The Research On The Conduction Path And Mechanism Of U.S. Financial Crisis To China's Economy

In April 2007, the second-largest subprime mortgage lenders in USA - New Century Financial filed for bankruptcy protection, lit the fuse of the U.S. financial crisis. As the crisis has spread, the world's financial markets suffered heavy losses, the global financial system was trapped into chaos, and the real economy was quickly involved, resulting in the global economy into recession. As a big country, which is in the process of globalization, China has not been spared in this financial turmoil.Firstly, based on the theory of conduction path and mechanisms of the financial crisis,studied the international path of conduction of the U.S. financial crisis systematically. It explored the background of the U.S. financial crisis, and analyzed how the financial crisis transfer in the financial markets internally, but also how it affected the real economy. then, according to the penetration process of the financial crisis in the global economy, studied how the U.S. financial crisis hit the world economy. It provided theoretical and technical support for us to study the conduction pathways and mechanisms of to China's economy through sorting out the financial crisis transmission chain.Subsequently, this dissertation, based on the state of China's economic imbalances in the background of financial crisis, focused on how the U.S. financial crisis spread to China's financial and real economy. For a long time, China's economy is driven by external demand, which resulted in serious internal and external imbalances. At the same time, it determined China's real economy is more vulnerable to financial crisis compared with the financial system. Therefore, the financial crisis transmission mechanism to China's economy was studied from four paths: the trade channels, financial channels, industrial linkage effects and psychological channels.Finally, based on the keynote that adjusting the economic growth model and promoting industrial upgrading, how should China's economy do in order was put forward from macroscopic and microcosmic angle separately. Then, it sum up several enlightenment to China's economic development from the U.S. financial crisis.