The financial crisis began in 2007, and it was not until 2008 that China's influence appeared:

On February 3, 2007, 13, New Century Finance issued a profit warning for the fourth quarter of 2006.

On August 2nd, Societe Generale announced a profit warning, and later estimated a loss of 8.2 billion euros, because its Rhineland Fund with a scale of 654.38+0.27 billion euros and the bank itself participated in the US real estate subprime mortgage market a little, resulting in huge losses. The Bundesbank convened banks from all over the world to discuss a package plan to save the German Industrial Bank.

On August 8, Bear Stearns, the fifth largest investment bank in the United States, announced that its two funds had closed down, which was also due to the subprime mortgage crisis.

On August 9th, BNP Paribas, France's largest bank, announced the freezing of its three funds, which also suffered huge losses due to their investment in American subprime bonds. This move led to a sharp drop in European stock markets.

Financial crisis refers to the crisis of financial assets, financial institutions and financial markets, which is manifested in the sharp drop in the price of financial assets, the collapse or near collapse of financial institutions, or the collapse of a financial market such as stock market or bond market.

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.

Systemic financial crisis refers to those crises that affect the whole financial system and even the whole economic system, such as the financial crisis that triggered the Great Depression in the West in 1930 (Geng Wunian).

Resources Baidu Encyclopedia Global Financial Crisis