1. From the operating situation of Chinese enterprises, on the whole, although all industries in China have been hit by the economic downturn, the asset-liability ratio of enterprises is still within a reasonable range, and their overall profitability is strong, and they can still maintain a good profit and development trend. A survey of 5,000 enterprises by the People's Bank of China in 2008 showed that the average asset-liability ratio of non-financial enterprises was 55. 1% at the end of September this year, which was in good condition. Mainly due to the good foundation laid by the rapid economic development in previous years, the real economy has not entered the decline range for a long time. 2. From the bank's point of view, China's financial institutions suffered little impact in the financial crisis, and they still have a strong ability to release liquidity. In the first three quarters of 2008, the non-performing loans of commercial banks in China were still in a state of "double decline". At present, the balance of non-performing loans is 1.27 trillion yuan, which is 3.02 billion yuan lower than the beginning of the year, and the non-performing loan ratio is 5.49%, which is also 0.67 percentage points lower than the beginning of the year. 3. From the perspective of China government, the debt burden rate of China government is much lower than that of major developed countries, and its fiscal revenue and expenditure are in good condition. At the end of 2007, China's national debt accounted for only 22% of GDP, compared with 7 1% in the United States, 67% in the euro zone and 163% in Japan. In 2007, China's central fiscal deficit only accounted for 0.8% of GDP. China also holds nearly $2 trillion in foreign exchange reserves, and there is still a lot of room for policy adjustment. 4. At present, China still has vast borders to stimulate economic growth through massive investment. At present, the infrastructure construction in major western developed countries has almost been completed or nearly completed. Therefore, at present, their investment is mainly the upgrading, technical transformation and functional recovery of enterprises. These projects can not drive much investment, and the overall promotion of the macro economy is not obvious. However, China's existing infrastructure construction cannot meet the needs of rapid economic growth and continuous improvement of people's living standards. The main investment opportunities are: transportation construction (railway, highway, airport, port and bridge construction), energy construction (oil, coal, power station and power grid construction), urban infrastructure construction and new rural construction. 5. The economy of western developed countries is a consumption economy, and the decline of total consumption level has a very obvious impact on the economic recession; Second, its mass consumption has reached a higher level. Even if its consumption power does not decline, there will not be much room for new consumption demand. This is the root of the long-term low economic growth in western developed countries. In recent years, China has added more than 7.5 million workers every year. Moreover, China is currently in the process of rapid population urbanization, and the annual urbanization population of China is about100000, which plays an obvious role in stimulating the economy. At the same time, with the development of China's economy and the improvement of residents' income level, the upgrading consumption of China residents in housing, automobiles, clothing, tourism, entertainment and leisure has become an important consumption content of more and more families, and there is also a huge market space for upgrading consumption. 6. In 2007, the national fiscal revenue was 5 1, 32 1.78 billion yuan, with a surplus of about 200 billion yuan. Coupled with extra-budgetary income, such as land transfer fee 1 trillion, there will be great financial control. 7. In fact, there is no serious liquidity shortage in China. In the first half of 2008, China's liquidity was hoarded in the hands of major financial institutions by raising interest rates, raising the deposit reserve ratio and issuing central bank bills. As long as monetary policy is appropriately relaxed and loans to small and medium-sized enterprises are increased, a large amount of liquidity owned by banks will roll into society. Liquidity will increase significantly. 8. The China government has strong macro and regional control capabilities. First, the proportion of China's state-owned economy is relatively high, and the lifeline of the national economy is in the hands of these state-owned enterprises. The government can regulate state-owned enterprises to assume more social responsibilities to stabilize the development of national economy in a certain period of time, and at the same time bring a lot of benefits to these enterprises; Second, the China Municipal Government has strong control ability and advantages in centralizing and distributing national financial resources, coordinating regional economic development, promoting industrial restructuring, and guiding the direction of social investment. Even though local governments often go their own way, their decrees are not smooth, the authority of the central government is still relatively strong, and it has a strong ability to control the overall situation when necessary; Third, due to the characteristics of China's socialist system, the huge investment demand depends on the planning, guidance and coordination of the central government. Source: www.rdccn.com sauville Research and Data Center.