The emergence of the global financial crisis has attracted international attention. In fact, the danger of global macroeconomic imbalance comes from a microcosm of the United States and China. American regulation and macroeconomic policies are the chief culprits of the current crisis. However, it is deeply ironic that China's virtue, its high national savings rate and strict policy management, as well as the external value of its currency encouraged by providing cheap goods and cheap goods to finance American consumption, have formed a disastrous crisis in stages, rather than a bubble. As a result of these policies, China's economy is rebounding.
Strangely, this crisis may aggravate the integration of these two economic systems. In the short term, China needs export growth to maintain employment growth and social stability. As China continues to export to the markets of the United States and other developed countries to maintain its foreign exchange account surplus, the United States has no choice but to buy the national debt accumulated in its reserves and manage its exchange rate. The United States needs buyers who are willing to buy and issue treasury bonds to finance its budget deficit, which is bound to increase due to bailouts and fiscal stimulus actions.
As both sides regard each other as a disproportionate beneficiary, the tension between the two economies will inevitably have some unhealthy aspects. In fact, with the collapse of financial markets and other parts of the world, and the growing need for economic protection and isolation, the aftershocks of this crisis reverberated in global economic activities. During the global economic downturn, this tension may increase.