With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008： these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange rese...With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008： these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange reserves, growing pressure of RMB revaluation, high price of real estate, consistent growth of equity price, rising reserves requirements ratio, large pressure of raising the RMB interest rate. /~er that, due to the international financial crisis, the external demand on China has decreased and the goal of the Chinese macro economy was directed to ensure economic growth. Proactive fiscal policy and moderately loose monetary policy were adopted by the Chinese government. It was a tough task to maintain steady growth of the macro economy under the impact of the global financial crisis. In 2009, stimulated by the macroeconomic policy, the Chinese economy showed a V-shape rebound. The paper mainly explores the sudden economic change due to the global financial crisis, and the situation of the Chinese economy in these two different phases. Finally the paper puts forward the corresponding policy suggestions.展开更多
文摘With the rapid growth of the Chinese economy, some new phenomena appeared before mid--2008： these included excess liquidity of the banking system, increasing inflation pressure, huge increase of foreign exchange reserves, growing pressure of RMB revaluation, high price of real estate, consistent growth of equity price, rising reserves requirements ratio, large pressure of raising the RMB interest rate. /~er that, due to the international financial crisis, the external demand on China has decreased and the goal of the Chinese macro economy was directed to ensure economic growth. Proactive fiscal policy and moderately loose monetary policy were adopted by the Chinese government. It was a tough task to maintain steady growth of the macro economy under the impact of the global financial crisis. In 2009, stimulated by the macroeconomic policy, the Chinese economy showed a V-shape rebound. The paper mainly explores the sudden economic change due to the global financial crisis, and the situation of the Chinese economy in these two different phases. Finally the paper puts forward the corresponding policy suggestions.
