The financial crisis is a crisis in the financial field. Because financial assets are highly liquid, finance is very international. The fuse of the financial crisis can be any country's financial products, markets and institutions. The financial crisis is characterized by people's expectation that the future economy will be more pessimistic. The currency of the whole region has been greatly devalued, the economic aggregate and scale have been greatly reduced, and economic growth has been hit, which is often accompanied by a large number of business closures, rising unemployment rate, general economic depression in society, and sometimes even social unrest or national political turmoil.
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The influence and harm of the financial crisis
In the global financial turmoil, the import and export industry, which is at the forefront, has suffered the most direct and serious impact. First of all, the crisis shifted from the financial level to the economic level, which directly affected exports. Consumer spending in the United States accounts for more than 70% of GDP. In 2007, domestic consumption in the United States was about $65,438+00 trillion, while consumer spending in China was about $65,438+00 trillion in the same period. In the short term, the increase of China's domestic demand can't make up for the decrease of American economy's import demand for China. It is estimated that China's exports to the United States will decrease by 5% ~ 6% for every decrease in the economic growth rate of the United States 1%. Secondly, the subprime mortgage crisis further strengthened the weak position of the dollar, accelerated the depreciation of the dollar, and then reduced the advantages of export products.
The contradiction between the Fed's continuous interest rate cuts and the injection of liquidity into banks and China's tight monetary policy led to a large amount of hot money flowing into China, which accelerated the process of dollar depreciation and RMB appreciation, thus reducing the price advantage of China's export products and posing a challenge to American exports. Under the influence of the above factors, China's exports show signs of slowing down. In the first half of this year, China continued the trend of slowing export growth. In terms of export volume, it increased by 2 1.87% in the first half of the year, which was nearly 6 percentage points lower than the growth rate of 27.55% in the same period of 2007. In terms of export volume, the first half of the year increased by 8.44% compared with the same period in 2007, which was also significantly lower than the growth rate of10.1%in the same period in 2007.
In addition to the decrease in the number of exports, due to the financial crisis, the default rate of overseas enterprises has also begun to rise, and the external credit environment of export enterprises has further deteriorated. According to the statistics of Zhejiang Branch of China Export Credit Insurance Corporation, the amount of loss reporting cases received in the first five months was as high as 30.34 million US dollars, an increase of 80% year-on-year; 8.95 million US dollars have been paid, a year-on-year increase of 525.6%. Among them, the amount of claims in 2008 increased by 525.6% compared with the same period in 2007, and the overseas bad debt rate of local enterprises increased by about 268%.
Baidu Encyclopedia-Financial Crisis