In September 2008, it was once "the pride of America" and "the capital".

The core of humanism "and" making the rules of the world economic game "

Wall Street, as the center, was created by itself.

Violence is devastating and confusing. September 14, China

There are two "time-honored brands" on Second Street, and one has a calendar with 158.

Historically, the Roman Brothers Company with 25,000 employees; One is holding.

The same is true of Merrill Lynch, which has a history of 94 years and more than 60,000 employees.

I collapsed in two days. On September 25th, America's largest savings.

And the loan bank, Washington Mutual, because of unbearable pain.

Serious mortgage losses, by the Federal Deposit Insurance Corporation

The organization seized and took over, becoming the largest organization in American history.

Bankrupt bank. The financial crisis on Wall Street swept through quickly.

Global financial turmoil. September 15, global financial market

Tragic scene, new york Dow Jones plunged 504 points, Russian.

The stock market fell more than 7%, Germany, France, the United States, Asia.

European stock markets all fell sharply. As of now, the global stock market is still

If it falls again and again, the global economy may fall into a serious situation

Total recession

An analysis of the root causes of the crisis

Rome was not built in a day. The financial crisis in the United States,

It's not a sudden "acute disease" recently, but the root cause is really ice.

Rome was not built in a day. Nasdaq Internet Bubble in 2000

After the bubble burst, in order to stimulate the US economy, the Federal Reserve sharply

Cut interest rates and keep the federal funds rate at 1% for one year.

For a long time, because low interest rates lead to loose credit, American society has

In order to save a lot of cheap money, buyers are subject to low interest rates at low interest rates.

The temptation of loans, unprecedented enthusiasm for buying houses, and loans.

Buying a house has promoted the prosperity of the real estate market, and the house price has soared by about 85% in the past 10 years. room

Rising prices make the real estate bubble expand constantly, thus giving birth to today's crisis.

Sub-prime loans have laid a curse. Faced with the false prosperity of the real estate market and many buyers, silver

Banks and financial companies are profit-driven, regardless of whether the borrower's credit is good in the future.

Whether they have the ability to repay their debts or not, they have provided "subprime" mortgages to high-risk people. Dangfangzi

This kind of loan is not a problem when the property market is hot and house prices are rising. Because the owner can sell the house

The risk of profit, foreclosure or default is also low. But the premise is

The real estate market bubble burst, house prices continued to fall, mortgage loans defaulted, and mortgage foreclosure was cancelled.

The proportion of rights has soared, and the value of "innovative bonds" linked to mortgage loans has been declining. Banks have

Forced to write down the book value of related assets for many times, resulting in huge losses, which led to

The subprime mortgage crisis laid the groundwork for the financial crisis on Wall Street.

Sub-prime debt added fuel to the fire. Banks or financial companies lend money and earn fees.

Selling the mortgage contract to the mortgage association or wall street company will be this.

Some subprime bonds were packaged as "innovative bonds", and the so-called authoritative rating agencies in the United States benefited from it.

After charging, they irresponsibly labeled these "innovative bonds" as "5A" and cheated the country.

There are buyers outside. Europe is the biggest buyer of these bonds, followed by Japan and China. beautiful

In order to pass on the debt crisis, China issued bonds to the world. In 2007, the gross domestic product of the United States also

Less than 14 trillion dollars, while the bonds issued in the financial market are 5 16 trillion dollars. Through subprime loans

When it becomes subordinated debt, the principal-agent chain between the end user and the initial fund provider continues.

With the extension, more and more financial intermediary companies are involved in the whole transaction chain, including mortgage loans.

Companies, commercial banks, Wall Street brokers, securities rating companies, credit insurance companies and foundations.

Gold management companies, investment consulting companies, institutional investors, etc. , the implied public interest in the market.

Welfare has greatly increased. The multi-link principal-agent relationship will inevitably lead to moral hazard and conflict of interests.

The degree of irresponsibility in driving has seriously increased. Irresponsible lending behavior, profit-driven.

Bond rating is the main reason for this crisis.

The Impact of the Crisis on China

Since the beginning of 2 1 century, the global economic relevance has been continuously improved. China goes to the world.

After China's entry into WTO, this correlation has been further improved.

High, the more our economy depends on overseas.

The contribution of foreign trade exports to China's GDP is getting higher and higher.

From 5% in previous years to 9% in 2007.

The best in the world. The United States is the largest economy in the world.

China is also China's largest trading partner, and I

China's finance and economy are similar to those of the United States.

Recently, the financial crisis in the United States will inevitably affect our country.

Have an impact.

Direct influence. Foreign exchange reserves have shrunk. In recent years

In recent years, China's foreign trade has grown rapidly, while its foreign exchange reserves have not.

Interruption increased, as of mid-year 10, foreign exchange reserves have been

It reached $6543.8+9056 million. In recent years, the dollar has been appreciating continuously.

After the subprime mortgage crisis, the dollar depreciated.

Speed up, leading to China's huge foreign exchange reserves are not.

Crushing and shrinking.

Financial institutions are damaged. China construction bank

Bank of China, ICBC and other large listed banks, both in quantity and amount.

Different owners of American bonds, although the amount is the same.

The bank's assets and turnover are not large, and the risk is small.

Within the controllable range, but the degree of metropolis is different.

Suffer asset impairment losses.

Huge national debt was damaged. There is a giant in America every year.

The fiscal deficit is maintained by issuing a large number of government bonds.

Budget, although the United States is the world's largest economy.

A big country is also the country with the largest foreign debt and domestic debt in the world.

The largest country in the world. China's foreign exchange reserves in recent years

For various reasons, China did not increase.

I bought US Treasury bonds, and now I have accumulated them.

The national debt is $50178 billion. Among them, some are beautiful.

If the state guarantees, it can avoid risks; Some are absent.

If the state guarantees, there will be risks and losses.

Indirect influence. Foreign trade exports have decreased. United States of America

This financial crisis not only directly led to Rome, the United States

Lin, Hewlett-Packard and other big-name financial institutions and related sea

Foreign institutions and related enterprises have closed down seriously.

It affects the real economy of the United States and makes unemployment fierce.

Increase, social purchasing power decreases, commodity demand decreases,

China's imports of goods will inevitably decrease. the west

Other countries have also been affected by the financial crisis.

Here you are. In recent months, China's foreign trade exports have increased.

Has slowed down, and some export-oriented enterprises along the coast

Have been in trouble, and some have even gone bankrupt.

The stock market was hit hard. China stock market, nearly two.

With the rapid development of China economy in 2000, it was once handed over.

Active, in full swing, full of bull. But this year

At the beginning of the year, some institutional investors thought that the United States was the second.

The loan crisis is unfathomable and may turn into finance.

This crisis triggered the recession of the American economy, which in turn affected.

With the economic growth of China, funds are withdrawn from the stock market.

Market, leading to a continuous sharp decline in the stock market, the vast majority of small and medium-sized investors suffered heavy losses, so that the stock market and its functions suffered unprecedented heavy losses.

The warning of the crisis to China

A lesson from the past is a lesson from the future. The lessons of the once-in-a-century financial crisis in the United States deserve our deep thought and serious consideration.

Summarize and remember.

Correctly handle the relationship between financial innovation and financial supervision. It is called "financial innovation" in the United States to package subprime mortgages into bonds and sell them at home and abroad.

New ",said that it can increase the liquidity of mortgage loans and provide more loan-based funds for the society. But the principal-agent chain of this bond is very long.

In the meantime, it passes through multiple layers of entrusted agencies and intermediaries. Each party in the principal-agent chain may only be responsible for earning service fees.

Any, all risks shall be borne by the ultimate investor. And these ultimate investors are separated from the previous direct lenders and packers by several rings.

Unable to supervise the principal-agent relationship, the accumulated system risk will inevitably form a huge storm. For this so-called

"Financial innovation" cannot form effective supervision at all. This lack of scientific and regulatory "financial innovation" is precisely the formation of the financial wind.

A hotbed of violence.

In recent years, China's financial industry has steadily promoted reform and opening up, and its participation in the international financial market and its ability to resist risks have been continuously improved.

The strength has been enhanced, but it is still in its infancy. We should steadily push forward financial reform and innovation, especially attach great importance to financial innovation.

New science, legality and monitoring, and strive to nip in the bud.

Strive to control the real estate market bubble. The current financial crisis in the United States began with subprime mortgage and broke out in the real estate market.

When the foam bursts. There are different opinions on whether there is a bubble in China real estate market. /kloc-the market price of real estate in China in the past 0/0 years.

The increase of grid is much higher than the 85% increase of the United States in the past 10. Such a high increase in the United States led to the bursting of the real estate market bubble.

Has led to the current financial turmoil. China real estate prices have soared in recent years, is there no bubble? At present, China's most urgent task.

One of the tasks is to try to control the real estate market bubble. The main ways are as follows: First, the government should immediately change the practice of profiting from land.

Significantly reduce the land transfer price to reduce the market price of housing products. Second, increase the construction scale of affordable housing and build more affordable housing.

Use housing and low-cost low-rent housing, reduce taxes and fees on real estate transactions, reduce the burden on buyers and sellers, and promote the prosperity of real estate transactions. Third,

Reduce the mortgage interest rates for purchasing houses and reduce the burden of repayment of principal and interest of borrowers. Only through active policy adjustment can we achieve higher housing prices.

Only when it comes down can low-and middle-income people in cities and towns buy houses and get loans, and the real estate market can be stabilized, which is also an effective boost to domestic demand.

One of the important ways. Fourth, realize low-interest loans for first-time buyers.

Correctly handle the relationship between accumulation and consumption. To effectively resist the current financial crisis, the most important way is to maintain China's economy.

Sustained and steady economic growth. To achieve this goal, we must correctly handle the relationship between export-oriented economy and domestic demand-oriented economy and reduce economic growth.

Rely on foreign trade export for a long time, and strive to improve the pulling effect of domestic demand on economic development.

Household consumption in domestic demand is the main source of GDP growth in a country. Generally speaking, household consumption accounts for more than 70% of GDP.

However, in recent years, the proportion of China's household consumption in GDP has been declining year by year, accounting for only 35% in 2007, which fully shows that China's domestic demand is not strong.

Feet. A few years ago, after the Asian financial crisis, China experienced a deflation. In order to promote economic growth, national debt is issued on a large scale every year.

Capital construction investment has played a certain role in promoting economic growth. In recent years, investment has increased by more than 20% every year, which has led to certain blindness.

Investment, low-level repeated investment, and some inefficient or even ineffective investments become bad debts of banks, which increases the risks of the financial system. Therefore,

We must not take the old road of investment growth, but vigorously promote household consumption and embark on a new road of household consumption growth.

How to effectively promote household consumption? We should correctly handle the relationship between accumulation and consumption. This includes two main aspects: first, the state should

Reducing accumulation appropriately is beneficial to people's consumption; The second is to help and guide residents to accumulate properly and dare to consume.

First, let the people have money to spend. The employees of enterprises are the main force of urban residents' consumption. At present, the income of enterprise employees

Low income, slow wage growth, and some enterprises have not even given their employees a basic salary increase for many years. Prices have risen rapidly in the past two years, and ordinary employees

How much spending power can workers have? Therefore, the state should reduce the tax burden of enterprises, enhance the profitability and internal distribution ability of enterprises, and make enterprises

The income of employees is increasing year by year. It is necessary to raise the threshold of personal income tax to 3000 yuan, so as to raise middle and low income.

The purchasing power of consumers. Hundreds of millions of farmers in rural areas of China have hidden greater consumption potential. However, due to the current low cash income of farmers, plus

All kinds of concerns, rural consumption is limited. Only by speeding up the construction of new socialist countryside and strengthening the state's assistance to agriculture, countryside and farmers can farmers do their best.

Only by getting rich quickly can we open up a vast rural consumer market.

Second, let the people dare to spend. At present, the income of urban and rural people in China is generally low, but people's savings are increasing. Baixingben

Why not spend on limited income? It is because children have four worries about education, housing, disease prevention and old-age care. Therefore, only the country accelerates.

Reform the pace, improve free universal education, public welfare and low-cost higher education as soon as possible, promote medical reform, and let the people get medical treatment; Promote urban and rural pension

Insurance reform has brought people a sense of security. As long as the four worries of the people are relieved, can't the money in the hands of the people be used for consumption?