The Impact Of Financial Crisis On Economic Of Liaoning Province And Countermeasures

The current financial crisis originated in the U.S. subprime loan crisis in July 2007, in 2008 the U.S. subprime mortgage crisis further deepened, leading to the outbreak of the global financial crisis, and spread to global economic crisis. Affected by the financial crisis, United States, Japan stand from serious economic recession, the EU economy has fallen into a prolonged recession and parts of Europe appears sovereign debt crisis. With the increasing opening, China becomes tied to the world economy increasingly, so can't escape from the impact of financial crisis. China's exports substantially reduced, foreign direct investment has dropped, foreign exchange reserves fell sharply. So far, the world economic crisis has not dissipated the haze, the future direction of the world economy is not clear. The second half of 2008,the international financial crisis spread rapidly from the virtual economy to the real economy, Liaoning Province, has been in a downward economy, Liaoning Province's exports to major developed countries sharply decreased, the level of utilization of foreign capital greatly reduced, and the competition from other newly industrialized countries for the international market increased. In this economic context, the financial crisis has a serious impact on the equipment manufacturing industry of Liaoning Province.Equipment manufacturing provides technology and equipment for the development of all sectors, represents a level of national or regional scientific and technological progress and social progress in a degree. As strategic industries, the equipment manufacturing industry has the following characteristics, high degree of association, strong ability to absorb employment, capital-intensive and technology-intensive etc. It is the guarantee of the upgrading of the other industry, the protection of technological progress, embodies the comprehensive national strength. Liaoning Province is the equipment manufacturing base supported by the state from the "First Five" period, but also our country's military equipment research and production base. Liaoning Province has a full range of equipment manufacturing system, has considerable size, known as the "The equipment department of People's Republic". Equipment manufacturing industry of Liaoning province is an important source of revenue, the main force of foreign trade, an important area of job placement. The industrial clusters, agglomeration, industrial upgrading conducted by the equipment manufacturing industry of Liaoning Province, and all the achievements for the development provide the theoretical basis and experience for other industries in Liaoning. This article analyzes the impact of financial crisis on the equipment manufacturing industry of Liaoning Province, not only learn the impact on this industry, but also spy on the impact on the economy of Liaoning Province. Because the equipment manufacturing industry is on behalf of the whole economy of Liaoning, so the study of international financial crisis'impact on the equipment manufacturing industry of Liaoning Province has a important practical significance.This article starts from the basis theory of financial crisis then talks about the impact and consequences of financial crisis caused by the U.S. subprime mortgage crisis. Analyzing how the financial crisis spread from the U.S. subprime mortgage crisis to the international financial crisis, and affects the Chinese economy, Then analyzes the economic impact of the global financial crisis on Liaoning Province, with a focus on the equipment manufacturing industry of Liaoning Province. In the last, discusses the advantages and disadvantages of the equipment manufacturing industry and the countermeasures of equipment manufacturing industry of Liaoning Province to deal with economic crisis.