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The current financial crisis originated in the U.S. subprime mortgage crisis. Subprime mortgage loans are non-standard category for borrowers with low credit rating of the design of a financial tool designed to provide them with the opportunity to have their own housing. Subprime mortgages relative to the quality of mortgage loans. February 13, 2007, the U.S. subprime problem surfaced, increased risk of subprime mortgages. April 02, 2007 New Century Financial Corporation filed for bankruptcy protection, the Wall Street opened a collective loss of the regiment. Then the U.S. stock market began to decline, the impact of the subprime crisis began to spread rapidly evolved into a global financial crisis. U.S. subprime mortgage crisis resulting in the formation of the global financial crisis is not accidental, caused by the outbreak of the crisis are many reasons, both direct fuse, there are basic or fundamental factors. Mainstream economics point of view, regulatory failures, policy risk is underestimated absence and the main reason for the crisis. However, these ideas just flow from the level of economic operation analysis of the reasons to stay on the analysis of exogenous factors, only see the superficial and deep into the essence of the problem is not that the production process. Marxist scholars have examined crises endogenous factors, from the perspective of the root causes of the crisis, that the root cause of the crisis lies in the basic contradiction of capitalism - the socialization of production and capitalist contradiction between private ownership. Financial crisis and the U.S. real estate market has a direct relationship, through a combination of a variety of financial instruments, flow, affect the stock market, banking and other financial markets, and quickly spread to the real economy. The growing internationalization of the world market and the strengthening of economic ties with individual countries, but also to the financial crisis to Western Europe, Japan and the impact on the Chinese economy. Financial crisis on China's economy is mainly reflected in import and export trade, export growth slowed sharply overall, in 2009 the first three quarters of exports for 9 consecutive months of negative growth year on year, the trade surplus dropped. A direct result of the decline in exports a large number of export-dependent coastal business difficulties, and even some companies went bankrupt, resulting in a large number of unemployed migrant workers. Chinese stock market into the financial crisis is also one of the reasons the shock of adjustment. The face of the grim situation in the international financial crisis, the Chinese government actively adjust macroeconomic policies to maintain sustained, stable and healthy development. In early 2008, the primary task of macroeconomic regulation and control of the \In July 2008, is the primary task of macroeconomic regulation and control \November 5, 2008 meeting of the State Council executive meeting proposed a 4 trillion yuan investment plan and the huge aims to \programs. December 10, 2008 Central Economic Work Conference, 2009 to \accelerate the development mode and structural adjustment as the main direction of capital growth, the key areas and key links to deepen reform, improve the level of opening to maintain growth as a powerful driving force, improve people's livelihood as the starting point to maintain growth and the end result. \According to this conference, I believe that in 2009 China's macro-control principle is \results, \\\\Three quarters of 2009 macroeconomic data show that China's economy has shown signs of recovery in the stabilization and recovery phase. In the role of a package of policy measures, in 2009, China's GDP growth of 6.1% in the first quarter, second quarter growth of 7.9% in the third quarter, an increase of 8.9%, was significantly quarter rebound state. The first three quarters of the average GDP growth of 7.7%, most experts believe that the year \In China's current macro-control policy, the \This is because the \In the government's role in the economic stimulus package, China's investment and consumer demand have shown a significant increase, but the structure of consumption and investment point of view, there is a serious imbalance. Consumption, a long time, there is lack of consumer demand in China's economic problems and become a bottleneck restricting China's economic development; investment, aimed at revitalizing the national implementation of China's economic stimulus package, the Chinese economy has entered a phase of stabilization and recovery. However, these measures to stimulate domestic investment growth, while also making some industry overcapacity problem worse, the investment is too large for the consumption of resources and the environment will be more severe; exports, since the outbreak of the financial crisis, the world economy into a downturn, lack of external demand, long-term reliance on external demand export-oriented economy has been badly hit. So, faced with the grim situation of the global financial crisis, \\In the rapid development of China's economy and also have accumulated a lot of problems and contradictions, is the extensive mode of economic growth, low levels. According to the \\First, the \response to the current international financial crisis. Whether it is \\In the current financial crisis in the context. \\\To achieve the expansion of domestic demand, but also the government's macro-control policy co-ordination. Macro-control policy is to achieve a means of expanding domestic demand. In order to cope with the current financial crisis, the Chinese government has taken a proactive fiscal policy and moderately loose monetary policy, these policies on economic stabilization and recovery play an important role, but also faces some problems. The implementation of monetary policy from the situation: September 16, 2008 to December 23, 2008, People's Bank of China cut the RMB benchmark deposit and lending five interest rate, credit relaxed environment. Three quarters of 2009, China added 8.7 trillion yuan of credit amount, the national housing climate index, the business climate index and business confidence index were significant increases, more optimistic market expectations. However, it should be noted that loose credit conditions may result in excess liquidity increased, while also ignoring the SME lending demand for capital. From the implementation of fiscal policy situation: November 5, 2008, as Wen Jiabao of the State Council executive meeting proposed a 4 trillion yuan investment plan and the huge aims to \measures. Implementation of these measures, so that in 2009 the first three quarters of China's GDP, fiscal revenue, total retail sales, urban fixed-asset investment, industrial production and power generation as well as PMI, has shown a clear upward trend, the macroeconomic climate index rose, the whole economy to the good trend. However, in the policy implementation process, we must guard against the economic structural imbalances, exacerbate overcapacity and rent-seeking, corruption, fraud, while ensuring a higher rate of return on investment. The author believes that the financial crisis, the outlook is unclear in the context of next year, the Chinese government will maintain the continuity of macroeconomic policies, may continue to implement a proactive fiscal policy and moderately loose monetary policy - of course, control policies will be more flexible. It should be noted that China's domestic demand, especially consumer demand to expand, the demand structure improvements still need further improvement of macro-control policies, consider the following aspects: First, to establish and improve the income distribution system, do everything possible to improve the majority of low-income persons can disposable income; secondly to adjust the industrial structure, the elimination of high energy consumption and high polluting enterprises; Third, we must close attention to inflation expectations, price stability; fourth is to build a sound social security system, to really solve people's housing, health, education and other issues , the effective elimination of consumer worries. In short, the expansion of household consumption level, it is necessary to develop high-tech, but also strive to expand employment growth can promote labor-intensive service industries, rely mainly on the domestic market to go low-power high-efficiency and sustainable development.
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