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      "title": "China and the Global Financial Crisis: Implications for the United States",
      "summary": "Over the past several years, China has enjoyed one of the world\u2019s fastest-growing economies and has been a major contributor to world economic growth. However, the current global financial crisis has significantly slowed China\u2019s economy; real gross domestic product (GDP) fell from 13.0% in 2007 to 8.0% in 2008. Several Chinese industries, particularly the export sector, have been hit hard by crisis, and millions of workers have reportedly been laid off. This situation is of great concern to the Chinese government, which views rapid economic growth as critical to maintaining social stability. China is a major economic power and holds huge amounts of foreign exchange reserves, and thus its policies could have a major impact on the global economy. \nThe Chinese government has stated that it plans to rebalance the economy by lessening its dependence on exports for economic growth while boosting domestic demand. In November 2008, the Chinese government announced a $586 billion spending package to help stimulate the domestic economy, largely geared towards new infrastructure projects. In addition, the government ordered banks to sharply expand loans to local governments and businesses to expand investment. The government has also offered a number of programs to stimulate domestic consumption of consumer products (such as cars and appliances), especially in the rural areas. As a result, China\u2019s economy has shown some improvement. For example, its GDP in the second quarter of 2009 grew by 7.9%, compared to 6.1% growth in the first quarter 2009, on a year-on-year basis. However, from January to July 2009, China\u2019s trade was down 23% over the same period in 2008, while foreign direct investment fell 18%. \nSome analysts have criticized various aspects of China\u2019s economic stimulus policies. Some contend that China, in an effort to assist firms impacted by the global economic slowdown, has imposed numerous new trade-distorting policies, such as extensive industrial subsidies and trade and investment restrictions on foreign firms. In addition, many analysts warn that the easy lending policies of Chinese state-owned banks may later lead to a sharp increase in the level of non-performing loans by these banks if loans go to investments that fail to produce long-term returns. \nChina\u2019s efforts to stabilize its economy are of major concern to U.S. policy makers. If successful, such policies could boost Chinese demand for U.S. products. In addition, China is a major purchaser of U.S. Treasury securities, which help fund the Federal Government\u2019s borrowing needs, and thus its decision whether or not to continue to purchase U.S. debt could impact the U.S. economy. U.S. policy makers also want to ensure that, despite the sharp downturn in the Chinese economy from the effects of current global economic downturn, China will continue to reform its economy and liberalizes its trade regime and refrain from imposing policies that restrict or distort trade.",
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      "id": "RS22984_2009Jun03",
      "date": "2009-06-03",
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      "title": "China and the Global Financial Crisis: Implications for the United States",
      "summary": "This report discusses the economy of China and how it is has been affected by the recent economic downturn. China has recently enjoyed one of the world's fastest-growing economies and has been a major contributor to world economic growth, but several Chinese industries have been hard by the crisis, and millions of workers have been laid off. This report explores this issue in brief, including what actions the Chinese government is taking to combat the problem, as well as what actions China may take to assist in stabilizing the U.S. economy.",
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      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc700627/",
      "id": "RS22984_2009Apr02",
      "date": "2009-04-02",
      "retrieved": "2015-08-27T16:20:31",
      "title": "China and the Global Financial Crisis: Implications for the United States",
      "summary": "This report discusses the economy of China and how it is has been affected by the recent economic downturn. China has recently enjoyed one of the world's fastest-growing economies and has been a major contributor to world economic growth, but several Chinese industries have been hard by the crisis, and millions of workers have been laid off.",
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      "id": "RS22984_2008Nov17",
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