本科毕业设计-全球金融危机对2008年秋交会的影响及应对策略

AbstractChinaImportandExportFair(CantonFair),establishinginthespringof1957inGuangzhou,hasahistoryofmorethan50years.TheCantonFairisacomprehensiveinternationaltradeeventforthelongesthistory,thehighestlevel,thelargestscale,themostcompleteexhibitvariety,thebiggestbuyerattendance,thebroadestbuyerdistribution,thegreatestbusinessturnover,andthebestcreditstandinginChina.In2008,theglobalfinancialcrisis,whichwasformedbysubprimemortgagecrisisresultingfromhousingmarketbubbleoftheUnitedStates,sweepsacrossallovertheworldlikeatornado.What’smore,thecrisisspreadquicklyfromUSAandEuropetothewholeworldandhasatrendofsharpeningmore.Asaresult,aglobaleconomicslowdownandprofitsdownturncannotbeavoideddefinitelybecauseoftheexpanding.Ontheotherhand,notonlyoccidentcountriesanddistrictsbutalsoChina(thesocalled“globaleconomysafeharbor”)hasnotescapedfromthecrisisnarrowlyandluckily,sodoestheCantonFair.Inthisthesis,theauthorwilltrytoreasontheimpactofglobalfinancialcrisisonthe104thsessionChinaImportandExportFairanalyzetherootcauseofthecrisisandtheglobalresponses,resultingtotheturndownofvisitors,turnover,buyersandsoon.Intheend,theauthorwilltrytopurifysomeeffectiveusefularrangementstoreduceimpact.Keywords:financialcrisis;impact;CantonFair;arrangements

中文摘要中国进出口商品交易会，俗称广交会，创办于1957年春季，每年春秋两季在广州举办，迄今已有五十余年历史，是中国目前历史最长、层次最高、规模最大、商品种类最全、到会客商最多、成交效果最好的综合性国际贸易盛会。2008年，由美国房地产市场泡沫破裂造成的美国次贷危机引发的金融风暴席卷全球经济，从美国、欧洲逐渐向全球蔓延，并且有进一步加深的趋势，由此引发的全球经济增长放缓和盈利滑坡将不可避免。此次危机不仅对欧美国家有影响，即使是素有“避风港”之称的中国亦不能幸免，而作为中国“出口风向标”的广交会也受到了影响。本文将尝试揭示金融危机对2008年秋交会的影响，浅析引发金融危机的根本原因及其对世界经济的影响，直接或间接导致广交会采购商、成交额和参展商数量等方面的下降，并尝试从中提炼出如何走出金融危机对广交会的影响可以借鉴的有效应对措施。关键词：金融危机；影响；广交会；措施1.IntroductionTheworldhasexperiencedtheworsteconomiccrisisthatstartedasafinancialcrisisfromUnitedStatesofAmericaInourcountry’sspeedingeconomy,thecontinuousdevelopmentprogressofChinaImportandExport(CantonFair)isanimportanthistoricalwitness.Itnotonlyprovidesabroadermarketforbusinessmenallaroundtheworldgatheringaswellasamagnificentarenaformyriadsofoutstandingenterprises,butalsodisplaysnumerouscompetitivecommoditiesfromChinatotheworld.ThepastofCantonFairisworthyofbeingunfeignedlycompliment,however,it’smoreimportantthathowtocopewiththeimpactofglobalfinancialcrisissoastokeepthenationaleconomygrowingstably.2.LiteratureReview2.1TheChinaImportandExportFairTheChinaImportandExportFair(wealsocallitCantonFair),comprehensiveinnature,haswonitsrenownof“China’sNo.1Fair”forthelongesthistory,thehighestlevel,thelargestscale,themostcompleteexhibitvariety,thebiggestbuyerattendance,thebroadestbuyerdistribution,thegreatestbusinessturnover,andthebestcreditstandinginChina.2.1.1TheFundamentalIntroductionofCantonFairIn1957,thedaysoffoundingofusnewChina,whichhasalreadydonethesocialismrehabilitation,theestablishmentofoursocialistsocietybuildingrequiresalotofconstructionqualifications,ontheotherhand,thewesterncountriesarehostiletothisbabyChina,almosteveryoneofthemtookactionssuchassuppressingoureconomy,layingdownstrictlawstorestrictourexportcommoditiesandsoontohamperChina’sdevelopingprogress.Asaresult,theChinaExportFairemergedinresponsetothepropertimeandconditions;itisalsoonemomentousmeasureofthenewChinaopening-doorpolicies.Inthespringof1957,thefirstsessionChinaexportfairwasopen.However,thetotaltransactionamountinthissessionwasjust$0.18million,whileonly1223buyersfrom19countriesanddistrictsattending.Butinthe4thsessionCantonFair,theturnoverraisedto$1million,theattendancefrom31countriesanddistrictswastwiceasmuchasthefirstsession.Fromthenon,thepoliticalisolationaimingatChinafromwesterncountriesbegantocollapseineconomyfirstly.In1963,therectificationmovementsofthenationaleconomy,theCantonFairhadanotherremarkableprogress,forinstance,anewexhibitionhallcoveringanareaof47thousandsquaremeterswasconstructed,and5961buyersfrom59countriesanddistrictsattendedthefair.ThedevelopmentofCantonFairwastardyandflexuralfromyear1966to1977,thoughtheten-yeartransactionamountwas$214.39million,ithadlaidthefoundationforourcountryeconomicalfurtherprogressing.Inthelate1970s,somepoliciesrelatingwitheconomicalsystemandforeigntraderegimehadchangedsharplybecauseofimplementationofreformandopeninguppolicy.Astimegoesby,moreandmoreenterprisesfromdifferenttradessignedupforthefair,asaresult,theexpansionofexhibitors’rangedirectlyfacilitatedtradingcommoditiesconfiguration.IntheSpringCantonFairof1978,17thousandexhibitorsfrom98countriesanddistrictswereattracted.Anditwasthefirsttimetheattendingnumberwasmorethantenthousand.What’smore,theexhibitingareastothefairreached129andthevisitorscameto45thousandperson-times.Theincessantadvancementofthereformandopeninguppolicy,especiallyDengXiaopingmadehisSouthernTourandreinvigoratedthereformprocessin1992,ChinaeconomicevolutionandCantonFairhadbeencarriedastepforward.TheunceasingrevolutionandperfectionofMarketSocialismaswellasthespeedier,wideranddeeperpromotionofinternationalcommunicationandcorporationadvancedCantonFairtoitsgoldenage.Theexporttransactionamounthitanewhigh($3.406trillion)inthe100thsessionChinaExportFair.,whichfullyrevealedtheimportantpositionofusChinaintheeconomicexchangesandtradewithothercountries.Besidestraditionalwayofnegotiatingagainstsamples,theFairholdsCantonFaironline.TheFairleanstoexporttrade,thoughimportbusinessisalsodonehere.Apartfromtheabove-mentioned,varioustypesofbusinessactivitiessuchaseconomicandtechnicalcooperationandexchanges,commodityinspection,insurance,transportation,advertising,consultation,etc.arealsocarriedoutinflexibleways.BusinesspeoplefromallovertheworldaregatheringinGuangzhou,exchangingbusinessinformationanddevelopingfriendship.ChinaExportFairisalwaysthebarometerofChinaAussenhandel.Afteryearsofrapiddevelopment,China,whosemacro-economyisfacingadeep-rootedstructuraladjustment,hasformedancomprehensive,multi-fieldsandmulti-levelconfiguration.Asthethirdlargestglobaltradingnation,China,intheprogressofincessantexpansionanddeepeningreform,expandingopeningup,cannothighlightmoreonexportinggrowthorfavorabletradebalance,ontheotherhand,it’ssuggestedtooptimizethemixofimportsandexports,changethepatternofChina'sforeigntradegrowthandstrivetoreduceourexcessivelylargetradesurplus.Asaresult,onApril15,2007,the101stCantonFairwasrenamedtoChinaImportandExportFairofficially.However,thechangeofonewordisahistoricleap.Inourcountry’sspeedingeconomy,thecontinuousdevelopmentprogressofCantonFairisanimportanthistoricalwitness.Itsrenameembodiesthespiritofwin-winstrategyandisasymbolicofchangingfromvaluingtoomuchonexportingforearningforeigncurrencytoseekingthebalanceofimportandexportintheorientationofourforeigntradestrategy.Roughlyspeaking,asamicrocosmofexporttrading,CantonFairnotonlyprovidestheChinesecommoditiesinternationalizationwithanexcellentdisplayplatformtohelpdomesticenterprisesincorporatetheinternationalcompetitiveenvironmentassoonaspossible,butalsoplayaleadingroleandobviousdemonstrationinthereadjustmentofindustrialstructure,thereformofforeigntrade,thecreationofdomesticbrand,transformationofthepatternofeconomicgrowth,etc.EverychangeofCantonFairhasreflectedmyriadsofsignificantstrategiesanddecisionsofChinaeconomyindifferentperiodsaswellastheexuberantvitalityofChina’sparticipationintheeconomicglobalization.2.1.2The103SessionChinaImportandExportFairFacingchallengesfromacceleratingappreciationoftheRMB,inflationandincreasedlaborandmaterialscosts—andeveninfluencesofthesubprimeloancrisisintheUnitedStates.The103rdCantonFairconcludedsuccessfullyonWednesday,April30,Theoverallnumberofforeignbuyersreaches192,013,anincreaseof1.3%overthesamefigureofthelastfair.Thenumberoftraditionalbuyers,includingthosefromtheUS,SouthKoreaandJapanhasseenadecline,whilethosefromthenewmarketsincludingtheMuslimcountries,India,SouthAfricaandBrazilhaveseentremendousgrowth,whichmakesupforthelossinthetraditionalmarket.Thetotalturnoverofthe103rdCantonFairhits38.23billionUSdollars,anincreaseof2.1%overthelastfair.2.2GlobalFinancialCrisisThecurrentworldisgoingthroughaonce-in-a-hundred-yearfinancialcrisis.Thefinancialcrisiswhichisalsoknownasthefinancialturmoil,referstoallormostofthefinancialindicatorsofacountryorseveralcountriesandregions(suchas:short-terminterestrates,currencyassets,securities,realestate,land(prices),thenumberofbusinessbankruptcyandfinancialinstitutionscloseddown),asharp,short-termandasuper-cycledeterioration.Financialcrisiscanbedividedintoacurrencycrisis,debtcrisis,bankingcrisis,andothertypes.Inrecentyears,moreandmorefinancialcrisishasshownamixedformofcrisis.Beingconsideredasthecenteroftheworldeconomicdevelopment,USAnowhasbecomethesourceofthecrisisandaregionwithincreasingpessimism.AscommentedbyPierreGoad,“thedownturnhasbeensodeepandthecurrencydepreciationssolargeinAsian’scrisis-struckeconomiesthatregainingthelostgroundwilltakeseveralyears”.(G.PierreGaod:USAmullsscopeofreboundfromitseconomicturmoil,TheAmericaWallStreetJournal,October19,2008.)2.2.1RootCauseAnalysisHereweareyetagaininthemidstofanother“globaleconomiccrisis.”ThecurrentfinancialcrisisisformedbythehousingmarketbubbleoftheUnitedStates.Theloan-to-timecrisishasfinallybrokenthemythofWallStreet,afterBearStearnswasshotdown,thenation'sfourth-largestinvestmentbankLehmanBrotherswhichhasalonghistoryof158yearsdeclaredbankruptcy,nowLehman'sreputationhasfallenintocurrentsituationisabsolutelymeaningfulinthepost-warfinancialhistory.Becausethisisnotanindividualcase,itisgreatoutburstofthesystemicrisk.Insomeways,thisfinancialcrisisisquitesimilartothecrisisoutbreakaftertheWorldWarIIevery4to10years.FromthehilltopsofDavos,Switzerland,MorganStanley’spermabearStephenRoachhasshoutedwarningsofpotentialeconomic“Armageddon.”SuperinvestorGorgeSorosdesignatedthecurrentstateoftheglobaleconomy“theworstmarketcrisisin60years.”BillClintonlabeledit“thebiggestfinancialcrisissincetheGreatDepression”——evenasglobalstocksrespondedbyslumping7.7%inJanuaryTheglobalfinancialcrisishasdramaticallychangedperceptionsaboutUSA.Optimisticviewsaboutthecountryusedtobeoverwhelmingduetoitssuccessasamatterofcourseinthepastandexpectingbrightfutureasthecenterof21stcentury.Butnow,becauseofthecrisis,itseemsthatpessimismisprevailing.ThoughthemostobviousandacceptablereasonforthecrisisisformedbythehousingmarketbubbleoftheUnitedStates,thereseemsnosimpleanswersincethecrisisisalongtermaccumulationoftheproblemsexistedandtheresultofnotjustonefactor.What’smore,whatweneedtothinkisthatwhyafteralongperiodofsuccessdidthecountrysuddenlyfinditselfinsuchbadsituation.Wemayhavetofindtheinherentproblemsfromtheeconomiesincrisisontheonehandandalsotheoutsidefactorsthatputonthemontheotherhand.Basedonthepointofmosteconomists,thecauseofourcurrenteconomiccrisiscanbesummedupinoneword—greed.Andthemostfundamentalfactorsareagencyproblems,themispricingofriskandthefailureofsecuritizationtodistributerisksacrossthefinancialsystem.Thereisalongchainbetweenthehomebuyer,themortgagebroker,and,ultimately,theslicedanddiedcomplexsecuritiesthatnobodyfullyunderstands.Let’stakeonestepinthechain.Overtheyears,banksormortgagebrokers,eitherones,werehappytolendmoneytopeoplewhocouldn’taffordtheirmortgages.Buttheydiditanywaybecausetherewasnothingtolose.Thesebrokerswereabletochargehigherinterestratesandmakemoremoneyonsub-primeloans.Theywererequiredtomeetcertainguidelinesastheydothis,butsolongastheirincomedependsuponthenumberofmortgagespassingthroughtheirhandsandnothathappenstothemortgageslateron–solongasitisafee-basedsystem–theyhaveeveryincentivetopushtheguidelinesashardastheycanandtofindawayaroundthemwheneverpossible.Iftheborrowersdefault,theysimplyseizedthehouseandputitbackonthemarket.Ontopofthat,theywereabletopasstheriskofftomortgageinsurerorpackagethesemortgagesasmortgage-backedsecurities.Easymoney!Thewholethingwasonebigscheme.Everythingwasgreatwhenhousesweresellinglikehotcakesandtheirvaluesgoupeverymonth.Lendersmadeiteasiertoborrowmoney,andthehigherdemanddroveuphousevalues.Higherhousevaluesmeansthatbrokerscouldlendoutevenbiggermortgages,anditalsogavelenderssomeprotectionagainstforeclosures.Allofthistranslatesintomoremoneyforthelenders,insurers,andinvestors.Finally,unfortunately,manyborrowersgotslammedwhentheiradjustablemortgagefinallyadjusted.Whentoomanyofthemcouldn’taffordtomaketheirpayments,itcausestheselenderstosufferfromliquidityissueandtositonmoreforeclosuresthantheycouldsell.Mortgage-backedsecuritiesbecamemoreriskyandcausinginvestmentfirmslikeLehmanBrotherstosuffer.Moreover,insurerslikeAIGwhoinsuredthesebadmortgagesalsogotintrouble.Theschemeworkedwell,butitreversescourseandisnowcomingbacktohurteveryonewithavengeance.Recently,however,ProfessorZhengYongnian,aninternationallyrenownedscholarwhowasgrantedDoctorateDegreeforPoliticsfromthePrincetonUniversityofAmericaandisnowteachingintheNationalUniversityofSingapore,hassomethingnewtopropose.Hestressedthat,theunderstandingsbymostpeopleconsideringthecurrentfinancialcrisisasaresultoftherealestatesandsub-mortgagecrisesaresuperficial,whiletherealcauseturnedouttobetheIraqWar.ThepointishowtheyfundedtheIraqWar?ProfessorZhengadded.That’sthequestiontheAmericanshavealwaysbeentryingtoevade.FortherulingRepublicanParty,thepreachingofthewarinIraqwasnotaspopularasbefore.ToincreasetaxationinthenameoffundingthewarwouldonlycompromisethelegitimacyoftheBushAdministration.Therefore,theBushAdministrationhadbeenfavoringthechoiceoftaxcut.ThenwheredidtheygetthemoneynecessarytofundtheIraqWar?Theonlywayistomanipulatetheinternationalfinancialsystem.Underthebackgroundoffinanceglobalization,allcountrieshavebecomemoredependentontheAmericaneconomicsystem.BymaintainingtheUSdollarsasBaseMoney,theUSisabletoaccumulatewealthfromallroundtheglobalthroughtechnicalmeans.ThisistheonlyreasonableexplanationwhytheUScouldbefreefromtheimpactsoftheIraqWarinspiteoftremendouscostthroughyearsofwarfare.Asamatteroffact,China,JapanandotherAsiancountrieshavebeenbolsteringtheUSinthewarinIraq.ItistheIraqWar,whichofferedanopportunityfortransferringwealthfromothercountriesandcreatingconsiderableeconomicbenefits,thatmadetheUSloosenedcontrolontheirfinancialsector,theconsequenceofwhichhadledtodisastrousproblems,asadmittedbyGreenspan.2.2.2GlobalresponsesFrommypointofview,therearefourmainresponsesresultingfromtheeconomicalcrisisasfollowing:Onthefirstplace,beingthefirstvictimofthefinancialcrisis,thedevelopmentofglobalfinancialindustrysufferedthegreatestsetback.Ontheonehand,agreatnumberofinvestmentsinsecuritiesderivedfromsub-mortgageloanswereboughtdirectlyorindirectlybymanybanksandinvestmentfundsincountriesandregionswithdevelopedfinancialindustries,liketheEuropeandtheUS.Attheonslaughtofthecrisis,hugelosseswereincurred,andamassofinvestmentbanks,investmentfundsandfinancialenterpriseshadtofollowthesamepathofclosureoracquisition.Assoonassuchfinancialinstitutesfellintostrugglesagainstclosureorfinancetroubles,systematicrisksoffinancialmarketsweresuretoincrease,withtheirbasicfunctionsascapitalandresourcesdistributorseverelyrestrained.Inthemeantime,thecrisisalsoincreasedrisksforalotofnewly-establishedfinancialmarkets,causingnegativeimpactsontheirrapidgrowths.Suchnewly-establishedmarkets,asfounderedbyreferencetotheexperienceoffinancialmarketsindevelopedcountries,wouldbeembroiledintoachainreactionofthiscrisisthathadbrokenoutinthedevelopedcountries,makingtheirfinancialsystemmorevulnerable.What’smore,asindirectconsequenceofthiscrisis,theworld’sfinancialindustrieshadnotonlysufferedhugelossestotalinguptohundredsofbillionsofdollars,butalsofacedanewchoiceforitsfurtherdevelopment.TheWallStreethasbeenpromotedasanexampleoffinanceliberalizationacrosstheglobe.Manycountriesandregionshavebeentryingtoadapttheso-calledWallStreetModelintotheirfinancialsystems.Suchtrendwasself-evidentbythefactofaconsecutiveintroductionofvariousfinancialderivativesgloballyundertheincentivesoffinanceinnovations.Theoutbreakofthecurrentfinancialcrisishadforcedpeopletore-judgetheharmfuleffectsoffinanceliberalization,aswellasexcessivesecuritizationofassets,andtheeffectivenessoffinancesupervision.Inthefuturedevelopmentofthefinancialindustries,weshouldfurtherourresearchesonloweringrisksoffinanceliberalizationandbalancingtherelationshipbetweenliberalizationandsupervision.Ontheotherhand,thecurrentfinancialcrisisalsobroughtaboutimpactsonglobalsubstantialeconomies,andmayleadtoanewroundofstagflation.Duringafewyearssincethecrisisstarted,inflationcouldbefoundcommonglobally.Oneofthekeyfactorstoaworldwideinflationisexcessfluidity.Upontheoutbreakoffinancialcrisis,thefluidityofmarketwouldbedrasticallycompromised.Formostcountries,theircurrencyoversightauthoritieswouldhavetoadoptmeasurestoreinvigoratethefluidityoftheirmarketsandlowerinterestsrateinresponsetothecreditcrunch.Suchmeasures,isspiteoftheireffectivenessinrelievingthecrises,mayhavefacilitatedfurtherinflation.Asthecrisisaggravateinscale,theworld’seconomycouldsufferaslowdown,andinaworsecase,apartialrecession,whichmaycontributetothestagflationoftheglobaleconomy.Lastbutnottheleast,theimportvolumeofUStradingwouldshrink,theaftermathofwhichwouldspreadtoothercountriesandregions.Playingacrucialroleintheworld’simportmarkets,theUSwouldhavetocutthedemandsofimportinthefaceofaneconomicdownturn,whichmightcauseasharpdeclineintheUSimportandexporttrading,deceleratingexportingactivitiesofothercountriesandregions,particularlyinthoserelyingheavilyonimportandexporttopowertheireconomiesandincreaseemploymentrates.Meanwhile,whensuchaseverefinancialcrisishits,thefactofanUSdollardepreciationwouldbecomeinevitable.ThosecountrieswithUSdollarastheirmainforeignexchangereserveswouldsuffermajoreconomiclossesandtheweakeningoftheirfinancialpower.3TheImpactofGlobalFinancialCrisisOnthe104SessionCantonFair3.1Buyer&TurnoverAccordingtoauthoritativedataformtheCantonFairofficialwebsite,afterCantonFairrenamedtoChinaImportandExportFair,211countriesandareasabout20.7thousandvisitorscametothe101sessionChinaImportandExportFair,thetotaltransactionwas36.39billionUSdollars;Ontheotherhand,the102sessionCantonFairholdinginlastautumnattractedabout18.9thousandforeignbuyersfrom213countriesanddistrictsandthebusinesstransactionamountwas37.45billionUSdollars.Whilemorethan192thousandconsumerscametothe103sessionCantonFair,reachingadealwith38.23billionUSD.However,beingattackedbytheglobalfinancialcrisis,thenumberofattendanceofthe104thsessionCantonFairwasjust17.4thousand,what’sworst,theturnoverwasadecreaseof17.5percentageoverthesamefigureofthelastfairanddroppedby15.8percentagecomparingwiththe102ndfair.MuXinhai,CantonFairassistantgeneralsecretaryandspokesperson,gaveahighpraisetothe104thsessionChinaImportandExportFairinthe104thCantonFairclosingreleaseconference.Itwasdifficulttoachievesuchturnoverundertheconditionwhichtheglobalfinancialcrisisworkitswaytherealeconomybyanumberoftransmissionchannelsinparallelwithsuchaseverecircumstancesthatglobaleconomygrowmuchmoreslowly.ItisobviouslytoindicateweChinaexportindustryhasformedakindofcompetitiveadvantagesaswellasourexportcommodities.What,more,theabilityrespondingtoexternalchangeofexportingenterprisesisbecomingstrongerandstronger.Thetotalcontractscompletingbyindividually-runenterpriseswas18.56billionUSdollars,whichdivineabout58.8percentageoftheentireturnover.Itisknowtoallthatthesmall-andmedium-sizedenterprisestakeacertainportionofinternalindividually-runenterprises,thephenomenonmeansstrengthenactionsofserviceconsciousnessinordertobringforthinternationalmarket,Musaid.Duringthe104sessionCantonFair,55percentage(themaximumelement)consumersaccountedforthetotalattendancestillisAsian,said,96thousandperson-times.ThesecondmajorcomponentisEuropeanvisitors,38thousandperson-timesheldabout21.8percentage,while23thousandAmericanbuyersmadeup13.52percentage.However,mosteconomistspointoutatruththedecreaseoforderswouldspreadwidely.Morethaneverenterprisespartakeinthistimebutthebuyerswerealwaysshoppingaroundorcomparingpricesinordertogetabestbuy.Theywouldnotplaceanorderwithoutcautiousconsideration,orjustorderedasmallquantityeveniftheyhadmadeadeal.Asaresult,thedeclineoftotaltransactionamountstandsforindividualaveragevolumehasfallenmoresharply.3.2ExhibitorItisreportedthatabout22.341thousandexhibitorsparticipatedinthe104thCantonFair,ontheotherhand,just5199visitorstookpartinthefaironthefistday——ableaknesssituation“morehosts,lessguests”.BeingdentedbytheeconomicdownturnoftheGlobalFinancialturmoil,the104thCantonFairwasmyriadsofdomesticfirms’greatwhitehope.Thereisnotashadowofdoubtthateitherexhibitorsorbuyerscametothefairformakingasmoreprofitaspossible.Outofeveryone’sexpectation,nonewereencouragingorevenworsethanimagination.SouthernMetropolisDailyquotedthewordsofanaccountexecutivefromainternationaltradingcompanyinShanghai,”Thenumberofpurchasersthistimeismuchlessthanthatof2003theSARSattackedChina.”Thesalesmanjustreceived3namecardsin2dayssincethemassivetradeshowbegan.Becauseoftheriseinthecostofrawmaterials,officeoverheadandgeneralworkingcapitalaswellasappreciationoftheRMBandsomeotherpotentialfactors,Chinaexportindustriesisonastickywicket.What’smore,thedepressionofoccidentmarketresultingfromglobalfinancialcrisisisthelaststrawbreaksChinaexportenterprises.3.3MerchandiseItisworthofnoticingthatasChinesemajortraditionalexportcommoditiessuchascraft,toy,furniture,etc.hadencounteredwinterwithoutexception.Eventhesocalled”theonlylife-savingstraw”machinery,whoseturnoverwas$13.92billion,adecreaseof19.2percentageoverthatofthelastfair($16.82billion),washitbythecrisisofaseverityseldomseeninhistory.ForthecraftandgiftwhichwasoncepopularinUSAandEurope,economiccommentatorsHeLiangliangassumedanexampleforus.InApril,enterprisesinZhejiangcomplaintheindentsofChristmasgiftfromUSAandEuropehadbeguntolowerdown.Foranother,Yiwu,whichisfamousfortheworld’slargestsmallcommoditiesmarket,thenumberofforeignbusinessmenandconsumerswasvisiblyreduced.ItisreportedbyHongKongSingTaoDailythattheShenzhenChristmas-treemanufacturingindustrywhichhadmonopolizedabout80percentageoftheglobalChristmas-treemarketatonetimealsoenjoyabusinessrecessionpresently.Asaresult,morethan100factorieswentbankrupt,shutdownortransplanted.Moreover,accordingtoofficialdata,morethanhalfdomestictoyexportenterpriseshavegoneoutofbusinessthisyear.Ontheotherhand,twotoy-makingfactoriesofHONGKONGSMARTUNIONGPSEHKinDongguancloseddownallofasudden.Resultingfromthis,thousandsofworkersgatheringinthefrontofthefactorypursedtheirunpaidwages.4ArrangementstoReduceRiskFacingtheworseningexportenvironmentresultingfromtheglobalfinancialcrisis,howtodealwiththecrisisisthekeyproblemforeverybusinessman.Besidesthecorrespondingmacroeconomicpoliciesimplementedbygovernmentinlightofactualneedstostopthespreadanddevelopmentofthefinancialcrisis,domesticenterprisesshouldalsotakeallnecessarystepstopromptlyrestoreconfidenceandtryallmeanstowithstandthepressure.4.1GovernmentMacropolicySteadyandrelativelyfastgrowthinChinaisinitselfanimportantcontributiontointernationalfinancialstabilityandworldeconomicgrowth.Itisnodoubtthatrespondingtonaturaldisastersandtheglobalfinancialcrisis,Chinahasmadetimelyadjustmenttoitspoliciesandstrengthenedmacroeconomicregulation.Chinesegovernmenthasadoptedmeasurestoboosteconomicdevelopment.OnNov