Views: 2 Author: Site Editor Publish Time: 2021-05-06 Origin: Site
2008 financial crisis struck
For many Chinese, 2008 is a year destined to be unforgettable in their lives. On May 12, an earthquake of magnitude 8 on the Richter scale struck Wenchuan, Sichuan, and the whole country felt sad. From August 8th to 24th, Beijing hosted the 29th Olympic Games, showing an unparalleled opening ceremony to the world. In the end, my country ranked first in both the gold medal list and the medal list.
In September, the economic situation changed drastically. On September 15th, Lehman Brothers, one of the four largest investment banks in the United States, announced that it filed for bankruptcy. The bankruptcy amount was the highest in the country or even in the world, and the global financial crisis broke out. Investment, employment, and household consumption of companies in major advanced economies have fallen sharply.
Due to the high dependence of China's economy on exports (the dependence on foreign trade at that time was more than 60%), the decline in world demand meant the risk of cooling down the economy for China, and many domestic export companies were facing tremendous pressure. In order to alleviate the difficulties of textile enterprises, stabilize exports, and guarantee employment, on August 1, 2008, the Ministry of Finance and other departments increased the export tax rebate rate for some textiles and clothing from 11% to 13%, and increased it from November 1st. Export tax rebate rates for labor-intensive commodities such as textiles, clothing, toys, and high-tech, high-value-added commodities.
2009 No. 1 export of goods in the world
2009 was the most difficult year for China's foreign trade since the new century. Although China’s exports accounted for 9.6% of the world’s total value in 2009, and China’s exports of goods surpassed Germany to become the world’s first for the first time, this achievement was achieved against the backdrop of the global economic recession, when China’s foreign trade actually dropped by 13.9. %, this was the first negative growth in the past 11 years and the largest decline since the reform and opening up in 1978. Exports fell by 16%.
During the financial crisis, from August 1, 2008 to June 1, 2009, the Chinese government increased the export tax rebate rate of some commodities seven times, and many countries also started concentrated anti-dumping and countervailing investigations against China. 2009 is also the 14th consecutive year that China has become the country with the largest number of anti-dumping investigations in the world. What is frustrating is that this record has been maintained and refreshed by China every year so far.
