Situation and policy papers have a correct understanding of the world economy and the debt crisis situation in Europe and America, and have a deep understanding of the external development environment I have lived in. Please help us. . The American debt crisis is a derivative of the subprime mortgage crisis, and the most fundamental thing is the inevitable result of the development of capitalism to financial capitalism. The crisis far away in the United States has had an impact on China. Its root lies in the specific economic structure formed in the development of China and the United States in the past 30 years. This structure has a very vivid saying, which is the so-called "China-US" saying. Theoretically, this structure can be explained by various words such as "center", "periphery" and even globalization, but it needs to be emphasized that we are in a weak position in this structure. The direct consequence or loss is that the uncertainty of the expectation of world economic recovery increases, which leads to the shrinking of huge foreign exchange, the influx of hot money into China and the aggravation of imported inflation. Judging the international situation, the most fundamental problem is the problem of the United States. With the rise of China, China has become an important aspect of the contradiction, which leads to three points: the super hegemonic model of dollar plus US military will still exist strongly for a long time; The American government kidnapped the world economy by printing money, and the dollar bill wind became the inducement of the periodic "cold" of the world economy; As the largest holder of American debt, China will have more and more frictions with the United States. In fact, our previous practice of widening the gap at home and promoting development may be getting closer and closer to its end. Historically, this development model is correct, because these 30 years of development have brought great changes, but if we don't keep pace with the times, we may encounter many problems. From a more macro point of view, today our development has reached a critical point, and at the same time, we have accumulated many contradictions and problems. How to solve these problems and how to choose a new way to promote the development of the whole economy and society, theoretical circles and practice in many places have begun to do it independently or involuntarily. Compared with the subprime mortgage crisis in 2008, the US debt crisis is top-down. The main reason is that it is difficult for the government to stimulate the domestic economy and maintain a good financial situation, and the confidence of enterprises and financial circles has lost, resulting in a sharp decline in private investment and expenditure. In the case that American enterprises and families are not optimistic, the ultra-low interest rate policy introduced by the Federal Reserve will not significantly stimulate the economy, and the economy may continue to bottom out. At present, the causes of high inflation in China are complicated, including imported inflation and abundant liquidity, as well as the rising cost of resource products and labor. It is expected that the inflation rate will decrease in the fourth quarter. Combined with the current world economic environment, China's monetary policy will be cautious in the next stage. To prevent inflation, we should be forward-looking and prevent the lag of deflation and the superposition of accumulated after-effects. Monetary policy can be "directionally loose" and provide loose financial support to public rental housing, "agriculture, rural areas and farmers" and small and medium-sized enterprises. The US sovereign credit rating declined for the first time in a hundred years, which has three impacts on China: the dollar continues to depreciate, hot money may accelerate its inflow into China, and domestic inflationary pressure will increase; Huge foreign exchange assets are facing shrinking; The domestic economic development of the United States is damaged, which requires China to further open its market, put pressure on the appreciation of the RMB, intervene in China's exports through tax increase and suppress export enterprises. In this regard, it is necessary to limit the large inflow and outflow of capital in the short term, monitor the inflow of hot money in an all-round way, and further improve the management of direct investment. Implement the strategy of diversification of foreign capital, manage foreign exchange reserves scientifically, and realize the goal of splitting national foreign exchange reserves. Properly adjust the austerity policy to prevent inflation and economic downturn. In fact, the European debt crisis contains opportunities for China enterprises: First, the European economy has not bottomed out and there is a strong demand for foreign investment. Proceeding from China's interests, we should be cautious in purchasing treasury products, and consider foreign investment and mergers and acquisitions appropriately. Second, direct investment in China enterprises is a rare opportunity. German, Italian and Swiss enterprises have technology brands and industrial equipment urgently needed by China enterprises. Third, compared with North America and Australia, corporate income tax in some European countries is relatively low. China enterprises can follow the trend, quickly improve their support capabilities, get familiar with the European environment, and especially accumulate cooperation capabilities. Establish corresponding companies and participate in mergers and acquisitions by means of trust. At the same time, the government supports the establishment of an offshore service center for China enterprises to help China assets complete international brand cooperation. In view of the current situation, first, adjust the export strategy, and the export target market should be transferred from the European and American markets to some emerging markets that are less affected by the US debt crisis; Second, adjust the import strategy, take advantage of the opportunity of American and European countries to relax the export of advanced equipment and technology in response to the crisis, increase the use of foreign exchange and increase overseas investment; The third is to take advantage of the opportunity that the central government may concentrate on dealing with the debts of local government financing platforms to reduce the debt burden of local government financing platforms; Fourth, live within our means to prevent the level of welfare protection from exceeding the level of economic development.