Chinese from the development of the world financial crisis

than a month, by the U.S. subprime mortgage crisis triggered by the world financial crisis, the world's other major developed countries and some developing countries continue spreading, the world's major dramatic turmoil in financial markets, stock index fell sharply for several days. Deepening of economic globalization in the context of the financial crisis hit the country the confidence of investors and consumers, world economic growth is slowing down.

30 years of reform and opening up, China has gradually developed into a world economic power, and the world ever closer contact with each other. The face of ferocious world financial crisis, this year in a row since a serious natural disasters in China, economic situation and how to deal with, world attention.

from the Chinese development of the world financial crisis, serious natural disasters and dramatic changes in world economic and financial situation, there is no change in our economic development is the basic trend. However, the worsening international economic environment, adverse effects on China's economy is gradually emerging.

confidence, calm observation, multi-pronged approach to effectively deal with - in the State Council under the strong leadership of the Chinese people have the confidence, conditions and have the ability to the good momentum of economic development, consolidate and develop. China's economy has the ability to withstand risks and strong vitality.

unprecedented challenge, a very unusual development is a joy
of the Chinese people's feelings into the 2008 threshold.

this year to implement a comprehensive strategic plan of the party's congress in the first year, and coincided with the 30th anniversary of reform and opening up. Beijing Olympic Games and Paralympic Games, the Chinese space walk astronauts for the first time, these plans in the event and wedding make hundreds of millions of people looking forward to 2008.

However, from mid January to early February, four in south China has suffered rare in the history of snow and ice during the attacks of extreme weather. After 3 months, a greater natural disaster followed. May 12, occurred in Wenchuan, Sichuan Richter magnitude of devastating magnitude 8 earthquake, with Sichuan, Gansu, Shaanxi, Chongqing, 10 provinces. This is the most devastating since the founding of new China, spread to the widest range of the most difficult of an earthquake disaster relief.

The two major natural disasters caused heavy casualties, extensive damage to housing, infrastructure, damaged large areas, industrial and agricultural production suffered significant losses, ecological environment has been severely damaged. Large natural disasters in the fight against the struggle, the CPC Central Committee and State Council, under the strong leadership of the Chinese people's will, courage and strength to withstand the severe test, promote the great national spirit, the struggle to win a major victory for disaster relief, and write the sense of heaven and earth the hero triumph.

this period, when the Chinese people with one hand and disaster relief, with one hand and economic developments, began in April 2007 in the U.S. subprime mortgage crisis began to expand the spread of international financial markets clouds, wave clouds sly deceitful. March 14, the Fed announced a troubled fifth-largest U.S. investment bank Bear Stearns to provide emergency loans. April, the major developed countries in the West after the implementation of a range of interventions, once the world's major financial markets, ushered in a short period of calm, and even many authoritative institutions predict that the subprime crisis coming to an end. But a few months, the situation has worsened, the two major U.S. mortgage institutions Fannie Mae and Freddie Mac in trouble.

9 7, the U.S. government announced plans to pay 200 billion U.S. dollars over the In less than a month later, several U.S. financial institutions in trouble. September 15, the fourth largest U.S. investment bank Lehman Brothers declared bankruptcy. The same day, the third-largest U.S. investment bank Merrill Lynch acquired by Bank of America. 17, the U.S. government the troubled insurance giant American International Group (AIG) to provide up to 850 billion dollars in emergency loans. 20, the U.S. government submitted to Congress 700 billion U.S. dollars in financial rescue plan. 21, the Fed announced the approval of the largest U.S. investment bank Goldman Sachs and Morgan Stanley's second-largest investment bank turned bank holding company. 25, U.S. regulators took over the largest U.S. savings bank Washington Mutual Bank and its part of the business sold to JP Morgan Chase Bank.

this generated in the Wall Street

10 3 May, the U.S. House of Representatives passed the revised 7000 billion financial rescue plan. 8, the major Western economies to take joint measures to lower interest rates and other emergency rescue. 21, the Fed announced it would start from money market funds buy commercial paper to boost short-term financial market liquidity. In addition, during this period, the United Kingdom, Japan, France, Russia, Brazil, South Korea and other countries have adopted various measures to implement the financial rescue.

Currently, this magnitude of extensive deep impact of a turnaround in the financial crisis has not yet, still in the uncertain and unstable intertwined turbulent state. International Monetary Fund said in a report in early October, subject to severe financial crisis, the world economy is entering a At present the major developed economies the economic situation

from the Chinese development of the world financial crisis, the impact of the crisis on China is limited and controllable. It should be clear to see that, as a dependence on foreign trade and opening up to 60% of the large country, the financial crisis on China's development has also had adverse effects. This directly showed export growth slowed. China is the world's third largest trading nation. The rapid growth of exports has been an important driving force of economic growth. In 2007, China's total imports and exports reached 2.1738 trillion U.S. dollars, exports accounted for the proportion of our gross domestic product was 37.5%, boosting economic growth from 1.5 to 2 percentage points.

the European Union, the United States, Japan and other major economies is China's major trading partners. Financial crises is bound to reduce their demand, will inevitably affect China's exports, thereby affecting economic growth.

this point in China's economic performance has been reflected. The first three quarters of this year, China's total exports grew 22.3% increase over the same period last year dropped 4.8 percentage points. The second largest trade partner of China exports to the U.S. $ 189,100,000,000, an increase of 11.2% over the same period last year dropped by 4.6 percentage points.

by weaker external demand, appreciation of the renminbi and other factors, this year China's textile and clothing export growth is slowing down labor-intensive industries, the Yangtze River Delta, Pearl River Delta region is not less export-oriented small and medium enterprises face difficulties.

the impact of natural disasters, there are large number of outstanding issues and economic operation constraints, outside the world financial crisis, China's economic development is faced with unprecedented challenges and attack, is the recent the economic development of the most difficult year, mainly in the economic growth trend is clearly slowing, corporate profits and fiscal revenue growth slowing, capital market volatility and the downturn and so on.

Statistics show that the first three quarters of China's economy grew 9.9% over the same period last year dropped 2.3 percentage points. Among them, 9% in the third quarter, less than one quarter of 10.6% and 10.1% in the second quarter. Affected by many factors, the first three quarters of above-scale industrial added value up 15.2% over the same period last year, down 3.3 percentage points. July, the nation's fiscal revenue growth was down month by month trend. In addition, the past year, fluctuations in the domestic stock markets to adjust, Shanghai and Shenzhen stock market value has shrunk more than half of the total.

face a severe test, the State Council the situation and resolute decision-making, scientific control, led the people to overcome the challenges, the success of the Beijing Olympic Games and Paralympic Games, the successful completion of Shenzhou VII manned space mission, maintained a steady and rapid economic development and social harmony and stability, and achieved an extraordinary development performance.

National Bureau of Statistics show that the first three quarters, China's overall national economy works well, mainly for economic growth remains rapid pace, downward trend in consumer prices was , great harvest of agriculture, structural adjustment and energy savings made new progress, continue to improve the quality of economic operation, including income, including employment and improve people's livelihood and so on.

worth mentioning is that the current stable operation of the financial industry. Increased over the years, China's financial sector reform, resistance to various financial institutions and generally enhance the strength, profitability and risk resistance capacity is increased, the overall market liquidity ample. In addition, the implementation of a gradual opening of China's financial strategy, international finance is not high enough participation, the virtual economy is relatively slow, the scale is not large in absolute dominant position of the real economy. Therefore, China's financial system is safe.

World Bank Senior Vice President and Chief Economist Justin Yifu Lin said recently that three factors will help China to better respond to the crisis: China has 1.8 trillion huge dollar reserves; China has capital controls, which for the Chinese erected a

However, the future international environment to the complexity and severity must be fully estimated. Third Plenary Session of the Party that must enhance the sense of actively respond to challenges and continue to promote sound and rapid economic development. Oct. 17 held a State Council executive meeting requirements, a profound understanding of China's economy maintained steady and rapid development of important and difficult, efforts to consolidate and develop a good situation.

overall the domestic and international, to ensure sustained economic growth
report the Seventeenth Party Congress, to This is the cause of the Party Central Committee from the overall development of the party and the country's major high degree of strategic thinking and multi-year deal with difficult and challenging process, it is a lively practice this strategic thinking.

to link domestic and comprehensive analysis of the international situation, take into consideration, our party has always been the correct line, principles and policies developed an important method. End of last year's Central Economic Work Conference held made it clear that more attention should co-ordinate domestic and international situations, accurately grasp the trend of world economy, enhance the good economic work of the systematic, predictable, and initiative. January 29 this year, the CPC Central Committee Political Bureau and the third group study, Hu Jintao, general secretary further requested, scientific grasp of the rhythm and intensity of macroeconomic regulation and control, as long as possible to maintain stable and rapid economic growth. This year in March, Premier Wen Jiabao in his government work report that given the current economic situation at home and abroad quite a few uncertainties, we must closely track and analyze new situations and problems, assess the situation and proceeding from reality and take corresponding measures timely and flexible manner, correctly grasp the rhythm of macro-control, focus and intensity to maintain stable and rapid economic development and avoid big ups and downs.

there have been many international and domestic situation of new complicated factors, the party and the country is facing many new challenges, June 13, the State Council in Beijing provinces and municipalities and central departments held responsible comrades of the meeting. The meeting pointed out, we must accurately estimate the economic and social development of the favorable conditions and positive factors, the confidence of a firm to do the work; have to fully understand the problems and challenges, enhance risk awareness and sense of urgency and actively prepared to deal with the kinds of difficult situation well prepared.

to maintain stable and rapid economic development, and to prevent big ups and downs, has always been our primary goal of scientific development.position.

According to this guiding ideology, the primary task of macroeconomic regulation and control by the development, and controlling price hikes. Then, our country in foreign trade, finance, taxation and other fields issued a series of specific measures targeted.

exports to alleviate pressure on the textile and other industries, from August 1 onwards, part of the textile and clothing export tax rebate rate from 11% to 13%, and this is Since 2006, cut export tax rebate rate for the first time since the callback. Early August, the central bank adjusted by the National Commercial bank lending to ease the financing of SMEs and the difficult security issues. Subsequently, the central bank also decided to cut since September 16 RMB benchmark lending rate and the small and medium financial institutions of RMB deposit reserve ratio to solve the problem of shortage of working capital for SMEs. remain volatile for the stock market

situation, September 19, China declared a unilateral imposition of stamp duty. At the same time, the SAC announced their support for the central business holdings or repurchase shares of listed companies, listed Huijin bank stock holdings.

9 Since May, the world financial crisis, the Western countries adopted a series of unprecedented measures to intervene. September 24th, Premier Wen Jiabao held talks with the U.S. economy, said the financial celebrities, China has set the challenge of the global financial crisis. The face of changing situation, China to strengthen macro-control, flexible, prudent and flexible policies to maintain macroeconomic stability, maintain financial market stability and maintain the capital market stable.

10 5 March, the CSRC announced that the company will launch securities margin trading experiment. Day from 6 to restart the medium-term notes issued non-financial enterprises. These two measures for the mitigation of the plight of corporate financing to maintain stable financial and capital markets have a positive effect.

10 8, the major economies in the West Bank also cut rates on the day, the People's Bank of China has also taken action to cut the first time in nearly 9 years, all of RMB deposit-taking financial institutions reserve ratio, the first time in 6 years down the RMB benchmark deposit and lending interest rates. In addition, from 9 th to the savings deposit interest income temporarily exempt from personal income tax.

10 17, the State Council executive meeting said, according to the scientific development concept, to take flexible and prudent macroeconomic policies, as soon as possible targeted taxation, credit, foreign trade policies and measures to maintain stable and rapid economic growth. At the same time, promote structural adjustment and development patterns. The meeting also benefit from strong agricultural farmers, to promote SME development, increased investment to maintain stable export growth, further improve people's livelihood has made a series of deployment.
Subsequently, the National Development and Reform Commission, 20, announced that in order to ensure that farmers increase production, promote food and agricultural production, the state will be more substantial increase in grain production in 2009 increased the minimum purchase price and subsidies to grain farmers.

21 days, the Ministry of Finance and State Administration of Taxation announced that from 1 November 2008, the appropriate increase in textiles, clothing, toys and some other labor-intensive and high technical content, high value-added export tax rebate rate.

22 days, the Ministry of Finance, State Administration of Taxation announced that links individual housing transactions to adjust tax policy and lower housing transaction taxes and fees. The same day, the People's Bank of China also announced that personal housing accumulation fund loan interest rates down and expanding the commercial individual housing loans to lower interest rates.

this series of flexible and prudent macroeconomic policies issued, fully demonstrates that the State Council in order to maintain economic stability, financial stability, capital market stability, and continue to promote economic and social good rapid development of a strong determination.

strengthen the development of confidence, something to run their own
After 30 years of continuous reform and economic growth, one oriented toward modernization, the world and the China stands firmly in the socialist future of the East as the world is an important driver of economic development.

Today, China's development is inseparable from the world, the world can not develop without China. According to IMF statistics, in 2007 China's economic growth on the contribution of global economic growth has reached 25%, becoming the largest contribution to global economic growth of countries.

face Bainianweiyu the world financial crisis, China has been closely following the developments and the evolution of a high degree of concern that the financial crisis on the world economy. Since late September, as the crisis deepens, our leaders have with the state leaders to discuss international financial situation, the positive evaluation of relevant countries to stabilize financial markets, a series of measures taken by the hope that these measures have achieved positive results. Also stressed that the international community respond to the crisis to strengthen cooperation, China will continue to play an active role in a responsible manner. China's leaders say, China has maintained economic stability, financial stability, capital market stability, there are no major ups and downs, which itself is the greatest contribution to the world.

years ago, when the Asian financial crisis, the Chinese not to depreciate, on the crisis in Southeast Asian countries and regions to give a firm support. In the current world financial crisis, China, as the efforts of a responsible power again, highly praised by the international community.

the World Economic Forum President Klaus Schwab said that the current world economic environment, rapid economic growth in China has played a crucial role. Federal Reserve Bank of New York, Geithner said the world economic downturn in the current situation, people pay more attention to the message of China. China is the world's economic and financial stability and confidence in the source. US-China Business Council Chairman Andrew Liveris said in the case of weaker U.S. economy and maintain economic stability and powerful, is the world of the Gospel. White House spokesman Fu Laituo said that in response to the current financial crisis, China will act as a

present, the world financial crisis plunged the people's confidence, making the prospects of world economic development. To some extent, the modern economy is confidence in the economy. But, as Premier Wen Jiabao said: When the financial and economic crisis, when confidence is more precious than gold and currency.

face the challenges of the global financial crisis, we have to enhance the sense of fully assess the difficulties and potential risks and, more to see to maintain economic sound and rapid development of favorable conditions and positive factors. This is exactly where our confidence.

This confidence comes from the strong leadership of the party and the government. 30 years of reform and opening up, our party hold high the great banner of socialism with Chinese characteristics, and constantly emancipating the mind, persist in reform and opening up, promote scientific development, promote social harmony and lead millions of people overcome the challenges, mitigate risks, and accumulated rich experience in reform and development.

This confidence comes from the increasingly strong comprehensive national strength. Since 30 years of continued fast economic growth, China's total economic output jumped to fourth in the world, import and export volume rose to third in the world, grain, cotton, steel and other major agricultural and industrial production in the world, people's living standards to achieve from lack of food and clothing to moderate prosperity change. We resist the risk of greatly enhanced ability to meet the challenges.

This confidence comes from the unity and struggle of people of all nationalities. Under the leadership of the party, people of all nationalities in the realization of the great practice of socialist modernization, and constantly promote the great national spirit. Especially this year, from disaster relief, a successful Olympics to the seven gods, flying success, greatly inspired the patriotic enthusiasm of people across the country and national pride. At present, being the party in-depth study and practice the scientific concept of development activity, it is for us to seize opportunities and meet challenges with a strong ideological mobilization.

Moreover, you should see a vast land area in China, a huge demand for infrastructure investment. China has 1.3 billion people, vast domestic market, especially developing the rural market has great potential. Third Plenary Session of the Party under the new situation to push forward the rural reform and development decisions, is bound to accelerate rural economic development, and further activate the rural market played an important role. Moreover, China's household savings and corporate deposits and nearly 20 trillion yuan more than the bank capital adequacy.

recently held that the Party's Third Plenary Session, the most important thing is to our own affairs well. To be more conscious, more firmly grasp the development of the most important task of the Party, more conscious, more determined to promote the scientific development. Adopt flexible and prudent macroeconomic policies, efforts to expand domestic demand, especially consumer demand.

the current world financial crisis is still evolving, has not yet bottomed out. Continued weakening of external demand situation, expanding domestic demand is particularly important to prevent the economic downturn. We must expand domestic demand as the basic point of economic development, make great efforts to transform the economic growth, strengthen agriculture as the foundation, on the basis of the optimized structure to maintain a reasonable scale of investment, adjusted national income distribution, efforts to expand consumption demand, particularly consumer demand, increase the contribution of consumption to economic growth rates.

reviewed 30 years of reform and opening up the process, economic and social development in China has time and again faced a major challenge, but the CPC Central Committee and State Council's strong leadership, we again and again to overcome various difficulties and obstacles on the road ahead. Rise to the challenge each time we move a step. Chinese from the development of the world financial crisis, we have full confidence and capability to overcome all the difficulties, the national economy in a more sound and rapid development for a long time.