On January 17, Barack Hussein Obama, the first African-American leader in U.S. history, officially ended his 8-year leadership role. During his tenure, he worked to support jobs and education in the United States, which led to a historic peak in American household incomes in 2016.
In his memoirs, the first U.S. leader to visit China less than a year in office mentioned that as early as 2008, the United States was already feeling the pressure to compete with China.
In April 2007, New Century Financial Corporation, the second largest mortgage company in the United States, went bankrupt, exposing the high risk of subprime mortgage mortgages in the United States.
Due to the loopholes in the real estate finance policy and the complex transaction chain of subprime mortgage financial products, many financial institutions have been severely affected, and most of them are in debt distress.
In response to the domestic debt crisis, the United States massively contracted funds, a move that rippled through countries that bought U.S. real estate bonds, and eventually triggered the global financial crisis.
After the outbreak of the crisis, many U.S. companies went bankrupt, directly causing 8 million people to lose their jobs, accounting for 266%, unemployment persisted until 2009, reaching 15.6 million.
According to statistics, in the 2008 crisis, the average loss of the United States was nearly $80,000, and at the same time, it also undermined the public's confidence in the future life, and the social environment became more volatile.
The U.S. dollar, which is a foreign exchange reserve, has also suffered a severe blow in the global economic crisis. In 2006, the share of global foreign exchange reserves in US dollars was 66 per cent, but by 2009 this proportion had fallen to 62 per cent.
The decline in the reserve ratio has led to the repatriation and depreciation of a large number of dollars, which has seriously affected the international status of the dollar. As one of the world's largest economies, the economic crisis in the United States has had a profound impact on the global economy.
China, like many other countries, has been severely affected by the global economic crisis, mainly in the form of a sharp drop in exports and the subsequent ripple effects.
In 2009, China's exports, a major exporter of low-end household goods, fell by 16% due to mass unemployment abroad due to the global economic crisis, which significantly reduced the purchasing power of low-income people.
In addition, a large number of order cancellations and payment delays have also brought the threat of bankruptcy to some small and medium-sized enterprises. Under such circumstances, many enterprises have closed down, and a large number of labor force is facing unemployment, especially the unemployment rate of middle and low-end workers has increased significantly.
First, it is overly dependent on foreign exports, and at the same time, it has to face the dilemma of overcapacity; Second, the main export products are low-end products, and the ability to resist risks is weak. Although the economy began to recover in 2010, growth remained slow under the impact of the crisis.
However, the United States has keenly felt the breath of change, and even though China has been greatly affected by the crisis, it has found a development path with Chinese characteristics.
In the face of the impact of the economic crisis, China has adopted a series of policy support aimed at effectively coping with it. These include measures to promote opening up, reduce the tax burden on foreign enterprises, stimulate the growth of domestic demand, optimize the structure of investment policies, and support high-tech industrial chains.
In the midst of China's rapid development, a series of policy support to expand domestic demand was introduced in 2009. Among them, the most significant is to vigorously increase investment in people's livelihood construction, with a total investment of up to 4 trillion yuan, to reduce the burden of medical care, education, housing and other aspects, and increase people's willingness to spend.
In 2009, the per capita disposable income of Chinese was about 17,000 yuan, which increased to 19,000 yuan in 2010. In the next decade, by 2019, the per capita disposable income of Chinese has reached 42,000 yuan, an increase of 147%.
1.In order to promote industrial upgrading, we encourage enterprises to increase their investment in scientific research. This means that China is shifting from a simple processing model to a technology-intensive one, and the new development direction is scientific and technological research and development and manufacturing equipment development.
2.China has made remarkable progress in industrial technology, as evidenced by breakthroughs in the aerospace sector. On January 27, 2010, the Long March-3 rocket was successfully launched at the Xichang Satellite Launch Base, marking the great progress of China's space launch vehicle technology and the development of scientific research from the ground to space technology.
Under the impact of the economic crisis, the world situation has undergone profound changes. However, this has not stopped the pace of China's foreign cooperation. On the contrary, along with economic and technological progress, China's diplomatic cooperation has also made major breakthroughs.
In 2010, the relations between China and Russia reached a new height, and the two sides established a common strategic policy of mutual trust and mutual benefit through a series of special activities, laying a solid foundation for the future development of bilateral relations.
At the same time, Europe has also been hit hard by the economic crisis, with sluggish growth. However, China did not miss this opportunity and has developed cooperative relations with many European countries, and China-EU relations have been improved like never before.
In general, China's foreign policy has always adhered to the principles of mutual trust, mutual benefit and win-win cooperation, and has made positive contributions to China's development and global peace and stability through in-depth cooperation with other countries.
Before the economic crisis, China's global cooperation with Africa, Latin America and other regions continued to strengthen its ties, and at the same time, it was also promoting exchanges at the same time, which further consolidated the close cooperation between China and ASEAN.
Before the economic crisis, China's manufacturing industry was mainly based on the production of low-end products, and the added value of products was relatively low, although China's production capacity and total output were much higher than those of the United States, but mainly relied on labor-intensive assembly and lacked technology research and development.
With the continuous advancement of China's urbanization and modernization, a Chinese-style industrial chain is gradually taking shape.
China is gradually realizing the importance of independent R&D. Today, China's rail transit, engineering equipment and special steel production technology has ranked among the top in the world, and Made in China is no longer a symbol of low price, but a representative of high quality.
In addition, China's aerospace industry has also entered a stage of rapid development after 2008, especially the launch of Shenzhou-8 in 2011, successfully docked with Tiangong-1, realizing the precise execution of orbit, docking, combination stability, and safe return, which is a milestone breakthrough in China's aerospace technology.
Although there is a big gap between China and the United States in space technology, China's space development is gradually increasing and the gap with the United States is gradually narrowing.
In addition, China has strengthened cooperation with many countries in recent years, and has established close relations with Pakistan, Russia, Africa and other countries. Especially during the difficult period of the epidemic, China's ability to resist risks has been widely recognized around the world.
China's voice is gradually increasing, and this unprecedented change is remarkable. China has moved from the slow lane to the fast lane of rapid development. China has never backed down from competition, but rather sees it as a catalyst and bellwether for development.
Obama's foresight is astonishing, and he foresees China's development over the next 14 years.
China's economic development is not achieved overnight, but in a difficult environment, we can discover our own problems in a timely manner, be good at learning from each other's strengths, and further enhance our advantages and disadvantages.
In this way, we will be able to gradually find our own pace and move forward steadily on this path of development with Chinese characteristics. We are convinced that it is difficult to speak alone, so in the process of development, China does not go it alone, but goes all out to help other countries develop together, this strategy has not only won many of our true friends, but also made us rise in the international standing.
In the context of globalization, the situation of one dominant company is no longer in line with the development trend of the times.