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Reduced U.S. consumption has affected China's exports.
The collapse of Lehman Brothers and the takeover of Merrill Lynch coincide with the subprime mortgage crisis that began last year, and in the view of many experts, this incident is only a wave in the course of the entire crisis, and should not be viewed in isolation, and its impact on China's economy is actually a continuation of the subprime mortgage crisis's macroeconomic impact on China.
Zhang Bin, deputy director of the World Finance Research Office of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said in an interview with this reporter that the impact of the crisis on China can be understood from two aspects: exports and imports.
In terms of exports, it can be expected that the external environment of China's macroeconomy will be more severe due to the financial turmoil that has swept Wall Street. The import and export data of the General Administration of Customs show that in the first eight months of this year, the growth rate of China's foreign trade exports has slowed down significantly, because the United States is the largest export market for Chinese goods, and the growth rate of China's foreign trade exports that once soared in June and July will be tested, Zhang Bin said that the decline in foreign demand means that foreign consumers' demand for high value-added products and low value-added products will decline at the same time. In such an environment, exporters are likely to have no incentive to innovate and will be forced to maintain market share by lowering their products, which may lead to further deterioration of conditions for Chinese exporters.
Zhang Bin also analyzed that by the impact of the financial crisis, the U.S. economy is still likely to decline in the second half of the year, resulting in its national consumption capacity and desire to continue to decrease, and investment spending will increase, "this is not a good news for China's foreign trade exports", if the U.S. people's consumer demand decreases and the manufacturing industry gradually recovers due to increased investment, then it is bound to reduce the number of goods imported from China. Impact two.
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