01 Viewpoint
Last weekend, Mitch McConnell, the leader of the White House and the Republican Senate, reached a new round of anti -epidemic stimulating economic solutions, which will launch a 10 trillion dollar fund rescue market.Although there are signs that the Republican party has not yet reached a consensus on the rescue plan of the Republican Party, the bill must also pass the House of Representatives controlled by the Democratic Party. However, the U.S. epidemic has not been controlled, and the White House and politicians clearly feel that the economic pressure has not yet bottomed out.Since the outbreak of the U.S. in the United States, various US departments have allocated millions of funds to rescue the market. It has not been seen in the history of scale, and even exceeds the financial tsunami period.In contrast, China, which has also been hit by the epidemic, has also launched many fiscal policies to stimulate the economy, but it is far from the radical financial policy used by the United States.In addition to reflecting China's control over the epidemic, it also shows that China has absorbed the experience in responding to the financial tsunami.
Since the epidemic, the United States has almost did not hesitate to save the economy.As early as the end of March, the U.S. government had launched nearly $ 2.2 trillion in market rescue plan.The Fed not only launched a US $ 3.3 trillion aid corporate loan, but also continuously expanded the table to purchase assets. The debt statement broke out from mid -February and exceeded US $ 3 trillion.It until $ 7.22 trillion, and it has only started to stabilize in the past month.Although the trillions of dollars have been launched, the US economy is missing, and the US government is likely to continue to launch funds to rescue the market in order to save the economy.Disputes, but the fiscal policy of generally opening the water throat will not change.
Big water is not unpopy
Interestingly, the US Republican Party, which has always emphasized that the large market, small government and the free economy, there has been a continuous rescue of the economy with the power of the country, but China, which has always advocated the government's plan, has no such aggressive fiscal policy on the other side.In response to this round of economic slowdown, China can start from the 2018 trade war. At that time, the central government apparently absorbed the lessons of the past, emphasizing that it would no longer use large water -filled market rescue, and launching funds for accurate capital injection to stimulate domestic demand consumption.And to pay precise investment in small and medium -sized enterprises.Even after the global outbreak, China's economic pressure has continued to increase, but the official has never had an overwhelming financial policy, but strives to balance the policy and consequences in a balanced stimulus.From September to this year last year, the People's Bank of China has repeatedly reduced its standards (reducing banking reserve) to release funds, totaling nearly 2 trillion yuan.In addition, the government has also raised the fiscal budget to make a economic guarantee. In 2020, the fiscal budget was expanded, an increase of 1 trillion yuan from the deficit last year.
Although China has also invested a lot of funds to stimulate the economy, it seems relatively restrained and planned.On the one hand, the official issued signal finger will not carry out the policy width policy like the United States.Actually, comparison in terms of quantity, add up to the reduction and expansion of fiscal expenditure, and the conversion is only about 430 billion U.S. dollars. Even if China has other short, medium and long -term loan tools, in addition to thisThe funds for saving the market are nothing.On the other hand, the Chinese government also considers that it is necessary to help the real economy to assist SMEs in a targeted manner, and it has implemented targeted reduction and other methods to invest in accurate investment, rather than just blindly release liquidity.
In the first global financial crisis in 2008, in order to cope with the economic downturn, the Chinese government launched a market rescue plan, commonly known as the 4 trillion plan.At that time, in order to deal with the crisis, China did not hesitate to flood in the crisis, but was later criticized as inefficient.A large amount of funds have increased asset prices, stir -fry the property market and inflation, and emphasize that production capacity investment has caused China to have overcapacity. The economic structure has also continuously increased the government and corporate debt ratios, causing high leverage.Obviously, China has learned lessons from the past experience that it is very cautious in fiscal policy.
On the other hand, the United States' response to the financial crisis is no different from 2008.If there is something different, the currency easing policy is not even controlled. It is the so -called so -called silver paper that cannot be solved, then more silver paper is printed.The last round of economic crisis caused great negative consequences to the US economy and its world status. From 2008 to 6 years from 2008 to 2014, the United States Agency's liabilities increased from $ 8,000 billion to $ 4.5 trillion.But its long -term impact has not been completely digested by the world.In just a few months, the Federal Reserve Bureau increased the total amount of almost three widths at that time, which will inevitably form a serious sequelae, and it will inevitably further crack down on the economic and financial system that the United States survives.
