisis may be gradually evolving into a real economic crisis, and the current crisis may be equivalent to the first round of a baseball game. However, he also said that the crisis also breeds opportunities. "If we overcome the crisis and find new growth drivers in the next two or three years, South Korea will rank among the developed countries."
On the issue of foreign exchange reserves and foreign debts, Li Changyong, vice chairman of the Korea Finance Committee, said that South Korea currently has foreign exchange reserves of US$ 268 billion. By the end of June this year, the total foreign debt of South Korea was about 420 billion US dollars. In view of the small scale of short-term foreign debts and other factors, South Korea's current foreign exchange reserves are sufficient to meet the foreign debts that need to be paid.