The impact of the European debt crisis on China's economic policies

下面为大家整理一篇优秀的paper代写范文- The impact of the European debt crisis on China's economic policies，供大家参考学习，这篇论文讨论了欧债危机对中国经济政策的影响。欧盟是中国在全世界中最大的贸易伙伴，中国对外贸易出口占据前三位的是欧盟、美国和日本，三者占中国出口总额的60%以上。而欧债危机将使欧元区各国的消费信心和实际消费都会大为减少，从而严重影响到中国对欧盟的出口，不仅如此，欧债危机亦会对美国、日本及其他国家产生很大的影响，也会影响到他们的消费信心和实际消费，使之大幅减小，这样也将影响到中国对他们的出品贸易。

It has been more than ten years since China joined the WTO, and its dependence on the outside world is not what it used to be. Therefore, the international economic situation, especially the European and American economic situation has a huge impact on China. Therefore, we should not only look at the domestic situation, but also take the development trend of the international economic situation, especially the European and American economic situation as the basis. And the current economic situation in Europe and the United States is "coming". It was worse than the financial crisis caused by lehman brothers in 2008. In order to prepare for a rainy day, it is necessary to analyze and study the economic situation in Europe and America, so as to revise our economic policies and enable us to develop better and faster.

After the 2008 financial crisis in the United States, the crisis in Europe and the United States, especially in Europe, resurfaced. This crisis originated from the European debt crisis, which first broke out in Greece. Since the European currency was unified in the euro, it has reduced many costs and created many advantages, but the euro monetary system also has a big drawback. Many countries in the euro area do not have the right to issue a European currency, only the right to use it. Some euro-zone countries then borrowed heavily to spend it. It is only natural that debts should be paid. But when you can't afford to borrow more, you have a crisis, and the first crisis is Greece.

In November 2009, the Greek finance ministry announced that it would run a fiscal deficit of 13.7 percent of its GDP for the year, causing panic in the markets and ultimately triggering the European sovereign debt crisis. In May 2010, the Greek sovereign debt crisis broke out. As a result of its contagion effect, Spain, Ireland, Portugal and Italy and other countries, at the same time a credit crisis. Therefore, in order to prevent the European debt crisis from evolving into a global financial crisis, the eu and the international monetary fund have successively introduced 110 billion euros and 750 billion euros of rescue measures. The European central bank bought Greek government bonds sold by private investors in the secondary market to prevent their prices from falling and yields from rising. Meanwhile, it increased short-term loans from commercial Banks and eased mortgage conditions to ease the liquidity shortage in the money market.

In the second half of 2011, the European debt crisis spread to France and other core countries with increasing momentum. After the general strike in Greece, Italy and the United Kingdom also saw a more serious wave of strikes, which even infected the United States. The United States also saw the occupy Wall Street event, and European Banks were also seriously threatened. Standard & poor's downgraded their outlook as a result. Fifteen countries in the euro zone were forced to leave by standard & poor's, which made it even more difficult to solve the European debt crisis. On December 6, 2011, even the reserve bank of Australia joined in the interest rate cut, this time for the first time since the 2009 financial crisis, "back-to-back" interest rate cuts, highlighting the huge impact of the European debt crisis on its country and other continents.

The essence of the European debt crisis is that the countries in the euro zone enjoy the economic benefits in advance by taking on debts, but economic growth cannot support such consumption levels. Make deficit spending unsustainable. Although the eurozone has a unified currency, each country has its own fiscal policies, namely, constantly increasing the debt scale. As mentioned above, however, countries did not have the right to issue money, and their debts exceeded the economic capacity, that is, the debt could not be paid, leading to the outbreak of the crisis. Since the economies of all countries are interconnected, the European debt crisis is not just a matter of developed countries in the eurozone, and the impact on China in particular will be huge.

The eu is China's largest trading partner in the world. The top three Chinese exporters are the eu, the us and Japan, which account for more than 60% of China's total exports. While the European debt crisis will make eurozone consumer confidence and actual consumption will be reduced, thus the serious influence to China's exports to the eu, not only that, but the European debt crisis is not behind the United States, Japan and other countries, there is no doubt that will produce very big effect to them, will also affect their consumer confidence and actual consumption, decrease sharply. This will also affect China's export trade with them. In recent years, China's dependence on foreign trade has exceeded 50%, and almost half of China's GDP is driven by foreign trade. If all of China's foreign trade fails to go out, China will experience an economic crisis on the scale of that in Europe and the United States in 1929, and China's GDP will decline by about 50%, just like that in the United States. But if China's foreign trade only drops by 5-10%, the impact on China will be huge. In that case, China's GDP will not only drop by 5-10%, but also more. A large number of enterprises will close down and more employees will be laid off. The central government also expected this, so in the 12th five-year plan, the emphasis is on ways to increase domestic consumption.

In 2007, after more than a decade of price stability in China, inflation began to re-ignite. In order to cope with the serious inflation in 2007, the central government took a series of strong measures. At that time, the main contradiction in Chinese society was not inflation, but employment. There are millions of college students who need employment, tens of millions of urban labor who need employment, and hundreds of millions of farmers who need to move to the cities to find employment. Almost all measures to curb inflation will have an impact on investment, that is, they will curb the growth of investment and even reduce investment. The decline in investment will inevitably lead to a reduction in employment, which can seriously bankrupt many enterprises and lay off many employees.

In addition, as mentioned above, China has already entered the customs, and its economy has been inextricably linked with the world economy. At the end of 2007 and the beginning of 2008, the subprime mortgage crisis in the United States had already appeared and soon evolved into a worldwide financial crisis of a larger scale. China failed to anticipate the onset and severity of this crisis and pursued a vigorous tightening policy. At that time, China's foreign demand fell sharply and its export was seriously impeded, forcing many Chinese enterprises to go bankrupt and close down and workers to be laid off. The central government immediately stopped its austerity policy and began to implement an active expansion policy to boost domestic demand.

If we focus on the major contradiction, that is, the problem of employment, and do not overdo things to curb inflation, we will not fall into the predicament we have had since 2008 and early 2009. We rushed out 4 trillion yuan to boost domestic demand.

Of course, this is both a bad thing and a good thing. We can learn from its experience.

Inflation in 2011 was no worse than it was in 2007, but the central government and the state council, China's cabinet, did not take more drastic measures to curb it because of past experience. Moreover, the main domestic contradiction is not inflation, but employment and demand. Coupled with the continuous extension of the European debt crisis, the economic crisis may be more serious than the global crisis caused by the subprime crisis in the United States in 2008. Therefore, after several successive increases in the reserve ratio and deposit and loan interest rates in 2011, China began to reduce the bank reserve ratio at the end of 2011 and the beginning of 2012.

It is impossible for our country to occupy the market of developed countries and compete with other countries on the basis of low wage and low cost forever. It also shows that the standard of living of our ordinary employees is always lower than that of other countries. That is also impossible, because the salary of employees in our enterprise will increase continuously with the development of economy and society, especially when the demographic dividend of our country is no longer, when the labor shortage, the salary of employees in our enterprise will increase substantially. It means an increase in the cost of the product. When increasing to a certain extent, China's international market will be occupied by developing countries such as southeast Asia and Africa where labor is cheaper and costs are lower. Admittedly, at that time, China can carry out industrial restructuring and develop some high-tech products, but not all such high-tech products. If we do not produce ordinary products from mainland China, more enterprises will go bankrupt and more employees will be laid off. The solution is to rely on domestic demand to drive up domestic demand.

Domestic demand is mainly consumption, especially household consumption, it is possible to boost consumption. In recent years, China's household consumption accounts for only about 35 percent of its GDP, compared with about 70 percent in the United States, 60 percent in Japan and 50 percent in India. Accordingly, our country pulls consumption, especially dweller consumption to have quite big space.

One is to increase people's income, and the other is to promote consumption.

Increase people's income is better to do, on the premise of economic development, increasing the income of laborer, make its revenue growth and GDP growth and national income growth, especially now, two levels of differentiation is more serious, growing income gap, should be as soon as possible, improve the income of low-income earners, such not only can narrow the income gap and avoid polarized, and conducive to the increase of consumption.

It is a difficult thing to promote consumption. The reason why americans dare to spend money is not only the reason of national personality, but more importantly, the social security of the United States is relatively sound. Therefore, americans have fewer worries at home, so they can spend money bravely and boldly. Our Chinese character is more frugal, more willing to save money, and do not advocate consumption, no doubt this limits the growth of consumption. The more important reason for restricting consumption is that China's social security is not sound, that is, there are too many worries. Medical care, pension, housing, university, only the four major need a lot of money, to ensure their realization, that only inhibit the current consumption and save more money. So the vast majority of the Chinese people can not be brave and bold to spend money consumption.

Only by improving and perfecting China's social security system can we fundamentally solve the worries of the general public and slow consumption growth. After solving this problem, we need to change the personality of the nation, encourage them to consume actively and contribute to the development of the country and society. That is because without consumption, there would be no production, without production, there would be no employment, there would be no social stability, there would be no GDP growth, and there would be no rapid economic and social development.

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