The Global Financial Crisis (2007-2008), which began due to the collapse of the U.S. housing market, had a negative effect in many regions across the globe. The global recession which followed the crisis in 2008 and 2009 showed how interdependent and synchronized many of the world's economies had become, with the largest advanced economies showing very similar patterns of negative GDP growth during the crisis. Among the largest emerging economies (commonly referred to as the 'E7'), however, a different pattern emerged, with some countries avoiding a recession altogether. Some commentators have particularly pointed to 2008-2009 as the moment in which China emerged on the world stage as an economic superpower and a key driver of global economic growth. The Great Recession in the developing world While some countries, such as Russia, Mexico, and Turkey, experienced severe recessions due to their connections to the United States and Europe, others such as China, India, and Indonesia managed to record significant economic growth during the period. This can be partly explained by the decoupling from western financial systems which these countries undertook following the Asian financial crises of 1997, making many Asian nations more wary of opening their countries to 'hot money' from other countries. Other likely explanations of this trend are that these countries have large domestic economies which are not entirely reliant on the advanced economies, that their export sectors produce goods which are inelastic (meaning they are still bought during recessions), and that the Chinese economic stimulus worth almost 600 billion U.S. dollars in 2008/2009 increased growth in the region.

China Service Charges: 36 City Avg: Taxi: Common: Flag-fall Price data was reported at 9.810 RMB/Times in Jul 2024. This stayed constant from the previous number of 9.810 RMB/Times for Jun 2024. China Service Charges: 36 City Avg: Taxi: Common: Flag-fall Price data is updated monthly, averaging 9.130 RMB/Times from Jan 2012 (Median) to Jul 2024, with 151 observations. The data reached an all-time high of 9.810 RMB/Times in Jul 2024 and a record low of 7.630 RMB/Times in Mar 2012. China Service Charges: 36 City Avg: Taxi: Common: Flag-fall Price data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PA: Price Monitoring Center, NDRC: 36 City Monthly Avg: Service Charges.

From the Summer of 2007 until the end of 2009 (at least), the world was gripped by a series of economic crises commonly known as the Global Financial Crisis (2007-2008) and the Great Recession (2008-2009). The financial crisis was triggered by the collapse of the U.S. housing market, which caused panic on Wall Street, the center of global finance in New York. Due to the outsized nature of the U.S. economy compared to other countries and particularly the centrality of U.S. finance for the world economy, the crisis spread quickly to other countries, affecting most regions across the globe. By 2009, global GDP growth was in negative territory, with international credit markets frozen, international trade contracting, and tens of millions of workers being made unemployed.

Global similarities, global differences

Since the 1980s, the world economy had entered a period of integration and globalization. This process particularly accelerated after the collapse of the Soviet Union ended the Cold War (1947-1991). This was the period of the 'Washington Consensus', whereby the U.S. and international institutions such as the World Bank and IMF promoted policies of economic liberalization across the globe. This increasing interdependence and openness to the global economy meant that when the crisis hit in 2007, many countries experienced the same issues. This is particularly evident in the synchronization of the recessions in the most advanced economies of the G7. Nevertheless, the aggregate global GDP number masks the important regional differences which occurred during the recession. While the more advanced economies of North America, Western Europe, and Japan were all hit hard, along with countries who are reliant on them for trade or finance, large emerging economies such as India and China bucked this trend. In particular, China's huge fiscal stimulus in 2008-2009 likely did much to prevent the global economy from sliding further into a depression. In 2009, while the United States' GDP sank to -2.6 percent, China's GDP, as reported by national authorities, was almost 10 percent.

The government shutdown has delayed crucial financial aid for US soybean farmers, who are facing massive economic losses due to tariffs and collapsed Chinese markets, with proposed bailouts called insufficient.

In 2023, about ***** million people in China were estimated by the UN to be at a working age between 15 and 64 years. After a steep increase in the second half of the 20th century, the size of the working-age population reached a turning point in 2015 and figures started to decrease thereafter. Changes in the working-age population China's demographic development is characterized by a rapid change from a high fertility rate to a low one. This has caused the development of an arc shaped graph of the working age population: quickly increasing numbers before 2010, a gradual turn with a minor second peak until around 2027, and a steep decline thereafter. The expected second maximum of the graph results from the abolishment of birth control measures after 2010, which proved less successful in increasing birth figures than expected. The same turn can be seen in the number of people eligible for work, with an accelerated downturn in the years of the coronavirus pandemic, where many people left the labor force. It is very likely that the size of the labor force will rebound slightly in the upcoming years, but the extent of the rebound, which parallels the second maximum of the working age population, might be limited. China's labor market China's labor market was once defined by its abundant and cheap labor force, but competition for talent has been getting increasingly tense in recent years. This development is very likely to further intensify and extend itself into the less skilled ranks of the labor market. As the number of people who fall within the retirement age group is increasing and adding to the burden on the economy, steps to keep labor participation high are necessary. Raising the retirement age and providing incentives to stay in the labor force, are measures being implemented by Chinese government. Strategies to increase labor productivity would be ideal to mitigate the pressure on the Chinese economy, however, realizing such strategies is challenging.

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2024, with projections up until 2030. The gross domestic product of the United States in 2024 amounted to around 29.18 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

Weight assignment of edges in the complex network of urban subway construction collapse disaster.

Node numbers in the complex network of urban subway construction collapse disaster.

Housing markets are often characterized by price bubbles, and governments have instituted policies to stabilize them. Under this circumstance, this study addresses the following questions. (1) Does policy tightening change expectations in housing prices, revealing a regime change? (2) If so, what determines the housing market’s reaction to policy tightening? To answer these questions, we examine the effects of policy tightening that occurred in 2016 on the Chinese housing market where a price boom persisted in the post-2000 period. Using a log-periodic power law model and employing a modified multi-population genetic algorithm for parameter estimation, we find that tightening policy in China did not cause a market crash; instead, shifting the Chinese housing market from faster-than-exponential growth to a soft landing. We attribute this regime shift to low sensitivity in the Chinese housing market to global perturbations. Our findings suggest that government policies can help stabilize housing prices and improve market conditions when implemented expediently. Moreover, policymakers should consider preparedness for the possibility of an economic crisis and other social needs (e.g., housing affordability) for overall social welfare when managing housing price bubbles.

Edge vulnerability of complex network model of urban subway construction collapse disaster.