China's response to the international financial crisis

In September 2008, a worldwide financial crisis was triggered by the subprime mortgage crisis in the US. Affected by the rapidly spreading financial crisis and slowing world economy, coupled with deep-seated problems in its own economy, China encountered serious difficulties in economic and social development. These included problems with foreign trade and exports, inadequate effective demand, growing pressure from downward economic growth, numerous enterprises suspending or partially suspending production or closing down, and increasing employment demand.

In response, the Chinese central leadership in November 2008 adopted a decisive pro-active fiscal policy and a moderately relaxed monetary policy, and increased government investment in large sums, known as a package plan to maintain steady economic growth. These efforts placed China among the first countries to realize an economic turnaround, and keep steady and rapid growth momentum. The results have proved the effectiveness of China’s principles, policies and measures on the whole. However, unbalanced, uncoordinated and unsustainable development remains a big problem. To tackle it at the root, the key lies in an absolute commitment to further reform.

應對國際金融危機

2008年9月，由美國次貸危機引發的金融危機全面爆發。受國際金融危機快速蔓延和世界經濟增長明顯減速的影響，加上中國經濟發展中尚未解決的深層次矛盾和問題，中國經濟社會發展遇到嚴重困難，對外貿易出口困難，有效需求不足矛盾凸顯，經濟增長下行壓力加大，大批企業停產、半停產甚至倒閉，就業壓力加大。2008年11月，為應對這場國際金融危機，中共中央、國務院科學決策，果斷實施積極的財政政策和適度寬松的貨幣政策，大規模增加政府投資，形成應對國際金融危機、促進經濟平穩增長的一攬子計劃。經過艱苦努力，中國在世界上率先實現經濟回升向好，保持了平穩較快發展的好勢頭。事實證明，中國應對國際金融危機采取的方針、政策和舉措總體上是有效的。盡管如此，經濟社會發展中仍存在不平衡、不協調、不可持續等突出矛盾和問題，從根本上解決這些矛盾和問題，必須堅定不移地推進全面深化改革。