Financial Crisis
The financial crisis is a crisis in the financial field. Due to the liquidity of financial assets is very strong, therefore, the international finance is very strong. Financial crisis can be any national financial products, markets and institutions.

The characteristics of the financial crisis is that people are pessimistic about the economic future based on, the entire region appears a sharp depreciation of the currency, the economic aggregate and economic scale reduced greatly, economic growth hit, often accompanied by a large number of enterprises closed down phenomenon, the high rate of unemployment, the general economic depression, sometimes even with the social and political turmoil.

In the global financial storm in the teeth of the storm, in the import and export industry has been the impact of the most direct and most serious. First of all, the crisis from the financial level to the economic level, directly affect the export. The United States consumer spending accounts for more than 70% of GDP in 2007, the United States domestic consumption scale of about $10, while China's consumer spending about $1. In the short term, the increase in China's domestic demand cannot compensate for the United States economy reduced demand for imports in china. According to estimates, the United States of America economic growth rate down 1%, Chinese exports to the United States will be reduced from 5% to 6%. Secondly, the subprime crisis has further strengthened the weak dollar, accelerated depreciation of the dollar rate, thereby reducing the advantage of export products. The United States Federal Reserve interest rates down, formed the contradiction for banks tightening of liquidity and monetary policy of our country, resulting in a large number of hot money into China, accelerated depreciation of the dollar and the RMB appreciation, so that the price advantage of Chinese export products to reduce the export to the United States, challenge. In the above factors, China's export showing signs of slowdown. The first half of the year China continued slowdown in export growth trend. From the export amount, the first half of the year rose 21.87%, down nearly 6 percentage points over the same period in 2007 the growth rate of 27.55%; from the export amount, the first half of the year grew 8.44%, significantly lower than the same period in 2007 10.11% growth rate. In addition to the export volume reduced, affected by the financial crisis, the overseas corporate default rate also began to rise, export enterprises further deterioration of external credit environment. According to the China Export and Credit Insurance Corp Zhejiang branch statistics, reported cases of loss amount before 5 months received $30340000, a year-on-year growth of 80%; has paid an indemnity of $8950000, a year-on-year growth of 525.6%. Among them, in 2008 the claim amount grows 525.6% compared to the same period in 2007, local enterprises overseas bad debt rate is about 268%.